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financial The ste. U. I. VOL. 131. SATURDAY,DECEMBER 13 1930. NO. 3416. should there be any attempt to minimize the distress that will result to the army of depositors that have their funds tied up in the unfortunate bank. Yet PUBLISHED WEEKLY now that suspension has actually occurred, there Terms of Subscription—Payable in Advance Mos. 6 12 Mos is clear warrant for a feeling of relief that a catasIncluding Postage— $6.00 $10.00 Within Continental United States except Alaska 6.75 11.50 In Dominion of Canada trophe which has been hanging over the financial 7.75 13.50 Other foreign countries. U. S. Possessions and territories Quotaand world for quite a while has been successfully overThe following publications are also Issued. For the Bank tion Record and the Monthly Earnings Record the subscription price Is to 50 cents Add year each. per Is 00 all $5 the others come. The atmosphere has been cleared, a sore spot 86.00 Per year: for each for postage outside the United States and Canada. -S PUBLICATION MONTHLY in the situation has been removed, and it will now 001IPENDIttICS-BANK AND QUOTATION RECOIID PUBLIC UTILITY—(sercG-annualiy) RAILWAY& INDUSTRIAL--(fotIT year) MONTHLY EARNING. RECORD be possible to take reckonings and gauge the extent STAT. AND Muwicir•c--(sami-ann.) the damage. of Terms of Advertising something grave was impending has been 45 cents That Transient display matter per agate line On request Contract and Oard rates the week, and those in the secret Onicsoo Orrice—In charge of Fred. H. Gray. Western Representative. evident all through 208 South La Salle Street. Telephone State 0613. have known what threatened for a much longer LONDON Orsini—Edwards St Smith. 1 Drapers Gardens, London. 5. C. s, Publisher Y, period of time. It is plain, too, that our banks WILLIAM B. DANA COMPAN William Street. Corner Spruce. New York. and bankers made strenuous efforts to avert the . DANA B. COMPANY WILLIAM by morning closing of the involved bank, and furthermore, that Published every Saturday William 13. Riggs President and Editor. Jacob Seibert; Business Manager. when this was found impossible all energies were Treas.. William Dana Seibert: See.. Herbert D.Seibert. Addresses of all. Office of Co bent to narrowing the sweep and scope of the breakdown and to confine the ill consequences to the bank affected. No other institution must be allowed to Change of Address of Publication. be dragged down through lack of proper precautions The Commercial & Financial Chronicle, or the absence of adequate relief. having long suffered from inadequate The serious phase of the trouble really dates back facilities for handling its growing size two weeks to the time when announcement came and growing subscription list, has moved that arrangements had been completed for merging the Bank of United States with the Manufacturers' Into new and larger quarters, and is now Trust Co., the Public National Bank & Trust Co., located at and the International Trust Co., with J. Herbert William Street, Corner Spruce, Case, Federal Reserve Agent and Chairman of the New York City. Board of Directors of the Federal Reserve Bank of P. 0. Box 958, City Hall Station. New York, as the head of the combination, and when, at the same time, the public was apprised that several other notable men, all prominent in the banking The Financial Situation. world, would join in the management of the consolibank, or at least be represented on its Board of the Bank morning dated / The closing on Thursday was being United States is one of those unfortunate events of Directors. Mr. Case, it was known, ly, and unwilling that often come as the aftermath of a great stock drafted into the service quite the obviously quite while ly, market and industrial collapse such as the country yielded most reluctant by animated were consent yielded who has been witnessing during the last 14 months, but other bankers combinanew the ening strength of purpose now that the event is past, and the shock has been the single any possibility withstood, thanks to the unstinted cooperation of tion in the public eye and prevent and simple. pure work was rescue It is there collapse. reason ons, for of our Clearing House instituti Herculean too proved task the however, y, y grave Evidentl emergenc a has encouragement at least that and on bankers, of group powerful this the without imleast even for ed surmount been successfully plan the that pairment of the general banking situation. The Monday of this week the news came the negotiathat after only casualty is that of the Bank of United States had fallen through. But even tions continued for several days more, day and night, itself. of Thursday One cannot well speak lightly of the downfall of and it was not until the early hours absolutely as up given was task the an institution which at the date of the last call morning that 24, Sept. on showed hopeless. of the Superintendent of Banks, Prior, however, to the actual closing of the bank, aggregate resources of $254,043,942, of which $25,comprehensive preparations were made for stock, 75 capital was $17,156,3 very of 250,000 consisted effectively with the situation that would be and profits, d 469 undivide dealing $202,972, surplus and also bank —a by the closing. It was imperative that the which had deposits created ed represent not be allowed to involve the bankthe should over city. Nor all trouble scattered branches 61 'financial Thronicit 3746 FINANCIAL CHRONICLE ing situation as a whole. The sphere of the influence of the suspension must at all hazards be confined to the crippled bank itself. And this was accomplished. Quickly following the news of the closing of the bank came the announcement that both the Manufacturers' Trust Co. and the Public National Bank & Trust Co. had been admitted to membership in the New York Clearing House Association, thus attesting the soundness of the two institutions which it had been purposed to unite with the Bank of United States. Then came the further announcement that the 23 banks and trust companies constituting the full membership of the New York Clearing House Association had agreed to lend to the depositors of the closed bank up to 50% of their deposits, charging 5% interest. This, of course, meant important relief to the unfortunate depositors of the closed institution, numbering about 400,000, and was characteristic of the way in which the Clearing House always deals with a situation of that kind at a time of a crisis, which might otherwise assume very threatening possibilities. In this instance cashing 50% of the deposits will involve putting the depositors in funds to an aggregate of close to $100,000,000 and will permit many of these depositors to function in their every-day affairs who might otherwise be completely crippled. Now that the event lies behind, it will not be out of place to say that the general situation is not without encouraging features. We will mention as only one illustration the very extensive liquidation that has been going on on the Stock Exchange. The collapse in the stock market, of course, has been very disturbing, and unfortunately it is still in progress. A measure of its extent is furnished in the fact that brokers' loans, according to the Stock Exchange figures, were down on Nov. 30 1930 to only $2,162,249,002, whereas on Sept. 30 1929 the total was $8,549,383,979. Here is a contraction in 15 months in the suge sum of over $6,387,000,000. This shows tremendous selling out of margined accounts. But where have the stocks sold gone? Have they not gone into the hands of real investors, instead of being in the hands of speculators, and is not that one of the strong features in the situation bound to tell in the end? Two features of the general situation need correcting, and the sooner the correcting process is applied the better it will be and the sooner it is likely that we shall ensure business recovery. One of the troublesome problems is found in the operations of the Federal Farm Board and its ventures in the grain and cotton markets, and the other is the attitude of the labor unions in resisting efforts to lower the level of wages where they are unduly high. The farm problem is probably one of the most difficult ever presented, owing to the injection of the Government into the business through the establishment of the Federal Farm Board. By this means the problem has become so involved that it is difficult to see how it can ever be successfully unraveled. Yet in some way the Government must worm its way out of the whole unfortunate affair. On the one hand, Congress cannot indefinitely keep on voting money in support of the Farm Board, because to do so would not only impose an unbearable tax burden upon the public, but would in the end be certain to involve the United States Treasury in financial difficulties. On the other hand, the accumulation of [VoL. 131. unsold stocks of wheat and cotton, in sight of the whole world, can only result in utter demoralization of both the grain market and the cotton market, thereby making the lot of the farmer still harder and delaying still longer the period of ultimate recovery in the market value of these products. As to the wage question, this has varying aspects, but it is difficult to see how wage earners can maintain an attitude which even on superficial examination appears wholly untenable. The country is suffering intense business depression, with production at an exceedingly low ebb, and prices so shrunken that it is almost impossible for the business man to realize any profit. The income tax returns when filed next March are likely to prove an eyeopener in showing how completely profits from business have been reduced. At such a time is the wage earner (to the extent that he is actually employed) to profit at the expense of the sorely distressed employer, and is it not indubitably true that the wage earner does profit in precisely the way indicated? Cost of living has unquestionably gone down, and, accordingly, on the same scale of wages as before the wage earner is able to buy a great deal more than before with a given sum of money. To that extent, therefore, he is enjoying a clear advantage. Until recently the cost of living showed very little reduction. Retail prices held up well, even while wholesale prices were rapidly declining. But this situation has now changed. Retail prices have been going down very fast, and the cost of living has correspondingly fallen. In these circumstances is there any hardship to the wage earner in lower wages, and is it playing fair for him to refuse to make concessions from existing wages that would involve no sacrifice on his part for the reason stated? The matter is important because as time passes it becomes increasingly evident that this unfortunate attitude is developing into a real obstacle to business recovery and to the solution of the problem of unemployment. Low prices are evidently destined to stay. This being so, are we not all called upon to adjust ourselves to the new situation—manufacturers, dealers, and middlemen generally—and to content ourselves with lower margins of profit? And the wage earner, too, can he expect as much in his pay envelope? If low prices, perchance, are not to stay, at least they are here for the time being, and in these circumstances is it not the bounden duty of everyone to recognize that fact? We gain nothing by butting our heads against a stone wall. There is great pertinency in all this because of the stand that the railway unions are taking in the matter of wages. The railway labor executives have been in session on several days the present week, and the program which they have adopted is that which was put forward by them several weeks ago, namely, a shorter day, but at the same pay as is now being received. Most graciously they indicate their willingness to work only six hours a day and ask nothing more than that they shall continue to receive eight-hour pay. The news dispatches tell us that under the plan adopted, according to David B. Robertson, the Chairman of the Railway Labor Executive Association (composed of 21 railway labor organizations), "the shorter week and shorter day would be accomplished without a reduction in wages," and the additional time made available be taken by those now idle. It was estimated that DEC. 13 1930.] FINANCIAL CHRONICLE 3747 one-year approximately 140,000 to 150,000 workmen could be and the subscriptions for the $250,040,000 000. $517,000, up footed interest 0 87 17 bearing issues the by put back to work should the plan be accepted statea marked," railroads. "The conference was Brokers' loans, according to the Federal Reserve ment issued Wednesday night said, "by unanimity Wednesday night, of opinion as to the necessity for prompt action in statement for the week ending in the moderate but , the matter of shortening the work day and work underwent a further reduction extending however, thereby, 00, week as a means of affording immediate relief for amount of $12,000,0 10 prefor ;the declines upted of uninterr record unemployment in the railroad industry, which has the another still cover to as so weeks ve consecuti vious largely arisen out of the technological changes and for the through subsidized and unfair competition by buses, week, and bringing the aggregate reduction 0,000. $1,123,00 of figure notable the to up weeks 11 s." trucks, pipe lines, and waterway liquithe drastic how n of indicatio an affords This hours if l cost, additiona the But who is to pay this during been has of work are reduced and wages remain as high as dation on the Stock Exchange the of nce the continua from before? To this no answer is forthcoming. The period of time. Aside dealers and brokers to loans these in railroads during the past 12 months have suffered contraction in New York City reductions in revenues as never before in their entire by the reporting member banks is without feature loans these of return week's history. Many of them will be driven into bank- this for own account Loans nce. conseque great any of ruptcy unless revival in business comes speedily. the week from during fell banks reporting the by payrolls, They are in no condition to stand higher for account loans 0,000; and what is obviously demanded is lower wage costs, $1,296,000,000 to $1,269,00 hand, increasetl other the not higher wage costs. Yet somehow this problem of out-of-town banks, on "for loans while 000, $400,000, to must be solved. How can it be solved except by from $370,000,000 to 000 from $442,000, fell others" railway labor (which is high-priced labor) bearing account of 000. its share of the burden, now that the cost of living $430,000, Interest this week ,however, attaches more parhas been and is still being reduced? Remember that to borrowing by the member banks at the ticularly no sacrifice is involved in accepting lower pay, which institutions, and the action of these Reserve Federal the to owing will buy so much more than before, of Reserve great drop in retail prices all along the line. The institutions in adding to the volume operamarket open their railroads should be put in the way of restoring their credit outstanding through further been has there s direction revenues, not merely so that they may function prop- tions. In both borrowing erly for the common welfare, but so that, if possible, expansion during the past week. Direct discount the ed by as represent banks, member they may reduce their transportation charges, at by the during increased Banks, Reserve 12 the of holdings least on the products of the farm, which must be at the 000; to $257,097, 000 $250,927, from week to the the the railroads transported long distances over d in purchase ces acceptan of the holdings time same abroad. exported be then seaboard, and 000 $218,937, It needs no argument to show that the farmers the open market further increased from States United of are in dire distress, and in this state of things it to $243,697,000, while the holdings to would be merely a common act of decency for rail- Government securities rose from $602,192,000 repres securitie other of holdings The way labor, which forms such an important part of $017,003,000. Bank debentransportation expenses, to submit to some actual senting Foreign Intermediate Credit 0 to only $6,358,00 from week the during fell the long-suffering tures reduction in wages to help out holdsecurity and bill total ess, Neverthel the $108,000. and the West of South. agricultural communities as 5,000 $1,117,90 There ought to be a fair and equitable distribution ings the present week foot up go we If week. against $1,078,414,000 the previous of common burdens. back to Nov. 19 we find the total then was $985,in the three weeks Secretary of the Treasury Andrew W. Mellon 380,000, thus showing an increase credit outstandReserve of volume the in offered for subscription this week two new issues since then Reserve Federal of amount The 000. $132,525, of Treasury certificates of indebtedness at the low- ing of the during increased further on circulati in any of in issue cer- notes est rates of interest ever named this At 5,000. $1,475,74 to 8,000 $1,450,89 from success week ming attended his tificates, and overwhel only $1,383,604,000 on action. The offering was in two series, both dated figure comparison is with 1,000 on Oct. 29. Dec. 115, one for $150,000,000, consisting of certifi- Nov. 19, and with but $1,354,88 0 in- Gold reserves are now $3,005,020,000 as against cates running for six months and bearing 1%7 2,000 on Nov. 19. terest, and the other for $250,000,000 and run- $3,007,491,000 Dec. 3, and $3,040,98 0 interest. Loan87 / ning for one year and bearing 17 The final estimate for the year of the Crop Reportable funds in the money and investment markets are the Board of the Department of Agriculture places ing Secretary had just now in superabundance, and production in the United States from this es at cotton uncertificat such paved the way for floating at 14,243,000 bales. This is 195,000 growth of rate the year's reducing by interest usually low rates estimate issued a month ago and the under from deposits 270 bales per ent Governm allowed on 270. As repeatedly pointed out in these compares with a total of 14,828,000 bales harvested annum to 11/ for this columns, most of the proceeds of sales of certifi- from last year's crop. The final estimate by the indicated decline e cates are left on deposit with the banks for two or year is the third successiv the for lowest is the and months, many as three months after the date of issue, and obviously Board in on producti a on based is It 1930. of season such deposits where growing the banks could not pay 270 on month aof estimate the acre; per pounds 0 0 and 87 / 17 150.8 1%7 only inter- of the certificates carried at that time of 154.2 pounds est, and where money could be loaned out on call ago indicated a yield of this year's previous reports at the Stock Exchange at no more than 270. The per acre, and none 4% was calculated on so low a figure as that now given. / subscriptions for the six months issue bearing 13 return showed an average prointerest aggregated the huge sum of $939,000,000, Last year's ginning 3748 FINANCIAL CHRONICLE [VOL. 131. duction per acre for that year of 155 pounds, and metal, the leading copper producers dropping their not since the crop of 1923 has the average been price to the figure previously quoted by the custom below 150 pounds per acre. smelters. On Friday the copper stocks took another The revised estimate of area to be harvested this plunge downward, many of them establishing new year is 45,218,000 acres, against 45,793,000 acres low records for the year, and the oil shares also harvested in 1929. The abandonment of area from were quite weak. The bond market remained exthis year's acreage is estimated by the Board at 2.1% tremely depressed all through the week, the declines of the area in cultivation on July 1, or 763,000 acres. on some of the days being larger even than in the For the crop of 1929, the area abandoned was 3.3%, stock market. The New York "Times" average for and for 1928,3470. The reduction in the estimate of 40 domestic bonds on Thursday dropped to the lowyield for this year's crop during November was est level since 1924. Call loans on the Stock Exmainly in three of the larger producing States, change remained unaltered at 2% until Friday, when Texas, Mississippi, and Georgia. Small increases in there was an advance to 2/ 1 2%. No less than 372 yield for the past month are promised for South stocks touched new low levels for the year during the Carolina, Alabama, Louisiana, and Arkansas. week. Last week the number was 137. Ginnings to Dec. 1 this year are nearly as large Trading on the Stock Exchange steadily increased as they were to that date a year ago, and exceed as the result of the week's developments, but fell those of 1928—this year's figures being 12,834,970 off again on Friday. At the half-day session on bales against 12,853,166 bales last year and 12,- Saturday last sales were 719,950 shares; on Monday 560,154 bales in 1928. Based on the above estimate they were 1,983,8 40 shares; on Tuesday, 2,116,740. of production, there now remains to be ginned to shares; on Wednes day, 3,146,950 shares; on Thursthe end of the current season some 1,408,000 bales, day, 2,888,910 shares, and on Friday, 2,089,500' whereas in the 1929-30 crop years the ginnings, after shares. On the New York Curb Exchange the sales Dec. 1, amounted to 1,975,000 bales, and in 1928, last Saturday were 274,300 shares; on Monday, 1,918,000 bales. The cotton crop in Texas this year 534,100 shares; on Tuesda y, 612,900 shares; on Wedis now indicated at 4,100,000 bales, against 3,940,000 nesday, 704,800 shares; on Thursday, 754,100 shares, bales produced last year, an increase this year of and on Friday, 539,100 shares. 160,000 bales. Ginnings from the crop of that State As compared with Friday of last week, prices are now larger than they were a year ago, and from show declines in the majority of cases, some of the Dec. 1 this year to the end of the current season declines being large. General Electric closed yestermust amount to about 415,000 bales, if this year's day at 451/ 4 against 48 on Friday of last week; Warestimate for Texas is correct. From Dec. 1 1929 to ner Bros. Pictures at 14/ 1 2against 17%;Elec. Power the end of that season, Texas ginnings amounted to & Light at 38/ 1 2 against 431/ 8; United Corp. at 16/ 1 2 423,000 bales. Most of the other leading cotton against 181/ 4; Brooklyn Union Gas at 103 against States also show ginnings this year to date in excess 105; American Water Works at 52 against 601/ 8; of the figures reported a year ago, although for sev- North American at 643 / 4 against 68%; Pacific Gas & eral others ginnings are considerably reduced owing Elec. / 4 against 473 at 451 / 4; Standard Gas & Elec. at to a smaller yield this year. 59/ 1 2against 67/ 1 2;Consolidated Gas of N. Y.at 823 / 4 against 86%; Columbia Gas & Elec. at 33 against The stock market this week moved almost con- 36; International Harvester at 53 against 58/ 1 2; tinuously downward day by day. The suspension J, I. Case Threshing Machine at 92 ex-div. against of the Bank of United States may be said to have 105; Sears, Roebuck & Co. at 49% against 53; Montbeen the chief depressing influence all through the gomery Ward & Co. at 18% against 21¼; Woolweek. The market was unsettled and lower on Sat- worth & Co. at 57/ 1 2 against 60%; Safeway Stores urday last, and this was followed by a severe break at 46 ex-div. against 47%; Western Union Telegraph on Monday on the news that the negotiations for at 129 against 1353 / 4; American Tel. & Tel. at 180/ 1 4 merging the Bank of United States with the Manu- against 18 1 / 2; Int. Tel. & Tel. at 23 against 267 / 8; facturers' Trust Co. and the Public National Bank & American Can at 111 against 115%; United States Trust Co. and the International Trust'Co. had fallen Industr ial Alcohol at 58 against 63; Commercial through, and the downward movement continued Solvents at 15/ 1 2 against 17½; Shattuck & through Tuesday and Wednesday, with only occa- Co. at 23 against 25/ 1 4; Corn Products at 74/ 1 4 sional slight rallies, which never held very long. On against 78/ 1 4, and Columbia Graphophone at 73 / 4 Thursday, after the announcement of the definite against 10/ 1 2. closing of the Bank of United States, there was only Allied Chemical & Dye closed yesterday at 184 slight further weakness; supporting orders, previ- against 203 on Friday of last week; E. I. du Pont de ously lacking, were now in evidence, intended, no Nemours at 851/ 8 against 88%; National Cash Regisdoubt, to prevent a general collapse, which is to be ter at 29/ 1 2against 31; International Nickel at 161/ 8 feared on such occasions, but the market neverthe- against 18%;Timken Roller Bearin g at 42/ 1 4 against less for many stocks moved still lower, even if not 45/ 1 2; Mack Trucks at 39/ 1 2 against 423 / 8; Yellow to any great extent; an upward reaction at one time Truck & Coach at 93 / 4 against 10%; Johns-Manville during the day was not fully maintained at the at 531/ 8 against 663 / 8; Gillette Safety Razor at 26/ 1 4 close. On Friday further declines were held pretty against 313 / 4; National Dairy Products at 39/ 1 2 well in check, and yet marked weakness was in evi- against 427 / 8; National Bellas Hess at 3% against 4; dence in parts of the list. Associated Dry Goods at 24% against 26; Texas The railroad shares were the conspicuous weak Gulf Sulphur at 49 against 51 / 1 2; American Foreign feature- early in the week, but yielded first place Power at 29/ 1 2 against 37; General American Tank later in the week to the public utility shares and Car at 637 / 8 ex-div. against 67; Air Reduction at 98/ 1 4 the different groups of industrial share properties, against 103; United Gas Improvement at 26/ 1 2 mostly the high-priced ones. The copper shares were against 277 / 8, and Columbian Carbon at 79/ 1 4 adversely affected by a setback in the price of the against 887/8. DEC. 13 1930.] FINANCIAL CHRONICLE . 3749 l The steel shares have been used at times to sup- mains the most pressing problem of both industria still are the jobless of Totals leaders. political and lower ss neverthele are but market, port the general 4 slowly increasing in Great Britain and France, while all around. U. S. Steel closed yesterday at 1391/ This against 143% on Friday of last week; Bethlehem the German figures are growing much faster. it and winter in g distressin most always 2 problem is 1 Steel at 54% against 61%; Vanadium at 50/ just months the in so ally exception be to 2, and Republic Iron & Steel at 15% promises / against 531 8. The motor stocks have again shown ahead. Financial affairs in Europe begin to pre/ against 175 resistance to the downward movement. General sent a more hopful aspect, now that the Oustric 8 on Friday scandals in France are receding into the background. Motors closed yesterday at 34 against 353/ 2; Nash From the international viewpoint the most disturb1 / 17 16 against at Chrysler week; of last 2 ing feature is the continued drain of gold from 1 4; Auburn Auto at 86/ / 4 against 281 Motors at 251/ against 86; Packard Motor Car at 8% against 9½; London to the Continent. Berlin has recently joined 2 against 23%, and Hupp Paris in drawing the metal from London; and the 1 Hudson Motor Car at 22/ /8. The rubber stocks have takings, while not alarming, are nevertheless very 2 against 87 1 Motors at 8/ is fairly also held up well. Goodyear Rubber & Tire closed disturbing. The London capital market t investmen grade high of offerings new with active, of last on Friday 2 1 / 2 against 48 1 yesterday at 47/ demand. a ready meeting securities 14%, against 13% at Rubber week; United States The London Stock Exchange was exceptionally 2 against 26. 1 but the preferred at 21/ The railroad list has again been conspicuously quiet in the opening session of this week. British weak and has suffered severer declines than any funds remained steady after their long previous rise, other group. Pennsylvania RR. closed yesterday but few buyers appeared. International stocks were at 56 against 59% on Friday of last week; Erie RR. dull, owing to indifferent advices from New York, 2 against 28; New York Central at 116% while British specialities also moved in a narrow 1 at 23/ against 126; Baltimore & Ohio at 63 against 72½; range. Some improvement occurred in Tuesday's 4 against 81%; Union Pacific at session, notwithstanding less favorable news from New Haven at 751/ 2 against New York. British funds advanced slightly on 1 Southern Pacific at 96/ 183; 2against 1 175/ 8; further signs of monetary ease and improvement in / 100; Missouri-Kansas-Texas at 18% against 207 shares St. Louis-San Francisco at 47% against 55½; the exchange position on New York. Rubber y commodit the of price the as gains, best 2against 61%;Rock Island made the 1 Southern Railway at 58/ remained onal interest internati of Issues at 57 against 59; Chesapeake & Ohio at 38% against advanced. /8,and Great dull, owing to further colorless reports from this 2against 527 1 42; Northern Pacific at 49/ market. After a firm opening Wednesday, prices 63%. 2 against 1 Northern at 59/ inclined to ease a little at London. The giltthan were more ordibeen also have shares • The oil narily depressed. Standard Oil of N. J. closed yes- edged section was good, with British funds well supterday at 50 against 53% on Friday of last week; ported while foreign bonds also gained slightly. Standard Oil of Calif. at 44% against 49%; Simms Small recessions were the rule, however, in the in8 dustrial section. Thursday's market showed little / Petroleum at 6% against 7; Skelly Oil at 107 21; 2 1 / at 18 against change, as business remained restricted and price against 131%; Atlantic Refining 4 / 1 Pan 36%; B against changes were generally toward easier levels. British American Texas Corp. at 34 at, 5% Oil Government issues joined in the downward trend, Richfield against 43; at 38 bid against ; 177 8 / against Standowing to large gold takings by Paris and Berlin. In14% at m Petroleu 7%;Phillips 2, and Pure Oil dustrial issues showed some weak spots, while the 1 2 against 25/ 1 ard Oil of N. Y. at 23/ international group was disturbed by the reports at 10 against 10%. The copper stocks have moved very much lower from New York of the closing of the Bank of United , on the weakening in the price of the metal. Ana- States. The London market was dull yesterday to owing lower somewhat issues onal internati 2 1 / 31 2 with 1 against 35/ conda Copper closed yesterday at on Friday of last week; Kennecott Copper at 243% the banking incident here. The Paris Bourse was subdued at the opening 2; Calumet & Hecla at 8% against 9/8; 1 against 27/ due to the Cabinet crisis, but the trend soon 39; Granby ConMonday, against 35 at Arizona Calumet & t solidated Copper at 15 against 17½; American became more favorable with buying quite importan buying The /8, and U. S. in rentes and other gilt-edged issues. Smelting & Refining at 16 against 507 movement extended to the utilities, among the equity Smelting & Refining at 23 against 23%. issues, and a number of stocks finished the day with upward and y down- small gains over the previous close. Trading TuesQuotations moved irregularl stock European t exchanges day was dull and price fluctuations of no particular ward on the importan in every changes case of significance. The outcome of the political crisis was net the this week, with at quiet was patiently awaited and in the meanwhile traders London, Trading ns. proportio small and no desire to enlarge their commitments. general political as the busishowed Berlin, and Paris ness situation leaves much to be desired. Parlia- International issues were somewhat weaker. The ments are in session in the larger European countries tone was steady in the early dealings Wednesday, and the threat of cabinet crises, such as that now but as this session progressed stocks began to deundergoing solution in France, is ever present. cline under a selling wave which observers were The trade and industrial position in Europe shows unable to trace to any particular incident. Prices no improvement, and there is a growing tendency fell swiftly toward the close, with selling especially to look for recovery in the more distant months pronounced in Pathe-Nathan shares. The trend was rather than in the immediate future. Sweeping and reversed Thursday, notwithstanding unfavorable adconfident assertions that improvement lies just vices from other markets, and most of the losses of ahead are coming into disfavor and even the recent the previous day were regained. The Pathe company predictions of betterment early next year are no announced a satisfactory position and the shares longer being made. Unemployment, meanwhile, re- recovered. Trading was extremely limited. The 3750 FINANCIAL CHRONICLE opening yesterday was again firm, but prices receded later and the closing was heavy. Weakness prevailed on the Berlin Boerse at the opening Monday, notwithstanding the acceptance by the Reichstag over the week-end of Chancellor Bruening's program of financial reforms. This favorable development appeared to be the signal for unloading in some quarters, dispatches said, and prices fell in all departments of the market. Activity waned late in the day. The Boerse was uncertain as trading started Tuesday, but the tendency improved in the course of the session, with Reichsbank shares in the lead. The market as a whole finally advanced and the previous losses were partially offset. After initial hesitancy Wednesday, prices began to recede again at Berlin with selling fairly extensive in Reichsbank shares and the potash, electrical and brewery groups. Trading was quiet, however, and many sections of the market were completely neglected. The downward movement was resumed Thursday, owing largely to selling orders from abroad. Reports of weakness on the New York market caused additional liquidation and declines were rather heavy. Toward the close prices recovered slightly. Price movements were small in dull trading yesterday. , An important extension of the activities of the Bank for International Settlements was recorded at a meeting of the directors in Basle last Monday. Announcement was made, a dispatch to the New York "Times" said, that "various central banks" had made deposits in gold with the new institupon. "Up to the present the bank's work has been closely limited to questions of its own organization and its primary function of handling reparations payments," the report states. "By those who founded it, however, it was hoped that some day the bank would branch out into other fields, and since the world trade depression the feeling has grown in many countries that the bank might be developed into a helpful medium for distributing credit, eliminating gold shipments and rendering valuable services in international banking co-operation. To-day's meeting shows the bank's directors are heading cautiously in that direction." In a separate report from Basle on the present position of the bank, it was indicated that the gold has been received from the banks of Spain and Lithuania, and that it does not appear in the monthly statement since the B.I. S. is only trustee for the metal. Two reports were adopted by the directors of the bank, Monday, as a basis for future discussions. The first contains a plan for extension of the credit functions of the institution, while the second is described as "preparatory to establishing the World Bank as an international clearing house." The directors decided to admit the central banking institutions of Latvia and Lithuania as holders of capital shares in the B. I. S. Gates W. McGarrah, President of the bank, was in Washington last Monday, and he conferred at some length with President Hoover, Secretary Mellon, Governor Eugene Meyer of the Federal Reserve Board and other officials. Both at the White House and at the Treasury Department, it was indicated that no particular significance attached to Mr. Mcgarrah's visits. [VoL. 131. Wednesday the protocol for American adherence to the Permanent Court of International Justice, together with a letter in which he suggested that consideration be given the project after passage of emergency relief and appropriation legislation. The message was read in the Senate on the motion of Senator Borah, of the Foreign Relations Committee. The Committee is expected to take up the question of reporting the bill at a meeting next week. Three documents concerning the adherence of the United States to the Court were submitted to the Senate by the President, while a report by the Secretary of State was also enclosed. "I trust the protocols may have consideration as soon as possible after the emergency relief and appropriation legislation has been disposed of," the message said. "It will be recalled," Mr. Hoover continued,"that on Jan. 27,1926, following extended consideration, the Senate advised and gave consent to adherence to the Court with five reservations, and it gave authorization to effect their acceptance by an exchange of notes. Consent to four of these reservations was promptly expressed at a meeting of the nations that are members of the Court, and after negotiations undertaken with the approval of President Coolidge, two protocols were drawn to revise the statutes of the Court in order to embody this consent and also to meet the fifth reservation. The protocol of accession of the United States and the protocol of revision have now been signed by practically all the nations which are members of the Court and have also already been ratified by a large majority of these nations." The message declared further that the provisions of American adherence leave the United States free from any entanglements in the diplomacy of other nations. The United States cannot be summoned before the Court, it was again stated, while the right of withdrawal is reserved. The movement for the establishment of the Court originated with the United States, Mr. Hoover remarked, and it has been supported by Presidents Wilson, Harding and Coolidge, and by Secretaries of State Hughes, Kellogg and Stimson. The Preparatory Disarmament Commission of the League of Nations completed its labors in Geneva Tuesday after formulating a draft convention which is to serve as a basis for discussion at a world disarmament conference. The final plenary session was made notable by a series of speeches, in which the delegates of almost all the 31 States represented outlined their views on the accomplishments of the Commission in its discussions of the past five years. Especial significance attaches to the American viewpoint, which was stated by Ambassador Hugh S. Gibson as head of the United States delegation. While admitting the difficulties in the way of agreement, Mr. Gibson declared frankly that the draft convention prepared at Geneva falls far short of American expectations since it lacks the factors that would lead to real reduction in armaments. It has already been made plain, however, that the United States will be represented at the projected general conference. The date of the World Disarmament Conference remains indefinite, as the Preparatory Commission failed to fix a date despite persistent efforts to this end by the German and other delegations. This question was referred to the League In accordance with his several recent pronounce- Council, which is expected to debate the matter at ments, President Hoover submitted to the Senate on its gathering in January. Some correspondents in DEC. 13 A930.] FINANCIAL CHRONICLE 3751 Geneva appear to be firmly convinced that the gen- affirmative. "Within the framework of this draft we can carry out any scheme of disarmament whateral conference will be called in 1932. Essentials of the draft convention adopted at ever, however radical," Lord Cecil asserted. "PerGeneva were made available both in the League city sonally,I do not believe this is likely to be the result, and at Washington. The convention is divided into but I think we must be content with a smaller adsix parts, with a preamble in which it is stated that vance. The first advance is only to be the prelude the powers agree to limit and so far as possible re- to other advances. After all, the last word on disduce their armaments. Part 1 limits the number of armament is with the peoples of the world. Do the effectives in land, sea and air forces and declares peoples wish to disarm? Only they can answer the that a maximum length of conscript service is to be question." Rene Massigli, of France, held that the set for each country. The question of limitation of draft was the best that could be formulated now. trained reserves is left for the consideration of the The degree of disarmament to be reached in the general conference. Part 2 limits land and naval future, he added, will depend on the progress toward material, while a degree of limitation is also fixed security. Count Johann von Bernstorff, of Gerfor air material. Such limitation is to be determined many,said he was content to have the report embody mainly by the fixation of maximum expenditures, the German protests and reservations, with the hope and Part 3 goes on to.the consideration of such ex- that the general conference might give them a more penditures. A plan for limitation by this budgetary sympathetic hearing. General de Marinis of Italy method is to beformulated by a committee of experts limited himself to a brief statement, in which he who began their discussions on the point Thursday. promised the co-operation of his country in the Part 4 of the draft convention provides for the ex- efforts to achieve disarmament. Naotake Sato of change of information on personnel, material, equip- Japan admitted the convention needed many adment and other related matters, while Part 5 bans ditions and modifications to make it ideal, but he the use of poison gas and bacteria in warfare. Mis- considered it an important first step. The Soviet cellaneous matters are considered in the final chap- delegation, headed by Anatole Lunacharsky, pointed ter, which contains, among other provisions, a safe- out numerous shortcomings and expressed the view guarding clause to the effect that a signatory whose that the draft convention is a "futile document," security is menaced can suspend the convention only serving to perpetuate the present armaments temporarily after due notice to a permanent dis- situation. armament commission which is to be established. Several matters of immediate political interest Ambassador Gibson, in his address at the final much discussion in Great Britain this week, the of some idea stirred value of the session; remarked that work can now be arrived at, since the deliberations while the deliberations of the India Round Table were coming to an end. "I have throughout been Conference again centered on abstruse constitusensible of the very real difficulties under which tional questions. Important in its bearing on the many members of this Commission have labored," probable tenure of office of the Labor Government Mr. Gibson said. "Overshadowing our discussions, was a statement by the Liberal leader, Lloyd George, though seldom spoken, have been the anxieties and to the effect that his party will take no steps to worries that have arisen from the special preoccupa- turn the Labor regime out unless some "absolutely tions felt by numerous governments for their na- vital issue" makes it necessary. In an address betional security. We have now completed a draft fore a gathering of Liberals, Mr. Lloyd George indiconvention which, after study by the governments, cated clearly that his stand is based upon the free will go forward to the general conference. I should trade principles held in common by the Laborites not be frank if I did not say that this draft falls and Liberals, as opposed to the increasing "protecfar short of our hopes and expectations. It fails tionism" of the Conservative party. Although to contain many factors in which we have always Prime Minister MacDonald recently announced that believed and which in our opinion would lead to real the Government will introduce an electoral reform reduction of armaments. What we have achieved bill in accordance with Liberal desires, Mr. Lloyd does not hold out the promise of bringing about that George insisted that no agreement on Parliamentary immediate reduction of armaments we would like to action had been reached between the Liberal and see. Make no mistake; it is not my purpose to Labor groups. A further development that aroused intense inbelittle what we have done. Although our hopes may thus be disappointed, we can find comfort in terest was the publication last Saturday by a group the measure of agreement which has been reached in of 117 Members of Parliament of a manifesto calling this commission. We can at least foresee a stabiliza- for the formation of an emergency council of five tion of armaments, the setting up of a machinery to ministers without portfolio to deal with the present receive and disseminate information on armaments, economic crisis. "In a changed world," the manito educate public opinion, and to prepare systemati- festo states, "it is impossible to meet the economic cally for the work of future conferences, as suc- crisis with a nineteenth century parliamentary cessive milestones in the continuing process of machine. While power to maintain or to change the Government must, of course, be retained by Parliadiearma ment." Lord Cecil of Chelwood, chief of the British dele- ment, wide powers to deal with the present economic gation, also admitted frankly that the work of the crisis must be vested in the government of the day Commission contained weaknesses as well as for a stated period, subject only to the control of strengths. He emphasized the view, however, that Parliament." The normal Cabinet would be rethe delegates had done all that was possible under tained for normal business, it suggests, while exexisting circumstances. The great question is now, traordinary powers to negotiate trade agreements he declared, whether a real disarmament convention with the Dominions, regulate food imports and can be fitted into the framework so far fashioned. prices, and plan the development, modernization and He preferred to believe that the answer would be re-equipment of industry would be vested in the 3752 FINANCIAL CHRONICLE "council of dictators." The leading signatures on this document were those of Sir Oswald Mosley, who recently resigned from the Labor Government in protest against its passive unemployment policy, and Oliver Baldwin, Socialist son of the Conservative leader. Party lines were ignored in the statement, and all parties discussed it seriously this week, according to reports from London. All delegates to the India Round Table Conference continued to function this week as members of the special committee designated to formulate the Federal Constitution projected for India. This committee was slowly enlarged until it included not only all the representatives of the British Government, but also all the delegates of British India and of the independent native States. Reports on the deliberations have been sparse, but it was indicated Wednesday that most minor questions have yielded readily to settlement and that the great question of the extent of future self-government will shortly be reached. The question of separation of Burma from India, urged in the Simon Commission report, was considered this week by a special committee of the conference. This Burmese committee adopted a resolution Tuesday asking the London Government to make public announcement of the principle of separation of Burma. No objections to this plan have been reported and none is anticipated, as the population of Burma is Buddhist, in contrast with the Hindu and Moslem population of British India and the native States. In order to achieve success the Conference must, of course, draft a Constitution that will be acceptable to the London Parliament as well as the many factions in India. That the answer to this problem is an exceedingly difficult one was indicated Thursday by Winston Churchill, one of the leading figures in the Conservative party councils. Mr. Churchill denied vigorously that any grant of Dominion status is imminent and reproached the Labor Government for arousing false hopes in India that a vast extension of selfgovernment is immediately contemplated. Three attempts by Parliamentary leaders to form a Cabinet in France followed each other in quick succession this week, but there is as yet no definite indication of a solution for the crisis that developed with the overturn of the Tardieu regime Dec. 4. The fact that M. Tardieu was defeated in the Senate, with its slight Left majority, has complicated the situation, since the new Premier will also have to placate the Chamber of Deputies, which inclines slightly to the Right. A coalition is, of course, inevitable, and President Doumergue began on Dec. 5 his discussions with political leaders regarding the possible combinations. Among his early visitors were former Premiers Poincare and Herriot, Paul Doumer, President of the Senate, and Fernand Bouisson,President of the Chamber. The high office of Premier, or President of the Council of Ministers, was first offered by President Doumergue to M. Poincare, who held that office through the several troublous years of financial reorganization and stabilization of the franc. M. Poincare relinquished the post finally on account of illness and not because he was defeated in Parliament, and the two successive Cabinets formed by M. Tardieu have generally been considered "Poincare Cabinets" in France. The offer to resume the post was declined, however, as M. Poincare did not believe that the [Vol,. 131. state of his health would permit him to take up such arduous duties. Louis Barthou, who was Premier in 1913 and for several years President of the Reparations Commission, was next asked by the President to form a Cabinet, and he was the first to attempt the task. M. Barthou is a Senate representative of the Center groups, and as such is an influential political figure who, it was assumed, might be able to reconcile a sufficient number of the numerous parties under his leadership. He secured promises of support from Aristide Briand, Foreign Minister in all recent Cabinets, and from M. Tardieu, and continued his negotiations with other leaders. He was forced to admit defeat at midnight Sunday, when the Radical-Socialists refused to join his proposed Cabinet of all the Republican parties. Senator Pierre Laval, Minister of Labor in M.Tardieu's Cabinet, was next entrusted with the task of forming a Cabinet, and he embarked on this project Monday. M. Laval is an independent Socialist, who served as Minister of Justice in one of M. Briand's many Cabinets, and it was thought he might be able to form a coalition somewhat similar to that proposed by Senator Barthou, but of a slightly greater Left tendency. He planned to bring together the important Nationalist group headed by Louis Mann, and the Radical-Socialists, but the latter declined to join the coalition and M. Laval informed President Doumergue late Wednesday that he had been unable to effect the conciliation necessary for the formation of a stable Government. In concluding his efforts, IL Laval dropped the hint publicly that M. Briand might be the man best qualified by his long career to form a Cabinet, but M. Briand replied that indifferent health would not permit him to undertake the task. Theodore Steeg, Radical-Socialist Senator and former Resident General of French Morocco, was asked Thursday by President Doumergue to form a Cabingt. Since the party represented by M. Steeg had defeated both the previous attempts to form a new regime, M. Doumergue is said to have followed French political logic in calling upon this leader. His chances of success are not considered bright. The Oustric bank failure in France and the financial scandal that followed were at the bottom of the overturn of the Tardieu Cabinet, and increasing attention was directed this week to the investigation into this affair. Raoul Peret, who resigned as Minister of Justice in the Tardieu Cabinet, appeared before a Parliamentary investigating committee Thursday. He informed the committee, an Associated Press dispatch said, that between 1927 and 1929 he had received 343,000 francs from the Oustric interests for his services as counsel. He held no Cabinet portfolio at that time. Revelations at the investigation are likely to increase the difficulty always encountered in forming a new Cabinet in France, reports state. "What is needed above all," a dispatch to the New York "Times" remarks, "is some one who will quickly and with the entire confidence of both the Chamber and the Senate put an end to the poison gas atmosphere of scandal and insinuation which has risen out of the Oustric affair. Therein is to be found one of the objections to M. Tardieu's inclusion in any new Cabinet. It is admitted that he himself is not in any way personally involved. It is his action in protecting his Minister of Justice as completely as he did which has created a certain prejudice against him, although it is ad- Dae. 13 1930.] FINANCIAL CHRONICLE 3753 foreign mitted that his loyalty to his colleague redounds to Curtius were successful he would take the him supported portfolio himself. The Reichstag his credit." Parliament the of by a rising vote. Adjournment A series of 25 financial reform measures, promul- until Feb. 3 was voted yesterday. gated in Germany Dec. 1 by special decree of PresiTo the series of strikes and general disorders dent von Hindenburg, was accepted by the Reichstag in Spain during recent months was added The prevalent last Saturday, after a short but heated debate. a revolt by an important military forcer Paryesterday with important reform measures are unpopular at the small town of Jaca, near thecentered a call which for reducsharp they as grOups, liamentary tion in the national expenditures together with a French frontier. This movement, in which about: heavy increase in taxes, to the end that the budget 3,000 infantrymen and artillerymen took part, is. can at length be balanced and the short-term debt intimately related, according to an Associated Press; of the country liquidated. In placing this program dispatch from Madrid, to the seething political situabefore the Reichstag last week, Finance Minister tion in Spain. One of the leaders of the present Dietrich declared that Germany must live a life of revolt is said to be 'Major Ramon Franco, the leadSpartan simplicity for the next three years so that ing aviator of Spain, who escaped three weeks ago she can ease her immediate debt burden. As one step from a military prison where he had been confined toward favorable consideration of the program by on a political charge. News from Madrid of the the Reichstag, Chancellor Bruening requested Presi- fresh difficulty is of the most meager variety, as a dent von Hindenburg to promulgate the 25 enact- strict censorship was promptly ordered by the auments by decree. This was done and the program thorities. Rumors of a revolt of this sort have been was then presented to the Reichstag for its accept- prevalent for several weeks in Madrid, it is said, ance or rejection as a whole, since decrees issued and the incident did not find the Berenguer Governunder Article 48 of the Weimar Constitution are ment unprepared. Troop trains were immediately not subject to change by the Parliament. Validity ordered to converge upon Jaca from numerous garriof such decrees is dependent, however, upon the son towns in an effort to suppress the revolt. Short favorable vote of the Parliament, and this was strikes and demonstrations have occurred repeatedly promptly sought by the Chancellor. Addressing the in all the large cities of Spain during the past year, Reichstag late last week, he appealed for speedy and the developments have had a marked Republican action. "A great responsibility rests on this house," aspect. Student riots also have been of frequent Dr. Bruening declared, "and I am convinced it will occurrence, while on occasion leading political fignot be necessary further to remind you of your duty ures -have spoken publicly against the monarchy., to the State and its people, and that you will have The Berenguer Government, which came into power the courage to follow a course which will carry the in January of this year, has blamed the troubles on nation through this period of trouble and danger." Communist elements, said to be working through In the voting that followed last Saturday, the the laboring classes. decree of the• President was accepted by a count of 292 to 254. The Socialist bloc of 143 Deputies, The trial of eight "traitors" to the Soviet State which is not represented in the coalition Cabinet of in Moscow ended this week as strangely as it was Right-Center parties, voted with the Government, conducted. All of the accused were able technolo.while opposition developed mainly in the extreme gists and they were tried on the basis of their own Fascist and Communist groups. Resolutions of non- "confessions" of sabotage and international intrigue confidence, sponsored by the extremist parties, were looking toward foreign intervention. Their defence, voted down soon afterward by 291 votes to 256. By as the United Press correspondent in Moscow rethis procedure the Reichstag fully legalized the re- marks, consisted largely in effusive protestations form measures, and the foundation for a restoration of their own guilt. In his summing up late last of order in the public finances of Germany is thus week, N. B. Krylenko, the public prosecutor, deconsidered to have been laid. "Dr. Bruening suc- manded the death sentence, whereupon the large ceeded," a Berlin dispatch to the New York "Times" audience applauded and shouted. Sentences were said, "in cajoling an obstreperous Reichstag into imposed last Sunday, and they were much in accord definitely voting him its approval for the dictatorial with expectations. Execution by shooting—"the promulgation by the President of a wide range of highest measure of social protection"—was ordered financial and economic reform laws, in the drafting as punishment for five of the engineers, while the of which the House had virtually no voice. His remaining three were sentenced to 10 years imprisonachievement was all the more outstanding in view ment each. On the following day, however, all the of the fact that the majority of his reforms are of a death sentences were commuted to 10 years imprisnature highly unpopular with all classes of citizens, onment, while the 10-year sentences were reduced to involving as they do such daily inconveniences as eight years. In a dispatch from Walter Duranty, salary cuts, the substitution of rye for wheat bread, Moscow correspondent of the New York "Times," it costlier cigarettes, levies on bachelors, and higher was remarked that the commutations came as a surincome assessments." Additional victories were prise to Russians, irrespective of what the outside won in the Reichstag this week by Chancellor Brue- world may have expected. The significant comment ning on questions of foreign policy. Parliamentary was added that there is in Russia an extensive sysrumblings against Foreign Minister Dr. Julius Cur. tem of amnesties, which generally result in the retins had appeared, and the question of a debate on lease of convicts, especially political convicts, long the Polish situation, the Versailles treaty, the Young before the nominal sentence has expired. 'Curiously plan, and other international matters was posed enough," Mr. Duranty states,"no Russians and very, Tuesday. Dr. Bruening asked the Reichstag not few foreigners who know anything about Russia" to discuss these problems at this time, and he de- believe what probably will be the general opinion clared that if efforts to unseat Foreign Minister abroad—that the trial was a 'put-up job' and the 3754 FINANCIAL CHRONICLE prisoners bought their lives by saying what was wanted or by 'playing the Soviet game.' It is the obvious conclusion of the outsiders, but foreigners here know that the Soviet courts do not act that way." Elsewhere Mr. Duranty observes that the Soviet authorities apparently were satisfied with the results of the trial, "both at home and abroad." That grave unsettlement persists throughout Latin America was indicated this week by reports from numerous centers. Cuba appears to be subject to the greatest disturbances at the present time, with political disaffection finding its expression in widespread rioting led by university students. Several fatalities have been reported in recent clashes, and the disorders reached the point Thursday where the Government found it advisable to suspend Constitutional guarantees throughout the country for a period of 60 days. A similar suspension in Havana and environs was only recently lifted. Business and professional men are said to be making common cause with the students against the Machado regime, and rumors have gained currency that the President will resign in deference to the pressure. Such reports were emphatically denied late Thursday by Senor Machado, .who declared that he was not thinking of resigning. Chile also is agitated, with students taking a prominent part in the movement against the 'Ibanez Government. A plot to assassinate the President was reported Wednesday, when a heavy charge of •dynamite was discovered at a bridge over which a train carrying Senor Ibanez and a number of high officials was due to pass. Political rallies in Colombia early this week resulted in fighting between opposing political factions, several persons being wounded when the disputants resorted to firearms. Indirect reports from Bolivia have become disquieting lately, with direct news from La Paz strictly censored. Opposition to the Provisional Government is increasing, it is said, and a delay in municipal elections was announced this week without any cause being given. The old question of the Chaco Boreal, which almost caused a war some time ago between Paraguay and Bolivia, again figures in the recent news from South America. Minor clashes between troops are again reported in this disputed territory, and public feeling in Ascunsion and La Paz has been aroused. There have been no changes this week in the discount rates of any of the European central banks. Rates remain at 6% in Spain; at 51/2% in Austria, Hungary, and Italy; at 5% in Germany; at 4% in Norway and Ireland; at 31/2% in Sweden and Denmark; at 3% in England and Holland, and at 21/2% in France, Belgium, and Switzerland. In the London open market discounts for short bills yesterday were 2 7/16% against 2 3/16% on Friday of last week, while three months bills were 2 5/16% against 21 / 8@2 3/16% on Friday of last week. Money on 4%. At Paris the call in London yesterday was 11/ at 21 / 2%, continues and in Switzeropen market rate 8%. land at 11/ The Bank of England statement for the week ended Dec. 10 shows a loss of £8,437,000 in reserves, brought about by a loss of £3,182,018 in bullion and an expansion of 0,255,000 in circulation. The Bank's reserves now total £47,975,000 as compared [vou 131. with £66,448,000 two weeks ago. The Bank's present gold supply of £152,448,776 compares with £137,434,418 last year. Public deposits fell off £1,952,000 and other deposits £10,489,674. The latter consists of bankers' accounts and other accounts, which decreased £9,745,858 and £743,816, respectively. The proportion of reserve to liability is off slightly from 45.51% a week ago to 43.03% now. Last year the ratio was 31.23%. Loans on Government securities fell off £4,675,000 and those on other securities rose £705,619. Other securities consist of "discounts and advances" and "securities." The former increased £305,160 and the latter £400,459. The discount rate remains 3%. Below we show a comparison of the various items for five years: BANK OF ENGLAND'S COMPARATIVE STATEMENT. 1928. 1930. 1927. 1929. 1926. Dec. 10. Dec. 11. Dee. 12. Dec. 14. Dec. 15. .£ Circulation 2384,473,000 365.158,000 374.820,000 137.248.625 139,888,670. Public deposits 5,890,000 8.860.000 7.628,000 8.721,037 11,145.568 105.595,839 94,471.617 104.147,000 101.841.787 108,898,352 Other deposits Bankers' accounts 72,112.383 58,072,562 Otheraccounts 33,483,456 36,399.055 Government secur_ 54,291,247 60,663.855 59.106,000 41,348,992 28,877,530 Other securities__ 27,102,711 28,297,956 28,195,000 54.744,306 76,313,33 Disct. & advances 4,911,422 8,827.605 Securities 22.191,289 19,470.351 Reserve notes & coin 47,975.000 32.274,000 42,369,000 32,410,069 31,954,317 Coln and buillon 152,448,776 137,434,418 157,191.056 149,908,694 152,092.987 Proportion of reserve 43.03% to liabilities 31.23% 37.90% 29.31% 26.81% 4% Bank rate 5% 3% 5% 415% 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 Dank of England notes outstanding. The Bank of France statement for the week ended Dec. 6, reveals a gain in gold holdings of 385,065,739 francs. The item now aggregates' 52,351,980,490 francs, as compared with 41,131,408,572 francs the same time a year ago. Increases are shown in credit balances abroad of 152,000,000 francs and in bills bought abroad of 5,000,000 francs. A large decline appears in French commercial bills discounted, namely 1,671,000,000 francs. Notes in circulation contracted 112,000,000 francs, reducing the total of notes outstanding to 75,838,423,649 francs. Circula-, tion a year ago stood at 67,290,947,680 francs and the year before at 61,826,066,435 francs. An increase is shown in advances against securities of 137,000,000 francs and a decrease in creditor current accounts of 766,000,000 francs. A comparison of the various items for the past three years is given below: BANK OF FRANCE'S COMPARATIVE STATEMENT. Status as of Changes Dec. 6 1930. Dec. 7 1929. Dec. 8 1928. for Week. Francs. Francs. Francs, Francs. Gold holdings. —Inc. 385,065.739 52.351,980.490 41.131,408,572 31.638.805.210 Credit bale. abr'd_Ino. 152,000.000 6.912,404.918 7,167.846.540 14,094.884,537 French commercial bills discounted.Dec.1671000,000 7,049.050.873 9.390.754,270 1.588.292.173 Bills bought abr'd _ Inc. 5.000.000 19,113.799.891 18.754.500.993 18.815,143.621 Adv. agst. securs_Inc. 137,000.000 3,004.793.014 2,669.651.838 2.269.901,773 Note circulation_ _Dec. 112.000,000 75.838,423.649 67.290.947,680 61,826.066,436 Cred. curr.accts—Deo.766,000,000 22.420.204,410 20,027.902,216 19,175,855,169 The German Reichbank in its statement for the first week of December revealed a loss in note circulation of 161,681,000 marks. Owing to this decline the total of circulation now aggregates 4,930,305,000 marks, as compared with 5,358,580,000 marks last year and 4,558,910,000 marks the year before. Other daily maturing obligations decreased 37,025,000 marks and other liabilities went up 6,219,000 marks. The asset side of the account records increases in gold and bullion of 10,285,000 marks, in reserve in foreign currency of 12,122,000 marks and in notes on other German banks of 8,133,000 marks, while the items of deposits abroad Decreases and investments remain unchanged. appear in bills of exchange and checks of 42,504,000 Dile. 13 1930.] marks, in silver and other coin of 4,267,000 marks, in advances of 155,746,000 marks and in other assets of 20,510,000 marks. The Bank's gold now amounts to 2,190,277,000 marks, which compares with 2,224,633,000 marks a year ago and 2,652,142,000 marks two years ago. Below is furnished a comparison of the various items for the past three years: REICHSBANK'S COMPARATIVE STATEMENT. Changes Dec.6 1930. Dec. 7 1929. Dec. 7 1928. for Week. Retelamarks. Reichsmarks. Reichstnarks. Reichsmark,. Assets— Inc. 10.235,000 2.190,277.000 2.224.633,000 2,652.142.000 Gold and bullion 85,626.000 149,788.000 149.788,000 Of which depos.abr'd_ Unchanged Res've In torn curt'. Inc. 12.122,000 536.952.000 399,027,000 177,970.000 Bills of exch.S4 checks.Dec. 42,504.000 2,034,422,000 2,366.785.000 2,101,369.000 85.932.000 94.238,000 Sliver and other coin_ _Dec. 4.267,000 148,259.000 16.009.000 11,361,000 12.345.000 Notes on oth.Ger.blut_Inc. 8.133.000 57.325,1100 57.082.000 85.409,000 Dec. 155,746,000 Advances 92,339,000 92,558.000 102.474.000 Unchanged Investments Dec. 20,510,000 719,608,000 665,230,000 539,944,000 Other assets 4% for five and six months. / four months, and 21/2@23 The demand for prime commercial paper in the open market dropped off somewhat, due partly to the shortage of satisfactory offerings, and partly to the usual slowing up at the end of the year. Rates are unchanged, choice names of four to six months' ma4@3%, while names less / turity being quoted at 23 2%. 1 4@3/ well known are offered at 31/ Liabilities— Notes In circulatIon Dec. 161,681,000 4.930,305,000 5,358,580,000 4.558,910,000 Oth.dally matur.obilg.Dec. 37,025,000 345,410,000 438,532.000 440.743,000 Inc. 6,219,000 308,745,000 329.420,000 272,850,000 Other liabilities Money market conditions reflected to only a very moderate extent this week the financial unsettlement that developed in connection with the closing of the Bank of United States by the State Superintendent of Banking. Call money remained freely available at all times, with the rate showing hardly any variation from the 2% level prevalent continuously since Sept. 29. The official rate for call money on the Stock Exchange was again 2% in all sessions from Monday to Thursday, inclusive. Renewals yesterday were also 2%, but shortly after noon the 2%. Withfigure for new loans was raised to 21/ t, but not exceppersisten were banks by the drawals tionally heavy at any time. Nor did they prevent an overflow of call money into the unofficial Street market in the earlier sessions of the week. Such .withdrawals were about $20,000,000 Monday, $15,000,000 Tuesday, $5,000,000 Wednesday, $20,000,000 Thursday, and $15,000,000 yesterday. Call loans in the unofficial market were reported available at 2% Monday, Tuesday, and Thursday, with the 11/ outside quotation equalling the official rate Wednesday and yesterday. Time loans were unchanged. Brokers' loans against stock and bond collateral declined $12,000,000 in the tabulation of the Federal Reserve Bank of New York for the week ended Wednesday night. Declines have now been reported for 11 consecutive weeks, and the aggregate drop in this period is $1,123,000,000. Gold movements at New York for the week to Wednesday night, as reported by the Federal Reserve, consisted of imports of $3,089,000, all of which came from Latin American countries. There were no exports and no net change in the stock of gold held ear-marked for foreign account. Prime bank acceptances in the open market were in fairly good supply early in the week, but with the approach of the holiday season the demand has been gradually simmering down, with most of the call coming from local banks. Yesterday the market was perturbed by the news that the Bank of United States, which closed its doors on Thursday, had some acceptances outstanding. The 12 Reserve Banks this week further increased their holdings of acceptances from $218,937,000 to $243,697,000. Their holdings of acceptances for foreign correspondents were further reduced from $425,826,000 to $417,422,000. The posted rates of the American Acceptance Council remain at 2% bid and /8% asked for bills running 30 days, and also for 17 8% bid and 2% asked for 120 60 and 90 days; 21/ 8% asked for 150 days days, and 214% bid and 21/ and 180 days. The Acceptance Council no longer gives the rates for call loans secured by acceptances. Open market rates for acceptances also remain unchanged, as follows: Dealing in detail with the call loan rate on the Stock Exchange from day to day, the call loan rate again remained at the single figure of 2% on each and every day until on Friday, when after renewals had again been effected at 2%,there was an advance to 21/2% in the rate for new loans. The advance grew out of the fact that some of the banks, as a matter of precaution, deemed it best to fortify their supplies of cash at branch offices. The market for time money remained unchanged. No improvement in the demand was observable, owing to the fact that borrowing at easier rates was obtainable in other branches of the money market. Quotations remain 4% for 60 days, 4@2% for 30-day money, 2@21/ / at 13 21/ 4@21/2% for ation, and also for 90-day accommod 3755 FINANCIAL CHRONICLE SPOT DELIVERY. —120 Days— —150 Days— —180 Days--Rid. Asked. Bid. Asked, Bid. Asked. 2 214 294 214 294 294 Penne ellgIble bills —30 Days-—60 Days— —90 Days— Bid. Asked. Bid. Asked. Rid. Asked. I% 2 114 2 194 2 Prime eligible bills FOR DELIVERY WITHIN THIRTY DAYS. 294 bid Eligible member banks 294 bid Eligible non-member banks There have been no changes this week in the rediscount rates of the Federal Reserve banks. Tbe following is the schedule of rates now in effect for the various classes of paper at the different Reserve banks: ON ALL CLASSES DISCOUNT RATES OF FEDERAL RESERVE BANKS AND MATURITIES OF ELIGIBLE PAPER. Federal Reserve Barg. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago Bt. Louis Minneapolis Kansas City Dallas Rao Francisco Rate In Effea on Dec. 12. a 234 394 834 814 314 314 314 314 314 314 314 Date Established. July 3 1930 June 20 1930 July 3 1930 June 7 1930 July 18 1930 July 12 1930 June 21 1930 Aug. 7 1930 Sept. 12 1930 Aug. 15 1930 Sept. 9 1930 Aug. R 1030 Pretiotai Rate. 314 a 4 4 4 4 4 4 4 4 4 4 Sterling exchange is more active than at any time in the past few months and has moved up sharply the present week. The range this week has been 4 for bankers' sight bills, cornfrom 4.85% to 4.853 pared with 4.85 9-32 to 4.85 7-16 last week. The range for cable transfers has been from 4.85% to 4.85%, compared with 4.85 7-16 to 5.85% a week ago. The present activity in sterling which brought about a renewal of firmness in all the major European units, is generally attributed to withdrawal of funds in preparation for year-end requirements. Similar withdrawing operations from London by Continental markets resulted in a weakening in the tone of sterling with respect to the European currencies. Sterling was especially easy in terms of marks, francs, guilders, and Swiss francs. It is customary for sterling and the European currencies 3756 FINANCIAL CHRONICLE [vol.. 131. to become firmer in the last month of the year as for some weeks. On Saturday, Montreal funds were a temporary matter, despite seasonal pressure, as at a premium of 1-32 of 1%;on Monday they dropped a result of seasonal transfers in preparation for to 1-32 of 1% discount; on Tuesday were 1-64 of 1% year-end settlements. Seasonal pressure is also partly discount; on Wednesday 3-32 of 1% discount; on offset at this time by private gift remittances from Thursday 9-64 of 1% discount and on Friday A of this side to Europe in connection with the holidays. 1% discount. At this low rate announcement was A more confident feeling exists in the market with made that $5,000,000 gold was being shipped to respect to the prospects for sterling, although the New York, the first gold to be received from Canada losses of the Bank of England this week were larger since March,1929. Bankers are not surprised at the than at any time since France began to take gold from shipment and state that there is nothing to hold the London in large volume. On Thursday the Bank of rate at its recent level of par or better. Navigation England sold £961,511 gold, the largest amount sold is closed and therefore the movement of grain has in a single day thus far in the present gold movement. been greatly curtailed, thus depriving the exchange of The Bank of England's gold went this week not only its greatest element of strength. to France, but to Germany, and it is thought possible Referring to day to day rates, sterling on Saturday that some may have gone to Belgium and other last was steady. Bankers' sight was 4.859/ 8@4.853/ 2; markets. Some of the weakness of sterling in terms cable transfers 4.85%@4.85 11-16. On Monday of marks is explained by the fact that London, sterling was firm and in demand. The range was together with New York, is replacing the short-term 4.85 15-32@4.859/ for bankers' sight and 4.85 23-32 credits which Paris withdrew from Berlin at the time @4.85% for cable transfers. On Tuesday exchange of the elections. The success which Chancellor continued firm. Bankers' sight was 4.853/ 2 Bruening has had thus far has stimulated this flow. 4.85 11-16; cable transfers 4.859@4.85 13-16. On Those in the market who are confident as to the Wednesday sterling was in demand. The range was immediate prospects of sterling point to the fact 4.85%@4.85 23-32 for bankers' sight and 4.85 27-32 that the gold holdings of the Bank of England are @4.85% for cable transfers. On Thursday sterling £15,000,000 greater than they were a year ago at the continued firm. The range was 4.859/s@4.85 for 9 height of seasonal pressure. This week the Bank of bankers' sight and 4.85 13-16@4.85% for cable England shows a loss in gold holdings of £3,182,018, transfers. On Friday sterling was easier; the range the total standing at £152,448,776 on Dec. 11 as was 4.853/ 2@4.85 9-16 for bankers' sight and 4.85%@ compared with £137,434,418 on Dec. 11 last year. 4.85 23-32 for cable transfers. Closing quotations on On Saturday the Bank of England sold £221,976 in Friday wre 4.853/i for demand and 4.85 11-16 for gold bars. On Monday the Bank received £81,000 in cable transfers. Commercial sight bills finished at sovereigns from abroad, sold £305,875 in gold bars, 4.859/ s; sixty-day bills at 4.83 7-16; ninety-day and exported £7,000 in sovereigns. On Tuesday the bills at 4.823/ 2; documents for payment (60 days) Bank bought £179 in gold bars and sold £578,703 at 4.83 7-16, and seven-day grain bills at 4.85. in gold bars. Of the £953,800 South African gold Cotton and grain for payment closed at 4.859/8. available in the London open market France purchased the major portion ,for forward delivery. A Exchange on the Continental countries is firm, balance of about six bars was absorbed by trade with increased activity at this time, due largely to requirements. On Wednesday the Bank of England year-end remittances. The firmness in German sold £760,596 in gold bars and exported £7,000 in marks is ascribed in large part to the success of Chansovereigns. On Thursday the Bank received £400,000 cellor Bruening in forcing his economic measures in sovereigns and sold £961,511 in gold bars. Practi- on the Reichstag. On Dec. 6, by a vote of 292 to cally all the gold sold by the Bank this week was taken 254, the Reichstag refused to dissolve President von for French account but, as noted, some of it may Hindenburg's decree of Dec. 1 for the enforcement possibly have gone to Germany and other centers. of the Government's fiscal and economic measures Withdrawals of metal from England for French under the emergency provisions of Article 48 of account during the past five weeks have now reached the Federal Constitution, thereby accepting without approximately £10,000,000. On Friday the Bank alteration Chancellor Bruening's comprehensive prosold £258,756 gold bars, exported £7,000 in sovereigns gram for salvaging the Reich's finances. Bankers and received £6,378 in sovereigns. state that there has been a considerable flow of At the Port of New York the gold movement for funds from both New York and London during the the week ended Dec. 10, as reported by the Federal week to Berlin to replace credits which have been Reserve Bank of New York, consisted of imports of withdrawn by French banking interests. Marks are $3,089,000, of which $2,749,000 came from Argentina strong with respect to sterling and some of the gold and $340,000 chiefly from other Latin American sold by the Bank of England this week is believed countries. There were no gold exports and no change to have been for German account. Marks were in gold ear-marked for foreign account. In tabular selling in New York during the week on average form the gold movement at the Port of New York for around 23.86, the highest since Sept. 4. the week ended Dec. 10, as reported by the Federal French francs are firm and especially firm with Reserve Bank of New York, was as follows: respect to sterling, although the dollar-franc market is comparatively inactive. As noted above, France GOLD MOVEMENT AT NEW YORK,DEC.4-DEC. 10,INCLUSIVE. continues to take large amounts of gold from London. Exports. Imports. $2,749,000 from Argentina. It is stated that some of the recent withdrawals by None 340,000 chiefly from other LatinFrench American countries. banks have been for the account of banks in _ Bordeaux, where four brokerage houses failed. France $3,089,000 total. is able to purchase open market gold for forward Net Change in Gold Earmarked for Foreign Account. None delivery when the franc rate is below 123.66 in relaMontreal funds are relatively firm but have de- tion to sterling. The rate has been below that figure clined from the premiums which have been ruling for several weeks, thus making the fourth week that DEC. 13 1930.] FINANCIAL CHRONICLE 3757 on in the flow of Swiss and Dutch funds all but a small amount of gold has been bought for been a cessati market during the week which might York New the are to es purchas French account on this basis. Such part for the firmness. The Scandinavian severely limiting the amount of gold available for account in are firm, largely in sympathy with sterling, trade purposes in the open market and keeping the I currencies guilders. Spanish pesetas continue to price of the metal at unusually high levels. With- marks and widely and are off this week as a rather drawals of metal from England for French account fluctuate in Valencia, which is another strike the of in five weeks have reached approximately L10,000,- result l unrest afflicting Spain and politica the of e evidenc 000. The weekly return of the Bank of France of confidence in the exchange. lack a causes which its to shows that that institution continues to add a long period of time is one of foreign balances, presumably in support of sterling. Political stability over preliminaries to successful stabiliSight balances abroad increased 152,000,000 fames the most important to 6,912,000,000 francs. This makes an increase zation of the peseta. Bankers' sight on Amsterdam finished on Friday over the past two weeks of 361,000,000 francs. 40.223. on Friday of last week; Opinion in London and Paris, it is understood, is to at 40.273, against , against 40.243, and com40.283 at rs transfe the effect that these additions to the Bank of France cable against 40.20. Swiss 40.24, at bills sight mercial foreign balances are not being made with any intenat 19.393/2 for bankers' sight bills and tion of stiffening sterling to above the gold point but francs closed for cable transfers, against 19.37 and to prevent the rate from declining further. This at 19.403 / and agen checks finished at 26.7432 week the Bank of France shows an increase in gold 19.37%. Copenh against 2, at 26.753/ 26.733 and holdings of 385,005,065 francs, the total standing at cable transfers 26.83 and at closed Sweden on record high of 52,351,000,000 francs on Dec. 5, which 26.743/2. Checks 3, and % 26.83% 26.82 against 26.84, at rs compares with 41,131,408,000 francs on Dec. 6 1929 cable transfe cable and at 26.74 d y finishe Norwa on checks and with 28,935,000,000 francs reported in the first while against 26.73 and 26.74. Spanish statement of the Bank of France following stabiliza- transfers at 26.75, at 10.39 for bankers' sight bills and tion of the currency in June 1928. The Bank's ratio pesetas finished transfers, compared with 11.08 of reserves is also at record high, standing at at 10.40 for cable 53.28% on Dec. 5, compared with 52.42% on Nov.28 and 11.09. with 47.10% on Dec. 6 1929, and with legal requireExchange on the South American countries conments of 35%. dull and inactive, displaying no new features Italian lire, contrary to the general trend of the tinues past few weeks. Although business circles European list, has been displaying an easier tone, from the and Brazil continue to display an atwhich reflects the excessive weakness on the Milan in Argentina nce toward the new Governments. Borsa. Prices closed at the lowest levels of the day titude of confide , New York, and elsewhere are on Wednesday, while offerings after the close of the Bankers in London closely. The general official market pushed quotations still lower. Ac- watching the outcome of events ng as it does the food affecti cording to reports the weakness was caused by the condition of world prices South American of these s product and raw material liquidation of heavy speculative accounts. t of weakness elemen large a course, The London check rate on Paris closed at 123.60 countries is, of ne situation Argenti The on. situati ge on Friday of this week, compared with 123.57 on Fri- in the exchan countries. an Americ Latin the all of typical day of last week. In New York sight bills on the is improved have ls materia raw of nts shipme While 4 13-16, against 3.927 French centre finished at 3.92 ment Govern in s since the change on Friday of last week; cable transfers at 3.92 15-16, from week to week a year were they what below are far against 3.93, and commercial sight bills at 3.92%, took place, they ne The Argenti value. in and y %. Antwerp belgas finished at 13.96% ago both in quantit against 3.925 Argenized. demoral quite be to seems for checks and at 13.973' for cable transfers, against wool market nts to date total 76,646,000 bushels, 13.943/ and 13.953. Final quotations for Berlin tine wheat shipme 1,000 bushels at the same time 235,42 with ed marks were 23.843 for bankers' sight bills and compar total 160,174,235 bushels, exports Corn year. 23.85% for cable transfers, in comparison with last 3 for compared with 185,586,000 bushels at the same time 23.84 and 23.85. Italian lire closed at 5.23% 7 for cable transfers, last year and with 240,681,500 bushels in the same bankers' sight bills and at 5.234 Flaxseed shipments for the year to against 5.23 15-16 and 5.24 1-16. Austrian schil- period in 1928. ,968 bushels, compared with 62,lings closed at 14.07, against 14.07; exchange on date total 44,935 2, against 2.96 7-16; on 735,000 bushels last year. Bankers state that there Czechoslovakia at 2.963/ ry in business conditions Bucharest at 0.593(, against 0.593; on Poland at must be a world wide recove s in banking methods change ental 11.20, against 11.21, and on Finland at 2.51%, as well as fundam most of the South be'ore re al structu 3 . Greek exchange closed at 1.29% for and financi against 2.51% d to display any expecte be can ies currenc for cable transfers, American bankers' sight bills and at 1.293/2 pesos closed at paper ine y. Argent stabilit real against 1.29% and 1.293/2. on Friday of 7-16 34 against as , checks for 15-16 33 transfers, against Exchange on the countries neutral during the war last week, and at 34.00 for cable quoted at 9.70 lly nomina is generally firmer, with the exception of Spanish 343/2. Brazilian milreis are cable transfers, for 9.75 pesetas. As in the case of sterling the firmness in for bankers'sight bills and at ge closed exchan n Chilea 9.75. the neutrals is attributed largely to seasonal move- as against 9.70 and rs, cable for transfe 3-16 at 12 and checks d 8 for / ments in connection with year-en settlements and at 123 at 29.50, closed Peru 12.20. and nces 12.15 and the holi- against in some degree to immigrant remitta day gift transfers. Swiss francs and Holland guilders against 3025. are especially strong. Swiss francs went to 19.40% Exchange on the Far Eastern countries is dull and for cable transfers on Thursday, the highest since Far Eastern silver currencies suffered Nov. 12, while Holland guilders advanced to 40.293%, irregular. The to several sharp breaks in the the highest since Oct. 22. There seems also to have new record lows owing rq 3758 FINANCIAL CHRONICLE [vol.. 131. price of silver during the week. In Wednesday's As the Sub-Treasury was taken over by the Fedmarket Hong Kong dollars made another new low of eral Reserve Bank on Dec.6 1920, it is also no longer 28.50, while Shanghai taels fell to 36.12. The selling possible to show the effect of Government operations of these exchanges is lending some strength to Japan- in the Clearing House institution s. The Federal ese yen which is quoted on average around 49. Reserve Bank of New York was creditor at the ClearThe London price of bar silver on Wednesday equaled ing House each day as follows: its record low of 15 7-16 pence an. ounce. The DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK decline in silver has been more or less continuous for AT CLEARING HOUSE. many months and authorities on the metal are in- Souvatty. Monday, Tuesday,!Wednesday Thursdly, Friday. .4 yyregate clined to gloomy views as to the near future. The Dec.6. Dec.8. Dec. 9. Dec. 10. Dec. 11. Dec. 12. for Week. $ $ 5 fresh slump in silver is distinctly discouraging in 101 000,000 97 000.000 133.000,000 116 000.0001I 113,00,000 126.ese.0ee Cr. 686.000.800 -The foregoing heavy credits reflect the huge mass of checks view of the recent discussions concerning relief meas- toNote. which come the New York Reserve Bank from all parts of the country In the operation of Federal Reserve System's par collection scheme. These large ures. For the most riart these discussions have been the credit balances, however, reflect only a part of the Reserve Bank's operations with the Clearing House institutions, as only the items payable in New York City are represented directed toward production. The consensus of opin- 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 ion in the silver market is that production of silver do not pass through the Clearing House but are deposited with the Federal Reserve can no more be artificially regulated than can the Bank for collection for the account of the local Clearing House banks. production of primary agricultural products. It The following table indicates the amount of bulhad been hoped that the lower prices of the last half lion in the principal European banks: year would automatically result in lower output as Dec. 11 1930. the marginal producers in the strictly silver mining Ranks ofDec. 12 1929. Gold. Silver. Total. districts of the world would be compelled to close Gold. Silver. Total. But so far reduction in world output has not been England__ 152,448.776 152.448.7761 37.434.418 137,434,418 Frances.... 418,815,843 (d) 418,815.843329.051,268 (d) sufficiently great to materially alter the situation Germany 1329,051,268 b 102,024,450 c994,600 103,019,050104.742,250 994.600105,736,850 Spain 98.315,000 28,241,000128,556.000 102,592.000 28,452,000131,0 44,000 chiefly because silver production results for the greater Italy_ _ 57.243,000 57,243.000; 56.018.000 56,018.000 Netherrds 35,514,0 2,069,0001 37,583,000, 37,293.000 37,293,000 part as a by-product of copper, lead and zinc, all of Nat. Belg_j 37,050,00 37,059.000, 30,948,000 1,286,000 32,234,000 SwItgeri 25,619,000 22,450.000 1,105,000 23,555,000 which commodities are in ever growing use. If the Sweden..'d 25,619,000 13.422.000 13.422.000 13,387,000 13,367,000 Denmark. 9,560 9,560.000, 9,581.000 361,000 9.942,000 consumptive power of China could be improved some Norway.. 8,135, 8,135.006 8,151,000 Total week 958.158,069 31,304,800989,460,669851.827.936 beneficial effects might be expected. There has been Prey. 32.198.600883.828.538 week 958,689,312 31.214,600989,003,012844.849,940 32,136.600876,7 86,540 some talk of the Indian Government selling silver at a These are the gold holdings of the Bank of France as reported In the new form of statement. b Gold holdings of the Bank of Germany are exclusive of gold held every favorable opportunity, but well-informed circles abroad, the amount of which the present year Is £4.789,000. c As of Oct. 7 1924. in New York declare that the only sales made by the d Silver Is now reported at only a trifling sum. Indian Government in recent months was 15,000,000 The Work of the Preparatory Commission ounces in August. Closing quotations for yen checks yesterday were 49.60@49%, against 49.60@,49%. on Disarmament. Hong Kong closed at 27%@283', against 29/@ The Preparatory Disarmament Commission of the 29 11-16; Shanghai at 35M@36 11-16, against 37@ League of Nations ended its labors and adjourned 37 1-16; Manila at 49 8, against 49%; Singapore sine die on Tuesday, leaving as the fruit of its disat 563@56 7-16, against 563@56 7-16; Bombay at cussions the draft of a disarmament treaty which an 363, against 363, and Calcutta at 36%, against international conference is expected to take up some time in 1932. Off and on, the question of giving 36g. effect to the disarmament requirement of the CoveFOREIGN EXCHANGE BATES CERTIFIED BY FEDERAL RESERVE nant has been before the League for more than ten BANKS TO TREASURY UNDER TARIFF ACT OF 1922, DEC. 6 1930 TO DEC. 12 1930, INCLUSIVE. years. A Permanent Advisory Commission, created in 1920, gave way the next year to a Mixed CommisNoon Buying Rote for Cable Transfers in New York. Country and Monetary Value in Untied States Money. Rion, primarily because the former body, made up of lieu. Dec. 6. Dec. 8. Dec. 9. Dec. 10. Dec. 11. Dec. 12. military and naval experts, could not agree, and it EUROPE$ $ $ 5 3 Austria,schilling .140671 .140821 .140823 .140836 .140842 .140832 was decided to try a commission on which civilians Belgium. belga 139582 .139610 .139709 .139760 .139751 .139713 Bulgaria, ley .007163 .007166 .007175 .007180 .007168 .007172 were represented. The Mixed Commission sat until Czechoslovakia, krone .029655 .029657 .029659 .029661 .029666 .029663 Denmark. krone 267444 .267486 .267511 .267563 .287589 .267506 1924, when the Geneva Protocol was submitted to the England, pound 4 856321 4.857500 4.857842 4.858238 4.857946 4.856278 sterling Powers, only to fail of approval because the Powers .025167 .026157 .025169 .025165 .025167 .025165 Finland. markka 039291 .039282 .039290 .039300 .039303 .039293 France, franc were not ready to commit themselves to sanctions Germany, reichsmark .238466 .233550 .238591 .238626 .238591 .238491 Greece. drachma--. .012945 .012947 .012941 .012941 .012945 .012943 against one of their number that should engage in 402508 .402592 .402684 .402863 .402008 .402764 Holland, guilder 174891 .174893 .174902 .174906 .174889 .174904 Hungary. pengo a war of which the League did not approve. In 1925, 052404 .052105 .052403 Italy. lira .052392 .0 .2374 .052376 .267410 .267457 .267468 .267538 .267540 .267475 Norway. krone accordingly, the Preparatory 'Commission, charged .111935 .112115 .112140 .112163 .112107 .112134 Poland. zloty Portugal. eecudo....... .044825 .044845 .044829 .044875 .044979 .044810 with the duty of drawing up a program for a dis.005943 .005944 .005947 .005950 .005948 .005948 Rumania, leu .110807 .111509 .111160 .108660 .107382 .104070 3pain. peseta armament conference, was set up. The Commission 268328 .263319 .268338 .268398 .268369 .263329 3weden, krona 3w1tserlan1, franc_ _ .193763 .193802 .193792 .193848 .193961 .194008 rugollavia. dinar-- .107888 .017689 .017888 .017689 .017692 .017696 worked at the problem, with occasional intermisASIAMinasions, until 1928, drew up a draft convention which .379168 .377083 .374375 .370416 .374583 .367500 Chefoo teal .376562 .374375 .371562 .366718 .370468 .363281 Hankow tael came to nothing, reconvened in the Spring of 1929, .367053 .366232 .361785 .358839 .361696 .353125 Shanghai teal Tientsin feel 385208 .383125 .380416 .376458 .380625 .373541 suspended its sessions during the London Naval Hong Kong dollar.- .293071 .290448 .237678 .283035 .283392 .275089 Mexican dollar_ - -. .263750 .263125 .280825 .258437 .261250 .254687 Conference, and resumed them early last November Tientsin or Peiyang dollar 268250 .266250 .263333 .260418 .263750 .257916 with the result that has now been made public. Yuan dollar .262918 .262918 .260000 .257083 .260416 .254583 Odle, rupee .358982 .359053 .359114 .359128 .359185 .359029 Until the definitive text of the draft treaty is &Pan. yen 496093 .496384 .496571 .498612 .496143 .495993 tingaPore (8.8.) dollar .559291 .559125 .559158 .559225 .559375 .559375 made public, a consideration of its provisions must NORTH AMER.%made, dollar 1.000268 1000041 .999664 .999246 .998392 .998710 rest upon the preliminary text compiled by the De1uba peso .999131 .999162 .999162 .999175 .999162 .999100 4exico. peso .451225 .450100 .445125 .945333 .442166 .442500 partment of State from the daily cable reports of rewfoundland, dollar .998000 .997656 .997375 .9966543 .995950 .996250 SOUTH AMER.ritentina, peso (gold) .777774 .777630 .777131 .768225 .766537 .766307 Ambassador Gibson, head of the American delegairaill, mitres 094142 .094589 .094714 .096071 .098428 .095875 !bile. Peso tion at Geneva, and published on Wednesday in the .121358 .121284 .121112 .121115 .121113 .120707 iruguay, peso .780000 .780930 .773798 .764079 .755423 .752804 lolomb1a, peso New York "Herald Tribune," and the outline of the .985300 .965300 .965300 .985300 .965300 .965700 treaty cabled on Tuesday from Geneva to the New DEC. 13 1930.] FINANCIAL CHRONICLE 3759 temporarily suspend in York "Times." As the State.Department compila- security," such party "may article or articles" of tion omits most of the figures indicative of the kind so far as concerns itself any expressly designed those or amount of armament reduction contemplated, for the convention "other than to notice to subject war," of event the reason that the figures are left to be inserted by to apply in the t ComDisarmamen Permanent the Powers, the Disarmament Conference, the exact extent of the other League, the of neral Secretary-Ge the and mission reduction that may be looked for cannot now be parties shall ascertained. To this extent the published docu- whereupon "the other high contracting presented." thus situation the to as advise promptly It should nt. ments will be a distinct disappointme made by reservations any that agreed further is It a of seems what explanation in be said, however, at Rumania, and fragmentary agreement, that the Preparatory Com- Estonia, Finland, Latvia, Poland be shall treaty, the of mission was charged with the duty, not of deter- the time of their signature those mining how much armaments should be reduced, accepted, and shall operate to suspend, a.3 to the which to articles the of application the but of indicating how reduction might be accom- Powers, the accept shall Russia until extend, reservations plished. Since the Commission was unable to agree menupon a number of important points, the draft treaty treaty on the same terms as the five Powers tioned. does the Conference that is at last to be passed on to Ambassador Gibson, in his address at the closing not go much beyond a statement of general princiof the Preparatory Commission, gave expressession upon will depend significance ultimate ples whose what most persons are likely to feel after to sion are they applied. which in way the Briefly, the treaty provides for fixing the total perusing the draft treaty or its summary. "I should number of land, sea and air forces, together with not be frank," Mr. Gibson told the assembled delethe maximum length of conscript service for each gates,"if I did not say that this draft falls far short country. The conference will be at liberty to recon- of our hopes and expectations. . . . What we sider proposals, all of which were rejected by the have achieved does not hold out the promise of bringCommission, for limiting trained reserves and the ing about that immediate reduction of armaments number of conscripts to be called each year to the we would like to see." On the other hand, Mr. Gibcolors, and for abolishing conscription. Both land son continued, "we can at least foresee a stabilizaand naval war materials are to be limited,the former tion of armaments, the setting up of a machinery by fixing a maximum annual expenditure, the latter to receive and disseminate information on armaby fixing both quantity and expenditure. Both ments, to educate public opinion and to prepare sysglobal and category tonnage are also to be fixed, tematically for the work of future conferences, as together with the size of vessels in each category, successive milestones in the continuing process of with provisions for transferring tonnage from one disarmament. . . . It is possible that the comcategory to another. In air material, on the other ing conference will accomplish more than this, but hand, while the number, horsepower and immediate if so it will be because our labors have been improved reserve of planes are to be restricted, no limitation upon and because, after mature study of the probis proposed on expenditure. It is also suggested that lems involved and after weighing the consequences the Powers undertake not to subsidize, directly or of failure, the governments come to the conference indirectly, air lines "principally established for mili- resolved on greater measures of concession than the tary purposes." A further provision comprises an delegates here have been authorized to make." Mr. undertaking on the part of each of the signatories Gibson concluded his address by expressing earnestly of the proposed treaty "to limit and as far as pos- the hope that the delegates would not over-emphasize sible to reduce its total annual expenditure on land, the extent or importance of what had been done, and naval and air forces." To so much of this proposal by pointing out that without the support of public as contemplates reduction through budgetary limi- opinion the purpose for which the Commission was tation the United States entered a reservation. created would not be attained. What has been done, in other words, is to take a Provision is also made for the submission of detailed all of An kinds. step in the direction of armament reduction and information regarding war forces It is not a long step, and more than ten the binds limitation. draft contracting important chapter of the to abstain required for taking it. Even now, been reciprocity," have from years Powers, "subject to a decade of discussion, the agreegases "and than all more analpoisonous after or using asphyxiating and been of has processes," reached has been. hedged about that "all or ment substances liquids, ogous with reservations by different governments, and the bacteriological methods of warfare." For the purpose of observing and reporting upon practical application of the principles that have the execution of the treaty, it is proposed to set up been enunciated has not, at the most important at Geneva a Permanent Disarmament Commission. points, been advanced at all. An enormous amount The members of the commission would be appointed of technical work remains to be done before the conby the governments, or some of them, who signed the ference can have before it the information on which treaty, but would not be regarded as representing to base its decisions regarding the actual figures of those governments. Regular meetings would be held numbers, tonnage, expenditures, and the like, and it annually, and any government not having one of its should not be forgotten that it is over just such nationals as a member would be entitled to designate technical matters that the Preparatory Commission a member to sit temporarily in any case in which has repeatedly found itself deadlocked. Nevertheits interests were concerned. The commission would less, a step has been taken, even if not a very long work in close connection with the League Secreta- one. It is at least a gratification that the Preparariat, and would be entitled to receive all the infor- tory Commission has ceased its labors, and that what mation requisite for its supervisory duties. If, dur- has been aptly called "one more among the drearier ing the life of the treaty,"a change of circumstances perennials of the press" has passed out of the daily occurs which in the opinion of any high contracting news. A longer continuance of its inconclusive departy is such as to constitute a menace to its national bates would have gone far to destroy such hope as 3760 FINANCIAL CHRONICLE [VoL. 13L still remained of ever achieving disarmament in any to preserve their position. Temperance as the ultiform, anywhere or at any time. mate object of the amendment is almost entirely It remains for the governments which will be lost sight of. Fanaticism brooks no change whatrepresented in the conference in 1932 to prepare for ever. The amendment itself does not define "intoxithe work which must then be taken in hand. The cating liquor," is not clear in its wording, cannot be task is not an easy one. The New York "Evening either reasonably or legally interpreted, yet is sacroPost" touched the core of the matter when it re- sanct in its present form. To attempt to classify marked editorially on Wednesday that "the long its meaning is almost treason. And the Volstead series of meetings of the Preparatory Commission Act, as an enforcing law, must stand as written, has proved, we fear, that before any stabilization of although it, too, is obscure and ineffective. Whether world armaments can be effected, let alone that re- States are bound to join in its enforcement with the duction in arms of which we talk so glibly, the Gov- Federal power, or whether free to refuse the alliernments ultimately responsible for what is done at ance,is even now undetermined. Nor has there ever Geneva will have to have a change of heart. There been an untrammeled presentation of the constituhas been too much emphasis upon nationalism and tionality of the amendment before the Supreme security, too little faith in arbitration and concilia- Court. tion, for the growth of that spirit of good will and Forced upon the people in the troublous time of international harmony which alone can make dis- war, it promises to excite the passions of the people armament even in its most limited aspect a living for a long time to come. It may or may not reduce reality." It is for the reconciliation of conflicting drinking of intoxicants; it may or may not, by bold national interests, ras well as for the accumulation of and open infractions, become unenforceable; it may the technical equipment that will enable negotiators or may not tend to degrade all laws—but it is a to act wisely, that the governments have now need to contention that destroys social harmony and defies prepare. The progress that must be made in that the mental peace of the citizenry. Prohibition has direction will be aided if, in the year and more that had a long and fair trial. It is not enforced. A will elapse before the Conference meets, every inter- rational method of its endorsement or repeal is hard national dispute that can be adjusted by arbitration to determine. But since it is a thorn in the side of or good offices shall be so adjusted, incitements to orderly civic rule, after 10 years of life, there is sufill feeling or apprehension avoided, and the develop- ficient warrant for resubmission to the people. If ment of defensive military, naval or air establish- a fanatical and misguided morality could be exorments kept to the minimum. It will be easier to cised from its consideration the general good would reduce and limit armaments if governments act as require a new and speedy trial of its right and if they believed that peace were possible and that efficacy. There is no proper reason for a sharp and they really intended to give it a trial. bitter division of the voters into two opposing camps. "Drys" and "Wets" should be able to approach a reconsideration in a temperate and tolerThe Intolerance of Prohibition. It is now proposed by the "Drys" that if the ant frame of mind. Inevitably the whole mixed question has entered "Wets"insist upon an amendment to the Eighteenth Amendment or on its repeal, that they, the "Drys," politics. Assuredly it cut a large figure in the recent will insist upon the same treatment for all the election, though the parties were divided. And now amendments to the Constitution. This would be in this Congress and the next it promises to disrupt tantamount to holding a Constitutional Convention and deride the consideration of more important for an overhauling of the entire priceless document. problems. It is chained to the body politic—a dead In such an event, what would ensue no man can fore- weight giving no strength or health. We can neither tell. The objectors would come thick and fast. enforce it nor get rid of it. Yet it is not vital to the Every doctrinaire would spring to the defense of life of the people. We can live under it as it is now; his pet theory. And considering the conflicting ele- we could live under it if there was not a drop of ments of our national life, some of these theories of liquor in the country; we did live, despite it, when government would receive sanction and the emergent strong drink was "raging," and can again. But why organic law would be a strange patchwork of "mod- tolerate so pernicious a law without doing someernism" and "progressivism." For the time being, thing to make it a reasonable part of our code? a revolution would not be much more reprehensible Aside from its inherent merits or demerits, proThat this is a mere threat we may well believe hibition is an evil in itself, in that it divides the Nevertheless, it is food for thought; and presents people into hostile classes, assails the Government this new intolerance in a more truthful guise. For itself as a failure (since it cannot enforce the law); all the other amendments rest on an entirely dif- bedevils our politics, and creates an emotional ferent base. They add to rather than take from that enmity between citizens and States. Morals are not made by laws. True temperance human liberty the whole of the government was deexerprohibits the them is of None not fostered by prohibition. There is ample signed to protect. them extend, Some of rights. evidence to show that legal restrictions are not inalienable cise of purtenor of and the explain strong to induce abstinence. How much enough and expound amplify, pose of the original draft but add no provision con- current crime waves are traceable to poison liquor and to illegal sales, how much racketeering is due trary to its essential spirit. We have entered a period in the history of this to illicit traffic in intoxicants, cannot be matheEighteenth Amendment when every tactic and matically determined. But if the husbandman's thought of those who believe in prohibition is to be snake thaws out at his fireside only to sting him, put forth to retain it in the Constitution in its pres- is his good intention to be repeated by a continuous ent form, Assuming that once attached to the char- trial? We have had enough of this "noble experiter it is not only a part thereof but fixed there ment" to know that it is a failure, and that it brings forever, they resort to every possible counter attack a brood of evils not thought of at the outset. Shall DEC. 13 1930.] FINANCIAL CHRONICLE 3761 full-armed into the arena of legislation. Inwe now divide into hostile classes and by evasion spring ency is an inevitable consequence. From this and subterfuge strive to carry the day for "our side"; consist we may examine the present session of Conor shall we come together by some means or method, attitude without attempting to predict what it will do. and quietly, decently, express an unbiased opinion— gress Both houses met in the customary manner on that it may no longer trouble the waters of our , the first. And this meeting, for the expircivil and social life? How, when—that is the ques- Monday s, came under rather peculiar circumtion! The Government is safe, whichever way the ing Congres stances. The country is passing through a marked controversy turns. ion. The public mind is awakened And yet it is not quite safe. For if the Amend- business depress gravity of the situation. Thoughtless men ment does interfere with personal rights, albeit any to the carried away by the idea of unlimited citizen or any people can live without intoxicants— and women, "Government," are demanding that to supinely accept the intolerance of even a majority power in the something to bring back our lost "prosis to provide a way for other negations of personal Congress do matters stand, all its laws have been and inalienable rights to be put upon us. So dis- perity." As the swing of the pendulum from prevent ss to turbing a problem as prohibition (since it touches powerle high prices to low, from from bad, to times not vitally our form of government save through good from prosperity to adand , slender to interpretation of our Constitution), and since the full sales that the last election, appear not does It versity. individual can suffer deprivations without open behalf, found more solace in one party than rebellion, ought to be banished once and for all from in this But Congress, 'with its ear to the the minds of the people. We are weakening our in the other. sought to interpret public sentiment. As a Government by continuing an Amendment and a ground, ted unusual willingness to consider law about which there is such a wide division and result, it manifes on one side, accepted by those leaders such a sharp controversy. We cannot imagine a war a proposal by lly to "do nothing" at this practica as a consequence. But we can readily see a deteri- on the other, ion should interfere with legislat new lest oration in the loyalty of a people to a Government session recovery from a unithe retard and ess" that harbors such a thing—to distract the voters ‘"busin "depression." This looked like a from vital issues, and to render them dissatisfied versally admitted "change of heart" from which much might be hoped with a normal and necessary rule. But already, thus early in the session, To refuse to acknowledge a mistake is but a petty in the future. indiTo there are rumblings of discontent, with strong form of egotism. To quarrel is to beget partwo the between accord g seemin nurse intolerance is to destroy conciliation. If an cations that the by issued nt stateme a In last. to Amendment can be adopted it can be repealed. If ties is not likely rebuke to d intende y, Tuesda on Hoover an enforcing law admits of specific instructions and President United States Treasury, these are not beyond question, then that law may be the numerous raids on the remarks, in which he tactless rather some made made understandable. And if we cannot obtain by he "playing politics at test cases a clear-cut definition and adjudication by referred to certain individuals has aroused the the Supreme Court, then the Legislative Division of the expense of human misery," which reflected upon it the Government can annul that law. Until some- ire of some Democrats, who thought seem imbued longer no thing is done to clarify and liberalize we shall force their party, and who now may look for we Hence y. upon the (now) Department of Justice an impossible with the spirit of harmon s. holiday the after task. The Amendment did not come into the Court animated times It is carefully estimated that the current fiscal of Public Opinion with clean hands. The people deficit of one hundred and eighty themselves never voted upon it—never instructed by year will have a by day this prospective amount convention or otherwise the Legislatures to adopt millions, and day es reach four hundred it or Congress to submit it. The war-mind of a is increased, until some estimat y econom will prevent a larger people is excited, emotional, absorbed in war. Let millions. Only rigid man, no woman, no child, No us now in peace, with good-will to all, devise some deficit next year. the popular response to by g must suffer. Judgin way to redetermine the issue. country and to funds the over chests community ment, no one is employ ate immedi provide raised to , with imsession short a The Doings of Congress. in But suffer. to likely this whole passed, to be bills iation appropr in e a bear must perativ people reprea One of the burdens ed—out of remedi sentative republican form of government is the matter of unemployment must be last reguthe At vagaries of Congress. Not only is it perennially on the Treasury of the United States! s for remedie me their "hands," but there is no safe predicting what lar session bills looking to long-ti at And, shuffle. the in lost it will do. By direct and specific decree of the unemployment were have could that thing y best the probabl voters, it has no continuing purpose. Moved, too that, it is nce on Govoften, by the tempests of public opinion, it becomes happened. But why, then, this insiste a lesson not there Is ? and control ic if help t energet and not con- ernmen emotional if not erratic, . of tornado this Why learn? should we with ed its that duty is impress to it here sistent. Always "conlate , if the "save the country" by the enactment of new laws. bills for the relief of unemployment widely heralded so ial leaders industr of are s" loaded books with ference thoustatute our Thereby, ble? impossi the ish sands of useless enactments, more interfering than could actually accompl anyone tell? Can ?" tending we are "Whither sustaining, more prohibitive than liberal. to make the was that Board, Farm Standing apart as a mere citizen with no "axe to The Federal the price of holding ally artifici now whole, grind," one looks on with interest, sometimes border- farmer owns untold that market, world the above and twists at the turns of suc- wheat ing on amazement, on or option, rs in elevato wheat of bushels of to s Pushed onward . r million endeavo by ceeding sessions ed 60 millions of elections, these seem to have no relation to each that has paper losses of an estimat to be asked to is Board Farm other and no commands from one to another. They dollars, the Federal 3762 FINANCIAL CHRONICLE give this wheat to the hungry! To whom? How is it to be distributed? Yet pell mell the bills pour into the Congressional hoppers. No wonder the people are in the toils of their own Congress! No wonder they welcome an interim of almost a year—from next March to next December! But will Congress learn a lesson from this impasse? Or will it, in the grip of its own methods, make of this remaining session a farce and a failure? What did the last election indicate? It is generally agreed that there was more of voting for men than ever before. Was there any instruction to this old Con- [Voi.., 131. gress to turn itself into a benevolent society to shovel millions out of the Treasury? Few will say that nothing should be done. Few will say that, in consonance with appropriations made heretofore to alleviate calamity, the nation should not heed the petitions of drouth areas. But those who would expend these sums carefully are to be listened to. And as for billions on billions for roads that cannot be builded in winter time—ought there not to be extreme care here, too? Appropriations are one thing; work is another. And, above all, precedents often come back to plague us. Gross and Net Earnings of United States Railroads for the Month of October Statements of the earnings of United States rail- showing a change for the better as had been fondly roads as compiled from month to month are monoto- hoped. When it appeared that the improvement in nously alike in being extremely unfavorable. Our trade which had been counted upon for the autumn compilations to-day cover the month of October and gave no signs of its presence, gloomy and pessimistic as that was the month last year when the crash in feelings settled over the business community, in the stock market occurred, though it did not reach its much more pronounced form than before, and the final stage until the next month, since which time the traffic and revenues of the railroads reflected the fact industrial paralysis which has now grown so acute to a steadily increasing degree. has been spreading,it would be natural to think that As in previous months, evidences of the industrial comparisons now with that period would not be so paralysis were seen on every side. Taking first the extremely bad as in other recent months. Not so. iron and steel statistics, the make of iron in the United The falling off in the gross, as compared with States during October the present year reached only October 1929, is actually larger, in amount at least, 2,164,768 gross tons, as against 3,588,118 tons in even if not in ratio, than in any other month of the October, 1929, and 3,373,806 tons in October 1928. year 1930, while the shrinkage in the net, measured The production of steel ingots aggregated only by amount of loss, has been exceeded only in one 2,720,414 tons in October the present year, as against other month, namely in August, when the amount of 4,534,326 tons in October 1929 and 4,649,968 tons loss was somewhat larger, but that month suffered in October, 1928. The production of automobiles a disadvantage that did not exist in October in the was at a low ebb, the October factory sales of motor fact that there was an extra Sunday in August the vehicles having dropped to only 150,044, against present year and therefore one working day less. 380,017 in October, 1929, and 397,284 in October, Stated in brief, gross revenues from railroad 1928. operations in October the present year were Coal production reveals the same record of decline. $125,569,031 less than in October last year, or Only 44,150,000 tons of bituminous coal were mined 20.64%, and while this was attended by a diminution in the United States during October, 1930, as against in operating expenses in the sum of $78,258,638, 52,174,000 tons in October, 1929, and 51,176,000 there still remained a loss of $47,300,393 in the net, or tons in October 1928, while the product of Penn23.13%. sylvania anthracite was only 7,576,000 tons, against The falling off in the gross at $125,569,031, it 8,026,000 tons in October 1929, and 8,400,000 tons should not escape notice, is at the rate of over 1% in October 1928. Of soft and hard coal combined the billion dollars per year, which will give an idea of its production, it will be seen, was 51,726,000 tons in magnitude, and the loss in the net at $47,300,393 is at October 1930, against 60,200,000 tons in October the rate of $567,000,000 a year. It is proper to state, 1929 and 59,576,000 tons in October 1928. The however, that the effects of the stock market collapse condition in the building trades was reflected in the last year were not immediately felt in the industrial fact that according to the survey made by S. W. world and though our tabulations then did show some Straus & Co., the volume of permits issued during falling off in both gross and net results, as compared October 1930 in 589 cities and towns totaled only with October of the previous year (1928), the losses $153,055,032 compared with $253,680,960 in Octowere relatively slight, namely only $9,890,014 in ber 1929. The statistics compiled by the F. W.Dodge gross and $12,183,372 in net. The following shows Corp. tell the same story, showing that the constructhe grand totals for the month this year and last year: tion contracts awarded in the 37 Eastern States during Month of Oelober— 1930. 1929. Inc. (-I-) or Dec. (—). October 1930 represented only $337,301,400, as Mlles of road (170 roads)— 242,578 241.555 +1.023 0.42% Gross earnings 8482312.524 8608,281.555 —8125.569,031 20.64% compared with $445,642,300 in October 1929. The Operating expenses 325.596,571 403,865,209 —78,258,638 19.37% Ratio of expenses to earnings_ 66.39% 67.45% +1.06% conditions prevailing in the textile trades are indiNet earnings 3157,115,953 3204,416,348 —847,300,393 23.13% cated in the figures prepared by the Association The paramount influence in the great reduction of Cotton Textile Merchants of New York. From here shown in railroad earnings has of course been these statistics it appears that production during the the intense depression in trade and industry extend- five weeks of October amounted to $228,866,000 ing to all lines of business and to all parts pf the coun- yards, or at the rate of 45,773,000 yards per week. try. During October the industrial prostration grew This was 35.3% less than in the corresponding weeks of steadily worse as the month progressed, instead of October 1929,when the rate was 70,766,000 yards per DEC. 13 1930.T FINANCIAL CHRONICLE 3763 shows $2,683,week. Cotton consumption of course was similarly half of the country, the Union Pacific in net; the $1,234,556 and gross in reduction 845 the that showing figures reduced, the U. S. Census $1,122,144 and gross in $3,275,351 Island, Rock October in States the United in cotton consumption of in $3,209,549 Quincy 1930 was only 444,494 bales of lint cotton and 66,176 in net, and the Burlington & net. in bales of linters, as against no less than 639,759 bales gross and $1,359,104 In the South,the Southern Railway has sustained a of lint and 82,912 bales of linters in October 1929. of $2,903,706 in gross and of $1,196,421 in shrinkage It will be seen that the decrease below October 1929 the Louisville & Nashville reports $2,757,while net, 212,001 in the total of lint and linters combined was 571 loss in gross and $748,566 in net. Some of the bales, or 29.34%. To all this must be added the depression in the Southern roads have suffered losses for four successive agricultural sections of the West and South, because years. This is particularly true in the case of roads of the extremely low prices ruling for grain and running through or connecting with Florida. As cotton. There was at the same time a big shrinkage one instance, the Atlantic Coast Line shows $245,598 in the Western grain movement due on the one hand decrease in gross, but $5,295 increase in net, which to the low market values prevailing and on the other comes after $777,901 decrease in gross and $521,968 hand to the lack of any large export demand for grain decrease in net in October 1929; $258,043 decrease even at prevailing low prices. There had been a big in gross with $397,087 increase in net in October contraction in the grain movement in October last 1928, and $1,354,379 decrease in gross and $782,279 year, as compared with October 1928, and on top decrease in net in October 1927. As another inof this there came a considerable further contraction stance the Seaboard Air Line this year adds $485,298 the present year. Evidence of this is seen in the decrease in gross and $105,090 decrease in net to its statistics presented further along in this article loss of $367,685 in gross and of $378,631 in net in which show aggregate receipts of wheat, corn, oats, October 1929; $51,424 decrease in gross and $15,549 barley and rye at the Western primary markets for decrease in net in October 1928 and $580,090 shrinkthe four weeks ending Oct. 25 of only 55,888,000 age in gross and $146,866 in net in 1927. In the table bushels, compared with 74,025,000 bushels in the below we show all changes for the separate roads corresponding four weeks of 1929, and 122,847,000 or systems for amounts in excess of $100,000, whether bushels in the same four weeks of 1928. Finally increases or decreases, and in both gross and net. we have, as the most conclusive evidence of all, a It will be observed that the Western Pacific is the huge falling off in the loading of railroad revenue only road having an increase in gross in excess of the freight on the railroads of the United States. These amount named, and the same road along with the figures cover all classes of freight and all sections of Great Northern the only roads having an increase the country and show total loading for four weeks in in net in that sum as above. October aggregating only 3,817,786 cars, as against PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH OF OCTOBER 1930. 4,679,411 cars in the corresponding four weeks of 1929 Decrease. Incrcase. 541.461 and 4,703,882 cars in the same weeks of 1928. $261.613 Nashv.Chatt.& St.Lou. Western Pacific 528,189 Denver & Rio Grand.W 496,524 It follows inevitably that the result of this general Total (one road) $261.613 Central of Georgia 485,595 Decrease. Mobile & Ohio 485,298 $15.175.896 Seaboard Air Line and large falling off in traffic was a very heavy loss Pennsylvania 483,308 4113.351,923 Kansas City Southern.... New York Central 449.514 Om. & Minn. P. St. Chic. The 5,918.627 of net. amount this and rds) (3 Fe gross S. & loss Top. Atch. in earnings, 434.663 Southern Pacific(2 rds.)- 5,482,685 Bet. Toledo & Ironton426.030 4,695.272 Delaware & Hudson_ _ _ _ & Ohio for the roads as a whole has already been set out in Baltimore 403.651 North_ Great Internat'l 3,510,595 Pac. Chic. Milw.St.P.& 392.495 N.Y. N. II. & Hartford.. 3,490,189 Chic. Ind. & Louisvillethe remarks at the beginning of this article. In Illinois 378.008 3.334,259 Maine Central Central 373.423 Rock lel. Lines(2)- 3,275,351 Bessemer & Lake Erie... the case of the separate roads and systems the Chic. 371.495 Chic. Burlingt. & Quincy 3,209,549 Chicago & Alton 313,011 Western_ Great Chicago 3,143,667 West'n North & 310.684 shrinkage in earnings has been equally heavy pro- Chicago 2,989,640 Ala. Great Southern...-. Missouri Pacific 302.123 2,903.706 Railway Southern t ici portionately. The number of roads which have suf- Louisville& Nashville i nitTlr Western... Ci r .V 2.757,571 NV Term. Ry. Assn.of St.L. 2.757.040 Western & Norfolk gross in and net alike Union Pacific(4 eds.).- 2,683.845 Indiana Harbor Belt.-- 273,573 260.561 fered extremely heavy losses 260.077 2.602.185 Gulf Mobile & NorthernErie (3 roads) 245.598 is so large that it is possible only to enumerate a St. Louis San Fran.(3).... 2,076.625 Atlantic Coast Line 244,631 (Penn.) RR. Union 1,832.722 Northern 243.051 1,811.331 Buff. Roch.& Pittsb__ few of the principal ones as an indication of the gen- Great Wabash 227,195 1,695,176 Virginian & Ohio Chesapeake 206.911 The whole. nd a la a the ail n ot L of a 1.644.710 character Pennsylvani Northern Pacific eral 205.487 Arkansas 1,578,358 Pere Marquette in as previous Central, 1,559,260 York New months, Maine & and Boston RR. ?SIC IS ttU i `70r l E it l t)ifei n v i ii e i N 1.451.800 Reading 190.498 1.345.871 Bangor & Aroostook_._ _ Valley stand at the head of the list for extent of falling off. Lehigh 189.050 1.208.692 Monongahela N.Y.Chic.& St.Louis 186.500 Del.Lack.& Western.-- 1.158.104 Spokane Portl.& Seattle. The Pennsylvania on the entire system reports $15,- Texas 1.127,187 Belt & Pacific 121:21 tl A Chicago1 •Soofu 1.074,334 Grand Trunk Western 175,896 decrease in gross and $5,489,038 decrease in Yazoo 141.179 982.878 New Orl.Tex. & Mex.(3) & Miss. valley 137.788 944,932 Rutland St. P.& S. Ste. M net. The New York Central shows a decrease of Minn. 131.857 Ind.& River Chicago 909,382 Duluth Missabe & Nor-131.831 Potomac & Fred. Richm. 902,105 Kansas -TexasMissouriin $4,398,071 net, and St. Louis Southwestern__ 855,662 Florida East Coast $13,351,923 in gross and 126.806 125.977 837,397 Northwestern Pacific_ -Central of New Jersey._ _ 120.762 the loss in this latter instance is raised to $14,443,713 Pittsburgh 831.229 Central Vermont & Lake Erie__ 773,173 & Southern (2 rds)51 .14 l ePtinzli in gross and to $4,637,663 in net when the results Colo. 'ordrcitoah: 1131 4!' 656,111 Da Wheeling & Lake Erie_ _ _ 109.139 582,272 Atlantic City Cinn. N.Orl.& Tex.Pac. Erie Lake and & the Pittsburgh the Indiana for 579.689 Elgin Joliet & Eastern.-551.528 Chicago & East. Illinois Total(100 roads). --$122,971.125 Harbor Belt are included. In the Southwest, the Los 550,860 Angeles & Salt Lake Central and the Atchison has suffered a reduction of $5,918,627 in a These figures cover the operations of the New YorkMichigan lines-Cleveland Cincinnati Chicago & St. Louis, Haute. Central, IncludTerre & gross and of $3,084,737 in net, and the Southern leased Indianapolis and Northern Evansville Cincinnati Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a Pacific a falling off of $5,482,685 in gross and of ing decrease of $14,443,713. $1,487,089 in net. In the Northwest, the Chicago PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF OCTOBER 1930. Milwaukee St. Paul & Pacific reports $3,510,595 Decrease. Increase. 1,196.421 $491,811 Southern Ry Pacific decrease in gross and $1,781,704 decrease in net. Western 1.153.455 Pacific Missouri 170,899 Great Northern Chic. Rock Isl. Lines(2)- 1,122.144 In the same section, the Northern • Pacific falls Total (2 roads) $662,710 Chicago & North Western_ 1.023,451 991.691 Decrease. Reading $1,644,710 behind in gross and $938,709 behind Pennsylvania 980.388 $5.489,038 Baltimore & Ohio Erie (3 954,521 roads) a4,398,071 Central York Pacific in net, while the Great Northern, though reporting New 938,709 Atch. Top.& S. Fe(3 rds)- 3.084,737 Northern 2,148,161 Del. Lack. & Western.-- 801,844 Western & Norfolk Duluth Missabe & Nor_ _ _ 761.714 a loss of $1,832,722, has managed to convert this into Chic. Milw. St. P.& Pac- 1.781.704 752,500 N.Y.N.11. & Hartford- 1,683,933 Wabash 748,566 Pacific (2 rds)-- 1,487,089 Louisville & Nashville_ _ _ _ a gain of $170,899 in net, through a reduction in Southern 740,476 Burl. & Quincy_ 1,359,104 Pere Marquette expenses. Somewhat lower down in the Western Chicago Union Pacific(4 roads).... 1,234,556 Elgin Joliet & Eastern.._ _ _ 662.406 3764 FINANCIAL CHRONICLE Degrease. Decrease. Lehigh Valley 648,605 Internet] Great North-- 253.137 Bt. Louis-San Fran.(3 rds) 584.916 Maine Central 252.724 & Southern (2rds)-- 545,422 Det. Toledo & fronton._ 250,502 N. Y. Chic. & St. Louis.- 503.873 Chic.Ind. & Louisville 229.559 Texas & Pacific 501.312 Udon RR. Penn.) 187,469 Grand Trunk Western. 456,928 Indiana Earlr,or Belt 187.039 Minn.St. Paul & S.S. Mar 434,956 Chicago & Eastern Ill_ 188,658 Chic. St. P. Minn.& Om- 399,892 Western Maryland Nashville Chatt.& St. L.. 397,872 Gulf Mobile & Northern- 6 177 2. 4225 4 Los Angeles & Salt Lake-- 344.911 Ala. Great Southern 160.833 Delaware St Hudson 326.589 New Orleans Ft Northeast153,639 Kansas City Southern...-. 313,673 Chicago & Alton St. Louis Southw Southwestern..... 307.862 Northwestern Pacific_ _ 1418 50 55 0 Wheeling & Lake Erie_.... 304,071 Spokane I'ortl. & Seattle... 121.880 Central of New Jersey__ _ _ 291,148 Missouri-Kansas-Texas _ 108,857 Chin. New Oil.& Tex.Pac 283.003 Seaboard Air Line 105,090 Bessemer essemer & Lake Erie_ _ 264,204 Monongahela 104,013 & Miss. Valley...-. 258,844 Mobile & Ohio 254,219 Total (71 roads) a These figures cover the operations of the New York Central.an t78 he 851c13.4 leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan Central. Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt. the result is a decrease of 84.637.663. When the roads are arranged in groups or geographical divisions according to location, all the different districts, as well as all the different regions within those districts record heavily diminished earnings, both gross and net, as was to be expected from what has been said above. The shrinkage is heavy, tooin most cases running close to or considerably above 20%. Our summary by groups is given below. As previously explained, we group the roads to conform with the classification of the Inter-State Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table. [voL. 131. the single exception of barley, the receipts of which at the Western primary markets this year were slightly larger than a year ago, all the different cereals in greater or less degree contributed to the falling off. The receipts of wheat at the Western primary markets for the four weeks ended Oct. 25 1930 were only 27,258,000 bushels, as against 34,503,000 bushels in the corresponding four weeks of 1929; the receipts of corn 12,899,000 bushels, against 17,053,000 bushels; of oats 8,560,000 bushels, against 14,510,000 bushels; of barley 5,082,000 bushels, as compared with 4,964,000 bushels, and of rye 2,089,000 bushels, against 2,995,000 bushels. For the five cereals, combined, the receipts at the Western primary markets for the four weeks of October 1930, aggregated only 55,888,000 bushels, as against 74,025,000 bushels last year and no less than 122,847,000 bushels the year before. The details of the Western grain movement in our usual form are set out in the following table: WESTERN FLOUR AND GRAIN RECEIPTS. 4 Wks.End. Flour. Wheat. Corn. Oats. Barley. Rye. Oct. 25. (bbls.) (bush.) (bush.) (bush.) (bash.) (bush.) Chicago1930 _ 981,000 902,000 4.688,000 1,418,000 1,142,000 628,000 1929- 1,028,000 1,409,000 6,145,000 6345,000 3,966,000 1,044,000 Minneapolis.1930. 7,847,000 527,000 1,391,000 1,528,000 771,000 1929 _ 8,018,000 680,000 2,624,000 1,406,000 705,000 DuluthSUMMARY BY GROUPS. 1930 8,956,000 106,000 960,000 552,000 455,000 1929 _ 9,465,000 200,000 1.499,000 District and Region. 889,000 866,000 Gross EarningsMilwaukee Month of October. 1930. 1929. Inc.(+1 or Dec.(-). 1930 ___ Eastern District42,000 85,000 783,000 3 655,000 1,222,000 $ % 15,000 5 1929 New England region (10 roads)._._ 20,716,594 26,734.792 -6,018,198 22.51 209,000 259,000 762.000 1.943.000 1,173,000 54,000 Great Lakes region (31 roads) 89,949,353 117,004,788 -27,055.435 23.12 ToledoCentral Eastern region(23 roads)._ 97,760,833 124,286,920 -26.526.087 40.88 1930 483,000 87.000 814,000 2,000 1,000 1929 _ 1,042,000 88,000 211,000 411,000 221,000 Total(64 roads) 208,426,780 268.028,500 -59.599,720 14.77 Detroit1930 Southern District127,000 18,000 14,000 64',000 11,000 Southern region(30 roads) 1929 . 54,046,884 68,475,264 -14,428,400 21.07 64,000 35,000 5.000 4,000 48,000 Pocahontas region (4 roads) 23,478,789 28,290,031 -4,811,242 17.00 Omaha tit Indianapolis1930 1,390,000 2,295,000 1,193.000 28,000 Total(34 roads) 77,525,653 96.765,295 -19,239,642 19.88 1929 2,568,000 2,675,000 1,418.000 6,000 32,000 St. Louis1Vestern District' • Northwestern region (17 roads).- 81,538,603 75,525,492 -13,986,889 18.51 1930 _ 537.000 1,954,000 1,470,000 17,000 843.000 219,000 Central Western region (25 roads)... 91,185,930 110,895,783 -19,709,853 17.77 1929 _ 566,000 2,482,000 1,804,000 1,232,000 04,000 269,000 Southwestern region(30 roads)._ _. 44,035.558 57,068,485 -13,032,927 22.83 Peoria1930 ___ 237,000 168,000 1,302,000 163,000 382.000 319,000 Total(72 roads) 196,760,091 243,489,760 -46,729,669 19.19 1929 _ 167,000 157.000 2,252,000 4,000 572.000 208,000 Kansas CityTotal all districts (170 roads)._ _482,712,524 608,281,555 -125,569,031 20.64 1930 3,638.000 940,000 312,000 District & Region. 1929 ___ 16,000 5,950,000 1,356,000 Net Earning 453,000 Month of October. -Mileage-1930. 1929. .04c.(+)arDec.(-) St. JosephEastern District1930. 1929. 1930 $ $ % 748,000 399,000 232,000 4.000 New England region- 7,329 7.286 6,814,009 8,973,820 -2,159.811 24.06 1929 _ 1,229,000 459.000 69,000 6.000 1.000 Great Lakes region___ 27.940 27,912 23,163,997 33,411,927-102i7,930 30.67 Central Eastern region 24,225 24.165 28,913,521 39,129.156-10215,637 26.10 Wichita 1930 810.000 23.000 26,000 71,000 1929 ---1,334,000 141,000 133,000 Total 59.494 59,363 58,891,527 81,514,905-22623,378 27.75 Sioux City8050twin District1930 _ 170,000 261,000 270,000 9,000 Southern region 40,063 40,112 14,210,003 18,175,007 3,965,004 21.81 1929 204,000 592.000 448,000 18,000 Pocahontas region 6,034 6,009 9,814,767 12.075,277 -2,260,510 23.77 Toted A Total 46,097 46,121 24,024,770 30,250,284 -6,225,514 20.58 1930 ___ 1,797.000 27,258.000 12,899,000 8,560,000 5,082,000 2,089,000 1929 1,986,000 34,503,000 17.053.000 14.510,000 4,964,000 2,995.000 Western DistrictNorthwestern region_ 48,964 48.927 21,939,801 27,753.547 -5,813,746 20.94 WESTERN FLOUR AND GRAIN RECEIPTS. Central Western reg'n 52,753 51,839 36,913,345 44.753,075 -7,839,730 17.51 Jan. 1 to Flour. Wheat. Southwestern region.- 35,270 35,305 15,346,510 20.144,535 -4.798.025 23.81 Corn. Oats. Barley. Rye. Oct. 23. (bats.) (bush.) (bush.) (bush.) (bush.) (bush.) Total 136,987 136,071 74,199,656 92,651,157-18451,501 19.91 Chicago1930 9,635,000 24,897.000 64,519,000 26,746,000 6,260,000 3,343,000 1929 ___10,100,000 33,558,000 66,538,000 34,971,000 7,298,000 3,640,000 Total all distrIcts 242.578 241,555 157,115,953 204,416,346 -47300,393 23.13 Minneapolis NOTE.-We have changed our grouping of the roads to 1930 to the classIfi78,212,000 9,243.000 15,220,000 16,503,000 8,378,000 ciation of the Inter-State Commerce Commission, and the conform following indicates the 1929- 8,000,000 81,826,000 8.160,000 19,840,000 17.366,000 6.073,000 confines of the different groups and regions: DuluthEASTERN DISTRICT. 1930 82,877,000 1,242.000 5,948.000 5,360,000 4,057,000 1929 62,162,000 1,580.000 3,888,000 13,760,000 6,622,000 New England Region.-This region comprises the New England States. Great Lakes Region.-This region comprises the section on the Canadian boundary Milwaukeebetween New England and the westerly shore of Lake Michigan to Chicago, and 1930 855,000 3.486,000 10,453,000 8,335,000 10,543,000 535,000 north of a line from Chicago via Pittsburgh to New York. 1929 1,794,000 7,379,000 10,573,000 12,267,000 10,655,000 634,000 Central Eastern Region.-This region comprises the section south of the Great ToledoLakes Region, east of a line from Chicago through Peoria to St. Louis and the 1930 11,398.000 1,034,000 4,966,000 23,000 34,000 Mississippi River to the mouth of the Ohio River. and north of the Ohio River to 1929 12,607,000 1,256,000 5,169,000 490,000 311,000 Parkersburg, W. Va.. and a line thence to the southwestern corner of Maryland Detroit and by the Potomac River to its mouth. 1930 359.000 1,496,000 649.000 57.000 186.000 1929 SOUTHERN DISTRICT. 500,000 1,449,000 849,000 108,000 189,000 Southern Region.-This region comprises the section east of the Mississippi River Omaha & Indianapolis1930 41,224,000 41,962,000 16,731,000 and south of the Ohio River to a point near Kenova, W. Va.. and a line thence 10,000 157,000 1929 3,000,000 37,341,000 33,051,000 17,678,000 following the eastern boundary of Kentucky and the southern boundary of Virginia 46,000 87,000 to the Atlantic. St. Louisregion comprises -This the section north of the southern Pocahontas Region. 1930 6,033,000 41,768,000 23,117,000 15,448,000 1,242,000 273,000 boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg, 1929 ___ 5,344,000 37,225,000 28,838,000 18,035,000 1,519,000 302,000 W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland Peoriaand thence by the FOLOMIC River to Its mouth. 1930 _ 2,040,000 2,067,000 19,164,000 5,768,000 3.476,000 617,000 1929 2,205,000 1,891,000 21,342,000 7,076,000 3,048,000 103,000 WESTERN DISTRICT. CityNorthwestern Region.-This region comprises the section adjoining Canada lying Kansas 1930 77,117,000 24,948,000 5,199,000 west of the Great Lakes Region, north of a line from Chicago to Omaha and thence 1929 ___ 16,000 88,193,000 28,276,000 4,509,000 54,000 to Portland and by the Columbia River to the Pacific. Central Western Region.-This region comprises the section south of the North- St. Joseph1930 western Region, west of a line from Chicago to Peoria and thence to St. Louis, and 11,541,000 9.069,000 2,046,000 4,000 1929 north of a line from St. Louis to Kansas City and thence to El Paso and by the 13,328,000 8,758,000 1,059,000 27,000 8,000 Mexican boundary to the Pacific. WichitaSouthwestern Region.-This region comprises the section lying between the Mis1930 20,798,000 3,295,000 217,000 88,000 sissippi River south of St. Louis and a line from St. Louis to Kansas City and thence 1929 25,754,000 3,127,000 428,000 to El Paso and by the Rio Grande to the Gulf of Mexico. Sioux City1930 2,040,000 5,192,000 2,738,000 34,000 214,000 1929 2,150,000 5,436,000 3,520,000 6,000 263,000 As we have already pointed out, Western roads in AllOctober, taking them collectively suffered a diminu- Total 1930 -18,563,000 378.721,000 213,597,000 110,011,000 43,780,000 17,614,000 tion in their grain traffic, as compared with the move- 1929 -30,459,000 403,183,000 217,319,000 129,185,000 54,732,000 17,975,000 ment a year ago, which in turn was on a greatly reThe Western livestock movement, too, appears to duced scale as compared with October, 1928. With have been somewhat smaller than in October last DEC. 13 1930.] FINANCIAL CHRONICLE 3765 prodigious saving in expenses had been effected-dire need having forced the utmost economy and compelled the elimination of every item of outlay that could be spared or deferred for the time being. Owing to this great saving in expenses there was a substantial addition to the net in 1921 in face of the enormous contraction in the gross revenues. In brief, the decrease in the gross in October 1921, reached the huge sum of $105,922,430, but this was attended at the time by a saving in expenses in amount of no less than $128,453,510, yielding a gain in the net of $22,531,080. Of course, a genuine basis for the great cut in expenses in 1921 existed in the huge antecedent increases in expenses. In addition, also, the carriers had the advantage of a 12% reduction in the wages of railroad employees made by the Railroad Labor Board effective July 1 1921. As indicating the extent of the antecedent rise in operating costs, it is only necessary to say that expenses kept mounting in very pronounced fashion for a number of successive years, owing to repeated advances in wages and the growing cost of operations generally. So much was this the case that even the big advances then made in railroad rates-passenger and freight-did not suffice to absorb the constant additions to the expenses. The experience in that respect of the carriers in October 1920, furnishes a capital illustration of the truth of FROM RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND 1928. JAN. 1 TO OCT. 31 1930, 1929 AND this remark. The roads had then just been favored with a new advance in rates, calculated to add $125,000,000 a Since Jan. 1. Month of October. month to their gross earnings, and accordingly our tabulaPorts. 1928. 1929. 1930. 1928: 1929. 1930. tions then showed an increase in gross earnings in amount 401,592 584,111 760,618 933,623 1,456,701 1,965,288 of $130,570,938, or 25.94%; but unfortunately, $115,634,417 Galveston 838,213 929,145 962,448 2,113,380 2,065,663 2,013.598 Texas City, dm 40,311 566,358 397,135 236,036 of this was consumed by augmented expenses, leaving only 35,381 54,219 Corpus Christi 9,217 Port Arthur net earnings, or 14.49%. This 319,454 423,124 288,581 984,073 1,245,491 989,873 $14,936,521 gain in the New Orleans 3.984 5,603 21,241 1,671 3,481 21,241 Lake Charles added significance in view of the had expenses the in 67,276 298,387 283,534 170,473 growth 115,366 114,557 Mobile 41,779 1,762 44,814 104 in preceding years. Thus in costs 8,999 Pensacola huge rise in operating 681 296 69 244 Jacksonville increase iin 97,170 128,593 538,457 406,481 372,351 October 1919, our tables showed $18,942,496 140,628 Savannah 80,127 272,293 144,587 182,749 63.903 100,320 expenses, in Charleston increase 61 $21,136,1 by ied accompan 60,933 100,007 gross, 42,905 40.360 28,082 21,847 Wilmington 79.899 131,737 69,252 123,139 35,707 55,283 Norfolk actually $2,193,665 loss in net. In October 1918, leaving 37 Newport News 9,438 4,522 Beaumont owing to the first great advance in passenger and freight rates 46,760 8.894 Brunswick made by the Director-General of Railroads under Govern2,090.802 2,314,730 2,421,886 5,987,726 6,197,741 6,167,856 Total ment control, gross earnings registered a gain in the large sum of $106,956,817, or 28.30%, but expenses moved up in RESULTS FOR EARLIER YEARS. of $122,450,404, or 47.97%-causing a loss in net of As indicated above, this year's heavy shrinkage in earnings, amount 87, or 12.63%. In October 1917, the situation was $15,493,5 gross and net alike (speaking of the roads collectively), much the same. The gross at that time increased $43,937,comes after losses in October last year, but relatively moderbut expenses ran up in amount of $50,267,176, leaving 332, ate ones, namely $9,890,014 in gross and $12,183,372 loss in by $6,329,844. In the following we furnish a smaller net net. On the other hand, these losses followed very notable October comparisons of gross and net for each the of summary our ns when tabulatio regisimprovement in October 1928, For 1910, 1909 and 1908 we use the 1906. to back year tered no less than $36,755,850 gain in gross and $35,437,734 totals, but for the preceding years we e Commerc e gain in net. But these gains in turn came after decreases in Inter-Stat by our own tables each year registered as just results the give the previous year; our tabulations for October 1927, having of the country being then mileage railroad the of portion -a shown a falling off of $23,440,266 in gross and of $13,364,491 unrepresented in the totals because of the refusal at that time in net, as compared with 1926. Carrying the comparisons of some of the roads to report monthly figures for publication. further back we find that the 1927 decreases followed increases Net Earnings. Gross Earnings. in 1926 not materially different from the 1927 losses, the 1926 Year. Inc. 1+) or Year Year or (+) Year Inc. and Year gross in $13,361,419 in Preceding. Dec. (-). gains having been $18,043,581 Giros. Preceding. Dec. (-). Given. the is 1925, that record was too, before, year the In net. 5 $ $ $ $ Oct. 51.685,226 46.826,357 +4.858,869 one of increases in gross and net alike-$18,585,008 in gross 1906 - 143.336.728 128,494,525 +14.842.203 46,983,606 50,847.903 -8,864,297 +13,276,961 141,032,238 154.309,199 88,534.455 83.358.002 +5,178,453 and $12,054,757 in the net; this was notwithstanding the 1907 1908_ 232,230,451 250,426,583 -18,196.132 104,163,774 88,803,236 +15,360,588 - 261,117,144 232,556,223 +28,560,921 93,612,224 104.101.228 -10,489,006 heavy losses then suffered by the anthracite carriers on ac- 1909 +2,643.059 263,464.605„ 1910. +2,101,767 91.725,725 e the in 93,836,492 anthracit on regions, 1911. 260,482,221 259.111,859 +1,370,362 count of the strike then carried 93,224,776 +14,282.028 1912 _ 293,738,091 258,473,408 +35,264,683 108.046,804 are earnings , gross the -13,110,853 concerned the 110,811.359 as far as 97.700,506 least, -1.281.011 at but 1913. 299.195.006800,476,017 -8,014.020 269,325,262 298,066.118 -28,740.856 87,666.694 95,674,714 1925 gain was little more than a recovery of the loss sustained 1914. 119 325.551 89,244,989 +80.079,562 1915. 311.179,375 274.091,434 +37.087.941 130,861.148 +11,798,120 119,063,024 310.740,113 +35.050,786 in October 1924, a year when industrial activity was at a low 1916 _ 345.790.899 125,244,540 131,574,384 -6.329.844 1917. 389,017,309 345,079,933 +43,937,332 107.088.318 122.581.905 -15,493.587 106956817 ebb because of the then pending Presidential election. In 1918. 484,824.750 377,867,933 + 106.196,863 -2.193,664 _ 508.023,854 489,081,358 +18.942.496 104,003,198 103,062,304 +14.936.521 other words, in October 1924, there was a loss in gross of 1919 1920. 633.852.888503.281,630 + 130570938 117,998,825 115,397,560 +22,531.080 187,928,640 _ 534,332,833 640.255,263 -105922430 $15,135,757 as compared with 1923. In the net, there was 1921 139.900,248 -17,683,952 1922 _ 545,759,206 532,684,914 +13.074.292 120,216,296 an 121.027.593 +20.895,378 rather but 141.922,971 1924, ent October +37,248,224 improvem in 549,080,662 1023. 588,328.886 no falling off 142,540,585 +26.209,836 _ 571,405,130 586,540.887 -15.135,757 168,750.421 168.640,671 +12,054,757 180,695,428 +18,585,008 in the considerable sum of $26,209,836, due to the great cur- 1924 571.576.038 590.161.046 1925. 180,629.394 +13.361,419 193.990,813 +18.043,581 604,052.017 586 008.436 tailment of operating expenses then effected as a result of 1926. 180,919,048 191,283.539 -13,364,491 1927. 582,542,179 605,932,445 -23,440,266 216,522,015 181,084,281 +35.437.734 s. +36.755.850 operation of 579.954,887 1928 _ 618.710,737 increasing efficiency 216,519.313 -12,183,372 1929 _ 607.584,997 617.475,011 -9,890.014 204,335,941 As a matter of fact, improvement in net results was a dis- 1930. 482,712,524 608,281,555 -125569031 157.115,953 204,416.346 -47,300,393 for the month of October was 91;In Note.-In 1906 the number of roads included tinctive feature of the returns in virtually all the years (barin 1909 on 238.955 miles; 1907, 88;in 1908 the returns were based on 231,721 muse; In 1912 on 237,217 miles; in 1913 miles; 238,291 on 1911 In ring only 1927 and 1929) since the abandonment of Govern- In miles; 241,214 1910 on miles; In 1916 on 248.072 on 1915 In miles; on 244.917 243,690 miles; In 1914 miles;In 1919 on 232.192 ment operations and the return of the roads to private con- on 246,683 miles; In 1917 on 247,048 miles; in 1918 on 230,184 on 233,872 mil= 1922 in miles; net 235,228 on results preceding 1921 in had miles; period 231,429 been the miles; in 1920 on trol, just as in miles; in 1925 on 236,724 miles; In 1923 on 235.608 miles; In 1924 on 235,189 In 1928 on 240,661 miles; In 1929 miles; 238,828 on 1927 in miles; growing steadily worse, year by year. In October 1923, our in 236,654 on 1926 miles. compilations showed $37,248,224 gain in gross, and $20,895,- on 241,622 miles, and In 1930 on 242,578 we go back if that still true is another 378 gain in net. It Credit Situation in San Francisco Federal ,Reserve year, to 1922, we find that gross earnings then increased only District-Rapid Growth of Acceptance Holdings $13,074,292,following a tremendous loss in the year preceding Banks. of , and this was (1921), when trade was extremely depressed ng on the credit situation in its District, the Commenti of in expenses tion 44, augmenta $30,758,2 an by attended Bank of San Francisco in its Monthly Reserve the net for in Federal the loss actual an in mdnth leaving, therefore, r 20 notes the rapid growth in the Novembe dated that year of $17,683,952. On the other hand, however, the Review banks in the District, saying in part of holdings e acceptanc in that October attention a 1921, escape not fact should year. At Chicago the receipts comprised only 19,350 carloads, as against 20,634 carloads in October 1929; at Kansas City 10,122 carloads, as against 11,217, and at Omaha 7,654 carloads, against 8,702 cars. As to the cotton movement in the South, this likewise was on a reduced scale, both as regards the gross shipments of the staple overland and the receipts at the Southern outports. The former during October the present year aggregated only 78,670 bales, as compared with 84,965 bales in October 1929; 91,536 bales in October 1928; 61,212 bales in 1927; 253,309 bales in 1926 and 266,354 bales in October 1925. Receipts of the staple at the Southern outports during October 1930, were 2,090,802 bales, as against 2,314,730 bales in October 1929; 2,421,886 bales in October 1928, and 1,764,018 bales in October 1927. In the following table we give the details of the cotton receipts at the Southern outports for the last three years: 3766 FINANCIAL CHRONICLE Comparability of the figures of reporting member banks has been affected to some degree by the recent merger of two large institutions. The significance of changes in the credit situation during the past month is, therefore, to be found more in their qualitative than in their quantitative character. Total loans of reporting banks declined slightly during the five weeks end November 19 entirely as a result of reductions in loans on securities, "all other"(commercial) loans having increased for the first time since June when this year's rapid decline was temporarily halted; total deposits did not change; investments increased further; interest rates for the more mobile rands such as excess reserves transferred from Eastern money markets stiffened noticeably; and borrowings from the Federal Reserve Bank of San Francisco continued at low average levels, but showed sharp, temporary, upward movements on some days when "Federal" funds or excess reserves were not readily available in Eastern money markdts. Security loans to customers in the Twelfth San Francisco District increased substantially, the reduction in total security loans of reporting banks being accomplished by Withdrawing loansfrom the New York market. These factors,including particularly the withdrawal of loans from New York, the use of relatively large amounts of "Federal" funds, and the occasional sharp increase in borrowings from the Reserve Bank,reflected a greater demand for funds in this District and a slight firming of the credit situation. REPORTING MEMBER BANKS- TWELFTH DISTRICT. (In millions of dollars) Loansand Investments-total Loans-total On securities Allother Investments-total United Statessecurities Othersecurities Reserve with Reserve Bank Netdemand deposits Time deposits Duefrom banks Dueto banks Borrowings at Reserve Bank -Condition Nov. 19 Nov. 18 Oct. 15 Nov. 20 1930. 1930. 1930. 1929. 1,989 1,994 1,978 1,954 1,336 1,345 1,342 1,402 437 444 452 426 899 901 890 976 653 649 636 552 338 335 339 309 315 243 314 297 110 110 110 107 759 779 757 785 924 1,015 1,027 1.016 213 219 228 157 277 309 300 188 1 2 0 108 Despite some decline in the amount of currency in circulation with its awompanying tendency to increase deposits, the volume of credit in use in the Twelfth San Francisco District increased slightly during the past five weeks. The Reserve Bank contributed to this increase by adding moderately to its holdings of locally purchased acceptances, the volume of which averaged higher during tho first three weeks of November than in any recent month. The average of member bank borrowings at that Bank also increased slightly during November. Acceptances-21 Banks-Twelfth District. The acceptance holdings of city banks in the Twelfth San Francisco District have grown rapidly since the first of this year. Most of the additional volume has been acquired through the execution of acceptances for foreign account, bringing the prcportion of such acceptances to higher levels than had previously been customary. Prior to the spring of 1928 accepting banks in the Twelfth San Francisco District confined their acceptance business almost entirely to import, export and domestic transactions. Since that time, however, the proportion of acceptances based upon goods stored in or being shipped between foreign countries has risen steadily. AUTOMOBILE FINANCING. Wholesale Financing. The number of automobiles financed during September, as reported to the Bureau of the Census by 465 automobilefinancing organizations, was 217,995, on which $90,320,169 was advanced, as compared with 246,042 on which $102,210,153 was advanced in August, 298,541 on which $138506,676 was advanced in September 1929, and 207,377 on which $101,564,455 was advanced in September 1928. Of the total number of cars financed during the month of September 1930 42.31% were new cars, 55.44% were used oars, and 2.23% were unclassified. Wholesale financing during September was $45,383,772, as compared with $45,381,646 in August and $59,992,034 in September 1929. Retail Financing. Total. Volume in Dollars. 1928. fanuary February March April May June July August 3eptember New Cars Financed. Volume in Dollars. 103,135 51,939,527 131.071 64,519.704 193,590 92,703,528 232.389 112,587.764 269,235 130.898.245 254.673 123.101,716 250,458 121,805.877 249.578 120,555,759 207.377 101,564,455 Number of Cars. Volume in Dollars. 49,600 63.344 96,093 116,859 136.151 124,505 124,518 123.743 99,875 32.306,608 40.333.907 60,632,409 73,968,969 85,820.083 82.589,561 79,152,218 78,107,135 64,277,343 1,891,508 3919.676,575 934,688 $597,188,213 213,828 103,275,951 100,692 64,544,681 179,035 86,088.505 83,903 52,686,923 160,572 72.328,433 62,560 41,386,847 2,434,941 1.181.369,464 1,181,843 755,806,884 Total(year) 1929. January February March April May June July August 3eptember Number of Cars. DATA NOT AVAILABLE Total(9 months). October November December 36,899,813 47,962,644 61,170,730 74,884.909 72.291.50.5 62,213,046 61,839,467 69,959,084 59,992,034 15.5,475 188,672 302,385 407,022 396.922 382.817 388,600 347,565 298,541 75,018.211 90.468,079 140,973,764 170,669,318 183,345,725 178,696,287 180.780,297 163.763,129 138,506,676 77,933 102,918 165.493 204,280 211.601 203,011 211,059 183,591 157,634 48,430,114 61,606,570 96,357,129 115,663,926 124,649,301 121,444,109 124,348,966 110,893,680 93,579,040 Total(9 months). $547,213,232 2,867.999 $1322 221,486 1,517,520 3ctober DATA NOT 263,139 124,767,425 121,651 8896,972,835 79.967,218 govember AVAIL208,735 94,066,750 95,417 57,756,181 December ABLE 170,330 79,460,837 73,865 47,819,401 Total(year) 3,510,203 1,620,516,498 1,808,453 1,082,515,635 1930. fanuary February March kpril_ day rune ruly_ a kugust.e ieptember_b 52,447,082 61,244,849 77,428,540 85,304,532 83,612,531 53,639,210 55,694,854 45,381,646 45,383,772 164,338 71,903,433 78,220 197,924 85,006,756 95.093 312,031 122,793,620 138.757 344,314 145,790,976 170,633 345,979 140,170,993 169,400 337,929 137,204,896 159,231 285,269 118,209,958 130,416 246,042 102,210,153 110,980 217,995 90,320,169 92,248 44,952.528 52,743,378 77,000,540 93.710.275 93,901,411 90.894.537 73.350,557 62,851,261 53.346,045 Total(9 months). $560336,995 2,451,821 81013609,9541.144,978 3642.750,532 Reiatl Financing. Used Cars Financed. Unclassified. Number Of Cars. Volume in Dollars. January _ February. March April _ May June July AugustSeptem 40,622 52,193 75,719 87.628 104,524 103,236 96,486 97.396 83.675 13,487,252 16,507,535 22,888,437 26,664,113 31,319.158 31,234,989 28,950,405 29,604,310 25.895,990 12,913 15,534 21,778 27.902 28,560 26.932 29.454 28,439 23,827 6.145,667 7.678.262 9,182,682 11,954,682 13,759,024 9,277366 13,703,254 12.844,314 11,391,122 Total(I months) October_ November December 741,47, 0 8226,552.189 82._ _ 6_ ! 41 27.649,493 , ..1,10 23,083,328 68,691 21.822.415 973,614 299,107,425 215,339 23,487 21.337 19,321 $95,936,173 11,081,777 10,318,254 9319,171 279,484 128,455,375 Number of Cars. Volume in Dollars. 1928. Total (year) Automobile Financing During September and the Nine Months. [VoL. 131. 1929. January_. February March April May June July AugustSeptembe 68,224 75.979 120,339 183.521 166,396 162,769 161,287 148,439 128,749 22,549,096 24,445.129 37,376,011 46.709.888 60,565,278 49,873,151 49,788,421 46,437.285 39,198.001 9.318 9,775 16,553 19.221 18,925 17,037 16,254 15.535 14,158 4,039,001 4.416.380 7,040,624 8,295.506 8,131,146 7.379,027 6,642,910 6,432,164 5,729.635 1,213,703 132,184 103.300 89,133 $367,142,258 40,609,905 31,986.597 28.433.535 136,776 9,304 10.018 7,332 $58,106,393 4,190.302 4,323,972 3.207,901 1,538,320 468.172.295 163,430 69.828,568 80.088 94,762 165.461 162.833 166,726 168,719 149.031 128,829 120,875 24,320,783 28,907.025 42,083.648 48.440.779 42,377.514 42.472,910 42.436.896 36,921,802 34,959,975 6,050 8.069 7.813 10,848 9,853 9.979 5,822 6,233 4,872 2,630,122 3,358.353 3,708,434 3,639 ,922 3,892,068 3.837,449 2,422,505 2.437,090 2,014,149 Total(9 Mos.) 1.237,304 a Revised. b Preliminary. 3342,921.330 69.539 $27,938,092 Total( months) October NovemberDecember. Total(rear) 1930. January. k'ebruary. March April May June July (a)._ August(a September The New Capital Flotations During the Month of November and from January 1 to November 30. Our compilation of the new capital issues brought out in this country during the month of November, which we pre- The dwindling in the totals of financing is significant of the conditions at present existing In the monetary and sent to-day, bears out what we said in reviewing the flota- financial world. Both short-term and long-term funds are tions of preceding months, that new financing in the United available in superabundance and at extremely low interest States is now of very diminutive proportions. In fact, the rates, but both the stock market and, still worse, the bond exhibit for November serves to strengthen and emphasize market continue persistently to decline, and, indeed, have the statement made by us, inasmuch as a further great been in a state of collapse, where bonds have been deprecishrinkage occurred in the offerings during that month. ating in much the same startling fashion as we have become DEc. 13 19301 FINANCIAL CHRONICLE 3767 accustomed to witness in the stock market, and a situation bond and note issues, foreign and domestic, footed up only of that kind, it is almost needless to say, is not favorable $75,398,339, and the preferred stock accounted for $4,059,400. to the marketing of new issues, a point as to which no one In November 1928, out of a total of $767,129,487, the common is more keenly cognizant than the banking and investment stock issues comprised $310,682,899, the preferred stock houses which make it a practice to bring out new issues. offerings were $142,897,588, and the bond and note issues In addition to all this, the absorbing capacity of the invest- made up $313,549,000. One feature of the old method of financing still persists ment markets has unquestionably been greatly reduced and weakened as the result of the events of the last 15 months to some degree. We allude to the tendency to make bond during which stock and bond values have suffered reduc- Issues and preferred stock issues more attractive by accordtions running into billions of dollars and during which time ing to the purchaser rights to acquire common stock. This also (owing to the extreme prostration of business) there applies on the present occasion to bond issues, rather than has been little accumulation of new profits, upon which to offerings of preferred stock, this following from the fact • latter in the last analysis the country must mainly rely that only relatively small amounts of new preferred stock for support in absorbing new security issues, These were were brought out during November—altogether only all considerations of larger importance as affecting the $2,950,000 during the entire month. In the following we volume of new financing during November, and it is betray- bring together the more conspicuous issues floated during ing no secret to say that leading bond and investment houses November of the present year containing convertible feahave large new issues in readiness to bring out when con- tures of one kind or another, or carrying subscription rights ditions shall be more propitious for the marketing of new or warrants to subscribe for or acquire new stock. In the securities, and, as a matter of fact, have for a considerable detailed enumeration of all the issues which were brought time been waiting patiently for the favorable opportunity out during the month of November, given at the end of to place these prospective new offerings. this article, we have put in italics the part relating to the Our tabulations, as always, include the stock, bond and right of conversion or subscription in all cases where such note issues by corporations, by holding, investment, and rights exist, italic type being used to designate the fact so trading companies, and by States and municipalities, foreign that it may be readily detected by the eye: and domestic, and also farm loan emissions. The grand CONSPICUOUS ISSUES FLOATED IN NOVEMBER WITH CONVERTIBLE FEATURES OR CARRYING SUBSCRIPTION total of the offerings of securities under these various heads RIGHTS OR WARRANTS. during November aggregated $267,461,925. This compares $5,000,000 Straus Manhattan Co., Inc. 1st cony, coll. trust 6s Dec. 1 1933, convertible Into deposited collateral on any date on 3days with $459,313,636 in October, with $494,578,268 in September, notice up to Dec. 1 1932, on basis of 100% for bonds and 100 for collateral. with $290,469,407 in August, with $583,238,756 in July; with 3,000,000 Western Utilities Corp. 1-yr. coll, trust cony. 5s Dec. 1 1931. convertible at any time prior to Nov. 1 1931, into 1st lien coll. $772,792,186 in June; with $1,179,633,616 in May, when the trust 613 Dec. 1 1949, on a par for par basis. total was swollen by two pieces of financing of exceptional 1,250.000 Municipal Telephone & Utilities Co. let coll. lien & ref. cony. 68 A April 1 1933, convertible at principal amount into size, namely, the offering of $235,000,000 stock by the Amer. class A common stock up to Oct. 1 1932 at prices ranging from to $15U per share. Tel. & Tel., and the $120,000,000 Cities Service Co. con- 1,000.000 $1434 Globe Industrial Loan Corp. cony. deb. 6s, series A. cony. common stock on basis of 5 shares for each $100 of bonds into vertible deb. 5s of 1950, offered to stockholders of the up to July 1 1935 and thereafter to July 1 1940 on basis of 4 • shares for each $100 of bonds. company at par; it compares with $957,838,752 in April; Investment trusts and trading and holding corporations with $821,142,580 in March; with $621,374,402 in February, which was a short month; with $824,183,488 in January, which were such a prominent feature in the new capital flotations during 1929 no longer cut much of a figure in our and with $658,012,982 in December 1929. The total of the new financing for November the present compilations now. In November the present year they year was smaller even than in November last year, when contributed nothing to the total and in November 1929 conthe panic on the Stock Exchange was at its height, and tributed no more than $3,435,000, but in November 1928 played havoc with financing of every description. The involved $112,494,188. As noted, however, by us in previous stock market then was still crashing in a way never before reviews, it is not to be inferred from this that the investwitnessed, and with the time obviously highly unpropitious ment trust has disappeared. The advertising columns of bankers and investment houses then confined themselves the daily newspapers are filled with new offerings by investentirely to the bringing out of issues previously arranged ment trusts. These trusts, however, are not of the type for, or to receiving subscriptions on offerings previously that was so prominent in 1928 and 1929. They do not announced. The truth is, in not a few instances at that consist of large new capital issues offered for public subtime, rights to subscribe for new issues were entirely with- scription in the way common last year and in the way drawn because the drop in prices on the Stock Exchange always done by public utility, railroad, industrial and had deprived them of any value, while in still other cases other corporations. The practice now is to gather blocks the dates of these subscriptions were deferred in order to of securities of one kind or another and to issue participatgive those to whom they were offered more time in which ing interest in the same, split up into small units. These to raise the cash required to make these subscription pay- units are then disposed of over the counter by distributing ments. Yet despite these drawbacks at that time the aggre- groups or syndicates. Judging from the liberal way in gate of the new issues brought out in November 1929 was which display advertising placed by trusts of this type, or somewhat larger than in November the present year, being their distributing groups and syndicates, have been appearthen $297,964,183, while now for November 1930 the total, ing, a considerable measure of success must be attending as already stated, is only $267,461,925. If we go back a year the offers of such investment units. Excepting two or three further, to November 1928, we find that the volume of the instances, however, no information of the extent of these new financing then ran very close to a billion dollars, the sales is forthcoming, and being sales over the counter it is impossible to make estimates regarding their amount. exact figure being $969,543,269. Of course, in magnitude the disposals of this character The falling off is entirely in the new corporate issues, Which, foreign and domestic, totaled no more than $141,- over the counter do not anywhere near approach those in 854,500 in November 1930 against $202,131,309 in November the old form, and yet they can hardly be treated as entirely 1929 and $767,129,487 in November 1928. The November insignificant. In only three instances as far as our knowlfinancing the present year displays, of course, the same edge goes have even occasional statements been given out as distinctive characteristic as have all the preceding months to the extent of the sales. First among these is the North of the current year. In saying this we have, of course, in American Trust shares, termed by its promoters as "the mind the fact that new issues now consist almost entirely largest fixed investment trust." This trust last January of bonds, whereas prior to the stock market crash of last reported sales for the year 1929 of $40,117,516, while in year they comprised to a predominant extent new stock July 1930 it was announced by the promoters that the issues and more especially common stock issues. Of the $100,000,000 mark had been reached, and on Oct. 14 it was total of $141,854,500 new corporate issues which came to further announced that sales had passed the $125.000,000 market in November 1930 no less than $123,417,000 con- mark. Last Saturday, Dec. 6, came a further announcesisted of bonds and notes, long-term and short-term, While ment, saying that the day before (Friday, Dec. 5) sales only $15,487,500 represented common stock and $2,950,000 of more than 100,000 shares had been made. The second instance of the kind is that of the Bullock preferred stock. On the other hand, in November 1929, out of a total of $202,131,309 of corporate offerings, $122,- group of trusts. On Nov. 10 it was announced that through 673,570 consisted of common stocks, while the total of the approximately 750 dealers in this country, Canada and 3768 FINANCIAL CHRONICLE [You 131. Europe, aggregate sales up to Nov. 1 1930, of shares of also an offering of $4,500,000 Province of Cordoba (Argenthe four investment trust companies sponsored by Calvin tina) 6 months 5% notes, May 1 1931, priced at 99%, to Bullock, had exceeded $150,000,000. The trusts sponsored yield 6%. by the Bullock firm are Nation-Wide Securities Company, Included in the month's financing was an issue of $20,formed in 1924, and United States Electric Light & Power 000,000 Federal Land Bank two- or three-year 4/ 1 2s, offered Shares, Inc., formed in 1927, both of which are flexible at par. This was the first offering of Federal Land Bank trusts of the unit type; International Superpower Corpora- bonds since November 1928, when $15,000,000 of 4/ 1 2% bonds tion, a management trust specializing in public utilities, and 1938-58 were marketed at par. Announcement was also International Carriers, Ltd., which latter, it is claimed, is made during the month of an offering of $6,000,000 Federal the first and largest investment trust specializing in rail- Intermediate Credit Banks 3% debentures dated Nov. 15 road securities. The last-named company was formed in 1930 and due in 10, 11 and 12 months, the issue being priced August 1929. Another instance of the kind is that of the at par. Corporate Trust Shares. At the beginning of November Among the domestic corporate issues brought out in John Y. Robbins, President of Administrative & Research November the largest was $20,000,000 New England Power Corp., sponsors of this investment trust, reported that during Association 5% notes, Dec. 1 1932, issued at 99/ 1 2, to yield the previous three weeks over 900,000 Corporate Trust 5.25%. Other large public utility issues comprised the Shares had been sold, bringing the total of Corporate Trust following: $14,000,000 Northern Indiana Public Service Co. Shares "outstanding in the hands of investors in the United 1st & ref. mtge. 4%s E 1970, offered at 92, to yield 4.96%; States and several foreign countries well over the 10,000,000 $10,000,000 Northern States Power Co. (Minn.) one-year mark." On April 1 1930 it is stated there were only 4% notes, Dec. 1 1931, offered at 99%, to yield 4.25%, and 2,152,000 shares outstanding. $8,500,000 Illinois Power & Light Corp. 1st & ref. mtge. 5s C It is open to question whether sales of trust participations 1956, issued at 951 / 2, to yield 5.32%. of this kind have a proper place in compilations of new Industrial and miscellaneous financing during November capital issues, but even if they have it is impossible to was featured by the following: 1,468,000 shares Consumers' include them since nothing definite is available as to the Co. (Chicago) common stock, offered at par ($5 per share), extent of their operations from month to month. Where involving $7,840,000; $5,000,000 S. S. Kresge Co. 15-year any specific amount has been offered for public sale or 5% 1st mtge. certificates of participation, due Nov. 1 1945, subscription, we have included the same in our totals. offered at 99%, to yield over 5%; $5,000,000 Associated There have, however, been only three such instances the Industrial Bankers' Corp. deb. 6s 1955, issued at par, and present year. One came in March, when 500,000 shares of 1,000,000 shares Creole Petroleum Corp. common stock, capital stock of Premier Shares, Inc., were offered at $12.50 offered at $4.25 per share, involving $4,250,000. per share, another in April when 100,000 Short-Term Trust Railroad financing during November included only one Shares, series U, were offered at $10.00 per share, and a relatively large issue, that being $5,000,000 Mobile & Ohio third in October, when the Provident Securities Co. of RR. Co. secured 5% notes 1938, priced at 98/ 1 2,to yield 5.20%. Chicago and New York offered $3,500,000 of Seaboard The following is a complete summary of the new financing Continental Corp. cony. 6s A due in 1940, the proceeds to —corporate, State and city, foreign government, as well as be used to provide funds for investment purposes. farm loan issues—for the month of November and since the Proceeding further with our analysis of the corporate first of January: offerings made during November, we find that public utili- SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN ties led in volume with $89,737,500, which compares with AND MUNICIPAL FINANCING. $104,642,419 in October. Industrial and miscellaneous issues MONTH OF NOVEMBER 1930. New Capital. Refunding. Total. totaled only $44,517,000 during November as against $104,Corporate— $ $ $ 152,750 in October, while railroad financing at $7,600,000 Domestic: Long term bonds and notes 55,434,000 59,667,000 4,233.000 for November shows an increase over the $5,000,000 reported Short term 61,750,000 61,750,000 Preferred stocks 2.950,000 2,950,000 for that group in October. Common stocks 15,487,500 15,487,600 Canadian: Total corporate offerings of all kinds, foreign and doLong term bonds and notes 2,000,000 2,000,000 Short term mestic, during November, as already stated, aggregated Preferred stocks only $141,854,500, and of this amount long-term bonds and Common stocks Other Foreign: notes, including $2,000,000 Canadian, accounted for $61,Long term bonds and notes Short term 667,000. Short-term financing barely exceeded this figure, Preferred stocks Common stocks with an aggregate of $61,750,000, while stock issues Total corporate 137,621,500 4,233,000 141.854,500 amounted to only $18,437,500. The portion of the month's Foreign Government (except Canada)._ 5,000.000 4.500,000 9,500,000 financing raised for refunding purposes was only $4,233,000, Farm loan Issues 28,000.000 26,000,000 86.400,481 Municipal, States, cities, &c 1,206,944 87,607,425 or less than 3% of the total. In October the refunding Canadian 2,500,000 2,500,000 United States Possessions portion was $62,646,877, or over 29% of the total; in Sep257,521,981 9,939,944 267,481,925 tember it was $62,317,000, or nearly 18% of the total; in. Grand total August it was $68,350,000, or about 36% of the total; in ELEVEN MONTHSENDED NOV.30 Corporate— July it was only $26,481,000, or slightly over 6% of the Domestic: 2405,306,355 348.878,155 2,754,182,510 Long term bonds and notes total; in June it was $67,315,250, or not quite 12%; in May 481,285.650 95,220.000 576,505,650 Short term 411.188,230 9,350.000 420,538.230 Preferred stocks it was $63,334,000, or less than 7%; in April it was $51,1,020,827,318 13.829,722 1,034,657,040 Common stocks 'l anadlan: 258,750, or not quite 8%; in March it was only $15,436,500, lMI 199,632,500 45.851.000 245,483,500 Long term bonds and notes 5,700.000 Short term 5,700.000 or less than 3%; in February the refunding portion was 13,000,000 13,000,000 Preferred stocks 16.516.340 also small, totaling only $27,635,500, or less than 6% of 16,516,340 Common stocks Other foreign: the total. In January the refunding portion was $73,169,015.000 8,977.000 177,992,000 Long term bonds and notes 31.000.000 Short term 31.000,000 096,000, or slightly over 10% of the total. In November Preferred stocks 10.060,000 10,060,000 Common stocks of last year the amount for refunding was $15,338,250, or 4,763,531.393 522403,877 5,285,635,270 Total corporate about 7/ 1 2% of the total. There were no large refunding 64,580,000 481.886.000 Foreign Government (except Canada).- 417.306.000 issues during November 1930. 71.500.000 I arm loan issues 71,500,000 1,276,800.828 34,437,881 1,311,238,709 Municipal, States, cities, &c The total of $4,233,000 raised for refunding in November 127.086,000 7.158,000 134,244.000 Canadian 9,675.000 United States Possessions 9,676,000 (1930) consisted of $4,158,000 new long-term to refund existGrand tntn1 6.665.899.221 628.279.758 7.294.178.979 ing long-term and $75,000 new long-term to refund existing short-term. In the elaborate and comprehensive tables on the succeedForeign corporate financing in this country during No- ing page we compare the foregoing figures for 1930 with vember was limited to a single Canadian offering, namely. the corresponding figures for the four years preceding, thus $2,000,000 Calgary Pr. Co., Ltd., 1st mtge. 5s 1960, offered affording a five-year comparison. We also furnish a deat 97, to yield 5.20%. tailed analysis for the five years of the corporate offerings, Foreign government financing in this country during showing separately the amounts for all different classes of November comprised $5,000,000 Hungarian Government one- corporations. year dollar Treasury bills, due Nov. 21 1931, placed privately Following the full-page tables we give complete details at 5%% discount basin This formed part of a total issue of the new capital flotations during November, including of about $15,000,000 placed here and abroad. There was every issue of any kind brought out during that month: FOR THE MONTH OF NOVEMBER FOR FIVE YEARS. Total. 249.034.000 21.665,000 142,897,588 296.245,399 5,000.000 250,000 37.600.000 14.437.500 7137.129.487 15,000.000 15,000,000 171,281,282 1,132,500 969,543.269 Total. New Capital. 1926. Refunding. s s s 1927. New Capital. Refunding. s $ 156,851.000 200,240,000 14,240,000 4,633,800 65,253.950 42.281,692 357,091.000 14,240.000 69.887,750 42,281,692 145.999.000 21,239,000 37,581.500 53,994,297 1,816,000 3,225.000 280,000 1.409,000 6,284,000 403,889,642 35,800.000 500.000 97,126,436 14,690,000 2,800,000 554 805 n7R 322,631,000 21,839,000 38.581,500 140,227,222 78.000 280,000 78.000 5,000.000 2,500.000 214,189,800 4,401,900 218591.700 119,300,000 2,500,000 6,284,000 618,079,442 35,800,000 500.000 101,528,336 14,690,000 2.800.000 773_307.778 46.500.000 46,500,000 22.500,000 2,600.000 330,693.797 24.240,000 3.750,000 69,178,222 4.000,000 329.500 432.191.519 22.500,000 2.600.000 595.236,722 24.240.000 3,750,000 71,074,222 1.896,000 4.000.000 329.500 266.438.925 698.630.444 264,542,925 YEARS. IN THE UNITED STATES FOR THE MONTH OF NOVEMBER FOR FIVE CHARACTER AND GROUPING OF NEW CORPORATE ISSUES 1926. 1927. 1928. 1929. New Capital. Refunding. 1930. Total. New Capital. Refunding. Total. Re) unding. Lupilal. eti. A Total. NOVEMBER Refunding. P.ea; capital. MONTH OF Total. i‘eucal"ta, Refunaing. 13,156,000 4.665,000 11,356,000 11,356,000 57100,000 Long Term Bonds and Notes57100,000 8.000.00(1 30.967.000 85.313.000 8.000.000 7,600.000 68.993,500 130.967,500 199,961,000 4,000,000 77,875,000 3.600,000 5,750.900 72.124,100 Railroads 500.000 8,334,000 18.166.000 500,000 75,000,000 32,375,000 64,422.500 10,577,500 158.000 13.800.000 32,217,000 1.586,800 12,213.200 Public utilities 1.780.000 9,500.000 200,060 9,500.000 75,000 1,399,000 125.000 1,399,000 Iron, steel, coal. copper, &c 500,000 5,177,000 ,000 s 500 manufacturer 5.177,000 Equipment 1,500,000 7,375,000 70,868,000 5,213,000 65,655,000 12.500,000 557.300 11,942,700 Motors and accessories 24,638,339 2,875,000 120,625.000 24,638,339 4.000,000 g 350,000 4,000.000 15,500,000 350.000 15,500,000 Other industrial and manufacturin 300.000 40,030.000 27.131.000 865.000 26,266.000 61.360,000 600,000 60.760.000 Oil 7,820.000 1,200.000 6.620.000 9,065.000 9.965.000 Land, buildings, Sic 1,100,000 20,000,000 20,000,000 Rubber 1.000,000 6,000.000 6.000.000 Shipping 1.750,000 30.475,000 55.300.000 5,588.000 49.712.000 51.400.000 2.264.000 49,136.000 Inv. trusts, trading. holding, Sic1.600.000 1,000,000 176,632.000 6,000,000 192.779,000 479,616.000 6.000,000 272,560,000 207,056,000 Miscellaneous 291.634,000 10,759.000 280,875,000 41.958.336 9,200.000 32.758,339 61,667.000 4,233,000 57,434,000 Total 2.500,000 2,500,000 Short Term Bonds and Notes20.000.000 16,000,000 4.150.000 20,000.000 4.150,000 6.100,000 1,600,006 4,500,000 Railroads 1,450,000 400.000 1.050,000 54,250.000 54.250,000 Public utilities 750.000 750.000 Iron, steel, coal, copper, &c 750,000 750,000 Equipment manufacturers 600,000 901,000 1,750.000 1,750,000 350.000 350.000 Motors and accessories 3,500.000 3,500.000 1.000.000 g 1,000.000 Other industrial and manufacturin 988.000 4.340.000 4,340.000 4,325,000 4,325,000 Oil 6,990,000 1,200.000 5.790,000 5.000,000 5.000.000 Land, buildings, Sic 2,500,000 2.500.000 Rubber 1,000,000 1,000,000 Shipping 78.000 3,350,000 500,000 500,000 &c 11.140,000 11.140.000 Inv. trusts, trading. holding, 1.500,000 1.500,006 678.000 21.239,000 16.740.000 2,500,000 14,240,000 Miscellaneous 21,915,000 1,600,001 20,315,000 33.440.000 1.600,000 31,840.000 61,750,000 61,750,000 Total 10.000,000 2,940,000 2,940,000 Stocks37,783.820 29,048,347 47,371.092 37,783.820 1,000,000 46,371,092 22,035,924 1,150.000 20.885.924 Railroads 24.558.695 400,000 24,558.605 3.112.500 10,700,000 200,006 3.112,500 10,500.000 Public utilities Iron, steel, cc al, copper, &c 17,629,434 3,440,706 14.188,734 1,000,000 Equipment manufacturers 310.000 33.002,000 22,419,500 310,000 922,000 21,497.500 95.713,631 25,820,52C 69,803.111 86,232.925 Motors and accessories 21,234,850 22,951,205 4.200,000 22,951.206 4,200,000 2,335.000 84,115,550 4,000,00C 2,335.000 80,115,550 9.750,000 Other industrial manufacturing_ 5,286.650 4,538,250 748,406 11.258.850 4,250.000 11.258,850 8,060.000 4,250.000 8,060,000 500,000 Oil 4,449.200 4,449.20( 400.000 400.000 Land, buildings, Ste 12,075,000 12.075,000 7.800,000 Rubber 8,375,000 8,375,000 112.494,188 112,494,188 4,940.600 Shipping 3,435.000 25.159,000 3,435,006 2,711,800 22.447.200 90.756.760 11,604.001 79,152.760 27,058.400 Inv. trusts, trading, holding, &c__ 27.158.401 87.232.925 8.340.010 8.340.000 4,633.800 121,723.442 116.675.797 117,089,642 453.580,487 Miscellaneous 46,215,220 407,365.267 4,538.25( 126,732,970 122,194,721 18,437,500 18,437,500 13.156.000 14.665,000 Total 16,796.000 16.796.000 57.800,000 57.600.000 30.967.000 Total 65.783,820 8,000.000 57,783.82( 7,600,000 119.514,592 1319-6-7:866 251,482.092 130.361.347 4,000.000 3.600.000 8.500,901 106,010.924 97,510,024 8,334,000 18.566,000 26.508.695 Railroads 400,00( 75,000,000 26,108.696 64.422.500 89,737,500 10,577.500 158.000 24,500.000 89.579.500 1,786,800 22.713.200 1.780,000 Public utilities 9,500.000 150,100 9,500,000 75.000 1,399,000 875,010 1.399,000 Iron, steel, coal, copper, &c 500.000 5,027.000 500,000 17.629.434 5.627.0(.0 3,440,700 s 14.188.734 3,100.000 310,000 41,278,000 Equipment manufacturer 95.037,500 310.600 6,135,000 88.902.500 26.6477,820 104,563,631 82.185.811 24,109.850 206.857.925 51,089,544 Motors and accessories 8,200.000 51,089,544 8,200,000 3.685.000 99,615.550 3.685.000 4,000,100 95,615,550 300,000 50.768,000 5,286,650 4,538,251 Other industrial and manufacturing 42,729.850 748,40( 865.000 4.250.010 41.864,850 73,745,000 4.250.060 600,000 73,145,000 500.000 19.259,200 2.400,060 16,859,201 Oil 15.365,000 15,305.000 &c 1,100.000 buildings, 22.500,000 Land, 2,500,000 20,000.000 12,075.000 12,075.000 8,800,000 Rubber 15,375,000 15,375.000 112.494.188 112.494,188 1,828,000 38.765,600 3,435,000 Shipping 80,959,000 3,4354 00 8,299.800 72.659,200 153,296,760 13.868,000 &c holding, 139,428.760 trading, 30.458,400 30,458,400 Inv. trusts, 14.340.000 -0577-0_ 284,842,925 818,079.449 -570 3 8 14.74,000 214,189,800 403,889,642_ -1W,374,220, 767.129,487 Miscellaneous 3674,855.287 N2,131.309 15.338,260 186,763,051 4,233,000 141.854,500 137,621,500 Total Corpcnite Securities $ 176,632,000 600.000 1,000,000 86,232,925 3,270,000 3,270,000 114,300,000 Total. NMI ET 'Pau NT, FARM LOAN AND MUNICIPAL FINANCING SUMMARY OF CORPORATE, FOREIGN GOVERNME 1928. 1929. 1930. MONTH OF NOVEMBER. New Capital. Refunding. Total. !'Lew Capttal. Refunding. Totat. h< Jtc71(1•71(/. IN La l-llp•Ltal. 3 Corporate8.495,000 240,539,000 17.820.000 9,200.000 Domestic8.620,000 59.667,000 4,233,000 55.434.000 1.600.000 20,665.000 33.440,000 1.600,000 Long term bonds and notes_ 31.840,000 61,750.000 61.750,000 3.529.000 139.368.588 4.059.400 Short term 4.059.400 2.950.000 2.950.000 42,686.220 253,559,179 122,673,570 Preferred stocks 4.538,250 118.135,320 15.487.500 15,487.500 Common stocks 5.000.000 Canadian2.000.000 2,000.000 notes_ and 250.000 bonds term Long Short term Preferred stocks Common stocks 2,264,000 35.336.000 24.138,339 Other foreign 24,138,339 Long term bonds and notes_ Short term 14437,500 Preferred stocks 58,574,220 708,555.267 Common stocks 15.338,250 202.131.309 186.793,059 4.233.000 141,854.500 137.621.500 15.000.000 Total corporate 9.500,000 4,500,000 5,000.000 15.000,000 Canada) (except Foreign Govt 26,000,000 26.000,000 1,131,500 170.149.782 84,687.874 902.988 83,784,886 Farm loan issues Cities, &c 87,607.425 1,206,944 86,400,481 1.132,500 9,200.000 600.000 8,600,000 Municipal, States, 2.500.000 2,500.000 1.945,000 1.945.000 Canadian 59.705.720 909.837.549 United States Possessions 16,841.238 297,964,183 281.122,945 9.939,944 267.461.925 257.521.981 Grand total Total. 3 17.821.000 116.280.000 26.500,000 1,780,000 8.875,000 123,500.000 40,330,000 1,100,000 1,000.000 32.225,000 369.411,000 16,000,000 1,501,000 988.000 3,428,000 21,917,000 10.000.000 29,048,347 400,000 34,002,000 107.467.775 9,750.000 500,000 7,800.000 4,940.600 203,908.722 27.821,000 161,328.347 26,900,000 1.780,000 44,378,000 230,967,776 51,068,000 500,000 1.100,000 8,800,000 40,593,600 805.238.722 zea cc+ CHARACTER AND GROUPING OF NEW CORPOR ATE ISSUES IN THE UNITED STATES FOR THE ELEVEN MONTHS ENDED NOV. 30 FOR FIVE YEARS. 1930. 1929. 1928. Refunding. 1927. Total. New Capita.. Refunding. Total. New Capital. Refunding. Total. New Copilot. Refunding. Totas. New Capital. 226162.750 931.731.000 355147.240 189,413,760 545.261.000 219.518,500 206191.500 426.210.000 133.771.500 1,436,052.600 364166,990 329257,510 693124.500 284,581.000 579,204,500 257.284,000 536.488.500 844.230.100 546.810.700 1,391,040,800 1,030,418.910 661.164,5 4,075,000 27.700,000 123,513.500 90 1,691,583.500 962.008,330 3.186,500 126.700,000 104.006.400 70,695.600 174.702.000 14,217.000 90.842.500 1.850.000 80,582,500 171,425,000 139.797.000 1,850.000 7.215,000 7.215.000 20,655.000 150 ,000 20,655.000 8,579,000 150.000 5.020,000 27.355,000 255,806,910 780.000 5.800,000 52,220,000 260.941.339 130.000 52.350,000 2.075.000 263.016.339 66,000.000 262.891.400 111.749,600 374.641,000 " 427.692.9 6,950.000 173,000.000 00 87,070,800 514.763,700 262,277.000 170.984.000 15.416,000 186.400.00 43.253.000 0 31.747.00 0 70.000 141.195.500 75.000.000 257.859.400 54.540.600 312,400,000 320.615.100 5.129.000 325.774,100 69,362.200 555,442.050 90.270,000 645.712.050 30.000.000 485,453,000 1.000,000 34,680.000 520,133,000 564.321,000 1.000.000 1.300.000 1.300.000 10.000.000 10,000.000 8.100,000 60.000,000 70,000.000 6.000.000 14.100,000 6.752.000 78.750.000 25,166,000 116.250.000 419,000 25,585,000 20.950.000 116.250.000 82.388.000 1.012,000 4.819.905 83,400.000 79.205.000 66,500,00 290.555.000 66,500,000 12.905.000 303.460.000 11,500,000 408.233.00 45,242.00 0 0 453.475.000 448.946.04 403,704.155 3.177,658.010 2.229.040.679 491.409.2 52.984,460 501.930,500 251.989,000 60 2.720,449.939 2,533.497.450 1.104,998.400 3,638,495.850 3,280,020, 74 1,361,129,460 4.641.150.200 2,648,114.530 2,500.000 14.500.000 21,500.000 5.360.000 26,860.000 12.500.000 17.000.000 52.878.000 292,350,000 29.500,000 19,500.000 40,876.283 650,000 20.150,000 41.713.717 6.500,000 82.590,000 94,032.000 17.600.000 111,632.000 5,000,000 48,750.000 68.650,800 53,009,200 121.660,000 720.000 5.780.000 85.953,100 6,500.000 400,000 12.750,000 400.000 2.300.000 2.300.000 6,175.000 10,100,000 1.200.000 500.000 1,200.000 500,000 4,200.000 750.000 17.350.000 4,950.000 91,705,000 4,400,000 16.750,000 4,400,000 16,110,000 16.750.000 5.153.900 2.488.100 657,000 7.642.000 7.500.000 16.575.000 2.000,000 4.950,000 21,525,000 45.351.000 2,000,000 6.505.800 10.694.200 835,000 17.200.000 57.405.650 37,850,00 0 12,350.000 70.130.200 50,200,000 1.200.000 16.023,500 71.330,20 0 32.838,10 0 1,441.500 15,000.000 34.279,600 18.900.000 36.412,50 1,666,000 38,078,500 25.397.000 32,250,000 41.000.00C 125.000 1,000.000 2.500,000 2.625.000 500,000 1.04)0.000 1.600,000 1,000.000 1.600.000 18.245.000 4.000.000 33.703.500 4,000,000 1.916,500 4.000,000 35.620.000 36.365.000 36.365,000 58.147.000 2.000.000 95,220.000 613.205,650 60.147.000 21.144.195 187,179,983 55.970.217 243,150.200 193,594.800 49.973.800 243.568.600 249,160,300 77.125,200 326,285.500 259,403,795 66.055.600 111.891.52 111.891.520 51.597,650 139,954,700 191.552.350 13.426.222 721,036364 1.155.604,6740 205.306,59 91,108,487 84,036.700 175,145.187 20.240,000 0 1,360.911, 264 712,529,407 154.978,598 867,508,005 133,351,675 598,853.428 148,689.880 351.020.200 499,710,080 47,869.500 646,722.928 442,285,244 71.317.995 20.916.900 92,234,895 6,019,250 568.947 6.019.250 40,925,00 0 568,947 1.920.000 1.920.000 4,723.962 80,941.555 5.511.852 5,628,500 86.453.407 31.068,926 38,447,267 1.371.500 202,918.81' 69,516.193 36,913,790 880.650.218 36,913,790 90.923.220 46,985.65 971,573.43 0 8 475,012,5 36 102.4114.0 60 8,000.000 577.416,596 98,573,463 222,942.340 66,099,650 289.041.990 187.882.224 93.376.612 63,204,330 156.580,942 90.241.730 4,000.000 94.241,730 16.805,00( 19.048.200 116.964.030 1,964.300 21,012.500 127.301,990 408,500 117.372,530 84.533,283 1.346.000 85,879.283 52,153.700 88.963,534 100.000 52,253.700 25.270,000 114,233.534 53,756.480 29.087.975 8.542.400 37.630.375 2,701.675 23,178.000 2,701,675 4,214,537 23,178.000 20.400,855 20.400.855 112,987.07' 2.096.341.788 1.500.000 2.097.841.788 424.616.100 2,964.500 427,580,600 382.000 138.319.85' 1.164.156.664 83,679.478 83,679,478 13.342.400 1.177.499.064 45,600,00 0 419.110,3 77 48.093.240 464,203.617 159.815.864 23.179,722 1.494,771.610 5.961,327.422 756.487.09 26.390.050 186.205.914 121,437.195 2 6.717,814,514 2.411.436.834 521.647,665 2.933,084,499 1.273.236. 212 226,460,200 1,499,696,412 1,096,256.820 229.162.750 1,012.286,601 489,238,760 194.773.760 684,012.520 283.616.150 200.075.722 2,449.438.764 1,787.685.457 00 647,262,350 474,875.477 414,244,210 889,119.687 311,321.000 504.304,307 2,291.989.764 1,650.791,507 363,646,2 719,389.298 2,370.180,805 1,697.923,138 762,043,290 9,075.000 209.801.672 272.923.380 359,986.700 632.910,080 2,459,966.428 1,490,246,674 175,724.395 91,612.500 267.336.895 99,161.750 26.967,001 80,582,500 179.744,250 186,897,000 2,418.947 2,418,947 9.135.000 9.135.000 21.855,000 14.823.962 81.591.555 21,855.000 5.511 852 14,207.500 87.103.407 40.288,92 6 39.977.267 46.076.500 550.430.722 1,158,341.557 80.266,193 93,533,790 130.000 93,663.790 129.095,65 92.998 220 1,251,339,777 743.057.836 216.641,760 959.699.596 15.607,000 279.073,463 667,210.240 158.120,450 825,330,690 495,510,2240 266.360.612 78.620 330 344.980.942 140,000.5 30 46.441.20 0 905,000 215,406.15C 186,441,73 0 314,757.600 68,854.900 383,612.500 212,687.690 507.739,330 6.737 500 514.476,830 672.813,433 93.057.500 765,870,933 15,000.000 574.019.200 48.900.001 36,446.000 610,465,200 643,474,480 89.963,534 25.270 000 115,233,534 30,387.975 8.542,400 38.930,375 10.000.001 12.701,675 60,000.000 31,278.000 72.701.675 6,000 000 43,214,537 37.278,000 20,400,85 5 20.400.855 25,291.000 232,737,079 2.213,591.788 2.919,000 28.210,000 1.500 000 2,215,091.788 21.450,00 508.604,100 3,976.500 512,580,600 6.201,905 235.769.852 1.476.415.164 154.179.478 154,179.478 28.163 900 1.504.579,064 61,100.000 863.708.3 77 93.335.24 987.043.6 0 17 666.908.9 04 81,374,510 748,283.414 394,570,390 522.103.877 5.285.635.270 8.377.548.084 1,303.866. 569 9.681.414.653 5.138.529.084 1,676.619,865 6.815.148.949 4,802.417, 252 1,864,714,8606,467,132,112 4.003.775.14 11 MONTHS ENDED NOV 30 Long Term Bonds and Notes- New Capital. Railroads 705268,250 Public utilities 1,302.281.100 Iron. steel, coal, copper, &c 23.625,000 Equipment manufactures 14.217.000 Motors and accessories Other industrial and manufacturing 228.451.910 011 166.050.000 Land, buildings, &c 141,125.500 Rubber 30.000.000 Shipping 10.000,000 Iny, trusts, trading, holding, 78.750,000 Miscellaneous 74.385.09 5 Total Short Term Bonds and Notes-2.773,953,855 Railroads 12.000,000 Public utilities 239.472.000 Iron, steel, coal, copper, &c 43.750.000 Equipment manufacturers 12,750.000 Motors and accessories 10,100.000 Other industrial and manufacturing 74.355.00 0 Oil 6.843.000 Land, buildings, &c 56.570,650 Rubber 3.900.000 Shipping Inv. trusts, trading, holding, &c-41.000.00 0 Miscellaneous 17.245.000 Total 517,985.6 50 StocksRailroads 66.055.600 Public utilities 707.609.942 Iron,steel, coal, copper. &c 133.351.675 Equipment manufacturers Motors and accessories 4,723.962 Other industrial manufacturing--201,547.315 Oil 90.573.463 Land. buildings, &c 16.805.000 Rubber Shipping Inv. trusts, trading, holding, &c _ 112.987.079 Miscellaneous 137.937,852 Total 1,471.591.888 TotalRailroads 783.123,850 Public utilities 2,249.363.042 Iron. steel, coal, copper. &c 200.726.675 Equipment manufacturers 26,967,000 Motors and accessories 14,823.962 Other industrial and manufacturing 504.354,225 on 263.466.463 Land, buildings. &c 214.501,150 Rubber 33,900,000 Shipping 10.000,000 Inv. trusts, trading, holding, Scc-... 232.737,0 79 Miscellaneous 229.567.947 Total corporate securities 763.531.393 GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCI NG FOR THE ELEVEN MONTHS ENDED NOV.30 FOR FIVE YEARS. 1929. 1928. 1927. New Capital. Refundina 1926. Total. New Capital. Refunding. Total. New Capital. Refunding. Total. New Capital. Refunding. Total. 1,788.092.340 489.409,261 2,277.501.600 1.969.729.950 980123.900 2,950,653.850 2.647230,240 1.287.533,960 3,935,464. 185.562.700 45,537.50C 231.100.200 200 2,205.410, 530 617,121,9 184,344.800 70 2.822.532.500 49.973,800 234.318.600 200,660,300 1.498,577.661 177,681.541 1.676,259, 72.625.200 273,285,500 236.153,795 39,013.900 275.167,695 954.100.034 246,114.300 1,200.214,334 684.515.975 157.514.100 842.030,075 4,297.939.814 578.805,552 4.876.745.201 462.460.200 23.716,000 486.176,200 366 1,348.991,650 249.533,365 1.598,525,015 566,103,112 68,946,100 635.049,212 545,193,880 98.802,800 643.996.680 255.550.000 255.550,000 105.380.000 68.792,000 174.172.000 194,002.500 49.808,500 243,811,000 134.622,000 62,508,000 197.130.000 250.000 250.000 2,000,000 10.400.000 2,000,000 1,250,000 10.400.000 24.500.000 78,000 1.328,000 26,000.000 50.500.000 4.270.000 18.163.900 4.270,000 4.000,000 18,163.900 8,613.400 4.000,000 8.613.400 1.980,000 1,980,000 990,000 990.000 185.398.339 2.000,001 187.398,339 458.387,500 55,282.500 513.670.000 438,088,000 1.617.283 23,787,000 461,875,000 10.432.717 310.474.000 12,050.000 15,815,000 326,289,000 10.000,000 10.000.000 46,500,000 103.837.200 4,500,000 51,000,000 19.000,000 103.837.200 6,000.000 14.030.000 25,000,000 14,030.000 32.408.847 47,740,000 32.408.847 60.201.750 47.740.000 60.201,750 16.367.125 16.367.125 36.480.740 8,377.548.084 1.303,866,569 9,681.414.653 5,138.529,084 1,676.619, 3.419.300 39.900.040 865 6,815.148.949 4.802,417.252 1,664.714,860 6,467,132, 68.250.000 112 4.003.775.145 866,474,970 4,870.250,115 68.250.000 634.581.587 100.538.413 635,120.000 670.078,300 39,500.000 709,578,300 433,759,000 32.873,000 466.632.000 55.850,000 55,850.000 86.825.000 1,128.470,913 92,800.000 179.625,000 11.352,049 1,139.822.962 1,230.814.606 91,125,000 40.200.000 131.325.000 34,541,109 1,265.355, 715 1,366,177, 169 38,212.000 32,380,525 1.398,557.694 1.201,256,858 9,600,000 47.812,000 18.922,382 1.220,179,240 35.052.75 3.000,000 38,052,750 81,787,000 4.340.000 45,969,000 127.756,000 60.792,000 4.340.000 49,000,000 109,792.000 6.161.500 6.161.500 10.718.000 10.718,000 9.616.820,997 1.324.818.618 10941 639615 7.000.989. 10.422.500 10,422,500 1.814.699. 527 387 8,815,688,914 7.018,002.721 1.875,364.3858.893.367.106 5.801,130.503 1,007.470,352 6,808.600.855 1926. Refunding. Total. 52.092,000 336.673,000 314,924,170 1,276.932.500 43.518.000 183,315.000 13,000.000 21,579.000 66,000.00 77X(17(05156 340.083.0000 140,587.800 209.950,000 25,823,000 590,144.000 6.750,000 5,050,000 26.000.000 11,500,000 22.036,000 274.025,000 694,836,970 3.342,951,500 16.000,000 22.500.000 13.396,900 99.350,000 6,175.000 200.000 6.650.000 7,408.000 875,000 562.000 45.091,900 12,727,900 8,617.200 13.122.575 89,032,925 16,310.000 52.001,000 23,431,500 26,272,000 32,250,000 500,000 4,000,000 21.706.195 304,495,695 20,240,000 455.013.144 49,542,200 5,628,500 46,985,650 201,004,799 216,334,915 53,756.480 4,214,537 45,600.000 3,045,500 121.482,695 126,546,100 1,222.802,920 68,092.000 379.413,000 341,048,970 1,831.295,644 52.135,200 239,032,200 13,000.000 27.207,500 200,000 129,295.650 97.578,575 593,088,799 237,028.725 449,716,415 26,698,000 670,172,480 43.214,537 5,050,000 26,500,000 61.100.000 25,643,500 420,213.890 866,474,970 4,870.250,115 arIDINOU110 rIVIONVALT SUMMARY OF CORPORATE, FOREIGN 11 MONTHS ENDED NOV. 30. 1930. CorporateNew Capital. Refunding. Total. Domestic$ $ $ Long term bonds and notes_ 2,405.306,355 348.876.155 2.754.182.51 Short term 481.285,650 95,220,000 576,505,65 Preferred stocks 411.188.230 9,350.000 420,538.23 Common stocks 1,020.827,318 13,829,722 1,034.657.04 CanadianLong term bonds and notes- 199.632.500 45.851.000 245.483.500 Shor t term 5.700,000 5.700.000 Preferred stocks 13.000,000 13,000.000 Common stocks 16.516.340 16.516.340 Other foreign Long term bonds and notes_ 169.015.000 8.977.000 177.992.000 Short term 31.000.000 31.000.000 Preferred stocks Common stocks 10 060.000 10.060.000 Total corporate 4.763.531.393 522.103.877 5.285.635.270 Foreign Govmts.(except Canada 417.306.00 0 64,580.000 481.886,00 0 Farm loan issues 71.500.000 71.500.000 Municipal, States, Cities, &c 1.276.800.828 34,437.881 1.311.238.700 Canadian 127.086.000 7,158.000 134,244.000 United States Po iona-9.675.000 9.675.000 Grand total El 885.899.221 6214.279.758 7.244.178 979 FINANCIAL CHRONICLE DEC. 13 1930.] 3771 ER 1930. DETAILS OF NEW CAPITAL FLOTATIONS DURING NOVEMB YEARS). FIVE THAN LATER LONG TERM BONDS AND NOTES (ISSUES MATURING Amount. Purpose of Issue. To Yield. About. Price. Railroads1,000,000 Capital expenditures 800,000 New equipment 5.800,000 Refdg.; additions, betterments__ Union Trust Co.of Pittsburgh. Indianapolis Union Ry. Ref. & Impt. M.43-4s, Series A. Sold to by Drexel & Co. Offered 3.75:4.35 Lehigh 1k New England Equip. Trust 4 t4s G, 193144. First National Bank, N.Y., Co., & Morgan 5.20 Mobile & Ohio RR. Secred 55, 1938. Offered by .J. P. and National City Co. 9814 7,600,000 Public Utilities275,000 Rettig.; extensions, Inuits., &c___ _ 100 2,000,000 Capital expenditures, kc 3,600,000 Acquisitions: other corp. purposes_ 07 90 8,500,000 Capital expenditures 0534 M. 6s. 1931-43. Offered by Mercantile 6.00 Aransas Pass-Rockport Light, Ice & Power Co. 1st Securities Corp., Dallas, Tex. Royal Securities Corp. 5.20 Calgary Power Co., Ltd., 1st M. 55, 1960. Offered by by E. It. Rollins & Sons and Halsey. 5.80 Central Ohio Light & Power Co. lot M.58, A, 1950. Offered Stuart & Co., Inc. 1956. Offered by Harris, Forbes & Co.; Halsey. C, 5s, M. &Ref. 1st Corp. Light & Power Illinois 5.32 Spencer Trask & Co. Stuart & Co.. Inc.; Field, Clore dr Co.; E. II. Rollins & Sons, and E, 1970. Offered by Halsey, Stuart 4.96 Northern Indiana Public Service Co. 1st Sr Ref. M. 454s, & Co., Inc. by Harris, Forbes & Co. and A. C. 5.75 Washington Gas & Electric Co. 1st M. 5s, 1955. Offered Allyn & Co., Inc. W. C. Langley & Co. and Halsey. by Offered 1960. C, 6s, M. 1st Co. 5.35 Wichita (Kans.) Water Stuart & Co., Inc. 92 14,000,000 Capital expenditures; additions, &c 3,000,000 Acquisitions 90 1,000,000 Additions, extensions, lmpts.. &c_ 95 32,375,000 Iron. Steel, Coal, Copper. &c. 100 200,000 Refunding, acquisitions 614s, 1931-40. Offered by Milwaukee Co. 6.50 Glancy Malleable Corp.(Waukesha, Wis.) 1st M. Eoulpment Manufacturers2,177,000 Finance lease of equipment Corp. Equip. Trust 4148, 1931-40. Offered by Drexel 4.00-5.25 Electric Railway Equipment Securities & Co. Trust 414s, Series 23, 1931-45. Offered by Drexel Equip. Corp. Car Tank American 4.00-4.75 General & Co. and Chas. D. Barney & Co. 3,000,000 Finance lease of equipment 5,177,000 Other Industrial & Mfg.150,000 Acquire predecessor company 200,000 Retire debt; working capital Company and Issue and by Whom Offered. 614s, 1940. Offered by Walter W. Craigie & Co.. Inc., 6.50 Liberty Limestone Corp. 1st (c) NI. Richmond, Va. 1932-36. Offered by Branch, Middlekauff Co.. Inc.. Notes, 5%% Price on application Panhandle Lumber Co. Wichita, Kan. 100 350,000 ComLand, Buildings, Bldg.(Evansville, Ind.) 1st M. 6s, 1932-40. Offered by Mercantile Construction of buildings_ Price on application Central Union Bank 450,000 Finance construction merce Co., St. Louis. by LafayetteOffered 1932-45. 514s, 1st NI. Louis) (St. 5.50 Faith Evangelical Lutheran Church 100 120,000 Real estate mortgage South Side Bank & Trust Co., St. Louis. M.614s, 1932-45. Offered by Bosworth, Chanute, Lough5.75-6.50 Fox West Coast Theatres (Calif.) 1st Co. of Denver. 475,000 Finance construction of buildings_ bridge & Co. and the International Offered by First Detroit Co.. Inc., and Continental 1945. 5s, M. lot -year 15 Co. Kresge S. 5.05 S. 095 5,000,000 Real estate mortgage Illinois Co., Inc. by T. A. Oakey & Co. School (San Francisco) let (c) M.(18, 193240. Offered High application Presentation on Price 250,000 Retire bank loans; expansion Notes, 193140. Offered by Mercantile5.50 St. Luke's Hospital of Spokane. Wash., 1st 554% 185,000 Finance constr. of hospital bldg._ _ 100 Commerce Co., St. Louis. 1943. Offered by Bond & Goodwin,Inc., Portland. Me. 6.00 Shepley Apts.(Portland, Me.) 1st(c) M.6s, 1931-41. Offered by the Canal Bank & Trust 110,000 Finance construction of apartments 100 6.00 Standard Life Bldg. (Jackson, Miss.) 1st M. 6s, 100 375,000 Finance construction of building Co., New Orleans. Offered by Baltimore Co.; First National 1933-3540. fis, tr. coll. lot Corp. United Mortgage 6-6.04 100-99% 3,000,000 Provide funds for loan purposes_ Carter & Co., Inc.; Colonial Bond & Share Corp.: Securities Co.: Baker, Watts dr Co.; L. S. Frank Rosenberg dr Co.; Gillett & Co.; J. A. W. Equitable Trust Co.: J. It. Fisher & Son; Co.; Mercantile Trust Co.; Nelson, Iglehart & Co.; W. W. Lanahan & Co.; Maryland Trust Strother. 13rogden & Co.; C. T. Cook & Co.; Townsend, Scott A Son; Stein Bros. dr Boyce; Co. of hid., all of Baltimore. Inc.; J. S. Wilson Jr. & Co., and Union Trust Co., & Williams 0,965,000 MiscellaneousD. Otto & Co., Inc. 6.00 Associated Industrial Bankers Corp. Deb. (is. 1955. Offered by C. 100 5,000.000 Expansion of business into common stock on basis of 5 sharer 6.00 Globe Industrial Loan Corp. Cony. Deb. 6s, A. (Convertible 100 1,000,000 Working capital on basis of 4 shares for 1940 July I to up thereafter and 1935, 1 for each $100 of bonds up to July each 8100 of bonds.) Offered by J. E. Mulhall & Co. 6,000.000 FIVE YEARS). SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING Amount. Purpose of Issue. Price. Public Utilities1.800,000 Improvements 99% 1,500,000 Retire debt; additions, bettermls. 99% 500,000 Acquisitions, working capital 9914 1,500,000 Retire debt; additions, betterm'ts_ 99% 1,250,000 Retire debt, expansions, add'ns,&c. 98% 20,000,000 Retire bank loans; acquisitions, &c. 99% 6,700,000 Additions 2.000,000 Retire debt; additions, Ac 10,000,000 Retire curr. debt; eaten. & better 993.1 99% 99%, 3,000,000 Retire debt 3.000.000 Retire bank loans; extensions, 99 3.000,000 Acquisitions; other corp. purposes _ 093.1 54,250.000 Iron, Steel, Coal. Copper, &c. 100 750,000 Acquire stock Equipment Manufacturing750,000 Finance lease of equipment Other Industrial & hifg.1,000,000 Retire bank debt Land, Buildings. &c.5,000,000 General corporate purposes 100 To Yield About. Company and Issue, and by Whom Offered. Offered by E. H. Rollins & 6.00 American Community Power Co. 1-Year Secured W,s, Nov. 1 1931. A. C. Allyn & Co., Inc.; Albert Sons: Halsey. Stuart & Co., Inc.; G. E. Barrett & Co., Inc.; E. Peirce & Co., and Fenton. Davis & Boyle. & Co., Inc.; Coffin dr 5.50 Arizona Edison Co. 1-Year 5s, Dec. 1 1931. Offered by G. L. Ohrstrom Burr, Inc., and Janney & Co. & Co., Chicago, and Peabody by Offered 1931. 1 6.50 Consumers Natural Gas Co. 1-Year 6s, Nov. Mercantile Securities Corp., Dallas, Texas. L. Ohrstrom dr Co., G. by Offered 1931. 1 Dec. 4%s. duo 5.00 Green Mountain Power Corp. 1-Year Inc.; Coffin & Burr, Inc., and Janney & Co. "A," Aprli 11933. (Conver6.65 Municipal Telephone & Utilities Co. 1st Coll. Lien & Ref. Cony. Osat prices ranging from 814)4 to Oct. 1 1032 tible at principal amount into class A common stock up toCo., and Municipal Telco. & Utilities Co. Utilities Inv. $153.4 per share.). Offered by Municipal Forbes & Co.; Chase 5.25 New England Power Ass'n, 5% Notes, Dec. I 1932. Offered by Harris, Young & Co.; The First National Old Colony Securities Corp.; Bankers Co. of New York; Baker, & Co. Bodell and Co., & Otis Co.; & Iligginson Lee. Corp.; Offered by Field, Clore & 4.00 New York State Electric & Gas Corp. let M. 334s, due Nov. 11911. Inc.. and Continental Illinois Co., Inc. Co.; Halsey, Stuart & Co.; International Manhattan Co.. Ohrstrom & Co.. Inc. 5.00 New York Water Service Corp. 1-Year 4548, Dec. 1 1931. Offered by G. L. Offered by Harris, 4.25 Northern States Power Co. (Minn.) 1-Year 4% Notes. due Dec. I 1931. Co. of New York; Guaranty Langley & Co.; Forbes & Co.; It. M. 13ylesby de Co., Inc.; W. C. A. C. Allyn & Co., Inc., and J. Henry Schroder Banking Corp. G.L. Ohrstrom by Offered 1193!. Dec. and 5.25-5.80 Peoples Light & Power Corp.5% Notes. July 1 1931 Janney & Co. & Co., Inc.; Coffin & Burr, Inc.; Graham, Parsons & Co.. and Offered Forbes & Co.; Harris. by 1933. I April Notes, 4, Co. 4% 4.96 Washington (D. C.) Gas Light Co., Inc., and Schoellkopf. Hutton National City Co.; Chase Securities Corp.; IL M. Byllesby & dr Pomeroy, Inc. at any lime Prior to 5.25 Western Utilities Corp. 1-Year Coll, Tr. Cony. 5s, Dec. 1 1931. (Convertible par basis.). Offered by CenNor. 1 1931 into lot Lien Coll. Trust 6i, due Dec. 1 1949 on a par for Paul II. Davis & Co. and Co.. & Camp Smith, Co.; & Byllesby tral Illinois Co.; H. M. 4.75 Laclede Steel Co. 3-Year Oa, Nov. 1 1933. Offered by Smith, Nioore & CO.. St. Louis. by Freeman & 4-25-5.50 National Steel Car Lines Co. Equip. Trust 53,4% Ctfs., M. 1931-1935. Offered Co., and Exchange National Co., Tulsa, Okla. 6.00 Masonite Corp.()% Notes, 1931-1935. Offered by First Wisconsin Co. 100 into deposited 6.00 Straus-Manhattan Co., Inc., let Cony. Coll. Trust Os, Dec. I 1933. (Convertible on basis of 10034 for bonds and 10010? collateral on any date on 3 days' notice up to Dec. 1 1032 Inc. collateral.). Offered by S. W. Straus As Co., STOCKS Par or No. of Shares. Purpose of Issue. Public Utilities*12,000 shs Acquisitions *5,000 ohs General corporate purposes *25,000 ohs General corporate purposes &c___ _ *20,000 ohs Development of properties, 1,500.000 Acquisitions; other corp. purposes. (a)Amouni Price To Yield Involved. Per Share, About. 300,000 25 450,000 00 562,500 300,000 22% 15 1,500.000 105 3,112,500 Company and Issue, and by Whom Issued. Pref. stock. Offered by G. W. Thompson Allied Telephone Utilities Co. $1.75 Cum. & Kendall, Inc., Chicago, & Co., Inc., and Patterson, Copeland stock. Sold to Bodell & Co. and White, Pref. Cum. Co. Traction Federal Light & Weld & Co. stock. Offered by Barr & Co., Chicago. Cony. A Class Co. Gas Kansas Kiowa Corp. Class A Partic. Prof. stock. Offered Southern Consumers Gas & Utilities by John Hall & Co., Chicago. Pref. stock. Offered by Telephone Secur. Co. Cum. 7% Co. Share & 6.67 Telephone Bond 3772 Par or No. of Shares. FINANCIAL CHRONICLE Purpoee of Issue. Other Industrial & Mfg.— 8,600 sun Improvements and additions 100,000 General corporate purposes 500,000 Improvements and additions Amount Price To Yield Involved. Per Share. About. Company and Issue, and by Whom Issued. (Philip) Carey Mfg. Co. (Lockland, 0.) Common Stock. Offered by company to stockholders and employees. Mexico Refractories Co.Common stock. Offered by Love, Reinholdt & Gardner,Sta.. St. Helen's (Ore.) Pulp & Paper Co. Common Stock. Offered by company to stockholders. 1,720,000 200 115,000 500.000 Vol.. 131. 23 10(par) 2,335,000 Oil— 1000,000shs Development of properties Land, Buildings, 400,000 Finance construction of hotel bldg. Miscellaneous— .75,000 ohs Additional capital 7,340,000 Acquisitions: working capital 250,000 Additional capital 4,250,000 Creole Petroleum Corp. Common Stock. Offered by company to stockholders; underwritten by Standard Oil Co.(N. J.) 4)1 400.000 100 . 7.00 Richmond Hotels, Inc.,7% Cum.Pref. Stock. Offered by Standard Securities Corp., Richmond, Va. Bush Service Corp. Common Stock. Offered by company to stockholders. Consumers Co. (Chicago) Common Stock. offered by company to stockholders. Federal Life Insurance Co.(Chicago) Capital Stock. Offered by company to stockholders. 750,000 10 7,340,000 5(Par) 250.000 100(par) 8,340,000 FOREIGN GOVERNMENT LOANS. Amount. Issue mid Purpose. Price. 84,500,000 Province of Cordoba (Argentina) 6 Months' Ext. 6% Note, May 1 1931 (proceeds will be used to retire outstanding note due Nov.10 1930) 5,000,000 Hungarian Govt. 1-yr. Treasury bills, Nov. 21 1931 (proceeds to be used for productive purposes, including expenditures on railways and highways and additional capital for credit institutions) 993, ; 9,500,00C To Yield About. Offered by 6.00 The First National Old Colony Corp., A. Iselin & Co. and Foreman-State Corp. 5.75 Placed privately by Speyer & Co., National City Co.. Continental Illinois Co., Banearnerica-Blair Corp., International Manhattan Co., Inc., First Nat. Old Colony Corp., J. Henry Schroder Banking Corp. FARM LOAN ISSUES. Amount. Issue and purpose. Price. $20,000,000 Federal Land Bank 43s, Dec. 1 1933 (Provide funds for loan purposes) 100 6,000,000 Federal Intermediate Credit Bank 3% Debentures, due Sept. 15, Oct. 15 and Nov. 15 1931 100 To Yield About. Offered by 4.25 Alex. Brown & Sons. Harris, Forbes & Co.. Brown Bros. & Co., Lee. Higginson & CO.. The National City Co. and Guaranty Co. of New York. 3.00 Charles R. Dunn, New York, fiscal agent. 26.000.000 •Shares of no par value. a Preferred stocks of a stated Par value are taken at Par. while Preferred stocks of no par value and all classes of common stock are computed at their offering prices. Pennsylvania RR. and Pennsylvania Co. Ordered to Divest Themselves of Lehigh Valley and Wabash Stocks-1.-S. C. Commission Rules That Stock Holdings in These Two Roads Violate Anti-Trust Law—Commission Holds that Subsidiary Making Deal As Agent for Railroad Requires Consent of Commission. The I.-S. C. Commission, Dec. 6, ordered the Pennsyl- and the roads in which control had been purchased. It was vania RR.and its wholly-owned subsidiary, the Pennsylvania contended that the ratio of competition between the PennsylCo., to divest themselves of all control, direct or indirect, in vania and the Lehigh Valley amounted to 35,629,icars, or the Lehigh Valley and Wabash railroads. The affiliated 49% and between the Pennsylvania and the Wabash 114,326 companies were found to have violated section 7 of the Clay- ears, or 65.53%. ton Anti-Trust Act in acquiring stock of the Lehigh Valley Answering the Commission's charge, the Pennsylvania and the Wabash roads with which the Pennsylvania RR. Co. as distinct from the Pennsylvania RR. stated that it was is in competition and were given until June 2 1931 to rid engaged only in the holding of securities and not in interthemselves of these holdings. Commissioner Clyde B. State commerce, and as such was beyond the jurisdiction of Aitchison dissented from the majority opinion in the pro- the commission. A similar reply came from the Pennsylceedings. vania RR. which denied the Commission's charge that it The Pennsylvania Co. it was brought out owned 48% of had either "directly or indirectly" thrpugh the Pennsylvania the stock of the Wabash Ry. and 30% of the stock of the Co. acquired control of the Wabash or the Lehigh Valley. It Lehigh Valley, an aggregate investment of $106,592,757. was contended that purchases of stock in the two roads were In addition to the Lehigh Valley stock owned by the Penn- made "solely for investment," within the meaning of the sylvania Co. directly, a considerable portion was held by the third paragraph of section 7 of the Clayton Act, which reads Wabash, which brought the total holding of Pennsylvania in part: "This section shall not apply to corporations purin that company up to 49%. chasing such stock solely for investment and not using the In hearings on the matter before the Commission, W. W. same by voting or otherwise to bring about, or in attempting Atterbury, President of the Pennsylvania RR. stated that to bring about, the substantial lessening of competition." his company acquired control in the Wabash and the Lehigh In support of this contention it was stated that there had Valley for defense against the proposals of other Western been no lessening of competition between the roads in questrunk lines which did not consider the Pennsylvania's in- tion since the purchase of the stock, and that in no instance terests. The New York Central, the Baltimore & Ohio and had the Pennsylvania exercised its voting power to that end. the Nickel Plate had advised a "four-party plan" without It was further argued that a probable lessening of competition consulting the Pennsylvania and had laid it before the Com- had to be shown for the control to come within the meaning mission. The Pennsylvania felt that its interests in the of the Clayton Act. The Commission pointed out in its Eastern transportations scheme were being jeopardized by decision, however, that "in order to establish a violation of the agreement, and on Feb. 15 1927, President Atterbury the Clayton Actlit was necessary to show only that an acquisientered an agreement with L. F. Loree, President of the Dela- tion gave the power to substantially lessen competition." ware & Hudson, whereby the Pennsylvania was to acquire Holding that the stock purchases were not made solely for Mr. Loree's holdings of Lehigh Valley, and also in Wabash investment the Commission said: "The purchases of the stook which Mr. Loree had purchased in furtherance of a Lehigh Valley and the Wabash stocks by the Pennsylvania plan for a fifth system in the East. The agreement was gave no indication of direct financial profit at the time the abandoned when it was seen that the Loree "fifth system" purchases were made. Computations made by our bureau of plan was not likely to succeed. Accordingly, the Pennsyl- inquiry, the correctness of which has not been questioned by vania Co., as agent for the Pennsylvania RR. bought the respondents, indicate that up to April 30 1930, the cost to the Loree holdings in both roads for $62,500,000. This brought Pennsylvania in interest paid and on interest lost on securities the Pennsylvania holdings up to 312,900 shares of preferred sold to finance the purchases amounted to about $9,072,A, and 362,900 common of the Wabash and 365,039 shares 066.25, which exceeds by $2,590,694.29 the amount of the of common stock in the Lehigh Valley. dividends received on the stock acquired. Whether the purProceedings were started by the board of inquiry of the chases were made primarily for the suppression of competiCommission on the ground that the holdings of the Penn- tion or whether that effect would follow merely as an incident sylvania "may be to lessen competition" between itself to the accomplishment of the larger purpose is a question DEc. 13 1930.3 FINANCIAL CHRONICLE which we have no right to consider in applying the law to the facts. While it is true that the transportation act of 1920 marked a substantial departure from previous governmental policy in the matter of competition between railroad companies, we are unable to close our eyes to the fact that Congress required that in the administration of that act competition should be preserved as fully as possible, and to that end it left the Clayton Act in full force and effect." That the Commission had jurisdiction over the Pennsylvania Co. despite the fact that it is not engaged in inter-State commerce, was held as unquestionable by the Commission. In acquiring a controlling amount of stock in the two roads, the Pennsylvania Co. acted merely as the agent of the parent railroad company, the Commission held. The Commission took the position that the two companies, although distinct corporate entities, must be treated as one for the purposes of judicial proceedings. It was brought out that twelve persons served as officers in both corporations, and that the principal officers of the one corporation served in similar capacities in the other. W. W. Atterbury, it was further revealed, was president of both companies. Testifying before the commission Mr. Atterbury said he had acted on behalf of the Pennsylvania Co. and not the Pennsylvania RR.in entering an agreement with the Delaware & Hudson for the purchase of control in the Wabash and Lehigh Valley. The Pennsylvania Co., he said, had the credit, the finances and the power and "he did not have to ask anybody's permission to go ahead and act, except the approval of the board of directors." Overruling this argument the Commission stated in its decision that, although the Pennsylvania Co. did not need the consent of the Commission, it did need the consent of its stockholders, the Pennsylvania RR. which in turn needed the Commission's consent. The decision states: "The fact that the corporate machinery of the Pennsylvania Co. was used in financing these purchases and of stock in taking title thereto does not obscure that fact that all of these transactions were directly and solely in the interest of the parent company, the Pennsylvania RR. The only objective was the 'protection' and upbuilding of the transportation system. This is so clearly established by the testimony of the same witness that further discussion of the matter is deemed unnecessary. If these facts do not establish an implied agency, the alternative deduction must be that the relationship is still closer than that of principal and agent, the Pennsylvania Co. being a mere 'department' of the Pennsylvania RR." The order of the Commission follows: It is ordered,that the above-named respondents be, and they are hereby, notified and required to cease and desist from their violations of law as found and described in said report. It is further ordered, that said respondents be, and they are hereby, notified and required to divest themselves of all capital stock of the Lehigh Valley RR. Co. and of the Wabash Railway Co. within six months from the date hereof; Provided, that, in such divestment, no stock of the Lehigh Valley RR. Co. or of the Wabash Railway Co. shall be sold or transferred, directly or indirectly, to any stockholder, officer, director, employee, or agent of, or anyone otherwise directly or indirectly connected with, or under the control or influence of, the Pennsylvania RR. Co. or any of its officers, directors, or stockholders, or the officers, directors, or stockholders of any of its subsidiaries or affiliated companies. It is further ordered that said respondents shall report to this commission the manner of such divestment within 15 days after the completion thereof. And it is further ordered, that the motion filed in said proceeding in behalf of the Pennsylvania Co.seeking dismissal ofthe complaint as to said respondent be,and it is hereby, denied. The report of the Commission in full text follows: By order entered May 6 1929, we issued complaint against the Pennsylvania RR. Co., hereinafter usually referred to as the Pennsylvania RE. and the Pennsylvania Co., charging violation of the Clayton Anti-Trust Act* by the acquisition of capital stock of the Lehigh Valley RR.Co. and the Wabash Ry. Co., hereinafter usually called the Lehigh Valley and the Wabash. Respondents were notified of their right to appear before us on the 24th day ef June 1929, later changed to May 21 1930, to show cause why an order nould not issue requiring them, and each of them, to divest themselves of all interest in the stocks acquired, and the respondents were required to file answers with us within a time specified. The complaint alleges that the Pennsylvania RR.is a corporation engaged as a common carrier in transportation of passengers and property in interState commerce in competition with the Lehigh Valley and the Wabash, which are also corporations engaged in commerce; that the Pennsylvania Co. is a corporation engaged, among other things, in the business of dealing in securities of common carriers by railroad engaged in inter-State commerce, and is a subsidiary holding and investment company of the Pennsylvania RR., its entire outstanding capital stock being owned by that company; that the officers of the Pennsylvania Co. are also officers of the Pennsylvania RR. and the majority of the directors of the Pennsylvania Co. are also directors of the Pennsylvania RR.;that the Wabash owns 231,329 shares of Lehigh Valley stock, constituting about 19% of the total outstanding stock of that company; that during the period from Feb. 15 1927. to June 26 1928, the Pennsylvania RR. indirectly acquired 675,800 shares of capital stock of the Wabash and 365,039 shares of capital stock of the Lehigh Valley, without our approval; that such acquisitions were made through and by means of the Pennsylvania Co. which directly acquired the stocks without our approval and is now the recorded holder thereof; that such *38 Stat. L., 730:"An Act to supplement existing laws against unlawful restraints and monopolies and for other purposes," approved Oct. 151914, U.S. Code,title 15 eo. 12, et sea. 3773 indirect acquisition by the Pennsylvania RR. and direct acquisition by the Pennsylvania Co. were in violation of Section 7 of the Clayton Act;and that the effect of such acquisitions may be to substantially lessen competition between the Pennsylvania RR. and the Wabash and between the Pennsylvania RR. and the Lehigh Valley and to restrain commerce in certain sections and communities. The Pennsylvania RR.in answer admits that it is a corporation engaged in commerce but avers that the Pennsylvania Co. is and was an investment company and not engaged in the business of dealing in securities of common carriers, as alleged in the complaint; that the entire capital stock of the Pennsylvania Co. is owned by the Pennsylvania RR.; that the officers of the Pennsylvania Co. are also officers of the Pennsylvania RR. that a majority of the directors of the Pennsylvania Co. are also directors of the Pennsylvania RR. It also admits the status of the Wabash and the Lehigh Valley as corporations engaged in commerce, but is silent as to the allegation of competition between those carriers and itself. If further admits ownership of the Lehigh Valley stock by the Wabash, as alleged, and the purchase of Wabash and Lehigh Valley stocks by the Pennsylvania Co., but denies that such stocks were acquired either directly or indirectly by the Pennsylvania RR.,that the acquisitions were in violation of Section 7 of the Clayton Act, or that their effect may be to substantially reduce competition or restrain commerce, as alleged. The answer of the Pennsylvania Co. follows closely that of the Pennsylvania RR. in its admissions and denials, and avers that the Pennsylvania Co. purchased the Wabash and Lehigh Valley stocks in its own corporate right and holds the same in such right, and not for the account of the Pennsylvania RR. It also denies our jurisdiction over it with respect to any of the matters alleged, and moves to dismiss the complaint as to this defendant. After hearing, briefs were filed by our Bureau of Inquiry and by respondents, and a reply brief by respondents. Oral argument has been heard. At the hearing there was placed in evidence an agreed statement of facts relating principally to the circumstances surrounding the acquisitions of Lehigh Valley and Wabash stocks, but showing also that the 675.800 shares of Wabash stock and the 365,039 shares of Lehigh Valley stock constituted about 48% and 30% of the total outstanding stocks of those companies, respectively. The 30% of Lehigh Valley stock added to the 19% held by the Wabash gave the Pennsylvania Co. ownership of, or interest in, about 49% of the total outstanding Lehigh Valley stock. A clear understanding of the history of the stock acquisitions requires Immediate reference to the official personnel of the Pennsylvania RR.and the Pennsylvania Co. The agreed facts show the following list of officers and directors in common: Office Held Pennsylvania RR. Pennsylvania Co. Name— President & Director President & Director W. W. Atterbury Vice-Foss. & Director Vice-Pres. & Director Elish Lee Vice-Free. & Gen. Counsel General Counsel C.B. Heiserman Vice-Pres. & Director Vice-Pres. & Director A. J. County Vice-Pres. & Director Director M.C. Kennedy Secretary Secretary J. Taney Willcox Treasurer Treasurer G.H.Pabst Jr Vice-Free. & Comptroller Comptroller F. J. Fell Jr Asst. Comptroller Asst. Comptroller W.B. Kraft Deputy Comptroller Asst. Comptroller Elmer Hart Director Director Edgar C. Felton Director Director E. B. Morris Director Director Jay Cooke Director Director C.E. Ingersoll Director Director A. W.Thompson Director Director Levi L. Rue Director Director Howard Heinz Director Director Richard B. Mellon The board of directors of the Pennsylvania RR. is composed of 17 mem. bers, and that of the Pennsylvania Co. of 13 members, and it appears from the foregoing list that 12 persons serve on both boards,also that all principal officers of the one corporation serve the other in similar capacities. The same agreed statement embraces copies of correspondence and details of transactions leading to the acquisitions of Lehigh Valley and Wabash stocks,some of which will be later referred to as occasion requires. It will better serve the needs of this report to present at this point a summary of the testimony of W. W. Atterbury, who, at the time of the acquisitions, was President of the Pennsylvania Co. as well as of the Pennsylvania RR., and still holds those positions. The witness testified that following hearings that were had with reference to our tentative consolidation plan, issued Aug. 3 1921, efforts were made by the executives of the railroads in Eastern territory to find a solution that they might submit to us as a basis for ultimate consolidation of the railroads in that territory. The New York Central, the Baltimore & Ohio, the Pennsylvania and the Nickel Plate joined in a series of conference hoping that they might be able so to adjust relations with each other and other railroads in the same territory as to be in position to formulate and present to us a four-party consolidation plan which would minimize, as far as possible, the difficulties in the way of consolidation in accordance with out tentative plan. The Nickel Plate at that time had acquired an interest in the Chesapeake & Ohio and was "working on the Pere Marquette and the Erie." The New York Central wanted an additional line between New York and Buffalo, preferably the Lackawanna. The Baltimore & Ohio wanted the Reading and the Wabash. The Pennsylvania RR. also had definite things that it desired to accomplish in order to round out its system, one of which was to secure a line from the upper reaches of the Susquehanna River to the Delaware River and into New York City, and another was a line from the lower Susquehanna River, near Harrisburg, to the Delaware. It also desired a line on the south side of Lake Erie, certain trackage rights which would improve its service from Detroit to St. Louis, and a line between Chicago and St. Louis. In the discussions that followed it developed that the New York Central was unwilling to give up its interest in the Reading until it could be assured of complete control of etiher the Lackawanna or Lehigh Valley. It also developed that neither the New York Central nor the Nickel Plate would give to the Pennsylvania RR. trackage rights along the shore of Lake Erie, nor,as it later developed, would they agree to permit the Pennsylvania RR.to build a line there if and when necessary. That developed into a situation which in the opinion of the witness was clearly a combination against the Pennsylvania RR., which culminated in a three-party plan that was submitted to us, and against which the Pennsylvania interests protested. The witness further testified that the so-called three-party plan proposed by the New York Central, the Baltimore & Ohio and the Nickel Plate contemplated four systems in Eastern territory, including the Pennsylvania system although the latter did not join in proposing it. About that time there was considerable activity in the stock of the Lehigh Valley and it was the opinion of the Pennsylvania that early purchases of that stock were directly traceable to the New York Central. In the meantime, the Baltimore & Ohio and the Nickel Plate were attempting to get control of the Wheeling & Lake Erie and the Western Maryland. L. F. Loree, President of the Delaware & Hudson, also commenced the purchase of Lehigh Valley stock at about the same itme and the Pennsylvania presently learned that Loree had about 30% of that stock andawas possibly in position to block 3774 FINANCIAL CHRONICLE [VoL. 131. any four-party plan if he chose to do so. Upon the suggestion of Loree have been transported between the same points wholly or partially by the that the Pennsylvania should join with the Delaware & Hudson in the Pennsylvania RR. Coal shipments were considered competitive if hauled purchase of Wabash stock, Atterbury was quite prepared to assent, because to markets which could have been supplied with coal from the same or he was satisfied that there was no harmonizing of difficultues and therefore similar districts by the Pennsylvania RR. It is well known that the same "it would be well for the Pennsylvania RR. to have in the Delaware & mine-opening, or point for the loading of coal, is seldom served by more than Hudson, as the parent company of a fifth system, a friendly interest rather one railroad. The classification of the 73,005 carloads by the witness than the unfriendly interests of the Baltimore St Ohio, the New York resulted in a showing of37,376 carloads of non-competitive traffic and 35,629 Central and the Van Sweringens." The "Van Sweringens" referred to carloads of competitive traffic, the proportions being 51% and 49%,respecwere in control of the Nickel Plate system. That led to an agreement, tively. It should be borne in mind that these figures represent only the dated Feb. 15 1927, between Loree, representing the Delaware & Hudson, traffic which the Lehigh Valley was successful in obtaining and do not Atterbury, representing the Pennsylvania Co., and Otto H. Kahn, repre- Include any traffic which the Pennsylvania RR. obtained but which the senting Kuhn, Loeb & Co., the intended effect of which was to give the Lehigh Valley could have transported. The Lehigh Valley has 17 junction Pennsylvania either a large interest in the Lehigh Valley or a large interest points or connections with the Pennsylvania RR.for the transfer offreight In a "fifth system" which would include the "Delaware St Hudson. Lehigh traffic, and reaches 13 cities of over 10,000 population which are also Valley, Wabash, B. R. & P. and possibly the Pittsburgh & West Virginia served by the Pennsylvania, including New York City, Rochester, Buffalo and Boston & Maine." It was agreed that the Pennsylvania would put and Elmira, N. Y., Jersey City and Newark, N. J., and Hazleton and Kuhn.Loeb & Co.in funds to the extent of$25,000,000 to purchase Wabash Wilkes-Barre, Pa. The route of the Pennsylvanua between New York and stock, which the Delaware & Hudson was to take over, giving Delaware St Buffalo is more circuitous than that of the Lehigh Valley, but the Lehigh Hudson stock in exchange, if approved by us. Failing such approval, the Valley in connection with the Wabash and other lines reaching the Niagara Delaware & Hudson was to give its Lehigh Valley stock to the Pennsylvania frontier affords a reasonably direct through route between New York in exchange for the Wabash stock. In the latter event the Pennsylvania on the east and Detroit and Chicago on the west, in competition with the was to rum over its Lehigh Valley stock to the new fifth-system corporation, direct routes of tne Pennsylvania RR. serving those points. The Lehigh taking its stock in return; and in case of failure of these plans the Penn- Valley also maintains in conjunction with its various connections fast sylvania would hold its Lehigh Valley stock. In financing the purchase of freight trains which compete with the Pennsylvania RR. on practically Wabash stock the Delaware & Hudson was to share equally with the similar schedules. Pennsylvania, the latter providing the first $25,000,000 with the underTestimony relating to competition between the Pennsylvania RR. and standing that the Delaware & Hudson would later provide a like amount. the Wabash was furnished by the Vice-President in charge of Traffic of the Pursuant to this agreement there was purchased in the name of the Penn- Wabash. who placed in the record extensive tables covering carload shipsylvania Co. in February and March, 1927. 323,500 shares of Wabash ments for the months of October 1928, and March 1929, showing that of stock, payment for which was not made until December,1927, when certain 121,106 carloads transported by the Wabash on its lines east of the Missisinterest-bearing securities were sold by it to the Pennsylvania RR.from the sippi River in those months, 91,202 or 75.31% were competitive with the proceeds of which settlement was made. During the period from March 11, Pennsylvania RR. and 29,904 carloads, or 24.69%, were non-competitive. 1927, to Oct. 311927. Kuhn, Loeb St Co. purchased for the Delaware & Extending the comparison to include not only the lines of the Wabash but Hudson 217.000 shares of Wabash stock. No further action under the terms those of the Ann Arbor and the New Jersey, Indiana & Illinois, which are of the agreement was taken by either of the parties thereto, and, it later considered a part of the Wabash system, the number of carloads is increased appearing that the plans for a fifth system could not be realized, the Dela- to 140,455 of which 103,763. or 73.88% were considered competitive with ware & Hudson, in April, 1928, sold to the Pennsylvania Co. its holdings the Pennsylvania RR. Like the Lehigh Valley, the Wabash has fast of 323,600 shares of Wabash and 304.539 shares of Lehigh Valley. The freight trans which compete with those of the Pennsylvania RR.,running price paid therefor was a lump sum of$62,500,000. on substantially the same schedules and affording deliveries at the same The witness further testified that the line of the Pennsulvania RR.from time in various markets. The route of the Pennsylvania RR. between Buffalo to New York is rather circuitous, which prevents successful compe- Chicago and St. Louis is more circuitous than that of the Wabash, and no tition with the other lines running out of Buffalo, and acquisition of the doubt its ability to compete with the more direct lines for traffic between Lehigh Valley would give the Pennsylvania a connection from its line at those cities is thereby impaired, but both have direct lines between Lake Sunbury,Pa.. into the city of New York, where the terminals of the Lehigh Erie and St. Louis. It is in evidence that the Wabash, in connection with Valley and the Pennsylvania are adjacent. Also by reconstruction of one lines extending between the Niagara frontier and Philadelphia,is even able of the Pennsylvania lines just north of Harrisburg, with small additional to compete with the Pennsylvania RR. for traffic between St. Louis and new construction, the Pennsylvania could connect with the Lehigh Valley Philadelphia. The Wabash, the Lehigh Valley and the Pennsylvania RR. and thus acquire an entrance into the important steel and cement district all have traffic representatives at most of the important cities throughout of central Pennsylvania. Further, he testified, the Pennsylvania is not in the country, and there is strong competition for traffic that may move over control of its passenger facilities at Buffalo and use of the Lehigh Valley all the competitive routes in which those carriers participate. The Lehigh station in that city would probably result in economies. Further economies Valley is one of the most important connections of the Wabash at the would be realized through the consolidation of adjacent terminals at Green- Niagara frontier, the interchange between those carriers at that gateway ville. N. J. The acquisition of the Lehigh Valley was regarded as a very amounting to 57.137 cars in the year 1929. important factor in the plans ofthe Pennsylvania RR ,which had long hoped Witnesses for the Pennsylvania RR. had analyzed the statements of that at some time it would acquire a substantial interest in that company. competitive and non-competitive traffic placed in evidence by witnesses In reference to the desire to acquire a line along the south shore of Lake for the Lehigh Valley and the Wabash, and criticized when in numerous Erie. the witness testified that his company had lines ending at Pittsburgh particiculars, taking the position that due to various circumstances, such on the south and reaching Detroit, Sandusky, Cleveland, Ashtabula, Erie as the absence of through rates and lack of reciprocal switching arrangeand Buffalo, on the north. Rates common to all lines are in effect between ments, a considerable proportion of the traffic classified as competitive by these points, but the circuity of the routes over the Pennsylvania is such witnesses for the Lehigh Valley and the Wabash was not in fact subject to that It renders the traffic expensive and militates against successful solici- actual competition. It is not apparent, however,that the existence of these tation. The line between Chicago and St. Louis is in some respects analo- circumstances would justify a rejection of the classifications by witnesses gous to the situation along Lake Erie. That is, while the Pennsylvania has a for the Lehigh Valley and the Wabash, as it is necessary to assume that the route and rates between Chicago and St. Louis its line is relatively citcuitous present arrangements for the interchange and movement of traffic are and moves relatively little traffic. subject to change; and the mere presence of the lines of the Lehigh Valley The witness testified that in his opinion he could have come to an agree- and the Wabash in the territory and in close proximity to the points served ment with other eastern trunk lines on every matter except the construction by the Pennsylvania, with the possibility of the establishment of proper of a line along the south shore of Lake Erie. Certain counter proposals were connections and arrangements for the handling of traffic, must have an made by such lines which were not acceptable to the Pennsylvania. influence upon the service and rates of all carriers serving thesame territory. Questioned by his counsel,the witness testified that in making the arrange- Moreover, after excluding all traffic thus questioned, there was left a large ment of Feb.15 1927. the Pennsylvania had no thought of influencing com- volume to which no exception was taken by the respondents. Question was petition between the Pennsylvania RR. and the Wabash or the Lehigh also raised as to the propriety of regarding as competitive traffic such shipValley. As a result of the agreement it was expected that the Pennsylvania ments of coal and other commodities as are considered subject to "market" RR. would get eventually one of three things, either a large interest in a competition. However, adopting the often-used definition of competition fifth system that would be friendly to the Pennsylvania, a large interest in as a "striving for the same thing," there would be no ground for classifying the Delaware az Hudson, which had always been a valued connection of the as non-competitive such shipments,for example, as coalfrom the anthracite Pennsylvania, or a large interest in the stock of the Lehigh Valley, which districts of Pennsylvania to New York City. It is clear that the service of had been an objective of the Pennsylvania for many years. In the view of transporting necessary commodities to a market served by more than one the witness the creation of a fifth system, including the Delaware & Hudson railroad is a "thing"ofgreat value to the carrriers, and it is well known that the Lehigh Valley and the Wabash; would ultimately be a successful and there is much strife between them for the opportunity to furnish this service, profitable undertaking. Purchase of the Wabash stock therefore, in his and that this rivalry has a direct influence on service and rates. While not opinion,safeguarded the Pennsylvania in any of the three objectives. Asked admitting on the record the allegations of the complaint as to the existence by his counsel why in the negotiations pursuant to the agreement of Feb. 15 of competition, the respondents have not denied them. They do deny the 1927, and in the later acquisition of Wabash and Lehigh Valley stocks he allegation that theeffect of the acquisitions of stock may be to substantially had acted on behalf of the Pennsylvania Co., the witness replied, "Because lessen competition between the Pennsylvania RR. and the Lehigh Valley it had the credit, it had the finances, it had the power, and I did not have or the Wabash, and this contention will be considered later. The record to ask anybody's permission to go ahead and act except the approval of the shows that there is substantial competition between the Pennsylvania RR. Board of Directors." and the Lehigh Valley,and between the Pennsylvania RR.and the Wabash, After the purchasesfrom the Delaware & Hudson, as above detailed, the and we so find. Pennsylvania Co. made further purchases of 135,000 shares of Wabash and In addition to the denials that the Pennsylvania RR.indirectly acquired 60,500 shares of Lehigh Valley, giving it aggregate holdings of 675.800 the capital stocks of the Lehigh Valley and the Wabash, andahat the effect Wabash and shares 365,039 shares of of Lehigh Valley, which it still has. ofsuch acquisitions may be to substantially lessen competition between the All of these shares have equal voting rights. Pennsylvania RR. and the carriers whose stocks it is alleged to have The Lehigh Valley operates through routes from New York and Phila- acquired, respondents further contend that the acquisitions were "solely delphia to Buffalo,using the same line between Bethlehem,Pa.,and Buffalo, for investment" within the meaning of the third paragraph of Section 7 of and has several branches serving the anthracite coal districts of eastern the Clayton Act. For convenience the first three paragraphs of the section Pennsylvania. The Wabash operates lines between Buffalo and Chicago, are here quoted: between Chicago and St. Louis. between Detroit and St. Louis, and be"That no corporation engaged in commerce shall acquire, directly or tween Toledo and St. Louis. It also has lines extending westward from indirectly, the whole or any part of the stock or other share capital of St. Louis and Hannibal. Mo., to Kansas City, Omaha and Des Moines another corporation engaged also in commerce, where the effect of such The Pennsylvania operates through lines between New York and Chicago, acquisition may be to substantially lessen competition between the corbetween New York and Buffalo, between New York and St. Louis, between poration whose stock is so acquired and the corporation making the acquior to restrain such commerce in any section or community, or tend Chicago and St. Louis, and between Detroit-Toledo and St. Louis. It also sition, to c(eate a monopoly of any line of commerce. serves the anthracite coal districts of Pennsylvania,transporting coal there"No corporation shall acquire, directly or indirectly, the whole or any from to many territories and destinations, including New York City. part of the stock or other share capital of two or more corporations engaged Evidence upon the question of competition between the Pennsylvania RR. in commerce where the effect of such acquisition, or the use of such stock by the voting or granting of proxies or otherwise, may be to substantially and the Lehigh Valley and between the Pennsylvania RR. and the Wabash lessen competition between such corporations, or any of them, whose stock was furnished by traffic officials of the Lehigh Valley and the Wabash, or other share capital is so acquired, or to restrain such commerce in any respectively. The Assistant Freight Traffic Manager of the Lehigh Valley, section or community, or tend to create a monopoly of any line of comin preparation for the hearing, had examined the records of all carload ship, merce. "This section not apply to corporations purchasing such stock solely ments of 10,000 pounds or more, 73,005 in number, transported by the for investment shall and not using the same by voting or otherwise to bring Lehigh Valley in the month of April 1929, that being considered a repre- about, or in attempting to bring about, the substantial lessening of comsentative month. The shipments of commodities except coal were classified petition. Nor shall anything contained in this section preevnt a corporaas competitive or as non-competitive with the Pennsylvania RR.,consider- tion engaged in commerce from causing the formation of subsidiary corporations for the actual carrying on of their immediate lawful business, or ing as competitive all shipments handled by the Lehigh Valley that could the natural and legitimate branches or extensions thereof, or from owning DEC. 13 1930.] FINANCIAL CHRONICLE 3775 and holding all or a part of the stock of such subsidiary corporations, when the injunction. After reciting the facts showing that the Pennsylvania Co. the effect of such formation is not to substantially lessen competition." was used through considerations of legality and policy which militated Three controlling issues are thus presented, which will be dealt with in against direct acquisition by the Pennsylvania RR., the court said, in order. part; "In view of this plain and candid statement of the real facts of the case 1. Were the Lehigh Valley and Wabash stocks acquired, either directly or by the parties themselves, it is impossible, as we have already said to indirectly, by the Pennsylvania RR? draw any other inference than that the real party contracting and stipuThe President of the Pennsylvania RR. and of the Pennsylvania Co., lating for the control of the South Pennsylvania RR. Co. was the Pennsyltestified that the latter "is a company which makes investments either vania RR. Co., and that any title to any stock or securities intended to be Company was to be a mere naked legal directly or indirectly in the interest of the Pennsylvania RR." This author- held in the name of the Pennsylvaniawords, that the Pennsylvania RR. Co. title, to be held in trust. In other itative and succinct statement of the present function of the Pennsylvania intended to do in fact what it was forbidden by law to do. and therefore Co. is supplemented by much evidence relating to the history of the Penn- attempted to give the transaction the appearance, In the eye of the law, sylvania Co., the relation of its corporate acts to the business of the parent of being other than it really was. This, of course, can not avail, in a company, and other circumstances tending further to establish the identity court of equity which looks at substance without being controlled by form." The President of the corporations testified that he had acted on behalf of of interest of the corporations. Extracts from the reports of the directore of the Pennsylvania RR. to the company's stockholders were submitted the Pennsylvania Co. instead of the Pennsylvania RR.in entering into the in evidence showing that in the year 1870 the Pennsylvania lines west of agreement with the Delaware & Hudson for the purchase of Lehigh Valley Pittsburgh, which had theretofore been operated by the Pennsylvania RR. and Wabash stocks for the reason that it (the Pennsylvania Co.) had the were placed under the direct management of a new corporation known as the credit, the finances and the power, and that he "did not have to ask any"Pennsylvania Co.," established and controlled by the Pennsylvania RR. body's permission to go ahead and act except the approval of the directors." Following is an extract from the annual report to the stockholders for that His reference to the ability to proceed without obtaining permission is understood to relate to the provisions of section 5 (2) of the act requiring that year: "With a view to give greater simplicity and efficiency to the management railroad companies subject to the act shall secure our approval before acof this large Western interest, and as far as pracitcable return to our former quiring control of another like carrier. However,the fact that the corporate policy, a charter was obtained from the Commonwealth of Pennsylvania machinery of the Pennsylvania Co. was used in financing these purchase@ incorporating the'Pennsylvania Company,'to which all the interests abovementioned of the Pennsylvania Railroad Co. will be transferred on the of stock and in taking title thereto does not obscure the fact that all of these first of March next and eight million dollars of the preferred capital stock transactions were directly and solely in the interest of the parent company, of the Pennsylvania Company received therefor, which amount covers the Pennsylvania RR. The only objective was the "protection" and up. fully all of our expenditures in this connection. building of the transportation system. This is so clearly established by the In 1874, the Pennsylvania RR. acquired more complete control of the testimony of the same witness previously recited that further discussion of Pennsylvania Co., the report for that year stating: the matter is deemed unnecessary. "Your company being the owner of eight million dollars of preferred In support of their contention that the acquisitions of stock were not stock of the Pennsylvania Company, it was deemed wise by your board to either directly or indirectly those of the Pennsylvania RR., respondents purchase the remaining stock, which had been issued at par to the Union RR. & Transportation Co. in purchase of their car equipment at its ap- rely largely upon the decision of the Supreme Court in United States v. praised value, and an arrangement was finally consummated by which the Delaware & Hudson Co., 213 U. S. 366. That case involved the construcholders thereof should receive bonds of the Pittsburgh Cincinnati & St. tion of the so-called commodities clause of the act as applied to the transLouis RR. Co., owned by your company, in exchange for their stock, par portation of coal mined by a corporation the capital stock of which waa for par. Nearly all these stockholders have accepted this arrangement, and it is presumed the owners of the few shares stiff outstanding will do so, owned by the Delaware & Hudson Co.; that clause prohibiting among other thus giving your company the entire control of the stock and placing them things, the transportation in Inter-State commerce by a railroad company ot in condition to carry out any policy that may be found best for your inter- any article or commodity other than timber and the manufactured products ests." thereof in which the railroad company might have "any interest, direct or In the year 1906, the Pennsylvania RR. used the Pennsylvania Co. in indirect, except such articles or commodities as may be necessary and infinancing certain expenditures, the transactions closely resembling in tended for its use in the conduct of its business as a common carrier." The character those dealt with in the present proceeding. The report to stock- court held that the mere ownership of stock in the subsidiary corporation holders for that year contains the following: did not bring the case within the commodities clause, referring to the fact. "In order to temporarily provide the capital needed for the heavy ex- that amendments in specific terms causing the clause to embrace stock penditures made during the past year upon your lines east of Pittsburgh ownership had been rejected by the Senate, and the court held that these and Erie, it was deemed wise to utilize the powers of the Pennsylvania Company and thus make it further available for the purposes of its organ- considerations disposed of the contention that stock ownership must have ization. To this end that company made an issue May 1 1906 of $50,000.- been in the mind of Congress in framing the legislation. This decision. 000 of its 4A % 18-months' collateral notes, guaranteed by your company. however, was modified by the later decision in U. S. v. Lehigh Valley RR. The proceeds of these notes were placed to your credit, and the Pennsylvania Company has been reimbursed for these treasury.. advances largely through Co.. 220 U. S. 257, construing the commodities caluse as applied to the transportation of coal produced by a subsidiary mining company of the the sale of the securities heretofore held in your ' According to the report for the year 1917, the Pennsylvania RR.in that Lehigh Valley, in which the court, while in substance affirming its finding year took steps to resume the operation of the system lines west of Pitts- in the previous case, held further that under the different circumstances of the later case the transportation fell within the prohibitions of the commodiburgh, the report referring to the arrangement in the following language. "To effect a closer unity, your company entered into an agreement to ties clause. The court said; "Our duty is to enforce the statute, and not to exclude from its prohibitake over the leases, business and assets of the Pennsylvania Company. and assume its obligations, liabilities and duties to the lines and properties tions things which are properly embraced within them. Coming to disin which it had an interest. This agreement is to become effective as of charge this duty it follows, in view of the express prohibitions of the comJan. 1 1918, or such later date as may be agreed upon so as to meet all modities clause, it must be held that while the rignt of a railroad company legal requirements, and adjust any other necessary features between both as a stockholder to use its stock ownership for the purpose of a bona fide companies. The Pennsylvania Company was created to promote and separate administration of the affairs of a corporation in which it has a operate various lines west of Pittsburgh in the general interest of your stock interest may not be denied, the use of such stock ownership in subcompany, which owns the entire capital stock of the Pennsylvania Com- stance for the purpose of destroying the entity of a producing, &c., corpany and guarantees the payment of its outstanding bonds. This further poration and of commingling its affairs in administration with the affaits unification is in pursuance of the policy followed by your company of of the railroad company, so as to make the two corporations virtually one, eliminating corporations which are no longer necessary, and will give the brings the railroad company so voluntarily acting as to such producing. lines west of Pittsburgh the direct strength and credit of the parent com- &c., corporation within the prohibitions of the commodities clause. In other words, that by operation and effect of the commodities clause there pany and bring about beneficial economies." Is a duty cast upon a railroad company proposing to carry in inter-State Thereafter, it appears, the function of the Pennsylvania Co. was that of commerce the product of a producing, &c., corporation in which it has a an investment company doing business as a separate corporation in the stock interest not to abuse such power so as virtually to do by indirection commodities clause prohibits, a duty which plainly would interest of the parent company. Previous to the present acquisitions, that which thethe unnecessary commingling of the affairs of the producing be violated by however,the Pennsylvania Co.'s holdings of securities have been practically company with its own,so as to cause them to be one and inseparable." confined to those of subsidiaries of the Pennsylvania RR. The doctrine laid down by the Supreme Court in the Delaware & Hudson In support of the allegation that the Pennsylvania RR.indirectly acquired case was still further modified in the more recent decisions in the Delaware, the capital stock of the Lehigh Valley and of the Wabash, although title Lackawanna & Western Case,supra.the Reading Case,supra, and the later to such stocks was taken by the Pennsylvania Co.. numerous court decisions Valley Case, supra, the court using the language preceding our are referred to in the record,tending to support the contention that although Lehigh previous citation of those cases. ownership of capital stock of one corporation by another may not alone Counsel for the respondents further insist that no relationship of agency create an identity of corporate interest, it has been repeatedly held that has been shown between the Pennsylvania RR. and the Pennsylvania Co. such findings were not applicable where stock ownership has been resorted In the transactions under consideration. Pursuing this theory to its logical to, not for the purpose of participating in the affairs of a corporation in the conclusion, we must find that the officials of the Pennsylvania Co. acted normal and usual manner, but for the purpose of controlling a subsidiary authority to which they were responsible was company se that it may be used as "a mere agent or instrumentality or without authority;for the only Pennsylvania RR., acting through the board of sole stockholder, the department" of the controlling company; the courts in such cases dealing the directors of the Pennsylvania Co. Giving full play to the theory of separate with the substance of the transactions as if the separate corporate agency Identity of these corporations, respondents would presumably contend that did not exist and as the justice of the case might require. Among the cases in order to establish the agency relationship the directors of the Pennsylcited are U. S. v. Lehigh Valley RR. Co., 220 U. S. 257, 273; U. S. v. themDelaware, Lackawanna & Western RR. Co., 238 U. S. 516; Chicago, M.& vania RR., by virtue of their stock control, should have instructed selves, as directors of the Pennsylvania Co., to cause the purchases desired. St. P. Ry. v. Minneapolis Civic & Commerce Assn., 247 U. S. 490, 501; That they did not resort to these formalities is perhaps to their credit, proU. S. v. Lehigh Valley RR. Co., 254 U. S. 255; U. S. v. Reading Co., 253 vided the omission is not used to defeat the intent of Congress. The U. S. 26, 62, 63. It was held in U. S. v. United Shoe Machinery Co., 234 outstanding facts remain that the purchases were for the sole benefit of Fed. 127, 141, 142, in substance, that whatever may have been the views Pennsylvania RR.; that the Pennsylvania RR. was in complete conthe of the courts in the early days of corporate existence, courts now will look trol of the Pennsylvania Co.; that the power to act for both corporations behind the corporate fiction and if it clearly appears that one corporation is in the same individuals; and that the acquired stocks are held in merely the creature of another, the latter holding all the stock of the former resided Pennsylvania Co. for the benefit of the Pennsylvania RR. thereby controlling it as effectively as it does itself, it will be treated as the the name of the facts do not establish an implied agency, the alternative deduction these If practical owner of the corporation, when necessary for the purpose of doing must be that the relationship is still closer than that of principal and agent, justice. Pennsylvania Co. being, in the language of the court, a mere "departCases were also cited in which the Pennsylvania RR.itself was involved, the of the Pennsylvania Railroad. Under these circumstances it must and in which the corporate distinction between that company and various ment" that, giving all possible recognition to the separate incorporation held be subsidiary and controlled corporations was disregarded in the interest of Pennsylvania Co.,the stocks,if not directly acquired, were indirectly Justice. One of these, arising in 1885, involved the relations between the of the Pennsylvania RR. and the Pennsylvania Co. The constitution of Pennsyl- acquired by the Pennsylvania RR., within the meaning of the statute. vania provided, in substance, that no railroad corporation should acquire 2. May the effect of the acquisitions of Lehigh Valley and Wabash stocks be to substantially lessen competition between the Pennsylvania RR. and either control of any other railroad corporation owning or having under its control a parallel or competing line. A new line in Pennsylvania had been proposed or both of the carriers whose stocks were acquired, or to restrain commerce with constructed which, connections, partly would parallel and comand in any section or community? pete with a line of the Pennsylvania RR. The President of the PennsylThe language of the statute, "where the effect of such acquisition may vania RR., George B. Roberts, and two Vice-Presidents entered into be to substantially lessen competition," as commonly used and understood, negotiations with a New York banker as a result of which a proposal was would include the mere possibility of such effect, and this understanding is made by Roberta, as President of the Pennsylvania Co.. then an operating supported by standard dictionaries.' We should be content to rest upon railroad company, that the banker should procure "securities and contracts this usual and authorized understanding, but counsel for respondents insist and control" of the constructing company, in payment for which the Penn*Webster's New International Dictionary gives, among others, the following sylvania Co.would deliver certain securities guaranteed by the Pennsylvania definition of the word may; Liberty; opportunity; permission; possibility; as. RR. Suit was brought to enjoin the execution of this agreement and the he may go: you may be right. Also Funk & Wagnall's New Standard Dictionary: Supreme Court ofPennsylvania in Pennsylvania RR.Co.et al v. Common- To be contingently possible; as, it may be; you may get off, although you do not wealth, Atl. (Pa.) 368, affirmed the decree of the lower Court granting deserve it. 7 3716 FINANCIAL CHRONICLE [VOL. 131. that the burden is upon the Government to establish the probability of It is upon the use of the word "probably"in the preceding quotation that substantial lessening of competition and that it is insufficient to show merely respondents principally reply. However, what the court would have done the possibility of such lessening. In support of this position they rely very in applying the Clayton Act in the circumstances now before us is to be largely upon two decisions of the Supreme Court, which will be hereafter inferred not so much from what was said in the Magrane-Houston case as discussed; but they also claim that their construction is supported by the from what it there did. So far as the opinion shows, there was no evidence debates in Congress preceding the passage of the Clayton Act, although not of specific injury through the operation of the contract under review. As admiting the value of such debates in construing statutes, citing U. S. v. was said in argument: Trans-Missouri Freight Association, 166 U.8. 290, in which the court said: "There was no testimony showing that any deception, misrepresentation "The reason is that it is impossible to determine with certainty what or oppression had been practiced; no complaint of any competitor or other construction was put upon an Act by the members of the legislative body person of any unfairness; nor any suggestion that the public had suffered that passed it by resorting to the speeches of individual members thereof. injury or that competitors had reasonable ground for complaint." Those who did not speak may not have agreed with those who did; and those The decision apparently rested entirely upon the nature of the contract Who spoke might differ from each other: the result being that the only Proper way to construe a legislative Act is from the language used in the itself. This is evidenced by the following language, quoted with approval Act, and, upon occasion, by a resort to the history of the times when it from the decision of the court below: was passed." "The restriction of each merchant to one pattern manufacturer must in The same court, however, in later decisions has greatly modified this hundreds, perhaps in thousands, of small communities amount to giving single pattern manufacturer a monopoly of the business in such comdoctrine by construction. For example, in U. S. vs. St. Paul, M. & M. such munity. Even In larger cities, to limit to a single pattern maker the pattern By. Co., 247 U. S. 310, the court said: business of dealers most resorted to by customers whose purchases tend "But the reports of a committee,including the bill as introduced,changes to give fashions their vogue, may tend to facilitate further combinations: made in the frame of the bill in the course of its passage, and statements so that the plaintiff, or some other aggressive concern,instead of controlling made by the committee chairman in charge of it, stand upon a different two-fifths, willshortly have almost,if not,quite,all the pattern business." footing and may be resorted to under proper qualifications." and the court concluded by saying: and in RR.Commission of Wisconsin vs. C. B.& Q. RR.Co.,257 U. 5.563. "We agree with these conclusions, and have no doubt that the contract, "Committee reports and explanatory statements of members in charge properly interpreted, with its restrictive covenant, brings it fairly within made in presenting a bill for passage have been held to be a legitimate aid the section of the Clayton Act under consideration." to the interpretation of a statute where its language is doubtful or obscure. There is in this language no room for an assumption that the court would Duplex Printing Press Co. vs. Deering, 245 U.9.443,475. But when taking the Act as a whole, the effect of the language used is clear to the Court, have been moved from its position by such representations regarding the extraneous aid like this can not control the interpretation. Pennsylvania intentions of the parties as are relied upon in this proceeding. RR. Co. vs. International Coal Mining Co.. 230 U. S. 184, 198. CanalIn the International Shoe Company Case, decided Jan. 6 1930, the shoe netti vs. United States. 242 U. S., 470,490. Such aids are only admissible company,in May 1921, acquired all or substantially all of the capital stock to solve doubt and not to create it." of W. H. McElwain Co., both companies being engaged in the manufacture Bearing these restrictions in mind, we have carefully examined the committee reports and explanatory statements in both the House of Representa- and distribution of shoes. Upon hearing, the Federal Trade Commission tives and the Senate,from the introduction of H. R. 15657, whichi finally found that the companies were in substantial competition and that the efbecame the Clayton Act, until its passage. The bill was introduced in the fect of the acquisition of stock by the International Co. was to substantially House on May 6 1914, having been prepared by a sub-committee of the lessen competition and to restrain commerce. Thereupon, it ordered the House Committee on the Judiciary. The first paragraph of Section 8(now International Co.,to divest itself of all capital stock to the McElwain Co. The decision was appealed to the Circuit Court of Appeals, thence to the Section 7) in the original bill read as follows: "That no corporation engaged in commerce shall acquire, directly or Supreme Court, where the judgment was reversed. The order of the ComIndirectly, the whole or any part of the stock or other share capital of an- mission was assailed upon two grounds: First, that there never had been subother corporation engaged also in commerce, where the effect of such stantial competition between the two corporations and therefore there could acquisition is to eliminate or substantially lessen competition between the be no foundation for the charge of substantial lessening of competition. corporation whose stock is so acquired and the corporation making the Second, that the financial condition of the McElwain Co. was such as to acquisition, or to create a monopoly in any line of trade in any section or necessitate liquidation or sale and therefore the prospect for future competicommunity." (Italics ours.) The provisions of this paragraph were sharply criticized on the ground tion or restraint was entirely eliminated. The court reviewed the evidence that under the language used it would be necessary in order to prove a relating to the character ofshoes manufactured by each company, the terriviolation of law to show that competition had in fact been substantially tory of distribution of the products, and the relative sales, and reached the lessened through a stock acquisition, and it was strongly urged that such following conclusion: "It is plain from the foregoing that the product of the two companies proof would often be impracticable. The language in this particular was, here in question, because of the difference in appearance and workmanship, however, retained without change until, during the consideration of the appealed to the tastes of entirely different classes of consumers; that while bill in the Senate, Senator Reed. a member of the committee in charge, on a portion of the product of both companies went into the same States in Aug. 31 1914, offered an amendment striking out the word "is" and insert- the main the product of each was in fact sold to a different class of dealers and found its way into distinctly separate markets." ing in place thereof the words "may be," saying: In decideing the case against the commission the court said, citing "My reason for offering the amendment is this: The law, as I understand it, is that a combination is illegal where the effect may be as well as Standard Fashion Co. v. Magrane-Houston Co., supra, that where it is. I understand that the chairman of the committee is prepared "Mere acquisition by on e corporation of the stock of a competitor, even to accept the amendment." 1914 Cong. Rec., Vol. 51.Pt• 14, p. 14,464. though it resulted in some lessening of competition, is not forbidden; the The amendment was thereupon adopted, without objection. Similar Act deals only with such acquisitions as will probably result in lessening language in the second paragraph of the section. relating to acquisitions of competition to a substantial degree." stock of two or more competing corporations, was at the same time amended There is no discussion in this decision of the distinction between the in like manner. As thus amended the bill was considered in conference, and possibility and the probability of results, but so far as the opinion shows the amendments were included in the conference bill as reported. In the the only question in the mind of the court was as to whrther the lessening debate in the Senate upon the conference bill, Senator Chilton, one of the of competition would be "substantial" within the meaning of the statute: conferees, referred to the amendments as follows: and it reached the conclusion that the competition, whether possible or "The conferees had to find some common ground upon which their minds probable, was not ofsufficient importance to bring the case within the Claycould meet, and the result was a compromise which is section 7 in the bill ton Act. reported by the conferees. That compromise was the adoption of the Assuming, though not admitting, that respondents have legal ground for words'may be' instead of the word 'is, so that instead of reading 'where the effect is' the bill now reads'where the effect may be': that is, where it their contention that the law requires the showing of probability ofsubstanis possible for the effect to be, which was a decided victory for the Senate." tial lessening of competition, the record seems ample to meet the additional 1914 Cong. Rec., Vol. 51. pt. 16. p. 16.002. test. As already stated, the president or the don:many testified that in acWe have found nothing to support a contrary view of the intent of quiring the stocks there was no thought of suppressing competition, and it Congress. Is urged by respondents upon the evidence of their witnesses that no steps The supreme Court decisions relied upon by respondents are Standard have been taken as the result of the stock acquisitions to change the previous Co. vs. Magrane-Houston Co.. 258 U. 8. 346, and the recent case of practices in the solicitation of traffic for the respective lines. It was in fact International Shoe Co. vs. Federal Trade Commission, 280 U. S. 291. testified that if there has been any change it has been in the direction of These cases arose under Section 3 of the Clayton Act which, among other Increased effort on the part of the respective companies to secure traffic things, makes unlawful the fixing of prices and the making of contracts during the recent months. Presumably, however, this intensity of effort restricting sales where the effect of such acts "may be to substantially is due to the general decrease in available traffic rather than to any change lessen competition or tend to create a monopoly in any line of commerce." In policy. It is obvious that the ultimate effects of the acquisition of control The facts in the first case were substantially as follows: The Standard through stock are not to be judged by immediate developments. According Fashion Co. was a New York corporation engaged in the manufacture and to the testimony ofrespondents'principal witness, the predominant purpose distribution of patterns. The Magrane-Houston Co. conducted a retail of the Pennsylvania Railroad in acquiring the stocks of the Lehigh Valley drygoods business in Boston. These companies entered into a contract and the Wabash was to secure such influence in the management of those whereby the Standard company granted to the Magrane-Houston Co. an companies as to insure their co-operation, if not the actual use of their agency for the sale of patterns manufactured by the former company for a facilities, in improving the routes of the Pennsylvania Railroad between certerm of years. Among the conditions of the contract was one iproviding tain important gateways, particularly New York, Buffalo, Chicago,and St. that the Magrane-Huston Co. should not sell or permit to be sold on its Louis. According to the record, nearly one-half of the outstanding stock of premises any other make of patterns, and not to sell standard patterns both the Lehigh Valley and the Wabash is now held by the Pennsylvania except at label prices. The Magrane-Houston Co., notwithstanding the Co. or under its control. Exhibits from annual reports to us show that. provisions of this contract, discontinued the sale of patterns of the Standard apartfrom these holdings. the stocks of both companies are widely scattered. Fashion Co.and placed on sale in its store the patterns of a rival company. Reports of stockholders' meetings of the Lehigh Valley and the Wabash The Standard Fashion Co. thereupon brought suit to enjoin the Magrane- held during the past five years show that the present holdings of the PennHouston Co. from violating its contract. The bill was dismissed by the sylvania interests would in every case have constituted more, and in some District Court and the decree was affirmed by the Circuit Court of Appeals. cases much more, than 50% of the total stock voted at those meetings, The case was carried to the Supreme Court by writ of certiorari. The In our decision in Inter-State Commerce Commission v. Baltimore & Ohio Supreme Court stated the issue thus: RR.Co.. 160 I. C. C.785, in which we considered the effect of the acquisi"Does the contract of sale come within the third section of the Clayton tion of a controlling proportion of stock of the Western Maryland by the Act because the covenant not to sell the patterns of others 'try be to Baltimore & Ohio, we said: substantially lessen competition or tend to create a monopoly.' "Since the admitted purpose of the acquisitions of stock, so far as they may be made to contribute to that purpose, was to unify operations and In reviewing the prior proceedings the court said, among other things: policies of the respondent and the Western Maryland, it necessarily folcontract interpreted light of in the "Both Courts below found that the the circumstances surrounding the making of it was within the provisions lows that the accomplishment of the purpose would completely eliminate of the Clayton Act as one which substantially lessened competition and both the actual and the potential competition that existed prior to the tended to create monopoly. These Courts put special stress upon the acquisitions of the stock by respondent and any that may exist now." fact found that of 52.000 so-called pattern agencies in the entire country, and in Inter-State Commerce Commission vs. Baltimore & Ohio RR. Co., the petitioner, or a holding company controlling it and two other,pattern 152 I. C. C. 721, in which we dealt with acquisitions of stock of the Wheelcompanies, approximately controlled two-fifths of such agencies. ing & Lake Erie By. Co. by certain trunk lines, we said; The court affirmed the decisions of the lower courts, holding that the "As a result of our consideration of the evidence before us, and of the contract was within the provisions of Section 3 of the Clayton Act. saying: true construction of the statute, it is necessary to conclude that with the "Section 3 condemns sales or agreements where the effect of such sale acquisition of a majority of the voting stock of the Wheeling, the subor contract of sale 'may' be to substantially lessen competition or tend to stantial lessening of competition between the Wheeling and the respondents create monopoly. It thus deals with consequences to follow the making was not merely probable but was in fact accomplished. Assuming that of the restrictive covenant limiting the right of the purchaser to deal in the it would be possible for a controlling carrier or carriers to provide such goods of the seller only, but we do not think that the purpose in using the routing of traffic,service and rates for a controlled carrier as to enable it to word 'may' was to prohibit the mere possibility of the consequences de- maintain or even increase its volume of business, such a result would not scribed. It was intended to prevent such agreement as would under the be due to competition, which necessarily ceases with the acquisition of circumstances disclosed probably lessen competition or create an actual control. An appearance of strife for traffic might even be continued, but tendency to monopoly. That it was not intended to reach every remote it would not be the competition meant by the statute. We find it impossible lessening of competition is shown in the requirement that such lessening to accept the theory that Congress intended that acquisition of absolute must be substantial." control of one corporation engaged in commerce by one or more other cor- DEC. 13 1930.] FINANCIAL CHRONICLE 3777 porations engaged in like commerce in the same territory could be regarded made. Computations made by our Bureau of Inquiry and presented iu otherwise than as a substantial lessening of competition. To require us to ts brief, the correctness of which has not been questioned by respondents, rely upon declarations of intention, counter influences, or other hypotheses indicate that up to April 30 1930, the cost to the Pennsylvania in interest as evidence that acquisition of control by one competitor of another would not have its usual and natural effect, would be to establish an unworkable paid and in interest lost on securities sold to finance the purchases amounted rule necessarily resulting in ineffective administration of the law." to about 89.072,006.25, which exceeds by $2,590,694.29 the amount of the the comWhere parallel lines are under common control, it is a necessary assump- dividends received on the stock acquired. It should be noted that Pennsylvania, amounting to tion that the controlling corporation will not resort to reductions in rates mon stock of the Wabash acquired by the paid a dividend. We find that the never value, had par or additionally expensive service in order to divert traffic from one line 836,290,000. investment, to the other, or suffer it to be done. Our conclusion as to the effect upon purchases of stock here in question were not made solely for competition of the acquisition of control of one competing carrier by another within the meaning of the Clayton Act. According to the testimony of the president of the Pennsylvania corporaIs fully supported by the decision of the Supreme Court in the Northern Securities case, 193 U. S. 197, in which the Court said, speaking of com- tions, the principal purpose of the acquisitions of the Lehigh Valley and Wabash stocks was to secure interests in important lines needed by the mon control through a holding company; Pennsylvania RR. to round out its transportation system,—the same "Necessarily by this combination or arrangement the holding company properties being under consideration for other disposition in developing dominates the situation in the interest of those who were stockholders of the constituent companies; as much so, for every practical purpose, as if it transportation systems in eastern territory. However, we are unable to had been itself a railroad corporation which had built, owned and operated attach weight to this fact. • Whether the purchases were made prinarily both lines for the exclusive benefit of its stockholders. Necessarily, also. for the suppression of competition or whether that effect would follow the constituent companies ceased, under such a combination, to be in active competition for trade and commerce along their respective lines, merely as an incident to the accomplishment of the larger purpose is a and have become, practically, one powerful consolidated corporation the question which we have no right to consider in applying the law to the principal, if not the sole, object for the formation of which was to carry out facts. While it is true that the Transportation Act, 1920. marked a subthe purpose of the original combination under which competition between stantial departure from previous Governmental policy in the matter of the constituent companies would cease." competition between railroad companies, we are unable to close our eyes 3. Were the acquisitions of stock within the exception applicable to corporations to the fact that Congress required that in the administration of that act purchasing stock "solely for investment and not using the same by voting competition should be preserved as fully as possible, and to that end it left or otherwise to bring about, or in attempting to bring about, the substantial the Clayton Act in full force and effect, providing, however, in Section 5 (8) of the Inter-State Commerce Act, that its operation might be suspended lessening of competition?" In supporting the affirmative of this question the respondents devoted by us in order to authorize acquisitions of control of one carrier by another much effort and brought to the witness stand three specialists of note, where, in our judgment, such acquisition would be in the public interest. respresenting, respectively, the fields of economics, accounting and finance, The respondents,in full knowledge of these provisions, have proceeded withwho, after exhaustive consideration of the subject, severally reached the out coming to us for such authority. The motion in behalf of the Pennsyvlania Co. to dismiss the complaint conclusion that the purchases of stock here under consideration might properly be denominated "investments." There can be no question as to that respondent for want of jurisdiction will be denied. Although it that the word "investment" is one of broad application, including in its is clear that the Pennsylvania Co.acted solely in behalf of the Pennsylvania various uses purchases of practically every kind and description and for RR. in these transactions, and that the two corporations together constievery purpose. For example, the purchase of an adjoining lot or farm to tuted but a single party in interest, we assume that the former holds legal prevent its falling into the hands of an undesirable neighbor might be termed title, as a corporation, to the acquired stocks, and must, as a separate legal an "investment," although from the standpoint of financial profit the entity, take part in the divestment which we shall order. That these acquisition of the property might have no advantages but on the contrary acquisitions of stock are within the intended prohibitions of the law we result in inevitable loss. The question at issue here, as we apprehend it. have no doubt. We find that the Pennsylvania RR. Co., the Lehigh Valley RR. Co.,and what does the word and the connected expression mean as used in the the Wabash Ry. Co. are corporations engaged in commerce within the third paragraph of Section 7? What was the intent of Congress? that the Pennsylvania Respondents take the position, in effect, that as the acquisitions of stock meaning of Section 7 of the Clayton Anti-Trust Act; were an investment and as it has not been shown that the stocks acquired RR. Co., through the use and instrumentality of its subsidiary and conthe have been used by voting or otherwise in the substantial lessening of com- trolled corporation, the Pennsylvania Co., acquired capital stocks of Co., as more particularly petition, the purchases fall within the exception. As we have already seen, Lehigh Valley RR. Co., and of the Wabash Ry. that the effect this proceeding; Section 7 as originally proposed and framed apparently contemplated the set forth in this report and in the evidence in between determination by an administrative body of the actual effect of the acqui- of such acquisitions may be to substantially lessen competition RR.Co. and between the Lehigh Valley RR. Co. and the Pennsylvania the sition of stock of a competing corporation in testing the question as to whether the acquisition was in violation of the law. After full discussion Pennsylvania RR. Co. and the Wabash Ry. Co. and to restrain commerce of this proposal in Congress, the idea was rejected as impracticable, and of the Lehigh Valley RR. Co. and the Wabash Ry. Co.; and that such in lieu thereof the section was so amended as to require that in order to acquisitions are in violation ofsaid section and act. An order will be entered establish a violation of the Act it was necessary to show only that an acqui- requiring the respondents to cease and desist from such violations and to sition gave the power to substantially lessen competition. The construc- divest themselves of the stocks so acquired. The order will provide,followtion of the third paragraph now insisted upon by respondents would be ing the requirement approved by the Supreme Court in. Federal Trade wholly out of harmony with the controlling provisions of the section as it Commission vs. Western Meat Co., 272 U. S. 554, that in such diverstnow stands; and the fact that this paragraph was not amended at the time ment no stock of the Lehigh Valley RR. Co. or of the Wabash Ry. Co. is evidence that Congress deemed such amendment unnecessary. The shall be sold or transferred, directly or indirectly, to any stockholder, reasonable construction of the language of the third paragraph fully sus- officer, director, employee, or agent of, or anyone otherwise directly OT tains this hypothesis. It is noted that following the words "solely for indirectly connected with or under the control or influence of the Penninvestment," which apparently expressed the predominant thought of sylvania RR. Co. or any of its officers, directors, or stockholders, or the Congress, the conjunctive and was used, followed by the explanatory officers, directors, or stockholders or any of its subsidiaries or affiliated specification, "not using the same by voting or otherwise to bring about, companies. Commissioner Aitchison dissents. or in attempting to bring about, the substantial lessening of competition." That the description "solely for investment" was deemed controlling is Indicated by the reference to this provision in the committee reports and Pennsylvania RR. to Fight Divestment Order—Plans debates in Congress For example, one.of the minority reports upon the Court Appeal to Keep Lehigh-Wabash Stocks. original bill refers to the exceptions as follows; "There are various exceptions mentioned in the bill, such as the acquisiGeneral W. W. Atterbury, President of the Pennsylvania tion of stock solely for investment: the holding of stock of subsidiaries formed for carrying out the lawful business of the corporation or legitimate branches RR.Co.,authorizes the following: thereof; excepting also the acquisition by railroads of stock in an independThe decision of the Inter-state Commerce Commission requiring the ent railroad where there is no substantial competition." (Italisc ours.) Pennsylvania RR. Co. and the Pennsylvania Co. to dispose of the stock The construction contended for by respondents would require us to sub- of the Lehigh Valley RR. and the Wabash Railway acquired by the Pennordinate the expression "solely for investment" to the remainder of the sylvania Co. was not unexpected, as it follows two prior decisions of the sentence or to ignore it entirely. What Congress had in mind in including Inter-state Commerce Commission made in connection with acquisitions by the exception in the act as passed is clearly indicated by the reports of the other companies of the stock of the Wheeling & Lake Erie and the Western debate. It had been proposed to eliminate the paragraph entirely, but it Maryland Railway. was pointed out that many corporations, such as savings banks, &c., Those two prior decisions were not reviewed by the court so that the views' invest in the securities of public utility corporations, some of which may upon which the Commission proceeded in those cases and upon which it apparently consideration prevailed. this competition, and be in proceeds in the case against the Pennsylvania have never received judicial The success of respondents' contention would have the result of practi- approval. Since they are believed to be in conflict with rulings of the Sucally nullifying the section as a whole,since it would be exceedingly diffecult preme Court of the United States and since they involve what seems an to establish by proof that competition had been substantially lessened by untenable conception of the Clayton Anti-Trust Act, proper steps will be reason ofspecific acts in the use ofstocks. As we said in a previous decision, taken in due course to secure a judicial review of the present decision. 1601. C. C. 792, supra: General Atterbury supplemented his formal statement "Although Section 7 provides that it 'shall not apply to corporations purchasing such stock solely for investment and not using the same by Dec.8 when he addressed the Pennsylvania RR.'s New York voting or otherwise to bring about, or in attempting to bring about, the substantial lessening of competition,' this exemption may not be so con- Zone Transportation Club at its first annual dinner in the strued as to destroy the effect of the section as a whole. Clearly it has no Hotel Pennsylvania. He said: application to the acquisition of a controlling interest under the circumstances disclosed by this record." We will hold the stock until such time as the United States Supreme The purchases of Lehigh Valley and Wabash stocks by the Pennsylvania Court shall decide whether the Inter-State Commerce Commission is right. gave no indication of direct financial profit at the time the purchases were We do not think it is. Indications of Business Activity THE STATE OF TRADE—COMMERCIAL EPITOME. Friday Night, Dec. 12 1930. Trade has suffered more or less from a return of relatively warm weather over much of the country. Mild temperatures have certainly hurt retail trade, which is the main thing in the United States at the present time. Wholesale and jobbing business is quiet. So are most of the industries. Seasonable shopping is undoubtedly held up to a certain extent by the comparatively high temperatures. Yet the total is as large as a year ago over most of the country, but with prices lower. The time is approaching for the annual inventories and this of itself, as usual, has a tendency to restrict business. The steel output is smaller and it is said that orders for the first quarter of 1931 are larger at the recently advanced prices. For prompt delivery steel is as dull as ever and perhaps none too steady. Pig iron has been dull and it is intimated that now and then Buffalo and Pennsylvania prices are eased under the stress of keen corn- 3778 FINANCIAL CHRONICLE [VOL. 131. petition. The stock market at times has declined, but rate of mill takings in the United States and it is expected latterly has shown some tendency to rally in a better tech- that reeling restriction in the first quarter of 1931 will also nical position. Exchange rates have been stronger as the have a bracing effect on trade. end of the year approaches. Silver unfortunately has sought The stock market has been drifting downward on larger a new low level, pulling down Chinese exchange with the trading. The closing of the Bank of United States in this metal at the lowest price in recorded history. Mild weather city on the 11th inst. certainly did not help matters though has hurt the coal trade more or less, but of late the demand it is true that declines in stocks on that day were suggestively has been a little better. In general the trend of commodity smaller than on the day before. To-day stooks at one time prices has still been downward. That is one of the out- were higher, but later there was an irregular decline. standing and of course one of the most interesting facts of The political unrest in Cuba requiring the renewed promulthe business times. It naturally means that the end of the gation of martial law to apply to all parts of the Island and long lane has not yet been reached. Yet it would seem that the disturbed condition of French politics are having no it is not far off. Stocks of merchandise in consumers' hands effect at all here. Europe got an exaggerated idea of the are believed to be small, and prolonged curtailment at the importance of the Bank of United States suspension because of mills seems to point quite as clearly to the absence of any the high sounding name which gave the impression that the burdensome supplies in the hands of manufacturers. In a institution was of unusual and far greater importance than word the way is being gradually cleared for a resumption it was. To-day the market showed some signs of resistance. of better things in the world of business of the United States. The fact that it has latterly paid so little attention to unNaturally it cannot be delayed indefinitely in a country favorable news was a matter of comment. The fall of silver having a population of 122,000,000 living in conditions of to another new low in all history and the special weakness in initiative, enterprise and civilization never paralleled in Chinese and other silver currencies were things of interest human history. November retail returns have a better look but nothing more. There were irregular declines with money the more they are examined. Warmer weather has sent up to 23/2% for the first time since Sept. 16. Bonds were down prices of eggs and butter in Chicago. Hogs are at the in general lower but here and there advances occurred of one lowest price seen since July. Cotton has not been so low or two points in cases of issues which had recently shown since 1915. Rye is up to a price where there is some danger rather marked weakness. of imports from Canada. In November building permit Active Christmas shopping is said to have caused a good values dropped 32% below those of November 1920 and deal or re-ordering by retailers but the nature of the orders show a falling off in 11 months of 44% compared with the reflects a concentration on medium and popular priced same time last year. Iron ore shipments last month fell off practical gifts. Fall River, Mass., reported that the local close to 50% compared with November last year and for 11 cloth market there continued quiet, due more to a lack of months of 283 % below the same period in 1929. Bituminous demand than to prices. Production was said to have concoal production was 20% smaller in November than in the tinued about the same as for the past month due to contract same month last year and for 11 months was some 13% less business placed earlier in the season. The weavers of the than in the like period of 1929. Anthracite coal in November Arkwright Mill No. 2 are reported to have accepted settledropped 103% and for 11 months 4%. Print cloths have ment declined %c. during the week and have been dull even at At terms in their strike and agreed to return to work. Marlboro, N. H., the Monadnock Blanket Mill, which the decline. November textile returns make no very cheerful has been running only three days a week for some time, reading even putting the best face on the matter. started on full time on the 8th inst. with a 10% cut in wages. Wheat has been supported by the Farm Board and ends Charlotte, N. C., wired that the recent Government report practically unchanged despite big world's stocks and the had little apparent effect on the market for cotton goods and lack of any important export demand in this country. Specu- yarns and that buyers apparently see nothing in the situation lation has practically deserted wheat at Chicago and gone to induce them to extend their orders. At Ranlo, N. C., into corn. Corn has dropped 4 cents on the better weather, the Ranlo Manufacturing Co. has resumed full-time after larger receipts and "long" selling. But it is noticed that the being on a curtailment program for some time. This plant feeling about corn is bullish for a long pull as the relatively manufactures automobile tire fabrics. At Columbus, Miss., small crop makes any sustained pressure seem improbable, the Tom Bigbee Cotton Mills resumed operations on the especially as the feeding demand is good. Oats declined 2 8th inst. after a shutdown of 18 months, working on half cents with corn lower, but the farm consumption is large capacity, but a full time schedule is expected after the first while no marked increase in receipts is expected. Rye has of the year. Manchestei, England, has been dull and declined a couple of cents, although its position is considered depressed partly owing to the recent decline in raw cotton. good aside from the fact that the premium on Chicago Cables adviees from Japan to the Commercial Secretary December over Winnipeg December of more than 16 cents of the Japanese Embassy said the cotton spinning industry suggests possible imports from Canada despite the American will continue the curtailment at the present rate until duty of 15 cents a bushel. But the cash demand for rye is March 1931. Imports of raw cotton for the 11 months good which is true of most grain. They say that in parts of amounted to yen 340,000,000, a decrease of 36% as compared the West they are using wheat as fuel, it being cheaper than with last year. The Government is planning to issue bonds coal or wood. for the unemployment relief work and also is projecting tax Cotton tileclined 65 to 70 points to the lowest point since reduction, making use of a surplus, as a resource of revenue, the days of the war under stress first of the largeness of made by the results of the naval disarmament. world's stocks of all kinds, now exceeding 10,000,000 bales Department store sales increased from October to Novemand the largest on record and second of the smallness of con- ber by 2%, but were 8% below the same month a year ago, sumption. Spot cotton continues to sell less readily than it according to the Federal Reserve Board in Washington which did a year ago and print cloths are hard to sell. The sales of stated that allowances were made for the number of trading standard cloths in November turn out to have been 883i% days. Sales of 25 chain store systems for November accordof the curtailed production against over 146 in October and ing to the "Journal of Commerce" compilations were $155,unfilled orders decreased 5% as against an increase in October 990,221, a decline of $19,335,177 or 11.2% from the figures of 23%. Provisions declined 50 to 65 points on lard with of the same month in 1929. Automobile production last hog receipts of late larger and grain declining. Coffee ad- week fell off slightly from the previous week, but was said to vanced generally 16 to 22 points with Brazilian exchange have continued at a satisfactory rate for this season of the rising and shorts covering. Sugar declined sharply despite year and compared with last year, when there was a sharp reports that everything had been settled between Cuba and drop in production. Java as to the plans for measures looking to stabilization. Detroit wired that passenger car output continues low as To-day that did not seem so clear and prices fell 5 to 7 points. the automobile industry enters the final month of the year. Cuba has been selling of late and the decline for the week It is quiet possible that December will establish a new low 1s49 to 13 points. production and sales mark. The trade, however, seems Rubber has advanced 10 to 20 points in a small market, optimistic over the future, and has decided that a volume of the rise evidently being due to a better technical position approximately 4,500,000 units will be sufficient to satisfy the rather than to any fundamental improvement in the trade demand in 1931 and in making predictions for the future, Itself. It is hoped and believed however, that 1931 will are quoting figures as high as 20,000,000 ears in the next five usher in better conditions in the rubber trade. Hides have years. been pressed for sale and have declined 65 points. Cocoa Chicago reported that for the first time this season the apadvanced 25 points. Silk advanced only a point, but the proach of Christmas was in full evidence in Chicago's retail Japanese markets have been strong in response to the high and wholesale district, and while it is too early to make corn- DEC. 13 1930.] 3779 FINANCIAL CHRONICLE BUSINESS INDICATORS. WEEKLY parisons between this year's volume and last year, merchants (Weeks Ended Saturday. Average 1923-25=100.) a on be to going is seem resigned to the fact that business 1928. 1929. 1930. much smaller scale than last year if for no other reason than Dec. Dec. Nov. Dec. Nov. Nov. Dee, wired Nov 0. Akron, lower. much are prices because commodity 1. 8. 7. 30. 6. 29. 22. 15. that jobs at the Firestone Tire & Rubber Co. plants have 110.5 107.9 88.2 84.2 58.6 52.6 51.3 ' production ingot been opened for 750 to 1,000 men. The company is employ- Steel 89.2 .91.2 99.7 120.3 .104.4 115.0 101.8 _ Bituminous coal production ___ ._produen (daily avge.)_ __ -- 108.8 109.6 110.7 126.3 126.6 121.0 120.3 ing only men who were formerly with it, who live in Akron. Petroleum 73.2 81.3 86.5 97.7 .87.2 102.7 *93.9 Freight car loadings 54.9 61.2 59.2 __ __ 88.9 __ __ _By the first of the year when inventories are taken other rub- a Lumber production States 37 contracts, Building ber companies are expected to begin taking on men. Good- (daily average) 50.9 78.4 64.8 135.3 133.7 106.0 171.2 40.4 80.3 81.2 60.3 53.3 103.0 140.9 receipts year expects to speed up operations at that time by increasing Wheat 198.5 231.9 163.5 168.8 211.2 238.8 195.8 158.5 receipts Cotton 69.0 83.9 96.2 93.7 96.6 93.4 67.7 receipts the number of days worked each week and lengthening the Cattlereceipts 87.8 88.9 90.0 118.6 90.6 123.6 73.8 Hog number of hours. The company is operating four days a Wholesale prices: . index (1928=100)week now. Akron advices said that increased production at Fisher's 80.7 80.6 80.8 82.2 92.7 92.3 97.1 97.3 Total (120) Agricultural products(30)- 76.9 77.5 78.7 81.3 98.6 97.5 97.4 97.2 the Goodyear Tire & Rubber Co. factory there was an80.5 80.3 80.3 81.3 91.3 91.2 97.1 97.1 Non-agricul. products (90) Wheat No.2 red, Kansas City_ 55.0 54.3 52.7 51.9 96.9 93.8 87.6 88.4 nounced together with a resumption of employment on a 38.6 39.0 40.1 41.2 64.3 64.0 75.0 76.1 Cotton. middling basis of 8 hours per day five days a week. 76.9 77.0 77.0 77.2 86.9 86.9 87.3 87.8 Iron and steel composite Copper, electrolytic price- 78.3 73. 79.7 129. 129.0 114.5 114.5 It has been relatively mild here and throughout the Bank debits outside N. Y. City i07.1 99.1 120.7 100.7 127.0 129.8 135.9 133.4 132.1 132.2 133.5 133.4 140.3 141.6 131.0 130.1 Bank loans and discounts country this week. On the 10th it was 41 to 49, which was Interest 48.5 48.5 48.5 48.5 109.1 109.1 218.2 181.8 rates-Call money 64.7 62.9 82.9 62.9 108.6 114.3 168.6 180.0 Time money 10 degrees above the average on the same day last year and 146.9 113.3 139.8 121.8 111.8 91.2 110.1 102.5 failures 9 degrees above an average for 46 years. On the 10th inst. Businew 162.2 164.0 166.0 161.0 216.3 207.8 225.0 233.9 Stock prices 106.5 106.7 106.5 105.4 104.9 107.6 108.0 106.0 prices Bond Boston had, 42 to 44; Chicago, 36 to 50; Cincinnati and Federal Reserve ratio 103.0 105.0 105.7 104.8 92.3 92.6 83.8 84.1 94.3 92.9 92.6 100.8 100.1 101.9 101.1 in circulation Cleveland, 36 to 52; Denver, 30 to 54; Detroit, 34 to 46 bMoney Composite Index79.8 *78.2 nss 93.1 93.6 -- -- -- -Kansas City, 48 to 56; Milwaukee, 36 to 46; St. Paul, 32 to New York "Times" 80.3 *80.8 *78.8 99.7 102.0 -- -- -- -Business week 42; Montreal, 22 to 24; Omaha, 40 to 56; Philadelphia, 42 • Revised. a Relative to weekly average 1927-29 per week shown b Relative to 50; Portland, Me., 32 to 36; Portland, Ore., 38 to 48; to a computed normal taken as 100. San Francisco, 48 to 60; Seattle, 44 to 54; St. Louis, 50 to 56; Winnipeg, 18 to 26. Federal Reserve Board's Preliminary Report of Department Store Trade in November-2% Gain over On the 10th inst. New York had a temperature of 41 to 49 degrees. Chicago wired that the warm wave that lifted October Figures. the mercury to 51 there and correspondingly high in other Department store sales increased from October to Nocities seemed likely to continue all over the American vember by 2%, when allowance is made for the number of Continent. Chicago's parks were alive crowded with people trading days, according to preliminary figures reported to enjoying the springlike weather. In the Rocky Mountain the Federal Reserve Board. The Board's survey, issued region, where a short time ago severe storms destructive Dec. 9, further says: alike to life and property the days have been more like July This increase is somewhat less than the estimated seasonal increase for period and the Board's index of department store sales, which is and the nights like May. On the 10th inst. the weather was that adjusted for number of trading days and for seasonal variation, declined by foggy in London, England, with a maximum temperature of 3% during the month. As compared with last year, the aggregate value of sales in November, 33 degrees and the prediction for the 11th inst. was for to the preliminary figures, was 12% smaller, and when allowance milder weather. In Paris it was 44 degrees. In Berlin it according is made for the fact that there was one lees trading day this year than was foggy and 39 degrees. Rome had 55 degrees. last, the decrease from last year is about 8%. For the first eleven months To-day was cloudy or rainy here, chilly and raw, though of the year department store sales were 7% smaller this year than last year. PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO. with temperatures 39 to 43 degrees. Overnight Boston had 36 to 44; New York,40 to 46; Philadelphia,42 to 52; Chicago, Number of Number Jan. 1 of to Reporting November.* 36 to 44; Cincinnati, 34 to 56; Cleveland, 34 to 54; Detroit, Otter. Stores. Nov. 30.* 34 to 48; Milwaukee, 4 to 40; Kansas City, 28 to 52; St. Reserve District: Paul, 23 to 34; St. Louis, 32 to 58; Winnipeg, 12 to 24; Federal 33 103 -4 -7 Boston 25 48 -2 -7 New York Denver, 34 to 50; Los Angeles, 50 to 70c; Portland, Ore., Philadelphia 18 40 -7 -5 15 44 -9 -16 44 to 52; San Francisco, 50 to 56; Seattle, 42 to 54. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco -11 -12 -19 -21 -12 -12 -19 -14 -4 -8 -13 -10 -6 -5 -7 -6 75 30 70 23 18 33 28 80 36 17 88 10 s 17 The Department of Commerce's,Weekly Statement of 7 29 Business Conditions in the United States. 253 592 -7 -12 According to the Department of Commerce general business year and November figures preliminary: the month had 24 business days this witnessed an upward trend for the week ended Dec. 6, the •last year. 25 volume of check payments for the five days of the latest week increasing by 8.1% over the preceding full week. President Dickinson of Indiana Limestone Co. Reports According to the Department the downward trend of the Value of New Construction In U. S. This Year at past 10 weeks in wholesale prices appears to have been 43i Billion Dollars. halted, the index of 120 commodities increasing slightly from !KINew construction so far this year has a value of more than the week previous. Prices of agricultural products were billion dollars, according to a nationwide survey by the lower, but non-agricultural products were slightly above the Indiana Limestone Co. The figures announced at Chicago week previous. Red winter wheat at Kansas City increased Dec. 9 are based on reports from several hundred cities and In price over a week ago, while the price of middling cotton towns. at New York declined slighlty. "While the records of leading centers still make up a someBank loans and discounts of Federal Reserve member what checkered picture, a more hopeful spirit is beginning banks declined very slightly during the week and were also to permeate the entire construction industry," says President lower than a year ago. Stock and bond prices in general A. E. Dickinson. "A far better situation in 1931 may be continued the decline of the past week. Bond prices con- expected," he says, adding: now One of the most cheerful signs is the number of private enterprises tinued above this time last year while stock prices were future requirements and preparing building plans, to take admaterially under the average for the same week in 1929. anticipating vantage of lower prices and better craftsmanship. somewhat the Interest rates on call money was the same as the previous The usual seasonal let-up in the last two weeks has halted York showed for the increased first rates money time in time but progress made this fall. New building in metropolitan New week, month and from the a considerable decline in November from the previous several weeks. Interest rates on both call and time money same Howmonth. last losses up marked period last year. Chicago, also, were considerably under last year. The Federal Reserve ever, the coming World's Fair is pointing the way for considerable activity ratio was higher for the week of Dec.6 1930, when compared in this field. England States registered larger building operations the first half with a similar period in 1928-29. The number of business ofNew November than for any like period in years. The Northwest is running failures reported for the week ending Dee. 6 exceeded those about on an even keel with November 1929. On the Pacific Coast, new the same volume as last year, although the San of the previous week even after adjustment is made for the building shows about a few weeks ago. A Francisco area is challdng up higher figures than previous holiday week. the south has stimulated buildhome modernization campaign in sections of for 37 the in States week contracts ended business of Value ing there. months of 1930. metropolitan In point of contracts awarded during the 11 Nov. 29 1930, receded to the lowest point of the year. NewYork leads, with these districtsfollowing in the order named:Pittsburgh. Lumber production also declined under the week previous. Chicago, Kansas City, southeastern St. Middle Atlantic, New England, Declines also occurred in bituminous coal production, steel Louis, Texas, Up-State New York. Southern Michigan, Central Northwest and New Orleans. operations, carloadings, and petroleum production. FINANCIAL CHRONICLE Bureau of Agricultural Economics Report Farm Prices Lower Despite Unfavorable Crop Year. Crops are not up to average, yet prices of farm products are low. The supply situation, says the Bureau of Agricultural Economics in its Dec. 1 report on the Agricultu ral Situation, would seem to justify a price level higher than last year's, whereas in fact prices are the lowest in several years. According to the Bureau the composite productio n of 17 principal crops this season is estimated at 6% smaller than production in 1929, and 5% less than the 1919-28 10 year average. The supply for each person in the United States is 7.4% less than in 1929, and 13% smaller than the 10-year average. The Bureau's combined index price of 30 farm commodities in October was approximately 25% below the index of October 1929. Under date of Dec. 1 the Bureau also has the following to say: This year will be remembered by most farmers as one when the weather, the crops, and the markets seemed to turn to their disadvantag e. The late crops, however, were improved somewhat by the fall rains, with the result that estimates of production of corn, potatoes, sweet potatoes, and of various other crops are substantially higher now than the August forecasts. Egg production per hen has gradually worked back toward normal, and milk production per cow has increased. Butter production in October was only 1% smaller than production in October 1929. Reporting conditions in key regions, the Bureau says: [Pm. 131. sissippi) were valued at $11,699,500 as against $29,980,800 in October and $12,889,400 in November 1929. November contracts in the Kansas City Territory (western Missouri, Kansas, Oklahoma, and Nebraska) totaled $13,988,300 as against $22,147,100 in October and $14,071,800 in November 1929. Texas showed November contracts at $6,836,600 as compared with $9,392,600 in October and $12,938,200 in November of last year. The New Orleans territory (Louisiana, southwestern Arkansas, and southeast ern Mississippi) showed November awards of $9,206,600 as again $6,611,700 in October and $5,388,000 in November 1929. The southeastern district (the Carolinas, Georgia, Flori Alabama and eastern Tennessee) reported November a- Er of $12,190,800 as against $14,732,500 in October and $13,988,500 in November 1929. Loading of Railroad Revenue Freight Still on the Decline. Loading of revenue freight for the week ended on Nov. 29 totaled 702,085 cars, the Car Service Division of the American Railway Association announced on Dec. 9. Due to the observance of Thanksgiving, this was a reduction of 77,672 cars under the preceding week this year. It also was a reduction of 134,225 cars below the same week last year and 198,471 cars below the corresponding week in 1928, both of which included Thanksgiving. Details follow: In Kansas, wheat is furnishing excellent fall pasture: corn husking and cribbing have progressed rapidly, but much of the corn is of poor quality: there is a decrease in the number of cattle to be grain finished, although more sheep and lambs may be fed in the State. In Indiana, the milk flow and egg production are holding up well, but low prices of lambs and fat cattle are making finishers cautious. In the Pacific Northwest, fall truck Miscellaneous freight loading for the week of Nov. 29 totaled 255,951 crops have made good growth with very little frost damage, but prices cars, 49,490 cars under the same week in 1929 and 80,259 cars under have been so low that many growers say that this season's operations have the corresponding week in 1928. been at a loss. Loading of merchandise less-than-carload-lot freight amounted to The Bureau also states that a seasonal price advance in 194,952 cars, a decrease of 25,048 cars below the corresponding week last year and 31,217 cars below the same week two years ago. hogs is expected to get under way late in December, but that Coal loading amounted to 147,989 cars, decrease of 28,919 cars below the extent of the rise "will depend largely on the consumer the same week in 1929 and 31,133 cars underathe same week two years ago. demand for hog products the next two mon ths." It adds: Forest products loading amounted to 32,095 cars, 16.516 cars under the corresponding week in 1929 and 26,353 cars under the same week two If storage accumulations of hog products continue relatively small and years ago. consumer demand is no weaker than at present, reduced marketings in Ore loading amounted to 5,773 cars, a reduction of 3,665 cars below February and March and continued light weights will probably result in the same week in 1929 and 5,410 cars below the same week in 1928. a seasonal advance greater than that of last winter. Present storage stocks Coke loading amounted to 7,774 cars, a decrease of 3,653 cars below the of pork and lard are low but the foreign outlet for these products shows little corresponding week last year and 2,436 cars under the same week in 1928. promise of immediate improvement. Grain and grain products loading for the week totaled 33,730 cars. 4,986 cars below the corresponding week in 1929 and 19,861 cars below Construction Contracts Awarded in November Smaller. the same week in 1928. In the Western districts alone, grain and grain products loading amounted to 21,281 cars, a decrease of 5,426 cars below November contracts for new construction of all types the same week in 1929. awarded in the 37 States east of the Rocky Mountains totaled Livestock loading totaled 23,821 cars, 1,948 cars under the same week $253,573,700 according to F. W. Dodge Corporation. This in 1929 and 1,802 cars under the corresponding week in 1928. In the Western districts alone, livestock loading amounted to 18,237 cars, a compared with $337,301,400 in October and $391,012,500 decrease of 1,562 cars compared with the same week last year. All districts reported reductions in the total loading of all commodities, in November 1929. Of the November 1930, total $101,096,not only with the same week In 1929, but also with the same 000 was for new non-residential buildings; $80,781,900 for compared week in 1928. residential structures; and $71,695,800 for public works and Loading of revenue freight in 1930 compared with the two previous utilities. Total new construction contracted for during the years follows: 1930. 1929. 1928.71 eleven elapsed months of 1930 was valued at $4,275,598,600 Four weeks in January 3,349,424 3,571,455 3.448,895 as compared with $5,437,922,400 for the corresponding Four weeks in PebruarY 3,505,962 3,766,136 3,590,742 Five weeks in March eleven months of 1929. 4,414.625 4,815,937 4,752,559 Four weeks in April 3.619.293 3,989,142 3,740,307 Of the 13 Dodge territories eleven showed declines in Five weeks in May 4,598,555 5,182,402 4,939,828 November from both the preceding month and November Four weeks in Juno 3,719,447 4,291,881 3,989,442 3,555.731 4,160,078 1929; the New Orleans territory alone showed gains over Four weeks in July 3,944,041 Five in August 4,670,368 5.600.706 5,348,407 both periods; while the Pittsburgh district showed a gain over Four weeks weeks in September 3,725,243 4,542,289 4,470,541 Four weeks in October November 1929, and a loss from October 1930. 3,817,786 4,679,411 4,703,882 Five weeks in November 4,127,134 4,890,154 5,144,208 Awards for construction in New England Novembe r during totaled $22,569,200 as against $29,890,000 in October and Total 43,103,568 49,489,591 48,072,852 $24,147,900 in November 1929. New construction undertaken in the Metropolitan Area of New York totaled $56,702,- President Green of American Federation of Labor 200 in November as compared with $80,053,300 in October Estimates Number of Unemployed in November at and $150,658,900 in November of last year. 4,860,000. November contracts in Upstate New York totaled $12,In a statement bearing on unemployment conditions, is556,400 as against $13,479,300 in October and $16,688,500 sued at Washington on Dec. 3, William Green, President of in November 1929. In the Middle Atlantic States contracts the American Federation of Labor estimates that 4,500,000 awarded during November totaled $24,840,300 as against wage-earners in the United States were without work in $32,438,900 in October and $41,363,000 in November a year October, and preliminary estimates for November, he said, ago. November awards for construction in the Pittsburgh show 4,860,000 unemployed. These figures, said Mr. Green territory (Western Pennsylvania; Ohio, West Virginia, and "do not include farm laborers or office workers." In his Kentucky) totaled $39,516,600 as against $48,508,500 in annual message to Congress a week ago, President Hoover,a October and $26,751,500 in November 1929. Southern we noted on page 3592 of our issue of Dec. 6, in Michigan reported November contracts at $8,870,200 as to the various measures for the relief unemploy referring of ment stated against $11,287,100 in October and $16,764,000 in Novem- that "the number of those wholly out of employment seeking ber a year ago. for work was accurately determined by the census of last November contracts in the Chicago territory (northern April as about 2,500,000." He added: "The Department of Illinois, Indiana, Iowa, and southeastern Wisconsin) Labor index of employment in the larger trades shows some amounted to $29,746,000 as against $33,409,600 in October decrease in employment since that time. The problem from and $44,196,300 in November 1929. The Central Northwest a relief point of view is somewhat less than the published (Minnesota, the Dakotas, northern Michigan, and north- estimates of the number of unemployed would indicate.' western Wisconsin) showed November construction awards We give herewith Mr. Green's statement: at $4,851,000 as compared with $5,370,000 in October and Unemployment is already as high as in the worst month last winter. $11,166,500 in November of last year. November contracts More union members were out work in the first three weeks of November in the St. Louis district (southern Illinois, eastern Missouri, than in October, and the percentage rose from 21% unemployed in October to 22% in November. Part time is also increasing. In October, 15% northeast Arkansas, western Tennessee, and northwest Mis- of our membership were working part time and in November, 18%• DEC. 13 1930.] 3781 FINANCIAL CHRONICLE An increase in unemployment from October to November is normal, and the change this year has been about the same as usual. But so many were already out of work in October, this fall, that any increase is cause for concern. This year we enter the winter months with an unemployment crisis already on our hands. We should take this November increase as warning that relief measure must be speeded, and the utmost possible done to hasten the work ofrelief and prevention already begun. Unemployment increased as much as usual in November. If it continues to increase at the usualrates, we shall have 50% more out of work by February than we have. Our figures show that even now 40% of our union membership are forced to lower standards of living because their incomes are reduced by unemployment and part-time work. This represents also a huge loss in buying power which might be stimulating production and helping business forward. Any concern which lost 40% of its customers would consider the problem grave indeed. Yet this is just what is happening on a wide scale the country over. These losses keep us in depression and delay business recovery. Unemployment increased in November in building trades, metal trades, printing, clothing industries, manufacturing and service industries. Only two groups showed appreciable bettering of conditions; theatres and railroads. In theatres more were back at work with the opening of the fall season, and on railroads 19% of those out of work in October were back at their jobs in November. The figures follow: TradesNov. 1930.* Oct. 1930. Nov. 1929. All trades 22 21 12 Building trades 41 38 23 Metal trades 21 8 25 • Printing trades 8 7 4 All other tracks 15 13 9 •Preliminary. Our report for cities shows that increasing unemployment was general In November throughout the country. Twenty of our twenty-four report-. ing cities had more out of work than in October, and in nine cities the increase in the number of out of work was more than 20%• Unemployment is highest in the following cities, according to reports from trade unions: New York, Buffalo, Los Angeles, Birmingham. Philadelphia, Detroit, Chicago and Denver. In the building trades, unemployment is particularly severe in the following: Birmingham. Detroit, Paterson, Chicago, Atlanta, Cleveland, Philadelphia and St. Louis. In each of these latter more than 40% ofthe building tradesmen are out of work and in the first six over 50% are unemployed. We estimate that in the United States as a whole,4.500,000 wage-earners were without work in October, and in November our preliminary estimate Shows 4,860.000 unemployed. These figures do not include farm laborers or office workers. While it is.not possible to determine exactly the number out of work, We believe that this estimate gives a close picture of the situation. We have assembled all available statistical information on employment from such authoritative sources as the Departments ofLabor and Commerce.the InterState Commerce Commission and have used these as well as our reports from trade unions in making the estimate. and a decrease of 0.8% in pay-roll totals. From the Bureau's detailed report, since made available, we quote the following: Employment decreased 1.4% in October 1930, as compared with September, and pay-roll totals decreased 0.8%, according to reports made to the Bureau of Labor Statistics. The industrial groups surveyed, the number of establishments reporting in each group, the number of employees covered, and the total pay rolls for one week, for both September and October. together with the per cent of change in October are shown in the following summary: SUMMARY OF EMPLOYMENT AND PAY-ROLL TOTALS, SEPTEMBER AND OCTOBER 1930. Pay Roll in One Week. Employment. Industrial Group. EstabUskments. Sept. 1930. Per Oct. Getter 1930. Ch'ge. Manufacturing__ 13,941 3,093,335 3,062,738a-1.4 1,477 314,198 322,551 +2.7 Coal mining 153 96,751 102.072 +5.5 Anthracite 1,324 217,447 220,479 +1.4 Bituminous 49.937 -1.2 Metalliferous min's 339 50,565 Quarrying and non751 37,433 36,156 -3.4 metallic miningCrude petroleum 31,910 +0.2 565 31,858 producing Public utilities__ - 11,523 755,258 744,430 -1.4 Telephone & tele7,940 342,714 334,330 -2.4 graph Power, light and 3,114 260,026 258,887 -0.4 water Elec.railroad operation &maintenance, exclusiveofcarshops 469 152,518 151,213 -0.9 9,673 338,464 348,565 +3.0 Trade 1,966 65,472 65,077 -0.6 Wholesale__ 7,707 272,992 283,488 +3.8 Retail 2,144 163,952 159,736 -2.6 Hotels Canning and pre985 127,026 84,891-33.2 serving 'Mtn! Sept. 1930. Oct. 1930. Per Cente' Ch'ge. $ $ 76,451,701 75.261,319a-2.0 7,505,105 8,601.369 +14.6 2.944,884 3.765.449 +27.9 4,560,221 4,835.920+27.9 1,368,355 1,342,214 -1.9 923,282 887,072 -3.9 1,162,643 1.143,308 -1.7 22.743,056 22,493.338 -1.1 9,821.505 9,698,519 -1.3 8,182,090 8,139,739 -0.5 4,739,461 4,655,080 8.659,437 8,836.059 2,037,160 2,020,107 6,622.277 6,815,952 b2,726,176 b2,683,472 2,039.921 -1.8 +2.0 -0.8 +2.9 -1.6 1,330.114-34.8 41 3904.912.089 4.840.914 -1.4123.579.676 122.578.265 -0.8 Recapitalization by Geographic Divisions. Geographic Division. New England aMiddle Atlantic d_ East. No. Centrale West No. Central 6 South Atlantic g_ East. So. Central h West So. Central 1 Mountain I Pacific k Pay Roll in One Week. j Employment. Per Per Etta Oct. Cent of Sept. Oct. Cent of lishSept. Cg'ge. 1930. 1930. 1930. Ch'ge ments. 1930. $ $ 10,861,159 10,624,958 -2.2 -0.1 40,948,131 40,541,702 +1.2 -2.4 35,625.191 34,824.879 -2.2 -2.6 7,792,406 7,592,508 -2.6 -0.4 9,618,360 9,673,932 +0.6 -1.0 3,737,214 3,706,483 -0.8 -1.7 4.674,665 4,602,827 -1.5 +5.4 2,688,349 2,872,904 +6.9 -7.3 8,534,201 8,138,072 -4.6 1 -0.8 3,179 452,769 448.980 7,215 1,472,918 1,471,601 9,847 1,365,790 I 333,300 4,468 314,924 306,885 4,516 480,501 478.550 2,330 204.030 202,038 3.303 192,730 189,370 1,568 103,334 108,884 4,973 325,093 301,306 All ii iviainnR_ __ _ 41_3004.012.0g94.840.914 -1.4123.570.676 122.578.265 -0.8 a Weighted per cent of change for the combined 54 manufacturing industries. repeated from Table 2, page 7, the remaining per cents of charge. including total. are unweighted. b Cash payments only;see text, page 30. c Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont. d New Jersey. New York, Pennsylvania. e Illinois, Indiana, Michigan, Ohio, Wisconsin. I Iowa, Kansas, Minnesota, Missouri. Nebraska, North Dakota, South Dakota. S Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina; South Carolina, Virginia, West Virginia. h Alabama, Kentucky, Mississippi, Tennessee. 1 Arkansas, Louisiana, Oklahoma, Texas. Arizona, Colorado, Idaho, Montana, New Mexico, Nevada, Utah, Wyoming. k California, Oregon. Washington. The bureau here publishes, for the first time a statement as to actual per capita weekly earnings in each industrial group covered by this volume We have found that many men prefer to beg and are not honestly seeking of employment survey. The per capita earnings given in the table followhelp through the institutions established for their aid. The only solution ing, for October 1930 must not be confused with full-time weekly rates for the present begging problem is a flat refusal on the part of all who are of wages, as they are computed by dividing the total number of employees solicited, accompanied by a reference to the Municipal Lodging House. reported into the total amount of pay roll in the week reported, and the If street begging continues unchecked, it will become not only a serious "number of employees" includes all persons who worked any part of the nuisance but a real menace. period reported, that is part-time workers as well as full-time workers. Numerous reports to the Co-Ordinating Committee indicate that there Comparisons are made with per capita earnings in September 1930 and and in public places. The is an alarming increase of begging on the streets with October 1929, where data are available. doubt as to frequently in the citizen is proper charitably inclined course Per capita earnings in each of the separate manufacturing industries were when solicited for alms. In the judgment of the committee, begging is published for the first time in the September report, and will henceforth entirely unnecessary and unwarranted. Food and lodging can be secured appear in the manufacturing industries section of these reports. day or night at many places including the Municipal Lodging House, COMPARISON WITH which takes both men and women, at 432 East 25th Street, and the Salva- PER CAPITA EARNINGS IN OCTOBER 1930 AND SEPTEMBER 1930 AND OCTOBER 1929. tion Army Transient Service Bureau, at 533 West 48th Street. For those needing something more than material assistance-particularly young boys, Per Cent of Change Actual white-collar men, and handicapped persons-the Joint Application Bureau October 1930. per Capita at 105 East 22d Street is open from 9 a.m. to midnight. No one need Compared with Weekly Suffer who is willing to go to these organizations. Earnings Group. Industrial October September in Assurance that the homeless and other needy men, women and children 1929. 1930. Oct. 1930. will be properly cared for can best be had through adequate support of the distress rather those in to than in indis- Macufacturing welfare agencies offering relief -11.1 -0.6 $24.51 -6.2 +21.2 36:89 criminate alms giving. Coal mining-Anthracite -20.0 +4.5 21,93 Bituminous -12.2 -0.7 26.88 Metalliferous mining -8.3 -0.5 24.53 Quarrying and non-metallic mining a -2.0 producing 35.83 Trend of Employment in United States During October Crude petroleum +3.6 29.01 +1.1 and telegraph utilities-Telephone Public 31.44 +0.5 Per Capita Weekly Earnings of Industrial Groups. Power, light and water -1.8 30.78 Electric railroads --1.2 31.04 -0.1 While we gave in our Nov. 22 issue, page 3269, figures Trade-Wholesale -0.8 -1.3 24.04 Retail -1.7 issued by the Bureau of Labor Statistics of the United Hotels(cash payments only) b 16.80 +0.9 -2.4 --9.5 15.67 Canning and preserving Department of Labor showing the trend of Welfare Council Co-Ordinating Committee on Unemployment in New York Sees Menace in Street Begging if Unchecked. A statement directing attention to "an alarming increase of begging on the streets and in public places" was issued on Dec. 6 by Samuel Lowenstein, of the Executive Committee of the Welfare Council Co-ordinating Committee on Unemployment, of which former Governor Alfred E. Smith Is Chairman. Mr. Lowenstein, according to the New York "Herald Tribune," said: States employment in October, the pamphlet report of the Bureau giving detailed employment statistics contains a table presenting figures of per capita weekly earnings in each industrial group covered by the Bureau's survey. In the item in our Nov. 22 issue we stated that the Bureau reported changes In employment and pay-roll totals in October as compared with September, based on returns made by 41,399 establishments in 13 major industrial groups having in October 4,840,914 employees whose combined earnings in one week were $122,578,265, the combined total of these 13 industrial groups showing a decrease in employment on Oct. 1 of 1.4% $25.32 +0.6 Total a Data not available. b The additional value of board, room, tips and other perquisites cannot be computed. The combined totals of these 13 industrial groups showed a decrease of 1.4% in employment from September to October and a decrease of 0.8% in employees'earnings. Excluding manufacturing, the remaining 12 groups In October showed a drop in employment of 2.2% and a gain in employees' earnings of 0.4%. The per cents of change shown for the total figures represent only the changes in the establishments reporting as the figures of the several groups are not weighted according to the relative importance of each industry. Increased employment in October was shown in 4 of the 13 industrial groups: Anthracite mining gained 5.5%; bituminous coal mining gained 1.4%;crude peyboleum producing gained 0.2%,retail trade gained 3.8%. 3782 FINANCIAL CHRONICLE Decreased employment wasshown in the remaining nine groups as follows: Manufacturing, 1.4%; metalliferous mining, 1.2%; quarrying, 3.4%; telephone and telegraph,2.4%; power,light, water,0.4%;electric railroads, 0.9%; wholesale trade 0.6%; hotels, 2.6%;canning and preserving,33.2%. The solitary gain in employment shown in the recapitulation by geographic divisions is due to the addition In this report of the beet sugar industry, which in October begins its refining season; nearly one-half of the industry's employees are in the mountain district's factories. For convenience reference the latest data available relating to all employees, excluding executives and officials, on Class 1 railroads, drawn from Inter-State Commerce Commission reports, are shown in the following statement. These reports are for the months of July and August instead of for September and October. consequently the figures can not be combined with those presented in the foregoing table. EMPLOYMENT AND PAY-ROLL TOTALS, CLASS 1 RAILROADS. Employment. Industry. Jtay 15 1930. Per Cent of Aug. 15 Change. 1930. Amount of Pay Roll in Entire Month. July 1930. August 1930. Per Cent of Change. Class 1 railroads__ 1,515,142 1,497,872 —1.1 $209,929,143 $207,828,332 —1.0 The total number of employees included in this summary is approximately 6,338,000 whose combined earnings in one week amounted to about $170,000,000. How 17,300 Jobless in New:York Were Put to Gainful Work. The emergency employment committee had placed 17,300 men and women in gainful jobs up to Friday night, Dec. 5, according to tabulations made by the committee on Dec. 6, according to the New York "Times," which states that the unemployed were distributed aslfollows: Parks. Non-Profiting-Making InstitutiOns. (Painting park benches, carpentering, (Clerical and manual work for charitable gardening, reforesting.) and philanthropic organizations.) Manhattan 900 5,620 Bronx 2,400 Men 1,400 Brooklyn 1,000 Women Queens 1,700 Total 7.020 Richmond 400 Dock Department. Total 6,400 Sanitation commission. (Carpentering, painting and general repair work on docks.) (Digging drainage systems, clearing rubbish from vacant lots, &c.) 100 Men Emergency Employment Committee. Manhattan and Bronx 2,300 for women cloths and sorting Men Brooklyn 1,150 300 needy Queens 30 Total 3,480 Grand total Fol.. 131. the Canadian Bank of Commerce estimates fthat about 55% of all raw Imports,or 165 millions, and 22;4% of all processed imports,or 225 millions. entered Canadian factories and assembly plants, the finished products of which are included in the four billion of Canadian manufactured goods. 775 millions worth of goods were imported fully manufactured and ready for use by the customer, bringing the total value of domestic and foreign manufactured goods up to 4,775 millions. The value of Canada's processed exports, ranges in normal years between 50 and 60% of the value of all exports, or last year about 700 million out of 1,182 million. If wheat, by far the largest single item in the list of unprocessed articles, is excepted, between 75 and 80% of the value of Canadian exports is accounted for by goods which have passed through a Canadian factory or other industrial plant. In the case of her forest products, for instance, over 90% of her exports have undergone some promcs of manufacturing, ranging from sawn lumber, the simplest form, to furniture, paper, and artificial silk, the most complex. In the case of non-ferrous metals, while a large proportion is still exported in the form of ore and concentrates. about 60% in value of the exports have been either smelted or refined, and a constantly increasing percentage of native copper is being refined in Canada. The analogous ratios for other categories of exports are about 75% for fibres and textiles, over 40% for the products of animal husbandry and fishing, 25% for agricultural and vegetable products, including those derived from the processing of imported crude rubber, and over 20% for nonmetallic minerals, while 100% of the chemicals and iron products exported have of course been processed. Some idea of the large annual consumption in Canada of both consumers' and producers' goods in manufactured form may be obtained by deducting exports of processed goods from the total of 4,775 millions referred to above, leaving a per capita consumption of well over $400, as compared with a similar figure of $500 in the United States. On a quantitative basis, the Increase in consumption per capita between 1924 and 1929 was about 65% in Canada and 50% in the United States, a striking evidence in both countries, not only of a rising standard of living, as reflected in current expenditure, but also of a considerable expansion of the industrial system for the mass production of goods for the domestic and export markets. The premier position among Canadian manufactures is still held by the pulp and paper Industry, with a gross production last year worth 244 million dollars, followed by flour and grist milling, (about 190 millions), meatpacking (186 millions) and automobile manufacturing (177 millions). Next in order of gross value of output and just ahead of the lumbering industry comes the production of electric (mainly -hydro-electric) power; the daily average output from central electric stations in 1929 was double of 1924. While some of the older industries maintained a more or less steady production, others as well as some of the newer branches made remarkable headway, the radio industry, for example, showing a gain in value of production of over 60% during 1929 alone. The growth of Canadian manufacturing as a whole up to the end of 1929 may be summarized as follows; The physical output had grown since 1924 at an annual rate of 10%; it was 80% greater than at the end of the war, and more than double what it was at the beginning. 17,300 Commodity Price Index Fails to Hold Gain, and Again Declines, According to National Fertilizer AssoExpects "Buying Storm"—Head of Sears, Roebuck ciation. & Co. Says Company Cannot Complain as to The wholesale price index of the National Fertilizer Business. Association, computed every Monday morning and conThe following is from the New York "Times" of Dec. 7: sisting of 476 quotations, declined five fractional points General Robert E. Wood, President of Sears, Roebuck & Co., said yesterday in Auburn, N. Y., where he inspected a new store opened by his during the week ended Dec. 6. For the previous week the company, that he was "looking for a storm of buying after the present index showed a rise of four fractional points, but that gain calm in the merchandising fields." has been wiped out as the index number six to a new low "We are hoping and we are optimistic enough to believe there will be some good buying after the trend gets under way," he said. "We cannot at 80.8. A year ago the index number was 95.7. (The complain, considering the condition of the country and the Christmas trade index number of 100 represents the average for the three Is all that can be expected." years 1926 through 1928.) Regarding the showing on Dec. 6, the Association also says: Canadian Industry Output Reported as Approximating Of the 14 groups comprising the index, three advanced, six declined and 1927 Level Whereas European Output Is at 1926 the remaining five showed no change during the latest week. The advances were made in the groups of fats and oils, metals and fertilizer materials. and United States Output at 1924 Level According Butter, rubber, apples, flour, potatoes, corn, oats, wheat, copper and to S. H. Logan of Canadian Bank of Commerce in potash fertilizer materials were included in the list of 22 commodities that advanced. Among the 24 commodities that declined were cotton, silk, World Survey. wool, eggs, pork, cattle, hogs,sheep, pig iron, zinc, brick,lumber, gasoline. Manufacturing conditions in Canada to-day compare coffee and leather. favorably with those elsewhere, if the inevitable reaction Trend of Business in Hotels During November. from the "boom" prosperity culminating in 1929 is taken Horwath & Horwath in their survey of hotel business durinto account, according to S. H. Logan, General Manager of The Canadian Bank of Commerce. The world-wide ing November states that the sales that month showed the business recession has reduced manufacturing output all biggest decline since the depression overtook the hotel along the line but whereas European industry as a whole is industry. They add: Total sales were 17% lower than in November, 1929, room sales 15% operating on the 1926 level and manufacturing in the United and restaurant sales 19% lower. The average sale per room dropped 5% States on that of 1924, Canadian industry is maintaining and the occupancy at 65% was the lowest for November in the last four an output about equal to that of 1927. According to Mr. years. The number of contributors showing decreased sales has been growing steadily, and in November reached 92%. Logan the high point was reached in 1929, when the gross There indications, however, that the slump in hotel business is in production of Canadian factories and other industrial plants its final are stages. In October three of the groups had smaller decreases passed the 4 billion dollar mark, representing an increase in than in the preceding month, and in November four groups—New York physical output of about 65% over 1924, as compared with City, Washington, Cleveland and California—decreased less than in October. The trend in the group "Other cities" was little discouraging, about 26% in the United States and 12% in Great Britain. its average decrease being the largest so far, although athe business in New Simultaneously with an increase in workers' efficiency of York and Chicago fell off less than in the preceding month. There 20%,the number of manufacturing employees increased 38% sides the were few specific reasons given for the November decreases, beusual drop in banquet and transient sales. No definite change as compared with an increase of 4% in the United States in the trend was apparent: total sales declined slightly, but it is believed and a decrease of 6% in Great Britain. Mr. Logan's further that the trend will fluctuate around present levels for the immediate future. With most of the depression behind us, the demand for hotel rooms may observations follow: have reached bottom. Pessimism regarding general business is gradually Manufacturing output in the United States was 14% less during the first decreasing, and that is one of the first signs ofthe beginning of a new business six months of 1930, and during the following three months 27% less than cycle. The hotel industry has a great deal to look forward to, but more during the corresponding periods of 1929, while Canadian production was than ever it must give the publlc what it wants for the price the public 15 and 20% less respectively. Great Britain and continental Europe can pay. Competition from various sources seems almost to have reached experienced a smaller percentage decline but one sufficient to offset much a point where it will revolutionize the industry, but hotels, unlike the railof the improvement in purchasing power which had been built up during roads, which are asking legislative action to help them withstand compethe slow and painful period of post-war reconstruction, thereby contracting tition—must work out their own salvation; changes will be necessary, both the export market for some of the major commodities, manufactured as in service and prices to the guest. well as unprocessed, of both Canada and the United States. The level to which hotel sales have sunk is Indicative of coming improveCanadian imports of raw materials last year had a value of 300 million ment; the fact that hotel building has been considerably curtailed and that dollars, and partly and fully manufactured goods of a billion dollars, but permanent business has continued to be comparatively healthy through FINANCIAL CHRONICLE DEC. 13 1930.] the depression, insures to the hotel their share of the prosperity when general business again approaches normal. TREND OF BUSINESS IN HOTELS-NOVEMBER 1930. (Transient and Residential) The trend of the total hotel business Is not shown, but rather the increase or already established at least two years. hotels of business the decrease In Analysis by Cities in which Honvath ct Horwath Offices Are Located. P. C. of Inc. Average Sales-Percentage of or Dec. in Percentage Increase or Decrease Aver. Sabi Room of in Comparison perOce.Roons Occupancy. with November 1929. in Comparrn Total. Rooms. Restaurt. Nov.'30. Nov.'29. trUh Nov.'29 -21 New York City -16 Chicago -17 Philadelphia -16 Washington -12 Cleveland -30 Detroit -18 California All other cities re-13 porting -18 -18 -14 -15 -8 -30 -17 -23 -14 -21 -18 -16 -30 -19 60 63 53 48 72 49 46 70 71 60 54 76 66 54 -5 -8 -3 -6 -3 -8 -2 -10 -15 69 73 -5 -17 -15 -lo 65 73 -5 Total "Annalist" Weekly Index of Wholesale Commodity Prices. Index of Wholesale Commodity Weekly The "Annalist" Prices at 117.8 this week is a full point lower than the reviged index of last week and, with the exception of the week of Nov. 21, is at the lowest point of the year and the lowest point since January 1916. The "Annalist," continues: Important advances in live stock prices have been overbalanced by declines in barley and oats, a 5-cent drop in corn, a further decline in cotton to within 15 points of the lowest price of the year, and a drop in egg prices from 34 to 25 cents a dozen. Food prices have fallen off sharply. All meats are lower, butter has dropped 3 cents, and oranges and lard have made fresh declines. Cotton goods prices went lower when the larger firms refused to maintain prices any longer while the weaker firms were selling somewhat below open market quotations. Printcloth has dropped from 5% to 5% cents and cotton sheeting from 6% to 6 yi cents. Even at these lower prices, business is reported dull and there were no important sales to consuming establishments. Silk prices have advanced partly because of speculative bulling of the market in Japan and partly because consuming establishments have absorbed silk during October and November at record rates. THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES (1913-100) Dec. 9 1930.Dec. 2 1930 Dec. 10 1929. Farm products Food products Textile products Fuels Metals Building materials Chemicals Miscellaneous 109.5 125.2 106.7 142.5 106.7 128.8 126.2 95.4 117 2 110.2 129.2 •106.6 142.2 0107.7 *129.9 126.2 95.2 110 o *Revised. 137.0 146.5 141.2 160.0 125.6 151.7 134.0 124.1 "...s 3783 lawyer; F. E. Powell, President of the British-American Chamber of Commerce, and Colonel William Taylor, President of the American Chamber of Commerce in Paris. The same paper reports the following (coyright) from Paris Dec.5: American and European business leaders and bankers, gathered here in the Council of the International Chamber of Commerce to seek a common way out of the world depression, to-day denounced individually and collectively Soviet Russia's industrialization plans and "dumping" as the greatest of all menaces to modern business and to the entire structure of modern civilization. Speaking in turn, Rene Duchemin, President of the Confederation Generale de la Production Francaise; Sir Arthur Balfour, British manufacturer of fine steel; Sir Felix Schuster, British international banker Carlos Prost, prominent Spanish banker, and many others recited the "dumping" grievances of their countries against the Bolshevist regime and called for common defensive action against the growing threLt of the Soviets'industrialization progrr m. Some, notably Sir Felix Schuster. went so far as to advocate the cessation of all commercial and financial relations with Russia rs a necessary defense against the new economic weapons with which the Moscow Communists are said to be making a destructive attack upon the political structures of India, China and European countries. Other features of to-day's meetings were a demand by Abraham Frowein, German textile leader, for revision of Germany's reparation burden as a necessity for the restoration of world prosperity; a denunciation on the same ground of the American tariff and American war debt receipts by Schuster. and a scathing attack by Prast upon European bankers as speculators who had found new material for their operations in the Spanish peseta, which, he said, was soundly based on gold reserves. Faced with the responsibility of showing business a way out of the worst world depression of the present century, the Council set some 50 committees to work at an intensive overhauling of the tangle of trade problems which has been a cause of the record price, production and consumption declines of the last year. After summarizing 12 causes of the present slump, the council adopted the following resolution: "Responsibility for bringing about improvement in the economic statue of the world rests primarily upon the business men and financiers. This, like previous depressions, is temporary, although more general in extent. After all crises in the past business has impt=ved and the welfare of the people by persistent work, has been advanced. This has always been accomplished economy, patience, courage and re-establishment of confidence in the stability of business. "This council, therefore, urges upon every one, in every country and in every walk of life, the necessity of dispelling fear and pessimism, of promoting permanent peace, and of active co-operation in courageouslly and persistently lending a hand in bringing about a rapid readjustment of the economic machinery, to the end that normal conditions may be restored at the earliest possible moment. "To assist the accomplishment of these purposes, the chamber proposes to investigate carefully the distinction between cause and effect in the present situation, with a view to establishing to what extent remedies can be sought and the first steps to recovery hastened by co-ordinating national endeavors." The text of the resolution does not reveal the plans for remedial measures which already are under way or are now being organized. There is much evidence, however, to justify the belief that in the coming year long strides will be made in the direction of better adjustment of production to consumption in a large number of raw materials and manufacturing industries, in which European control will permit the establishment or creation of international cartels governing production and sales. The knotty problem of the general exodus of long-term capital from Central and Eastern Europe was recognized by the council as one of the vital obstacles to general recovery, and the active collaboration of bankers with present efforts to facilitate linking up the gold and capital markets of both lender and borrower countries was one of the most significant topics • of discussion. to The next meeting of the council will be held at Washington just prior the International Chamber's Conference there from May 4 to 91931. International Chamber of Commerce Lists 12 Causes of Depression-Economists of 28 Nations at Paris to Seek Remedies-Soviet "Dumping" Assailed. Twelve reasons for the economic depression which is being felt throughout the world were assigned on Dec. 5 by experts of 28 nations, meeting under the auspices of the New York State International Chamber of Commerce. They were, according Further Decline in Employment in Factories. Paris: from to United Press advices Factory employment in New York State dropped 3% from Overproduction. Decline in commodity prices. October to November, Industrial !Commissioner Frances World agricultural crisis. Perkins announced on Dec. 11, basing her statement on Industrial unemployment. Political unrest. reports from about 1,790 factories which report regularly Partial closing of several world markets, notably India and China. to the New York State Department of Labor. Commissioner Varied bases for monetary circulation. credits. long-term and short between Disequilibrium Perkins's survey continues: • Fall in silver prices. "Dumping"of goods by Soviet Russia. Unprecedented taxation to meet international indebtedness. Excessive State participation in private enterprises. reporting A general slackening in activity was felt throughout the list of factories, which includes concerns in all lines of manufacturing and located In all parts of the State. Not one of the 11 main industrial divisions showed was a net gain for the month. The chemical, oil, and paint division The Paris cablegram from which we quote the foregoing, holding up better than the average, showing a net loss for the month of less than 1%, and total employment only 6% below that of November given in the New York "Herald Tribune" goes on to say: York 1929. The stone, clay, and glass group showed good gains in New The delegates were not in complete agreement. For one thing, they City, but up-State losses caused a drop in total employment in these Balfour, Arthur Sir British by advanced steel manurejected a 13th cause, industries. Silk and cotton mills showed further recovery from their facturer-uneven distribution of gold. France holds 16% of the world's drastic losses earlier in the year, but other textiles continued to lose $10.663,000,000 worth of gold. The United States 39%. ground. Practically every other industry on the list showed a downward Defended. Prices of Bolstering trend which was especially marked in those industries whose busy seasons Silas H.Strawn of Chicago himselfadvanced five causes for the depression. close in November. Many concerns were operating part time, a condition under-consumption and of Overproduction manufactured which may reflect efforts to forestall further curtailment of forces. They were: articles; efforts to maintain prices artifically on such commodities as rubber, The November losses lowered the index number of total employment in sugar, coffee, copper, wheat and cotton; decline in price of silver, affecting the State to 80.8, the lowest figure that has been recorded for any month such as India and China; the purchasing power of silver-using countries, since the index series was started in June 1914. Index numbers are accumulation of unusual quantities of gold by certain countries, and a state constructed with the monthly average for the three years 1925, 1928, and from the resulting foregoing apprehension, causes, fall and which fear of 1927 as 100. While October usually marks the high point of the destroys initiative and paralyzes trade. November rarely shows much decrease in factory employment. The season, reasons the assigned by the experts as Two of them were not included in decrease noted this month is greater than that for any other November on a whole-gold distribution and efforts to maintain prices artificially on such record except November 1920, when employment dropped nearly 5%%. commodities as rubber, sugar, coffee, copper, wheat and cotton. Rene Manufacturers of women's clothing enjoyed only a short season this year. Duchemin, President of the French Federation of Producers, opposed the several were not Most houses were laying off workers in Novevmber and latter theory diametrically, saying that such efforts constituted one means all. The net loss in employment from October to November at operating situation. of solving the trade than 10%. Milliners reported a net loss of 18% for the month, Mr. Strawn commented also that one of the greatest menaces to the was more felt by practically all the reporting houses. Short time was recovery of normal economic conditions was the "practice of the Soviet which was houses continued to general in this industry. Almost all men's clothing Government in selling commodities at any price." following the close of their busy season. Most men's furnishers American delegates, besides Mr. Strewn, were Nelson Dean Jay, Paris make cuts net change was November; the to change from October partner of J. P. Morgan tsc Co.; Colonel Robert E. Olds, international reported little 3784 FINANCIAL CHRONICLE upward in New York City, but downward in the rest of the State. Shoe manufacturers were making cuts at the close of their fall season during which they had taken on less than the usual number of workers. The 3% net loss in gloves, bags, and canvas goods was due to heavy cuts in a few firma; the majority of concerns reported small gains or a loss of only two or three workers. Concerns making pearl, horn and bone products showed good advances. There was a drop in employment in practically every industry in the metal and machinery group except iron and steel, and silverware and jewelry. The gain in the latter industry totaled less than 1% and was compensated in many firms by a cut in working hours. The 1% gain in iron and steel was caused by the continued recovery of a few large plants; many others had cut their forces. The losses in machinery and electrical apparatus firms were especially marked in New York City, due to the closing of one plant there and the removal of another. Of the few up-State firms in the group that were using more workers than in October, only one or two had taken on any appreciable number of people. The 24- or 27-hour week was not unusual in these concerns. A few up-State automobile finns were hiring more workers, but heavy losses in other firms caused a drop in total employment in the industry. New York City railroad shops showed a gain in employment, but the closing down again of an up-State plant which had been reopened in October and heavy losses in a few other plants caused a net loss of 3% in total employment in railroad equipment and repair shops throughout the State. Total employment in New York City brass, copper, and aluminum plants remained about even with the October figure, but practically every up-State plant laid off a few workers. Structural and architectural iron plants suffered heavy losses, especially up-State. Boat and ship builders reported irregular changes. The New York City firms in the atone, clay, and glass division were employing 7% more workers than in October, but up-State losses caused a net loss in the State as a whole. The chemical, oil, and paint division showed a net loss for the month of about / 1 2 of 1%, which was due largely to losses in the photographic and miscellaneous chemicals. Manufacturers of drugs and industrial chemicals, especially those in New York City, showed good gains. Compartively large increases in a few plants held total employment in oil products even with the October total although many firms were making cuts. • The only industry in the food and tobacco group to show a net gain in employment was the manufacture of meat and dairy products. Canners and beverage manufacturers were making heavy seasonal cuts and practically all other industries reported losses in employment from October to November. None of the industrial centers of the State showed a gain in employment for the month. The more than seasonal losses in clothing caused a decrease of 8/ 1 2% in New York City. Rochester chemicals did not show the gains felt elsewhere in the State, and seasonal losses in canneries, men's clothing houses, and shoe concerns caused a total loss of 6% in employment there. Losses in the metal nd machinery industries accounted largely for the 8% decrease in total employment in both Utica nd Buffalo, and for the 1% loss in Albany-Schenectady-Troy. The metals held up fairly well in Syracuse, however, where a general slackening in other industries caused a loss of 1%. Binghamton factories were using 2% fewer workers than in October. FACTORY EMPLOYMENT IN NEW (Preliminary.) Industry. Stone. clay and glass Miscellaneous stone and minerals Lime, cement and plaster Brick, tile and pottery Glass Metals and machinery -.Silverware and Jewelry Braes, copper and aluminum Iron and steel Structural and architectural Iron Sheet metal and hardware Firearms, tools and cutlery Cooking, heating, ventilating apparatus Machinery and electrical apparatus Automobiles, airplanes. .! , 0 Railroad equipment and repair shops Boat and ship building Instruments and appliances Wood manufactures Saw and planing mills Furniture and cabinet work Pianos and other musical instruments Miscellaneous wood, Ac Furs, leather and rubber goods Leather Furs an fur goods Shoes Gloves, bags, canvas goods Rubber and gutta percha Pearl, horn, bone, ,to Chemicals, oils, paints, dai Drugs and industrial chemicals Paints and colors Oil products Photographic and miscellaneous chemicals Pulp and paper Printing and paper goods Paper boxes and tubes Miscellaneous Parer goods Printing and bookmaking Textiles Silk and silk goods Woolens, carpets, felts Cotton goods Knit goods, except silk Other textiles Clothing and millinery Men's clothing Men's furnishings Women's clothing Women's underwear Women's headwear Miscellaneous sewing Laundering and cleaning Food and tobacco Flour, feed and cereals Canning and preserving Sugar and other groceries Meat and dairy products Bakery products Candy Beverages Tobacco Water, light and power Total. YORK STATE Percentage Change October to November 1930. Total State. N. Y. City. -1.2 +1.6 -10.2 -0.8 +3.4 -2.1 +0.7 -1.8 +0.9 -7.2 -2.1 +7.2 +9.3 -10.9 +11.5 +10.4 -2.3 -2.6 +0.4 -17:1 -1.8 -12.3 -7.1 -8.3 -7.9 +7.7 +9.2 -0.9 -3.1 -6.7 -3.3 +0.4 -3.9 -0.9 -3.4 -4.8 -3.0 -7.0 +4.4 -0.4 -0.1 +1.9 +0.4 -6.2 -1.0 -0.6 -1.2 -0.9 -1.4 +3.3 +1.7 -1.7 -1.2 -8.4 -1.1 -13.3 -0.2 -15.9 -5.8 -2.2 -2.0 -25.9 -3.1 +0.7 -1.7 +0.1 -19.8 +0.2 -1.5 -3.1 +11.3 No ch'ge -1.1 -8.1 -2.1 +2.9 +0.1 -4.8 L..I.i -7.7 -4.1 -5.9 +1.2 +0.7 +3.6 +2.4 -0.6 -3.4 -0.4 -1.5 No ch'ge -1.4 -1.7 -1.7 No ch'ge -11.8 +1.3 -8.8 +0.8 -13.3 -2.2 -15.9 -7.6 -2.4 -1.3 -2.2 -9.1 -3.2 +0.8 -1.7 +0.3 +7.4 -1.9 [VOL. 131. Outlook for Buying Power on Pacific Coast as Viewed by Silberling Research Corp. Under date of Nov. 29 the Silberling Research Corp., Ltd., of San Francisco, states that "the most encouraging feature of the latest information regarding the state of buying power in various sections of the Pacific Coast is the apparent tendency toward stabilization." Further viewing the outlook for buying power on the Pacific Coast, the corporation says: The business depression has in practically all sections reached so marked a level below the estimated normal trends of development that the turning of the corner will be slow and delibreate rather than sudden. It is highly probable that the next significant movement in the condition of industry and trade will be upward rather than downward. While we look for nothing in the nature of a boom year in 1931, we are able from the facts which appear in the picture at this time to see next year as one of recovery in the direction of normal, even though perhaps not reaching normal in all areas. The situation in individual commodity markets will tend to bring about recovery in some sections sooner than in others. The Pacific Coast situation is particularly affected by the overproduction problems presented by wheat, petroleum, and lumber. With the unceasing stream of new people coming to this territory and world conditions bringing about excesses in raw material and foodstuff production, it is becoming urgently necessary for the Pacific Coast to become industrialized rather than depending in so large a measure upon products which can be cheaply produced in Russia and other countries. Skilled labor, an abundance of well trained technicians, a wealth of capital, excellent climatic features, and no great difficulty in obtaining many raw materials-all these would appear to provide the basis for a more rapid development of Pacific Coast manufactures than has thus far occurred. The chief obstacle proves to be lack of markets able to absorb the products of large scale modern enterprise. The Pacific Coast manufacturer here and there is winning markets in competition with the industries of other sections. But the great field which thus far is little known to, or appreciated by, our local producers is the foreign field. The Orient and South America, for example, are natural outlets for the products of this territory and it remains to discover ways of capturing and developing them. Depressed and unsettled conditions abroad will not persist forever. Only in this way can the standard of living of the Pacific Coast be maintained and the trend of its development, hitherto so vigorous and promising, be continued. We suggest that this problem of locating markets is a research problem. We believe that communities and States should supplement the efforts of the National Government along the line of market research, not only in the foreign but also in the domestic field. As an example of a significant effort along this line we call the attention of our clients to the recently established California Bureau of Commerce at Sacramento, a body of experts financed by State funds, whose function is the systematic collection of facts regarding outlets, actual or potential, for local products, actual or potential, and information regarding external raw materials for use oflocal producers. Clients in Calfironia who have problems of marketing on a national scale or in foreign markets or who wish to ascertain sources of raw materials for fabrication will find this Bureau, under the direction of Mr. 0, C. Bowen, an experienced expert in this field, a means of assisting their development in a period which, while trying, is the logical period for new developments. Union Guardian Trust Co. of Detroit on Business Conditions in Michigan-Gain in Industrial Activity in Detroit. The return of large numbers of employees to automobile manufacturing plants in the last fortnight, and the announcement of new models at substantially lower prices by a number of manufacturers recently, has focused the attention of business leaders of this country on Michigan, according to Ralph E. Badger, Vice-President, and Carl F. Behrens, economist, of the Union Guardian Trust Co., Detroit. In other years, the announcement of new models has been made at the automobile show in New York during the early part of January, says the survey, which is issued under date of Dec. 3; in part it continues: Industrial activity in Detroit has shown a steady gain in recent weeks. At the end of September, employment as indicated by the Board of Commerce index stood at 74.8 (1923-25 monthly average=100), whereas on Nov. 15 this index had advanced to 80.0, a gain which represents an increase in number employed of at least 12,000 persons. Electric power consumption declined slightly during the month but this decline was much less than that experienced during October 1929. Another series which indicates acceleration in business and industrial activity is the number of passengers carried by the Detroit Street Rys. This series advanced 5% during October. Postal receipts increased 15% over September, which is slightly less than the gain recorded in October 1929. Debits to individual accounts, indicative of retail trade, were off about 6% from the September total. In the two-week period ended Nov. 19 bank debits were 2% greater than in the same weeks of October. Automobile output in Flint was greatly curtailed during October while preparations were under way for the introduction of new models by one of the leading producers of light cars. Industrial power consumption likewise declined. Since the first of November production has been speeded up greatly. Volume of both wholesale and retail trade is reported fair at present, and the general business outlook seems favorbale. Some further improvement in the building industry is expected as industries in that city continue to call back their men. Bank debits in the two-week period ended Nov. 19 were slightly ahead of the totals for the same two-week period in October. With employment still increasing, the seasonal stimulus to trade should cause this series to show further gains in coming weeks. Most of the important industrial cities of southeastern Michigan showed declines in industrial activity during October similar to that occurring in the cities mentioned above, which may be explained on similar grounds. Bay City and Saginaw were exceptions, for in each of these communities a definite upturn was indicated not only in industrial activity but also in bank debits. Recent reportsfrom bankers in Saginaw indicate a continued increase for both employment and retail trade. Two new factories were expected to begin operations in Port Huron during November, affording some increase in employment there. A num- FINANCIAL CHRONICLE DEC. 13 1930.] 3785 ber of building projects, which include a hospital and a bridge over Black increase in consumption and completion of the deflation River, will also absorb a considerable number of unemployed. process. "All during this year while production has been on Business sentiment in the Grand Rapids area appears to be the best than normal, consumption of materials evidenced in some months. The furniture industry, according to our the level much more reports, has shown a marked seasonal improvement and in general the and the using up and wearing out of merchandise has been trend is better. . . . going on steadily and more rapidly than production," says In general, economic activity in the other cities in southwestern Michigan the bank in its magazine "Trade Winds." The bank further is still below normal with employment decreasing. One of the bright spots of northern Michigan at the present time, so says: far as business is concerned,is Traverse City. An exceptionally good cherry The result naturally is that we are bringing about what might be described crop has greatly augmented farmer purchasing power this year, bank savas an accumulating shortage of a great variety of goods. When this shortings are increasing, industrial activity and employment are nearly normal, age becomes sufficiently acute it will be reflected in immediately renewed and there is no pessimism. In most cities except for the seasonal increase in buying. retail trade little activity in business is expected throughout the winter There is some evidence that such buying has now begun to an extent months. larger than is generally realized. Much the same conditions exist in the Upper Peninsular as are found in The bank's study of business conditions declares that durnorthern Michigan. The hunting season has accelerated trade in some sections, but this is only temporary. Low prices for copper and lumber ing the past four weeks substantial progress has been made in have resulted in marked curtailment of mining and lumbering operations, two of the important sources ofrevenue for this section of the State. . . . readjusting retail prices downward in keeping with the drastic The principal point which is made by bankers and other business leaders declines in many wholesale prices with the result that buying throughout the State on the condition of agriculture in their several comof goods at retail is being stimulated. Continuing, the bank munities is with regard to farm prices, which are reported generally unsatisfactory. In some areas the drouth has continued into the fall months, states: which of course makes fall plowing difficult and the results of fall seedings Coincident with the growing spread of price declines in the retail field problematical. In other areas, where moisture has been sufficient, as it there has come about an encouraging stabilization in the prices of a number was in the central and west central parts of the Lower Peninsula, the farm- of raw materials, particularly those which had sunk to levels below producing outlook is much better. The mild weather has been favorable to the tion costs. Upturns from the year's lows have been noted in prices of coffee. late pasturing of livestock and to fall plowing, and fall seedings have devel- sugar, zinc, tin, copper, rubber, cotton and a number of other commodities. oped well. From the point of view that complete deflation of last year's overA recent census report indicates a decrease in the number of farms culti- enthusiastic speculative and business structure is necessary before reconvated in Michigan from 169,915 in 1925 to 147,503 in 1930. It is of inter- struction can begin,every additional step in the direction of deflation brings est to note that bankers in various parts of the State, such as the Thumb the approach of business recovery that much nearer. It is our opinion that area, the Grand Traverse Bay area, and the Upper Peninsula, report a deflation in wholesale commodity prices is now apparently approaching an significant increase in the number of abandoned farms now being brought end and that the process is also continuing with respect to retail prices. under cultivation. While the employment situation presents a difficult and complex problem,strenuous efforts are being undertaken toward its solution throughout the nation. Federal Reserve Bank of Minneapolis on Course of Retail Furniture Trade in District 1926-1930Furniture Installment Credit in Year of Depression. Further Seasonal Gains in Wholesale and Retail Trade Reported in Atlanta Federal Reserve District. From the Nov. 28 issue of the "Monthly Review" of the Federal Reserve Bank of Minneapolis we take the following In its District summary, published in its Nov. 30 Monthly Review, the Federal Reserve Bank of Atlanta says: Retail Furniture Business 1926-1930. An interesting chapter in the history of retail trade, and especially in the history of consumer credit of the installment variety, is being written in the current records of retail furniture stores in this District. Beginning with 1926, monthly records have been reported by the larger furniture stores of the District. This period includes a period of increasing business activity from 1926 to 1929 and a period of depression during the latter part of 1929 and 1930. About two-thirds of the sales by these furniture companies consist of instalment sales. It is interesting to note that the proportion of sales which were made on the instalment basis in 1930 was smaller than the proportion in 1929. This was probably due to a stricter credit policy during a year of serious actual or possible unemployment, as well as to hesitancy on the part of purchasers to make new contracts. Furniture Sales. 1926 1927 1928 1929 1929 (10 mos.) 1930 (10 mos.1 Total Sates. Instalment Sales. % Instalment Sales of Total Sales. $4,081,580 4,069,000 4.539.510 4.563,350 3,737.130 2.852.600 52,657,870 2,773,780 2,932,450 3,133,460 2,562.670 1.865.640 65.4 68.2 64.6 68.7 68.6 RS d During the period from 1926 to 1929,the instalment accounts outstanding reported by these furniture stores were 9.3 times as large as the average monthly instalment sales during these years. The usual credit terms for larger furniture items consist of a cash payment at the time of purchase, and the remainder payable during the succeeding 12 months. Furniture Instalment Credit in a Depression Year. The year 1930 has come to be recognized as a year of major depression in and business employment. In such a period, the experience with consumer credit should be studied in detail. The furniture business has made successful use of instalment credit for a long period. The most important observation to be drawn from the furniture records is that consumers have continued to pay their instalment accounts, even though they were unwilling or,unable to make new furniture purchases. Total furniture sales in the first 10 months of 1930 were 24% smaller than in the same portion of 1929. Sales made on the instalment plan were 27% smaller than a year ago. In contrast with these large reductions in sales, the volume of instalment credit payments was only 6% smaller in the first 10 months of 1930 than in the same 10 months of 1929. As a result of the maintenance of the rate of instalment payments and the shrinkage in new sales, the total installment credit outstanding on Oct. 31 was 13% smaller than a year ago, and was at the lowest level since our records began in 1926. There is, however, no record available of the bad debts written off by the furniture dealers, so that the record of consumer credit in this trade is incomplete to that extent. Available ststistics for October indicate further seasonal gains in both retail and wholesale trade, continued improvement in prospective yields of crops, and a slight decline in the volume of reserve and member bank credit outstanding. The November estimate of the United States Department of Agriculture indicates a cotton crop in the sixth (Atlanta) district larger by 587,000 bales than was expected in August and 319,000 bales greater than last year. Retail trade increased 74% between July and October, and both retail and wholesale trade in October were at the highest levels of the year, although still in smaller volume than at the same time a year ago. Building permits at 20 cities increased 22% over September but were 4% less than in October last year, and contract awards in the district as a whole declined 7.4% in October to the lowest level, except for December 1929. shown in about eight years. Consumption of cotton in the United States increased seaonally in October, and there were also increases in production, orders, unfilled orders and number of workers of reporting cotton cloth and yarn mills in the sixth district. Production of bituminous coal in Alabama and Tennessee was in larger volume than in other recent months, but continued less than a year ago, and output of pig iron in Alabama declined to the lowest point since February 1922. Details of conditions in the wholesale and retail trade are indicated as follows by the Bank: Wholesale Trade. Wholesale trade in the Sixth (Atlanta) District has increased from the low point in June, represented by an index number of 64.0, based upon monthly figures for 1923-25 as 100, to the highest point so far in 1930. represented by an index number of 81.9 in October. October is usually the highest month in the year in wholesale trade; twice during the past ten years September volume has been greater than in October, but in the other eight years October sales have been greater than for any other month. Total sales by 117 reporting wholesale firms gained 10.8% in October, but were 24% less than in October last year. Furniture sales declined slightly from September to October but increases occurred in each of the other seven lines. In most instances there were also increases over September in stocks, accounts receivable and collections, but decreases are shown in all of these groupings compared with October last year. Cumulative sales for the ten months of 1930 through October also showed declines compared with that part of last year, as indicated in the following figures. Percentage Percentage Change. Change. -13.0 Shoes -31.8 Groceries -24.0 Stationery -15.8 Dry goods -19.6 Drugs -11,8 Hardware -25.1 Furniture -8.4 Total -17.1 Electrical supplies Retail Trade. The distribution of merchandise at retail in the sixth district exhibited a further seasonal increase in October to the highest level so far this year, Retail Furniture Records Jan.-Oct. 1929 and 1930. but continued less than a year ago. Stocks of merchandise also increased _ were smaller than a year ago. % 1930 seasonally but 1929. October sales by 42 reporting department stores gained an average 1930. of 1929. of 26.8% over September and were 74% greater than at the low point for $3,737,130 Total sales $2,852.600 76.3 the year in July, but were 4.5% less than in October last year. The comInstalment sales 2,562,670 1,865.640 72.8 Instalment collections 2,340,230 bined index number for the district for October is the lowest for that month 2,198,475 93.9 receivable outstanding Oct. 31 Accounts 2,356,790 2,058,390 of any year since 1922. Contrary to the district comparisons, sales at 87.3 Atlanta in October this year increased 2.4% over October 1929, and the Index number Is higher than for any other October. Cumulative sales for the Union Trust Company of Cleveland Sees Indications district during the first ten months of 1930 averaged 7.9% less than in that period last year. Stocks of merchandise on hand at the close of October of End of Depression. increased on an average of4.9% over those a month earlier,but were 11.8% Definite signs are appearing on the business horizon which smaller than a year ago, and the rate of stock turnover for October,and for slightly higher than for corresponding indicate that the end of depression is approaching and that the year through October, was periods last year. Accounts receivable at the end of October averaged better business will be seen after the turn of the year, ac- 6.1%,and collections during the month 20.6%,greater than for September, cording to the Union Trust Co., Cleveland. Among the but accounts receivable were 2.7%. and collections 6.8%. smaller than for ratio of collections during October to accounts favorable indications pointed out by the bank are declining October last year. atThe the beginning of the month,for 32 firms was 31.2%; receivable and due stocks of merchandise, progress in readjustment of prices, for September this ratio was 27.8%,and for October last year,32.8%. The FINANCIAL CHRONICLE 3786 ratio of collections against regular accounts for the month, for 32 firms was 33.6%, and the ratio of collections against installment accounts for 10firms was 16.8%. Federal Reserve Bank of Atlanta on Building Operations in Its District. The following covering building operations in the Atlanta Federal Reserve District is from the Nov. 30 Monthly Review of the Federal Reserve Bank of Atlanta: Industry-Building. The value of permits issued during October at 20 reporting cities in the sixth district for the construction of buildings within their corporate limits Increased over September, but continued in smaller volume than a year ago, and there was a further decline in the volume of contract awards in the district as a whole. Building permits reported for October from 20 cities totaled $3,656,788, an increase of 22% over the September total, and 4% less than for October last year. Increases over October last year were reported from seven of the regularly reporting cities, and declines from 13. Cumulative totals for the first ten months of 1930 amount to $39,621,059, a decline of about 41% compared with the total of $66,811,114 for the corresponding period of 1929, and smaller than for that part of any of the past ten years. Comparisons of permit figures for October are shown in the table. Number. City. Alabama: Anniston Birmingham Mobile Montgomery Florida: Jacksonville Miami Orlando Pensacola Tampa *Lakeland *Miami Beach Georgia: Atlanta Augusta Columbus Macon Savannah Louisiana: New Orleans Alexandria Tennessee: Chattanooga Johnson City Knoxville Nashville October. 1930. October. 1929. Percentage Change ts Value. Value. October 1930. October 1929. 13 318 72 139 26 355 84 193 $12,480 186,534 69,012 66,258 $30,150 428,991 54,285 143,198 -58.6 -56.5 +27.1 -53.7 326 338 59 182 200 7 87 379 458 60 210 232 13 97 207,465 177,466 25,725 59,572 39,934 5,700 28.675 284,000 352,100 34,885 93,341 106,605 4,750 549,760 -26.9 -50.0 -26.3 -36.2 -62.5 +20.0 -58.4 350 102 26 236 10 321 158 40 94 100 1,040,220 37,052 42.020 180,102 20,575 947,196 55,287 45,380 104,375 64,155 +9.8 -33.0 -7.4 +72.6 -67.9 102 76 136 62 785,879 32,443 364,547 +115.6 78,005 -58.4 319 9 72 218 459 9 79 224 131,639 43,100 158,144 341,168 220,940 -40.4 11,500 +274.8 116,878 +35.3 279,040 +22.3 -4.1 Total 20 cities 3,167 3,679 $3,656,788 $3,814,858 Index No 33.9 32.5 •Not included in totals or index numbers. Statistics compiled by the F. W. Dodge Corp., and divided into district figures by the Federal Reserve Board's Division of Research and Statistics, indicate a further decline of 7.4% in awards in the Sixth District In October compared with September, and a decrease of 28.4% compared with October last year. The October total amounted to $12.488,183, of which $2,822,012, or 22.6%, was for residential purposes; the September total was $13,491,004, of which $2,928,584, or 21.7%, was for residential purposes, and the total for October 1929 was $17,433,670. of which $4,319,815, or 24.8%, was for residential purposes. The October total was not only the smallest for the year, but with the exception of December 1929 was the smallest for any month in available records which extend back to the beginning of 1923. Contract awards divided by States are shown comparatively in the table; parts of the figures for Louisiana and Mississippi apply to other Federal Reserve Districts. October 1930. September Percentage Change. 1930. October 1929. Percentage Change. +74.1 +39.0 $1,740,800 3.746,500 -22.0 +12.1 -44.2 4,276,000 -57.2 +87.3 4,158,800 -17.4 +0.8 2,324,400 +34.8 3,636,000 -71.4 -67.9 Cumulative totals of contract awards in the sixth district for the 10 months of 1930 through October amount to $207,424,681, a decline of 31.8% compared with the total of $304,221,839 for the same part of last year. Total contracts awarded in the 37 States east of the Rocky Mountains during October amounted to $337,301,400, compared with $331,863,500 in September, and with $445,642,300, for October a year ago. Of the October total, $111,195,900 was for public works and utilities, $104,670,300 was for residential building, $35.652.600 for new commercial buildings, $28,554,400 for educational buildings, $16,149,900 for industrial plants, $14,553,100 for public buildings, $11,555,800 for hospitals and institutions, $9,583.100 for social and recreational buildings, and $5,386,300 for religious and memorial buildings. Alabama $3,030,800 $2.180,200 Florida 2,922,200 2,607,800 1,828,500 3,278,900 Georgia Loutslana 3,433.400 1,832,700 Mississippi 2,343.600 1,738,600 Tennessee (6th district). 1,038,400 3,236.000 [VoL. 131. of fall trade creating a demand for additional currency. Member bank loans showed little change during the month, but their deposits, both demand and time, increased. Debits to individual accounts in 24 cities of the Fifth District for the four weeks ended Nov. 12 showed a seasonal decline in comparison with debits during the four weeks ended Oct. 15 this year, and also totaled 15.9% less than debits in the corresponding four weeks last year, ended Nov. 13 1929. Part of the decrease from last year's figure was due to lower price levels this year. Commercial failures in the District were more numerous in October than in either September this year or October a year ago, and aggregate liabilities involved also rose last month in comparison with both the earlier periods. Coal production in October showed some seasonal increase, but total figures were considerably below those of October 1929. The textile industry, on the other hand,seems to have improved slightly in October,cotton consumption increasing over recent figures and buyers manifesting more interest, but the rate of operation in the mills is still much below that of last year. Cotton prices increased slightly in the latter part of October and continued firm during the first half of November, but are still around $30 to $35 a bale below prices at the same time a year ago. Condition figures on the leading crops as of Nov. 1 showed some general improvement over the forecasts as of Oct. 1, October weather having favored late development and harvesting in all of the District except Maryland, but the improvement was relatively negligible in comparison with the damage done by the long summer and early fall drouth. Department store sales increased in October by more than the usual seasonal amount, and showed an increase over sales in October 1929, due principally to special sales and intensive advertising by a few large stores in leading cities. Wholesale trade showed larger sales in most lines than in September, but all lines reported upon showed smaller sales last month than in October 1929. The following regarding commercial failures and employment conditions in the Richmond District is also taken from the "Monthly Review": Commercial failures in the Fifth Federal Reserve District numbered 121 In October this year, with aggregate liabilities amounting to $1,430,900. compared with 114 insolvencies and liabilities totaling $1,831,506 reported for the shorter month of September this year and 91 failures with liabilities aggregating $1,066,027 reported for October 1929. An increase in October failures over those of September has occurred in the Fifth District in eight of the past 11 years. The district increase of33% in bankruptcies in October In comparison with October 1929 was greater than the average increase of 17% in the United States, but the increase of 34% in aggregate liabilities in the district was much less than the National increase of approximately 80%. Employment. Little if any real improvement occurred in employment conditions in most of the Fifth Reserve District during the past month. There was a further seasonal increase in employment in coal mines, and textile mills In the Carolinas also increased operating time to some extent. As a result of the drouth during the summer, many farmers are seeking employment off the.farms, thus coming into competition with city and town workers. There appear to be fewer floating laborers in the Fifth District, especially in Virginia cities, than there were a year or two ago when much industrial development was under way. The strike of textile employees in Danville continues, the workers having been out since Sept. 29. Many plans looking to increased employment on either full or part time are being made in the district, the seriousness of the situation being generally recognized, but most of the relief work is yet in a tentative stage. Retail Trade Conditions in Richmond Federal Reserve District. According to the Nov. 30 "Monthly Review" of the Richmond Federal Reserve Bank retail trade in 34 department stores in its district made somewhat more than the usual seasonal gain in October in comparison with September, and averaged 1.8% more in aggregate amount than in October 1929, although only 12 stores reported higher figures last month while 22 fell below their October 1929 sales. The Bank adds: However, many of the declines this year were small, while some of the city stores went ahead considerably, chiefly as a result of special sales which were put on earlier this year than in most years. Cumulative sales for the first 10 months of 1930 averaged 1.8% less than total sales in the first 10 months of 1929, a good showing in view of lower prices in many lines. Stocks carried by the reporting stores at the end of October showed a seasonal increase amounting to 7.2% over stocks on hand a month earlier. Sept. 30 1930, but averaged 9.3% less in seliing value than stocks on hand on Oct. 31 1929. Part of the decline in stocks during the year is of course due to lower prices this year in many lines handled by the reporting stores. The stores turned their stock .358 times in October, and since Jan. 1 stocks have been turned an average of 2.739 times, a higher figure than 2.657 times stock was turned in the corresponding 10 months of 1929. Collections during October in 33 of the 34 reporting stores showed a seasonal increase over Septemb.r collections but were not quite up to the average of October last year. Collections in Washington were slightly better last month than in Oct. 1929, but Baltimore and the other cities showed lower percentages of collections to total outstanding receivables. Business Conditions in Richmond Federal Reserve District,in October Compare Unfavorably with Improved Agricultural Outlook in Dallas Federal Year Ago-Employment Conditions and Failures. Reserve District-Increase in Retail TradeStating that general business conditions in the Fifth Federal Slowing Up of Wholesale Trade. Reserve District continued in October to compare unfavorThe Federal Reserve Bank of Dallas reports a material ably with those of a year ago, the Federal Reserve Bank of improvement in the outlook for livestock and agriculture Richmond, in its "Monthly Review" Nov. 30, adds: made its appearance during the past thirty days, following There has been no improvement in employment in recent weeks, but the heavy general rains during October. In its December on the contrary the completion of work undertaken in the spring and summer has adaed to the number of idle workers. Crop yields are very spotted "Monthly Review" the Bank further says: In the Fifth District, but on the whole the quantity yield of money crops compares Lady well with yields in recent years. The price situation is unfavorable, however, with cotton and tobacco, the two leading cash crops, selling at the lowest prices for many years. During the month between Oct. 15 and Nov.15, member banks increased their borrowing at the Reserve Bank, a seasonal development due to needs of city customers. The circulation of Federal Reserve notes also showed a seasonal increase, marketing of agricultural products and the opening According to the Nov. 1 report of the Department of Agriculture, the prospective production of principal feed crops and some minor crops is substantially larger than was indicated a month earlier and in some instances will exceed the actual production of a year ago. Under the stimulus of ample moisture and favorable weather conditions, small grains have made rapid growth and in many areas are furnishing considerable supplemental pasturage. A good season is now in the ground in all sections of the district. whioh will enable farmers to proceed with winter plowing. DEC. 13 1930.] FINANCIAL CHRONICLE The additional revenue from minor crops and the increased supply of feed will assist farmers in meeting maturing obligations and will serve to reduce the outlay for making 1931 crops. On the other hand, the indicated yield of cotton was slightly lower than a month earlier and the rains slowed down picking operations, damaged open cotton and lowered the grade. The physical condition of livestock and their ranges showed rapid improvement and these are now in better condition than in several months. With the continuance offavorable weather for a reasonable period,livestock generally should go into the winter in good shape. After showing some improvement during September, the distribution of merchandise slackened somewhat in October. While the sales of department stores in larger centers exceeded those of the previous month by 10%, the increase was less than normal and sales for the month were 8% under those of a year ago. The distribution of merchandise at wholesale was in smaller volume than in either the previous month or in the same month last year. Reports indicate that merchants are continuing a very conservative buying policy and that orders largely represent fill-In merchandise. Collections have shown a seasonable increase but are smaller than usual at this season. The commercial loans of banks in Reserve Cities reflected a further slight increase and deposits rose to a higher level. The deposits ofcountry banks, however, showed a decline. The daily average of combined net demand and time deposits of member banks in this district, which amounted to $831,071,000 in October,reflected a slight increase over that for September, but was $69,189,000 less than during October 1929. Federal Reserve Bank loans to member banks declined from $11,322,987 on Sept. 30 to $8,198,043 on Nov. 15, and on the latter date were $17,627.709 less than on the corresponding date a year ago. The decline during the past six weeks was due entirely to the retirement of loans by country banks. The valuation of building permits issued at principal centers during October reached the lowest level recorded since June. The October volume was 17% smaller than a month earlier and 39% below October a year ago. Production and shipments of lumber showed no change from the previous month, but new orders received were in larger valume. The production and shipments of cement reflected a large decline as compared to both the previous month and the corresponding month a year ago. the National Lumber Manufacturers' Association, than in former years. Telegraphic reports from 843 leading hardwood and softwood mills for the week ended Dec. 6 give new business 2% under a total production of 222,015,000 feet. For the equivalent week a year ago, 864 mills reported production 365,667,000 feet, shipments 295,479,000 feet and orders 280,767,000. Identical mills reporting for the two years showed softwoods, 484 mills, production 37% less, shipments 22% less and orders 21% less than for the week in 1929; hardwoods, 195 mills, production 48% less, shipments 28% less and orders 13% under the volume for the week a year ago. Shipments for the week ended Dec.6 of this year were 1% under production. A week earlier 863 mills reported orders 6% above and shipments 11% above their production, which totaled 208,711,000 feet. In 1928 and 1929 reports for the week, which included the Thanksgiving holiday, were unfavorable to orders. Lumber orders reported for the week ended Dee. 6 1930 by 618 softwood mills totaled 198,318,000 feet, or 2% below the production of the same mills. Shipments as reported for the same week were 196,847,000 feet, or 3% below production. Production was 202,037,000 feet. Reports from 243 hardwood 'mills give new business as 20,543,000 feet, or 3% above production. Shipments as reported for the same week were 22,911,000 feet, or 15% above production. Production was 19,978,000 feet. The Association in its statement further says: Surveying wholesale and retail trade, the Bank says: Wholesale Trade. There was a noticeable slowing down during October in the demand for merchandise at wholesale in the Eleventh Federal Reserve District. Hardware and farm implements were the only reporting lines to show increases over the preceding month, and these were not as large as is usual at this time of the year. Sales for all lines in October registered a greater decline as compared to the same month a year ago than they showed in September. The poor return from agriculture, together with low production in many areas as a result of the summer drouth, has caused farmers generally to limit purchases to actual necessities. A seasonal improvement in collections was shown in all lines, but the increase was smaller than usual at this season. The past month witnessed a material falling off in the demand for dry goods at wholesale in this district. Sales were 13.8% lower than in September. and they reflected a decline of35.7% as compared to October last year. Orders are small and continue to be made principally for fill-in purposes. Cumulative sales from July 1 through Oct. 31 were 37.2% below the same period in 1929. Wholesalers reduced their stocks 10.4% during the month. While collections were slower than is usual at this season, they reflected a further increase of 19.7% over the preceding month. After showing a seasonal gain during the preceding three months,business in the wholesale grocery line turned downward in October. Sales were 3.0% smaller than in September and 12.9% below October last year. From July 1 to Oct. 31 sales averaged 11.5% less than in the corresponding period of 1929. Reports indicate that inventories at the end of October were larger than a month earlier but smaller than a year ago. Prices showed a downward trend. There was a further improvement on collections, but it was not general. Contrary to the usual seasonal trend, the sales of reporting wholesale drug firms reflected a decline of 5.6% as compared to the previous month and were 22.9% smaller than in the same month of 1929. Buying has been Slow In practically all sections of the district as merchants are maintaining a cautious policy and are making commitments mainly as requirements are disclosed. Collections during the month showed a slight improvement. The demand for farm implements at wholesale during October, while 10.6% greater than in September, showed less than the usual seasonal expansion and sales were 49.5% less than in the same month of 1929. Distribution during the four months ending Oct. 31 was 45.5% smaller than in the same months of 1929. Prices showed no material change. The low prices being received for agricultural commodities continued as a deterrent factor. Collections reflected a substantial increase over the previous month but were smaller than usual at this season. ,The demand for hardware at wholesale during October was somewhat spotty, being fair to good in some sections of this district and poor in others. While there was a further net increase of 7.4% over the preceding mouth, Oxtober sales showed a decline of 25.5% as compared to the same month last year. There was a decline of 27.1% in sales during the period July 1 to Oct. 31. as compared to the corresponding period in 1929. There was a seasonal increase in collections. Retail Trade. The October volume of retail distrubtion in larger cities, as reflected by department store sales, evidenced a further seasonal increase of 9.8% as compared to September, but continued to be less than in the corresponding mont of 1929. by 7.7%. In an effort to stimulate sales, merchants have been advertising extensively and have given wide publicity to price reductions. Some lines of seasonal merchandise have been moving in good volume, while others have reflected a substantial decline. The departments showing increases in October as compared to the same month in 1929 included the following: gloves, knit underwear, women's coats, juniors' and girls' wear, and furs. Tho,departments reflecting a noticeable decline were as follows: neckwear and scarfs, handkerchiefs, women's and children's shoes and hosiery, women's suits and dresses, and misses' dresses, all men's and boy's wear, most piece goods, and home furnishings. Stocks on hand on Oct. 31 were 10.2% greater than at the close of September but were 9.1% less than a year earlier. The rate of stock turnover during the first 10 months of 1930 was 2.40 as against 2.39 in the same period of1929. ".1 Collections reflected a substantial seasonal increase during the month. The ratio of October collections to accounts outstanding on Oct. I was earlier and 37.8% in October 1929. 34,9% as compared to 31.0% a month Lumber Orders Two Per Cent Under Production. Primarily as a result of curtailed production, the customaryyseasonaldecline in lumber orders is reflected less sharply,in relationkokhe cut, in recent weekly reports to 3787 Unfilled Orders. Reports from 494 softwood mills give unfilled orders of 723,073,000 feet on Dec. 6 1930, or the equivalent of 14 days' production. This Is based upon production of latest calendar year-300-day year-and may be compared with unfilled orders of 502 softwood mills on Nov. 29 1930, of 723,343,000 feet, the equivalent of 14 days' production. The 374 identical softwood mills report unfilled orders as 683.388.000 week feet on Dec.6 1930, as compared with 920,938,000 feet for the same was a year ago. Last week's production of 484 identical softwood mills rewere shipments 297,366,000; was it ago 187,381.000 feet, and a year spectively 183,046,000 feet and 234,924,000; and orders received 182,579.mills identical 000 feet and 230,697,000. In the case of hardwoods, 195 reported production last week and a year ago 17,171,000 feet and 32,751.000: feet 17.568.000 orders, and 28,062,000; shipments. 20,300,000 feet and and 20,287,000. West Coast Movement. The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 228 mills reporting for the week ended Dec. 6: SHIPMENTS, UNSHIPPED ORDERS. NEW BUSINESS. Fed. Feel, Fed. Coastwise and Domestic cargo Domestic cargo 47.489,000 _ 1ntercoastal ----215,807,000 delivery ---- 57,738,000 delivery 19,972,000 105.875,000 Export 14,847,000 Foreign Export 29,729,000 89,289,000 Rail 84,040,000 Rail tradeBy rall 9,588,000 Local 9,588,000 Other 108,758,000 Total 410,771,000 Total 118,213,000 Total actual Weekly capacity of these 228 mills is 229,860,000 feet. Their production for the week was 114,442,000. orders For the 48 weeks ended Nov. 29, 139 identical mills reported The 4.1% below production and shipments were 1.1% below production. comsame mills showed an increase in inventories of 5.5% on Nov. 29 as pared with Jan. 1. Southern Pine Reports. that for 135 The Southern Pine Association reported from New Orleans orders 15% mills reporting, shipments were 13% below production, and taken during below production and 2% below shipments. New business at 141 the week amounted to 33,831.000 feet (previous week 46,998.000 and promills); shipments. 34,440,000 feet (previous week 46.977,000); three-year The 40,092,000). duction, 39.593,000 feet (previous week Orders on hand average production of these 135 mills is 65,279,000 feet. The 124 identical at the end of the week at 119 mills were 90,951,000 feet. business a demills reported a decrease in production of 19%, and in new crease of 25%, as compared with the same week a year ago. Ore., reThe Western Pine Manufacturers' Association of Portland, ported production from 92 mills as 23,275,000 feet, shipments 26,334.000 a reported and new business 25,450,000 feet. Sixty-five identical mills decrease in production of 43% and a decrease in new business of 18%. when compared with last year. Association of San The California White dr Sugar Pine Manufacturers' feet, shipments Francisco reported production from 24 mills as 10.244,000 of mills reported number 15,763,000 and orders 11,687,000 feet. The same coma decrease in production of 52% and a decrease in orders of 26% in parison with 1929. Minn., Minneapolis. The Northern Pine Manufacturers' Association of 1.995,000 reported production from seven mills as 191,000 feet, shipments reported a decrease mills of number same and new business 1,533,000. The when comin production of 87%, and a decrease in new business of 26% pared with a year ago. of Association Manufacturers' The Northern Hemlock & Hardwood feet, shipOshkosh, Wis., reported production from 18 mills as 1,685,000 mills reported a ments 866,000 and orders 357.000. The same number of in comparison decrease in production of37% and a decrease in orders of65% with 1929. reported producThe North Carolina Pine Association of Norfolk, Va., 7,133,000 and new busition from 102 mills as 7,406,000 feet, shipments production 28% less ness 5,520,000. Fifty-one identical mills reported corresponding week and new business 54% less than that reported for the of last year. Francisco reported producThe California Redwood Association of San and orders 3,727,tion from 12 mills as 5,201,000 feet, shipments 3,558,000production of 39%, in decrease 000. The same number of mills reported a ago. year a with compared when 24% of and a decrease in orders Hardwood Reports. of Memphis. Tenn., reported The Hardwood Manufacturers' Institute production from 225 mills as 18,569,000 feet. shipments 21.242.000 and identical mills showed a new business 19,367.000. Reports from 177 decrease in production of 44% and a decrease In new business of 9% in comparison with 1929. 3788 FINANCIAL CHRONICLE The Northern Hemlock & Hardwood Manufacture rs' Association of Oshkosh, Wis., reported production from 18 mills as 1,409,000 feet, shipments 1,669,000 and orders 1,176,000. The same number of mills reported production 68% less and orders 49% less than that reported for the same period last year. CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED DEC.6 1930 AND FOR 49 WEEKS TO DATE. ProducHon, M Ft. Association. Southern PlneWeek-135 mill reports 49 weeks-6,940 mill reports West Coast Lumbermen'sWeek-228 mIll reports 49 weeks-10,820 mill reports Western Pine Mfrs.' Week-92 mill rePorts 49 weeks-4,508 mill reports Calif. White 4, Sugar PineWeek-24 mill reports 49 weeks-1.191 mill reports Northern Pine Mfrs. Week-7 mill reports 49 weeks-368 mill reports Northern Hemlock & HardwoodWeek-18 mill reports 49 weeks-1,488 mill reports North Carolina PineWeek-102 mill reports 49 weeks-5.234 mill reports California RedwoodWeek-12 mill reports 49 weeks-701 mill reports Softwood totalWeek-618 mill reports 49 weeks-31,250 mill reports Hardwood Mfrs.'InstituteWeek-225 mill reports 49 weeks-12,494 mill reports Northern Hemlock 8, HardwoodWeek-18 mill reports 49 weeks-1,488 mill reports Hardwood totalWeek-243 mill reports 49 weeks-13,982 mill reports Shipments, M Ft. P. C. of Prod. Orders, M Ft. 39.593 34,440 2,612,393 2,472,855 87 95 2,430,594 114.442 106,758 6,845,823 6.680.142 93 98 116,213 102 6,687,911 98 23,275 26,334 113 1,917,307 1.781,488 93 25,450 109 1,722,202 90 33.831 P. C. of Prod. 85 93 10,244 897,578 15,763 154 944.832 105 11,687 114 923,353 103 191 198,513 1,995 1045 182,201 92 1,533 802 175,977 89 1,685 135.935 866 104,016 51 77 357 92,135 21 68 7,406 403,569 7,133 90 419,136 104 5,520 336,502 85 5.201 322,373 3,558 293,174 3,727 294,858 72 91 97 108,318 97 12,663.532 98 95 68 91 202,037 196,847 13.333,491 12.877.844 18,569 21,242 114 1,510,842 1,400,122 93 1,409 283,630 1,669 118 197,867 70 19,978 22,911 115 1,794,472 1.597.989 89 3rand totalWeek-843 mill reports 222,015 219,758 49 weeks-43,744 mill reports._ 15.127,963 14,475.833 75 19,367 104 1.345,860 89 1,176 158,065 83 56 20,543 103 1,503.925 84 218,861 99 96 14.167.457 99 94 The Paper and Pulp Industry in October-Decrease in Production in October and the 10 Months. According to identical mill reports to the Statistical Department of the American Paper and Pulp Association from members and co-operating organizations, the daily average paper production in October showed a 1% decrease under September 1930, and a 15% decrease under October 1929. The daily average wood pulp production in October decreased 2% under September 1930, and 16% under October 1929. The Association under date of Dec. 9 further reports as follows: [VOL. 131. Parleys at Amsterdam and Brussels on Sugar Restriction Proposal-Question as to Financing of Germany's Excess Sugar-Thomas L. Chadbourne's Meeting With Delegates. The International Sugar Conference, which was brought under way at Amsterdam (Holland) on November 29 with a view to adopting restrictive measures governing production, resulted in the reaching on Dec. 8th of a five-year agreement between the Cuban-American and Javanese sugar interests for the solution of the problem. This agreement which developed from the Amsterdam conferences (which were preliminary to the main conferences which opened at Brussels on December 9th) was indicated in the following which we quote from an Amsterdam cablegram December 8th to the New York "Times." A five-year agreement for a solution of the world sugar crisis was reached here today by delegates representing the Cuban-American industry and officials of the Dutch Sugar Trust. Eleven days of delicate negotiation had brought the conference to an actual state of collapse yesterday afternoon, but the recent accentuation of the world-wide distress in sugar markets finally made possible a satisfactory accord. The significance of the accord lies in the fact that Java and Cuba, two nations which together dominate the international sugar situation, will now be able to go to the world sugar congress at Brussels and there present a joint front before the beet sugar-growing nations of Europe. The Cuban and Javanese point of view will be a single point of view, and this of itself augurs well for an eventual world agreement for the stabilization of the commodity. The Last Barrier. As explained in yesterday's message, the conference broke down upon the Cuban-American demand for a commission to ascertain whether the Dutch would be justified in exporting to Far Eastern markets an additional 100,000 tons each year during the period of a five-year agreement. All other issues had been eliminated, but the CubanAmerican negotiators felt strongly that this extra amount of sugar should not be the market unless there was an actual consumption demand. placed upon The Dutch resented the idea of a commission and raised the of good faith, whereupon the Americans replied that equivalent question guarantees would be acceptable. This morning, therefore, just a few minutes before the CubanAmerican committee took a train for Brussels, officials of the Dutch Trust came to Thomas L. Chadbourne's hotel and in place of a commission offered contractual guarantees regarding the additional amount. This course was entirely satisfactory to the Cuban-Americans and an agreement was duly entered into to this effect. The whole question now naturally depends upon bringing the Europeans into a world agreement, but if this is accomplished , Java and Cuba will sign a formal contract embodying today's terms. What is important, however, is that Java has agreed not to export additional amount unless the demand in Far Eastern markets justifiesthe it and in no case will the additional amount be dumped upon European markets. World Accord Foreseen. It is difficult to say how the Brussels conference will terminate, but the fact that a serious overproduction crisis exists in the three great beet sugar-producing countries of the Continent-Germany, Czechoslovak ia and Poland-justifies the hope that a world accord will be realized. Ten or twelve nations will attend the Brussels congress. Preliminary meetings will begin tomorrow when the Dutch delegation reaches the Belgian capital, but the first formal session will not be held until Wednesday. Reduced to simple terms, today's Javanese-Cuban agreement means this: Javanese production is normally about 3,000,000 tons a year. The home consumption is around 300,000 tons, leaving 2,700,000 tons for export. Java now agrees to restrict exportation-restriction by actual crop reduction was rejected by Java as impossible at the beginning of the conference-to 2,400,000 tons for 1932, 2,500,000 for 1933, 2,600,000 for 1934 and 2,700,000 for 1935. This includes the 100,000-ton increase each year, beginning with 1932, but if the world markets remain depressed Java's actual restriction may amount to considerably more than the foregoing figures indicate. Next year's total exports will amount to 2,300,000 tons, or an actual restriction The October production registered a decrease under October 1929 in newsprint, uncoated book, paperboard, wrapping, bag, writing, tissue, hanging and building papers. The production of all major grades of paper during the 10-month period ending October 1930 registered decreases under the totals for the same period of 1929. Shipments of all major grades also decreased during the 10-month period of 1930 as compared with the same period of 1929. Newsprint, paperboard, bag and building papers showed increases in Inventory at the end of October 1930 as compared with the end of September 1930. As compared with October 1929, all grades, excepting wrapping, bag and building papers, showed increases in inventory. Identical pulp mill reports for the 10-month period ending October 1930 indicated that 7% more mitscherlich sulphite pulp and 1% more kraft pulp was consumed by reporting mills than for the same period of 1929. The total shipments of all grades of pulp to the open market during the first 10 months of 1930 were approximately 12% below the total for the same period of 1929. All grades of pulp, excepting easy bleaching sulphite, kraft and soda pulps,registered decreases in inventory at the end of October 1930 as against the end of September 1930. As compared with October 1929, groundwood of 400,000 tons. and soda pulps were the only grades whose inventory registered a decrease. The Dutch, it may be added, are optimistic regarding world sugar REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE needs during the next five years, especially in Far Eastern markets, where they sell most of their sugar. The Americans, on the other hand, believe that the recovery of consumption demands will be slow and nothing should be done to retard the smooth working of Mr. Chadbourne's five-year plan. Stocks on Hand Production, ailments, The Cuban agreement as accepted by the Dutch provides for radical End of Month. Grade. Tons, Tons. Tons. restrictions, in all a little more than 23 per cent. Cuba's 1929-1930 pro. auction was 4,670,000 tons, an excess over consumption of 800,000 tons. Newsprint 105,450 102,808 33,318 Book (uncoated) 67,401 Cuba has segregated 1,500,000 tons, which she agrees to market at the 62,791 68,974 Paperboard 194.880 59,941 194,030 rate of 300,000 tons a year. The coming crop will be restricted by Wrapping 47.826 40,992 48,291 1,100,000 tons, thus restricting production to 3,570,000 tons. An export Bag 11,909 5,170 11,756 Writing, cover, etc 27.589 understanding already has been reached among the Cuban growers, in53.607 27,691 Tissue 14,649 12,401 15,145 cluding the total amount to be sold to the United States, and this is Hanging 4,829 5,233 5,268 satisfactory to the Javanese trust. Building 6,722 3,110 6,451 Other grades Java's total carry-over of 500,000 tons-this year's and next year's 18.737 14,973 19,220 crop-will be marketed during the five-year period, but will be included Total-All grades 499,992 291,536 499.634 under the special provision regarding an additional 100,000 tons a year. REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR It will thus be seen that Cuba has made by far the greater sacrifice, but on the other hand, it cannot be denied that Java's position is more THE MONTH OF OCTOBER 1930. favorable than Cuba's and the conditions surrounding her export marShipped Dot- Stout on Hand kets are entirely different. Production, Used During What is really important to the world sugar market is that Java has tag Month, End of Month, Grade. Tons. Month. Tons. Tons. Tons. consented at last to enter a world agreement, an accomplishment hitherto Groundwood found beyond the powers of the most persuasive negotiators. For this 62.702 75.800 53,433 3,068 Sulphite news grade 35,154 achievement-and sugar men are unanimous in calling it such-a large 33,634 6.628 2,075 Sulphite bleached 23.632 4,495 22.049 1,776 share of the credit is due to the untiring and effective diplomacy and Sulphite catty bleaching 3.247 1,194 2.670 459 Sulphite mitscherUch skill of Mr. Chadbourne. 7.862 1,574 6.621 1,462 MONTH OF OCTOBER 1930. Kraft pulp Soda pulp 30.732 26.887 19,891 84 3,841 7,117 Puip-other grades... 14.036 -_ 5,606 68 3,579 24 Total-Allgrades_ -- 183.304 181.697 18.355 78,044 A preliminary meeting of the world sugar conference was held at Brussels Dec. 9, but in the absence of the Dutch and German delegations only matters of organize, DEC. 13 1930.] FINANCIAL CHRONICLE tion were discussed, says the New York "Times." Advices that day which further stated in part: It was decided to work through subcommittees, and upon the insistence of the Cuban-American delegation the policy of secrecy adopted for the American negotiations will not prevail here. Each delegation will be free to disclose its position and the course of the meetings will be made public at the end of each day. The decision was especially pleasing to Thomas L. Chadbourne and his associates, who believe in the fullest publicity for deliberations which may decide the fate of the cothmodity. Officials of the Visp, the Dutch sugar trust, reached Brussels tonight and the Germans are expected tomorrow morning, making possible the formal opening of the world conference at noon. In all, eight of the chief sugar-producing nations of the world are represented and before the conclusive stage has been reached it is probable the number will have been increased to ten. • • amount each year over a period of five years, the duration of the CubanJavanese agreement. Thus Germany would export during that period 162,000 tons of the present exportable excess yearly, plus 38,000 tons of new sugar. It is realized that the proposal is a drastic one, but the situation is held to call for drastic measures, a statement the Cuban-Americans have explained by pointing out that Cuba is actually restricting next year's crop by 1,100,000 tons. It is almost certain that the Germans, together with the other Europeans, will bring in a counter-proposal. In explanation it must be stressed that the foregoing scheme would apply with equal force to the other European producers, although, as indicated, acceptance by Germany would assure a world agreement. The financial problem involved is considerable, and the suggestion is already heard, that a consortium of British, American and Dutch banks take over Germany's and possibly other European excesses and finance them during a five-year period. • At this afternoon's preliminary session Mr. Chadbourne explained the basis of the accord reached between the Cuban-American and Javanese growers at Amsterdam yesterday. , In its Brussels Cablegram Dec. 10 the "Times" said: The world sugar conference convened here for the purpose of seeking a solution of the most serious problem confronting the commodity held its formal opening session today. Nine of the chief producing nations sent official delegations, and each expressed a sincere desire to reach an accord which would bring stability and a measure of prosperity to one of the hardest-pressed raw materials in the world today. Three subcommittees were appointed by the formal conference, one to deal with the all-important matter of statistics, another with the general problems before the conference and the third to devote itself to the manner in which the excesses of the respective participants can best be disposed of. Agrees Upon Excesses. Late tonight the statistical committee agreed upon the following exportable excesses for the participating countries: Germany 800,000 metric tons [a metric ton is about 2,200 pounds], Czechoslovakia 761,000, Poland 428,000, Hungary 109,000 and Belgium 74,000, or a total of 2,184.000 tons. This does not include the French excess of 150,000 tons and the Russian dumping program estimated at from 700,000 to 800,000 tons. It was felt at the outset that upon the question of statistics an accord should be easily reached, since Herr Licht, director of the German statistical bureau which bears his name, is here in the capacity of advisor. Herr Licht's pronouncements upon sugar crop and his estimate are accepted by all producers as the best and most impartial indication of the world situation. It is needless to say that the real problem lies with the third committee, but with the Javenese-Cuban accord as a basis and a spirit of accommodation on all sides some sort of world agreement is almost certain to emerge from the present negotiations. If atmosphere counts for anything the prospects for agreement may be taken as excellent. Disastrously low prices, coupled with high exportable excesses in all the big producing countries far beyond the needs of the world markets have brought producers everywhere to a realization of the necessity of a world-embracing agreement curtailing exportation and thereby automatically improving prices. Serves As Incentive. Monday's accord between the two principal producing nations of the world, Cuba and Java, has come as a surprise and an incentive to the Brussels meeting. Virtually no one believed the Javanese producers would consent to enter into a restrictive agreement. That they have entered into such an accord has been in itself the best stimulant for the Brussels conference. Those countries now officially represented here are Cuba, Java, Germany, Czechoslovakia, Poland, Hungary, Belgium, France and Peru. Other nations which, while not actual producers, figure in the world sugar situation also have sent agents to Brussels, among them Great Britain. Another plenary session will be held tomorrow at noon, when the statistical committee is now slated to report. In a cablegram December 11th stating that Thomas L. Chadbourne cast a bombshell today among the delegates in the course of a speech in which he asserted that the whole capitalistic system was on trial at the Brussels meeting. The Brussels correspondent of the New York "Times" added in part: Addressing the representatives of the world sugar industry who are here to find some practicable method of rehabilitating the international sugar market, Mr. Chadbourne said that while the questions upon which the conference was about to deliberate were of direct application to the sugar industry, the underlying issue involved was far wider in its scope than might at 6rgt appear. "The sugar industry is not alone in suffering from the selfish greed of its constituent parts, greed which has so far overreached itself in our industry as to leave Cuba with 1,500,000 tons excess sugar, Java with 500,000 tons and Europe with 1,200,000 tons," Mr. Chadbourne continued. After forty-eight hours of preliminary discussion by the delegates, Mr. Chadbourne today offered to the European beet sugar growers the complete framework of an agreement. They listened to the details and then went into a secret session. Late this evening, adjournment was taken until tomorrow morning. The matter of bringing the Europeans into the Cuban-Javanese accord depends largely upon the Germans, whose production problem is the most serious of all the beet sugar producers. Reduced to simple terms, this is the proposal that has been placed by Mr. Chadbourne before the Germans and the other Europeans: All the Europeans have been asked to restrict exports 15 per cent next year, bringing the total of European exports from 1,445,000 tons, this year's export aggregate, down to 1,228,000 tons. This solution would weigh heaviest upon the Germans, since they have an export surplus of 812,000 tons, the figure agreed upon by the present conference. Would Spread Excess. Germany has sold abroad this year 235,000 tons, and Mr. Chadbourne suggests that this amount be reduced by 15 per cent next year, which, roughly speaking, would reduce the total to 200,000 tons. As for the 812,000-ton excess, it is proposed that Germany dispose of a fifth of this 3789 Javanese Sugar Trust Discontinues Sales Under date of Dec. 11 Associated Press advices from Batavia, Java, stated: The sugar trust today decided to discontinue sales for the present and has refused to accept further bids of eight guilders [$3.20] for superior sugar and seven guilders [$2.80] for head sugar. As understood here, the agreement reached at Amsterdam between representatives of the United Java sugar producers and representatives of the Cuban sugar interests involves restriction of the Java crop by 11.72% and the Cuban crop by 23.5%. Mr. Deknatel, one of the managers of the Netherlands Trading Society in Batavia, is leaving for China to defend the interests of Java sugar producers there against the possibility, rumored here, of a preferential tariff measure favoring Cuban sugar being granted by the Nanking Government. The rumors have given rise to considerable local uneasiness. Official negotiations thus far have been without result, but it is hoped here that Mr. Deknatel's visit may result in equal rights for both the Javanese and Cuban sugar producers. Cubans Seek Chinese Sugar Monopoly From the New York "Times" we quote the following (Associated Press) from Shanghai Dec. 11: Powerful Cuban sugar interests are understood here to have proposed to the Nanking Government that it grant them a twenty-year sugar monopoly in China under terms which would exempt Cuban sugar from Chinese import duties. The Cuban combination and the Nanking Government would share equally in the profits from the expected heavy increase in consumption. Reports are current that the Nanking Government rejected the proposal, pointing out that China in 1929 imported 750,000 tons of sugar, valued at 100,000,000 taels (about $37,500,000),.which produced a revenue of about $15,000,000 Mexican (about $7,500,000). Furthermore, the sugar duties probably will be increased under the new tariff regulations, which come into force in 1931. The duty on white sugar, it is understood, will be doubled. The Cuban interests are also understood to have proposed the initiation of sugar refining in China as a joint government enterprise, the Cuban interests providing $20,000,000 gold of the capital. Argentina Changes Wool-Sale Method—Clip Will Be Auctioned at the Central Produce Market—First Lot Up Jan. 14. The Central Produce Market, through which passes the bulk of Argentina's production of hides and wool, has decided to conduct periodical wool auctions similar to those of Australia, New Zealand and Cape Town, according to a cablegram Dec. 6 from Buenos Aires to the New York "Times," which also stated: The first, on Jan. 14, will be exclusively for wools from Patagonia, where Argentina's noted Rio Negro coarse cross-breds are produced. Wool prices are at their lowest point since 1901 and it is expected that the auctions will be more satisfactory to the sellers than private sales, even though the prices are not higher, as the sellers will have the satisfaction of knowing that they received the highest price being offered in the market for the grade they are offering for sale. The absence of United States buying has been particularly depressing to coarse cross-bred prices, as the United States is Argentina's best customer for this grade. Last week's wool operations averaged 990,000 pounds daily, despite low prices, but entries in the Central Produce Market were only 2,206 tons, compared with 3.545 tons in the corresponding week last year. The stock on hand in the market is 5,720 tons, compared with 6,542 tons on the same date last year. Exports last week were 4,994 bales, compared with 8,045 in the preceding week and 6,124 in the corresponding week last year. Bureau of Economics of Department of Agriculture Opens New Lines of Aid to Farmers, Nils A. Olsen, Chief of Bureau, Reports. Several new lines of economic research and service looking toward the organization of the farm industry on a more profitable basis were established in the fiscal year ended June 30 1930 by the Bureau of Agricultural Economics, according to the annual report of Nils A. Olsen, Chief of the Bureau, made public Dec. 8 to Secretary Hyde of the United States Department of Agriculture. Mr. Olsen says that: "With agriculture continuing to face critical economic difficulties, the resources of the Bureau during the past year have been put to maximum use in meeting the demands for economic service and information. The regularly issued reports have been supplemented with numerous special Inquiries; the economic research has been directed in largo measure to emergencies of one kind or another: and the general information and inspection services have been amplified wherever possible. 3790 FINANCIAL CHRONICLE Special effort has been made by the Bureau to evaluate the tendencies in competition and demand and to provide a better basis for essential adjustments in our agriculture. The analysis ofprice trends has been strengthened and the long-time phases of the agricultural outlook have received increasing attention. Measures have been initiated to focus, by type-of-farming regions, the farm management researches of the Bureau upon the organization and operation of farms: Special effort has been made to determine the best uses for submarginal agricultural lands. A foreign agricultural service division has been created in the Bureau, and trained observers are now being stationed in the important competing and consuming regions of the world to report currently on developments affecting foreign competition and demand. In the development of this service there will be the closest co-ordination with the foreign offices and activities of the Departments of State and Commerce. Under an Act authorizing the Secretary of Agriculture to conduct inVestigations of cotton ginning, an experimental cotton-ginning plant will be built and operated by the Bureau of Public Roads and the Bureau of Agricultural Economics to study the effect of various ginning methods and practices upon the quality of the lint. The perishable agricultural Commodities Act, enacted by the last Congress, provides for the licensing of commission merchants and others engaged in the buying and selling of fresh fruits and vegetables, and is intended to prevent unfair and fraudulent practices in the handling of these products. A special organization is being created to administer this far-reaching legislation. A tobacco section has been established in the Bureau to administer the Tobacco Stocks and Standards Act, which requires quarterly reports of tobacco stocks by types and groups of grades. A tobacco inspection service has been inaugurated and other services are being developed in this commodity section. The Bureau also is working in close co-operation with the Federal Farm Board. The activities of the Federal Farm Board are primarily in the field of action, but obviously the Board must have the necessary facts upon which to base its conclusions and policies. A primary function of this Bureau is to collect and interpret economic data. Its energies and resources have been mobilized accordingly during the past year with the view to providing timely and adequate information on emergency and other phases of the agricultural situation. Following this statement, Mr. Olsen reports in detail the numerous activities of his Bureau in the fields of farm management and costs of production; crop and livestock estimating; cotton marketing research and service; fruits and vegetables; livestock, meats, and wool; grain; dairy and poultry products; hay, feed, and seed; warehousing; statistical and historical research; foreign agricultural service; agricultural finance; farm population and rural life; land economics; tobacco, and economic information. It is stated that many of the Bureau's activities are carried on in co-operation with the State agricultural extension services, especially those dealing with the preparation and dissemination of outlook reports. Co-operation with State Departments of Agriculture deals chiefly with the standardization and inspection of farm products, and the dissemination of market news. Every available means of keeping farmers informed closely on the latest economic developments is utilized by the Bureau to aid farmers in adjusting production programs to market needs. [vox_ 131. Supervisor at Chicago. For the month of November this year the total transactions at all markets reached 1,708,796,000 bushels, compared with 2,251,286,000 bushels in the same month last year. On the Chicago Board of Trade the transactions in November 1930 totaled 1,406,805,000 bushels, as against 1,877,370,000 bushels in the same month in 1929. Below we give details for November, the figures representing sales only, there being an equal volume of purchases: VOLUME OF TRADING. Expressed in Thousands of Bushels, i.e. 000 Omitted. November 1930. 1 2 Sunday 3 4 Hoiday 5 6 7 8 9 Sunday 10 11 Holiday 12 13 14 15 16 17 18 19 20 21 22 23 Sunday 24 25 26 27 Holiday 28 29 30 Sunday Chicago Board of Tr_ Chicago Open BoardMinneapolis C. of C.Kansas City Bd. of Tr_ Duluth Board of Trade_ St. Louis Merch. Each_ Milwaukee C. of C Omaha Grain Exchange Seattle Grain Exchange Portland Grain Emil Los Angeles Grain Exch San Francisco C.of C.. Wheat. Corn. 20,747 12,524 Oats. 4,942 Rye. Barley. Flax. Total. 63,389 19,329 4.509 60,046 48,359 55.767 52,145 23,736 18,049 14,230 16,459 3,404 2,638 3,061 2.533 --------39,249 -,04 2,721 --------63,682 V.I.Ai 3,151 --------90,348 1.731 --------04,637 1,301 --------54,948 963 --------32,225 to.101 3,350 ---------90,577 10`.48 1,737 -__-___ 88,923 1,277 --------70,323 2.565 --------75,623 1.292 --------72,429 54,361 43,754 28,066 27,904 29,528 32,425 15.722 21,853 10,847 24,277 14,692 20,414 3,408 2,631 2,117 3,421 5,283 5,530 915 --------74,406 1,476 --------69,714 1,659 --------48,689 1.423 --------67,025 1,616 --------51,119 1,623 --------59,992 44,033 21,241 36,919 20,875 33,339 10,963 4,476 6.855 3,443 2,813 2,231 1,286 --------72,563 --------00,880 --------49,031 33.744 15,153 29,054 16,253 7,424 6.424 3,034 3,436 --------59,355 --------55,167 s044 39,689 16,046 5,226 58,182 21,265 40,698 16,837 34,332 16,158 21,315 8,104 7.750 5.271 3.159 1,843 1,036 887,796 381,025 95,348 42,636 --------1,406.805 24,014 10,319 759 7 --------35,099 81,945 --__ 12,823 14,961 14,404 3,374 127,507 66,096 23,534 ----------------89,630 *28,066 --------8,350 114 4,040 38,570 1,480 506 ----------------1,980 1,972 2,406 1,279 782 --------6,439 24 100 1,422 --------------------1,422 1,238 --------------------1,238 Tot.all markets Nov '30 1.094,063417.866 110,209 64,736 14,518 7.414 1,708,796 Tot.all markets Nov.'29 1.804.050260,611 107,301 60,502 14,981 3,241 2,251,286 Tot. Chic. Bd. Nov '20 1 MO 450 227 727 00 027 40 126 --------1577571 1 •Durum wheat with the exception 01 200 wheat. "OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD:OF.TRADE FOR NOVEMBER 1930 (BUSHELS). (Short side of contracts only, there being an equal amount open on the long side.) Nov. 1930. Wheat. Corn. Oats. Rye. Total. 1 185,373,000 56,060,000 051.737.000 *20,905,000 314,075,000 2 Sunday-- 3 0188,527,000 56,877,000 51,526,000 21,882,000 0318,412.000 4 Holiday 5 185,612.000 57,976,000 50,423,000 21,075,000 315,686,000 6 184,324,000 57.832,000 49.905,000 21,604.000 313,665,000 7 182,160,000 57,748.000 49,521,000 21,786.000 311,215,000 Bumper Crop for Australia-200,000,000-Bushel Wheat 8 182,579,000 57,653,000 49,324,000 21,849,000 311,405,000 9 Sunday Output Will Eclipse 1915-16 Emergency Yield. 10 181,161,000 57,444,000 49,129,000 21,677,000 309,411,000 The following from Sydney, Australia, is from the "Wall 11 Hogday 12 177,643,000 57.854.000 48.752.000 21,618,000 305,867,000 Street Journal" of Dec. 3: 13 176,217,000 058.455.000 48,930.000 21,610,000 305,212,000 178,730,000 57,949,000 48.588,000 21,567,000 306,834,000 Good rains in Australia during October were especially beneficial and 14 15 184,132,000 56,747,000 48,091,000 21,502,000 310,472,000 bumper harvests are in sight. 16 Sunday An estimate by the Commonwealth Government statistician sets the 17 178,868,000 56.286,000 47.897,000 21,430,000 304,481,000 aggregate area under wheat for the coming harvest in excess of 17,000,000 18 178,155,000 55.199,000 47.556,000 21,298,000 302,208,000 175,770,000 *54,054.000 47,275,000 21,038,000 298,137,000 acres. An independent estimate of yield has predicted approximately 19 20 173,392,000 55,187,000 47,113,000 21,130,000 296.822,000 200,000,000 bushels. That would represent roughly 11.76 bushels an 21 169,098,000 55,601,000 47,724,000 21,618,000 294,041,000 22 acre on the statistician's area figure, and would compare with 166,080,000 54,653,000 47.331,000 21,660,000 289,724,000 recent gar- 23 Sunday nerings, as follows 24 165,007,000 54,579,000 47,057,000 021,947,000 288,590,000 Area, Bushels 25 Yield 165,162,000 55,741,000 46,910,000 21,929,000 289,748,000 SeasonAcres. Bushels. per Acre. 26 163,085,000 55.973,000 46,727,000 21,492,000 287,277,000 1930-31 *17.000,000 x200.000.000 11.76 27 Holiday_-1929-30 14,093,310 28 126,476,925 8.99 163,522,000 55,903,000 46,603,000 21,732,000 287,760,000 1928-29 14,840.113 159,679,421 29 10.76 *160,542,000 54,207,000 *45,967,000 21,872,000 282,588,000 1927-28 12.279,088 118,199,775 30 Sunday 9.63 1926-27 11,687.919 160,761.886 13.76 1925-26 10,201,276 114,504.392 Average11.72 * Approximate. x Unofficial preliminary estimate. November 1930 175,688,000 56,354,000 48,368,000 21,574,000 301,083,000 Australia's record crop was reaped in 1915-16 during the war, and November 1929 202,549,000 35.650,000 44,710,000 • 24,615,000 307,524,000 October MO 175,217,000 51,812,000 51,004,000 20,342,000 298,374,000 represented 179,065.703 bushels from 12.484.512 acr s. September 1930 160,498,000 49,948,000 47.969,000 19,766,000 278,180,000 In pre-war periods the quantity of wheat grown in the Commonwealth August 1930..... 141,543,000 46,228,000 36,624,000 18.542,000 242,938,000 115,037.000 38,939,000 16.150,000 16,555,000 186,682,000 equalled only about 2 39% of the world's production. This was increased July1930 122,622,000 44,246,000 15,529,000 19,857,000 202,055,000 to 3.52% during the period 1924-27 while it fluctuated in those individual June 1930 May 1930 130.654,000 48.494.000 18,460,000 19,359,000 216,967,000 years between 2.74% in 1926 and 4.06% in 1925 April 1930_ 161,151,000 49,962.000 25,410,000 21,150,000 257,672,000 Average exports of wheat in the five years to 1929 represented 172,168.000 49,827,000 30,327,000 15,512,000 267,834,000 73,325.- March 1930_ 946 bushels a season, but in the last season included in the average 81,896,- February 1930_ 194,850,000 43,440,000 35,322,000 18,996,000 292,608,000 245 bushels were shipped as grain for overseas destinations. A reasonably January 1930.. 196,559,000 34,348,000 38,795,000 18,894,000 288,596,000 December1929 185,959,000 34,283,000 40,762,000 22.298.000 283,302,000 liberal allowance of grain for seed and home consumption within the Coma High. •Low. monwealth would be about 42.500,000 bushels, and if the current harvest should reach the estimated 200,000,000 bushels there should be approximately 157,500.000 bushels available for export in the season 1930-31. That, of course, does not take into reckoning the carry Over from last White Bread Banned in German Restaurants-97% Season, which appears likely to be considerable, owing to persistent reluctPure Rye Loaves to Become Sole Legal Breadstuff tance on the part of growers to accept prices obtainable in world markets, in Eating Places. Berlin adviees as follows Dec. 6 are taken from the New Transactions in Grain Futures During November on York "Times": Chicago Board of Trade and Other Markets. Rye bread containing 97% pure rye will become the only legal breadstuff Revised figures showing the volume of trading in grain in restaurants, hotels and public eating houses of all kinds throughout Germany on Monday, when the newest government measure to encourage,a futures on the Board of Trade of the City of Chicago, by to pre-war rye-eating habits becomes law. days, during the month of November, together with monthly return One will still be permitted, however, to buy white bread in shops to take totals for all "contract markets," as reported by the Grain home,and presumably no objection will be made if those who cannot digest Futures Administration of the United States Department of the Coarser rye bring their own bread into restaurants. The bakers, who have long been forced to make rye bread 80% Pure, must Agriculture, were made public Dec.8 by the Grain Exchange now readjust their baking methods to obtain the best result with the new DEC. 13 1930.] FINANCIAL CHRONICLE mixture, and those who specialized in fine grades of white bread are faced with a particularly difficult situation. The measure is calculated to help absorb the ever-increasing surplus of rye. Since the farmer cannot be persuaded to reduce producvion and change over to wheat,then it is felt the next best thing is to try to check the national change in taste toward the more expensive wheat. This governmental measure will not hit the consumer's pocketbook, however, for the authorized bread will be cheaper than the kind which will be outlawed. Wide Aid for Jobless Planned in Berlin—Prussian Ministers Ask Trade and Industry to Help. From the New York "Times" we take the following dated Berlin Dec. 5: Greatly alarmed over the steadily growing number of unemployed and the Increased activity of Communists, who are stirring up the jobless to demonstrate publicly, the Prussian Ministers of the Interior and Social Welfare to-day invited representatives of industry, trade and relief organizations to discuss financial and technical preparations for relief action on a great scale for Berlin's unemployed during January and February. At that time the number of of unemployed is expected to reach the peak, and bitter cold weather will be added to the hunger and despair. Minister Severing said $1,500,000 was required and that the planned action was especially necessary in Berlin, on which the eyes of the entire world were focused. The relief work will include feeding, clothing and providing households with fuel, while the shelterless will be warmed in special halls, of which Berlin has about a hundred. One meal daily will be served to the neediest at soup kitchens. Employers' organizations have promised to co-operate but have warned against over-estimating their financial capacity in view of the general economic depression. Dr. Baer, President of Berlin's Clothing Retailers' Organization, has proposed that each well-to-do family feed one unemployed person daily or pay the equivalent, 15 cents a day, to relief organizations. He held that if necessary this plan should be decreed. Led by Communists, several thousand unemployed persons demonstarted in various districts of Berlin to-night and could be dispersed only after great effort on the part of the police. Many policemen were injured. Thousands Reported Starving in Southern Spain—As Result'of Olive Crop Failure, Government Is Compelled to Give Out Doles. Madrid advices to the New York "Times" state that because of the failure of the olive crop, thousands of persons are starving in Southern Spain, where families are deprived of their usual income, equivalent to about 45 cents a day for each family. The cablegram adds: For the first time here the Government is giving a daily dole to these jobless, but conditions are reported to be serious and in the Teba district, near Malaga, men are said to have fainted in the streets. France Gets Italian Crops—Huge Shipments Diverted From Germany Undersell French Foods. From Paris Dec. 7 a cablegram to the New York "Times" states that at Modane and other frontier stations between France and Italy, it is reported, an enormous increase in food traffic has taken place during recent weeks, so that the stations are almost continuously blocked with freight cars. It is added: The reason given is that the Italians have diverted from Germany to France much of their export trade in fruit, wines and other foodstuffs. * The German market, they say, is almost closed, owing to industrial depression, and in order to get rid of their crops they are pouring them into France. Most of their produce is considerably cheaper than in France, and is finding a ready sale. France to Import Wheat. From its Paris Bureau the "Wall Street Journal" reported the following: Negotiations facilitating imports of Canadian wheat have been interrupted by a ministerial crisis, but is expected to succeed. Stocks of French wheat in farmers' and millers' hands are believed to be near exhaustion and an early increase of 10% in the percentage of admixture of foreign wheat seems Inevitable. Dealers calculate French requirements from abroad at 20,000.000 quintals (73,333,000 bushels) for the season and barely 2.000.000 quintals (7.100,000 bushels) have been imported to date. 3791 sales and shipments so far this year are both slightly in excess of production. These statistics on the manufacture and sale of standard cotton cloths are compiled from data supplied by 23 groups of manufacturers and selling agents reporting through the Association of Cotton Textile Merchants of New York and the Cotton-Textile Institute, Inc. The groups cover upwards of 300 classifications or constructions of standard cotton cloths and represent a large part of the production of these fabrics in the United States. Production Statistics, November 1930. The following statistics cover upwards of 300 classifications or constructions of standard cotton cloths, and represent a very large part of the total production of these fabrics in the United States. This report represents yardage reported to our Association and the Cotton-Textile Institute. Inc. it is a consolidation of the same 23 groups covered by our reports since October 1927. The figures for the month of November cover a period of four weeks. November 1930 (4 Weelcs)— Production was 206,633,000 yards Sales were 183,067.000 yards Ratio of sales to production 88.6% Shipments were 200,661.000 yards Ratio of shipments to production 97.1% Stock on hand Nov. 1, were 350,889,000 yards Stocks on hand Nov. 30, were 356,861,000 yards Change in stocks Increase 1.7% Unfilled orders Nov. 1, were 350,845,000 yards Unfilled orders Nov. 30, were 333,251,000 yards Change in unfilled orders Decrease 5.0% "Textile Economist" Published by Tubize Chatillon Corp.—Believes Low Point in Textile Industry Has Been Reached. A belief that the textile industry has reached its low point and that general business activity will not show any serious cyclical declines below the October levels is expressed in the "Textile Economist," published monthly by the business research division of Tubize Chatillon Corp. "In general," says the "Economist,""the spirit of extreme pessimism, which appeared as a result of the failure of business to revive this fall, is turning to cautious optimism. The formation of large scale relief organizations throughout the country not only argues well for a continued and even an increased purchasing power especially for necessities, but also engenders among business leaders a spirit of co-operation which, in turn is reflected in optimism relative to their own outlook." On the textile situation in particular the "Economist" says: With the textile industry in a more deflated position than general business as a result of early curtailment in 1930 to date, and with the prices of the textile fibers at relatively stable levels, the basis for a steady and solid Increase in textile acrivity is present. We continue to be optimistic about the textile industry especially in relation to general business. Although the rayon price guarantee was announced by some producers as a relatively temporary measure to be used until normal business returns to the country, it is believed that its permanent retention is desirable. With a guarantee, producers would make sure, before they cut prices. that the prompting decline in sales was not purely a seasonal decline. In other words, price cuts would be made only after thoughtful deliberation and perhaps more important still, would be made after a period of seasonal dullness in sales and, therefore, before a new buying season begins. Further the guarantee on rayon prices really results in making rayon available to knitters and weavers on about the same terms as the other fibers are available to them. The guarantee allows the knitter and weaver about the same basis of action in purchasing rayon and controlling his operations as do hedging and a study of known supply and demand factors in the purchase of cotton, wool and silk. This factor will be valuable to the rayon industry over a period of time and will more than offset any financial loss sustained by the producers through the guarantee in case of a price readjustment. Pointing out that the greatest encouragement to industry would be price stability, the "Economist" says: In the textile industry for the past two months, we have cotton prices quite steady, wool prices steady to soft, and silk prices weak principally, we believe, because of rayon prices which might be termed spongy. It is to be hoped that the last water has been squeezed from rayon prices by the price guarantee. If this is so, the rest of the textile industry, including rayon, will undoubtedly follow the lead of the cotton industry in increased activity." Holiday trade this year will be quite normal in physical volume. "For although personal buying may be less," says the "Economist," "the purchasing power will merely be shifted, to some extent, from private persons to charity Production, Sales and Shipment of Cotton Cloth in organizations. In addition, the low level of prices will attract November. many buyers who find that their 'savings for that rainy day' Statistical reports of production, sales and shipments have reached rather substantial proportions by this time of standard cotton cloths during the month of Nov. 1930 as indicated by bank savings deposits." were made public Dec. 10 by the Association of Cotton Textile Merchants of New York. These figures cover a Egypt to Suspend Cotton Market 15 Days Due to period of four weeks. Production during November amounted Slump—Government Blames Decline on Bears. to 206,633,000 yards, or at the rate of 51,658,000 yards Under date of Dec. 10, Associated Press accounts from per week. This was 25.2% less than Nov. 1929, when the Cairo, Egypt, were published as follows in the New York rate was 69,029,000 yards per week. The Association's "Evening Post": further survey follows: The Government Cotton Commission announced to-day it would suspend Shipments during November were 200,661,000 yards, equivalent to the cotton futures market at Alexandria for 15 days beginning to-morrow. 97.1% of production. Sales during the month were 183,067,000 yards or The Alexandria cotton market opened steadier to-day compared with 88.6% of production. yesterday's close, which was the lowest on record. Stocks on hand at the end of the month amounted to 356,861,000 yards, The Government's decision to close the futures market temporarily was representing an increase of 1.7% during the month. Unfilled orders on said to have resulted from a belief that a fall of prices was due to bear yards, representing 333,251,000 a decrease were of 5% during the operations. Nov. 30 month. Some newspapers indorsed the proposal. On the other hand, some exWhile the rate of production during November was somewhat higher than perts in accounting for a $4 decline in four weeks said that about 2,000,000 far below the normal average—being 31% less than kantars of Sakellaridis cotton had not reached Alexandria and two-thirds of In October, it was still the peak and 24% below the average for the years 1928 and 1929. Total the crop was still to arrive, yet there is enough of this kind of cotton at 3792 FINANCIAL CHRONICLE Alexandria to meet the whole normal requirements of the season, while the demand for Sakellaridis is 40% below normal. From Cairo, Dec. 9, Associated Press advices said: The Government is reported planning to close temporarily the cotton futures market, owing to continued sharp decline in prices, but this is regarded by Cairo cotton traders as ineffective so long' as the Liverpool market remains open. A leading authority to-night attributed the decline to the fixing of prices on cotton sold on call last September, combined with only a halfnormal demand for certain kinds of staple. The Government has instructed the Financial Under-Secretary to analyze conditions in Alexandria. Egyptians Alarmed at Slump in Cotton—Prices Declining Steadily to Point Near Lowest in History of County—United States Tariff Blamed. A Cairo (Egypt) cablegram Dec. 7 was published in the New York "Times" of Dec.8 as follows: Egypt is becoming desperate, not so much because of the unstable political situation but rather because the very foundation of its existence, the cotton-raising industry, is threatened. The price of cotton is continuing to fall, and to-day the market lacked only a small fraction of reaching the lowest point in its history. There seems but little hope of improvement in the near future, and the whole country, from the biggest cotton merchant to the street cigarette vendor, is greatly perturbed. Egypt depends almost entirely on her cotton export and nearly the whole populace of 14,000,000 is gravely effected. In an interview late to-night, Prime Minister Sidky told your correspondent that despite this unprecedented fall of the market, the Government had decided not only to encourage the future cultivation of cotton but even to increase the acreage of cotton—a policy which is entirely different from that of previous administrations, which, when the cotton market fell, always restricted cultivation to two-thirds of the usual acreage. Premier Sidky maintains•that production in large quantities will compensate for the low price. The Premier asserts that what hit the Egyptian market hardest is "the outrageously high tariff" which the United Stetes has levied on Egyptian cotton. "The United States is not only hurting Egypt by her high tariff, but the Americans are actually doing barns to themselves," he said. "In a way this tariff has a redeeming feature for us, because with our cotton at such a low price—resulting from the United States high tariff—Europe, which previously bought American cotton, is now buying ours, which is superior. I understand that most factories in Europe now are adapting their machinery to the requirements of the long staple Egyptian cotton. I fail to see what America gained by this unreasonable $7 tariff. "Because Mr.Jardine, who is now American Minister here, was Secretary of Agriculture ofthe United States and reputed a great authority in that line, I expect to begin successful negotiations soon with him with a view to persuading the United States to lower the tariff on cotton." The Premier further stated that the Government definitely had decided not to put on the market the reserve stock it bought in the last two year., so there is no danger of flooding the market with it. [VOL. 131. tomorrow. The plant has been closed for a week, with other departments walking • out in sympathy with the 125 weavers who protested against a piece work arrangement which. they said, netted them much less than their former standard weekly pay . Secretary McNamara would not outline the settlement terms, but said the new arrangement is satisfactory to all concerned. The mill's settlement offer was made yesterday afternoon at a conference attended by President James Lansey, Adelard Desnoyers and Mr. McNamara of the textile council. Glass Company at New Kensington, Pa., Re-employs 500 From New Kensington, Pa. Dec. 8, Associated Press accounts said: Five hundred men obtained employment today when the grinding and polishing departments of the No. 2 unit of the Creighton plant of the Pittsburgh ri te Gliss CO. resumed operations. Company officials said that a few orders had been received, but the length of time the plant would be kept running was indefinite. It was closed down about three weeks ago. Monadnock Blanket Mill in New Hampshire Resumes Full Time at 10% Cut. A Marlboro, N. H. dispatch Dec. 11 appeared as follows in the New York "Journal of Commerce": The Monadnock Blanket Mill which has been running only three days a week for some time, started on full time Monday morning with a 10% cut. Although employing only a few at the present time, the management is in hopes to add more gradually. Working Week Reduced at Du Pont Ammonia Plant— Lay-Off of Staff Averted. From Charleston, W. Va., a dispatch Dec. 11 to the New York "Journal of Commerce" said: According to an announcement by J. L. E. Cheetham, general manager, the working week of 800 operating staff employees at the huge plant of the duPont Ammonia Corp.at Belle has been reduced to 40 hoursfrom 48 hours. This action has been taken by the du Pont company, says the announce-, ment, rather than lay off any of its employees on the oiyerating staff. The other important chemical products will continue to operate 24 hours per day and seven days a week, Mr. Cheetham stated. Firestone Tire & Rubber Co. Adds Workers—Between 750 and 1,000 Men Notified to Return to Jobs. From the "Wall Street Journal of Dec. 9 we take the following from Akron: Firestone Tire & Rubber Co. has notified between 750 and 1.000 employees to return to their jobs. The company is increasing operations slightly but has made clear that it is employing only men who were formerly with the company and who are unemployed and residing in Akron. Other rubber companies are not likely to take back any more men until after the first of the year when inventories are taken. Goodyear at that Liverpool Cotton Association Shortens Trading Hours. time will step up operations by lengthening the hours worked and increasing Associated Press advices from Liverpool, Eng., Dec. 8 the number of days of operation. At present the company is operating four days a week. said: Members of the Liverpool Cotton Association to-day voted to reduce trading by one hour a day, closing at 4 p. m. instead of 5, beginning on Jan. 2. The 5 o'clock closing hour has been in force as an experiment for six months to obtain additional Continental business. Cotton brokers agreed that the extra hour was unwarranted. Increased Production at Goodyear Tire & Rubber Factory. Associated Press advices as follows are reported from Akron, Ohio, Dec. 9: production at the Goodyear Tire and Rubber Co. factory here Increased India Cotton Consumption and Exports in Relatively was announced to-day, together with resumption of employment on a Cotton of eight hours a day, five days a week. The number of employees basis York Large Volume According to New will not be increased at present, but nearly all will have full-time work. Exchange Service. They have been working six-hour shifts four (lays a week. Officials said the lowest production of the plant during depression was Indian cotton is moving into distribution, through contires a day, which, a decade ago, would have been a "high peak." sumption in India and exports from India, in relatively large 30,000 Under the new working schedule production will be increased to 48.000 Service. Exchange Cotton York to volume,according the New tires a day and 55,000 tubes. During the three months from Aug. 1 to Oct. 31, it is stated the exports from India plus the consumption by India totaled Five-Day Week for Printers' Local in Cincinnati. approximately 1,263,000 running Indian bales of about The following United Press advices from Cincinnati are 400 pounds each,compared with 1,132,000 in the same period from the "Wall Street Journal" of Dec. 11: last season, 1,027,000 two seasons ago, and 926,000 three Union printers here have voted to adopt the five-day working week to of work by business seasons ago. It is further stated that consumption in India relieve unemployment among printers thrown outCincinnati Commercial depression and by recent discontinuance of the have exports but season, last Than lower somewhat running is the Tribune. As an aid the International Typographical Union has granted noted cards of months traveling three been running very much larger. In the Cincinnati local permission to refuse recognition of exports from India totaled 761,000 bales this season, against printers from other cities. 619,000 last season. The Exchange Service likewise says: Canadian Paper Mill to Close. Since the carryover of Indian cotton in India on August first this season was about the same as that at the beginning of last season, and, according advices from Three Rivers, Que., Dec. 6 Press Associated to latest advices, this year's Indian crop promises to be about equal to last year's, the total supply of cotton in India for this season was about equal stated: to that for last season. The larger distribution of Indian cotton, however, is drawing down the supply this season somewhat faster than the supply was drawn last season, and hence the stock in India on October 31 this season was somewhat smaller than that on the same date last season. We estimate the total stock in India on Oct. 31, including the estimated unpicked portion of the new crop, at 6,896,000 bales, compared with 7,015,000 a year ago. Two years ago, the stock on Oct. 31 was 6,647,000 bales, three years ago 5,856,000, and four years ago 5,234,000. Accordingly, it will be noted that the stock on Oct. 31 this year, although slightly less than last The Cap de la Madeleine plant of the Canada Power & Paper Co. will close next Saturday because of lack of orders, but will reopen as soon as possible, officials said. The company is considering relief for the 373 men who will be left idle. Schenectady Earners 85% at Work—Survey Shows They Get Usual Wages or Better—All Are Urged to Spend. "At least 85 to 00% of the wage earners of Schenectady year, was relatively large. are receiving as much or more than they were in any average year, while living expenses are 17 to 20% lower than in any Arkwright Mill Weavers Accept Strike Settlement. year for the past five or ten years," according to a report The following Fall River (Mass.) Dec. 11 advices are made by Olney Redmond, Chairman of a subcommittee of f€ om the New York "Journal of Commerce": the Chamber of Commerce Confidence Committee. ReWeavers of Arkwright Mill No. 2 met this morning in Weavers Hall porting this a Schenectady dispatch Dec. 5 to the New York by explained and, accepting settlement terms offered by the mill and Redmond as follows: Secretary William McNamara of the union, agreed to return to work "Times" quotes Mr. DEC. 13 1930.] 3793 FINANCIAL CHRONICLE ning far ahead of consumption, strict enforcement of all proration measures as well as additional restrictions would be necessary. As far as Oklahoma is concerned, a stop in the drilling program would correct conditions in that field in a few months. Plans to absorb the crude oil which will be thrown on the the open market when Prairie Oil & Gas ceases buying in by Mid-Continent area on Jan. 1 are under consideration ment of several of the large buyers in that area. Announce be their plans to take care of this addition to the supply will later. made Eastman's Employment-Official Outlines Stabiliza There were no price changes posted. tion Plan of Company-Only 23/2% of Force Laid Prices of Typical Crudes per Barrel at Wells. Off. (All gravities where A. P. I. degrees are not shown.) in the published hia Philadelp from United Press advices 5.75 $2.15 Spindletop. Texas, below 25 Bradford. Pa .50 1.25 Winkler, Texas. below 25 "Wall Street Journal" of Dec.8 stated: Corning. Ohio .70 fact that there is an "My Committee has not endeavored to minimize the without means employment problem in Schenectady and that people are is apparent, and we properly to clothe and feed themselves, That we know will come to the front in hope every citizen of Schenectady that is working Mayor's committee to care building the $100,000 fund being sought by the for these needy cases. to those that are employed, as "Our appeal as a result of this survey is as they have in past they have been in the past, to spend their money can be met in short order. years. If that is done the employment situation per day more it cents 15 spend would "If every person emploYed to-day time emwould give employment to 5.000,000 people and within a short ployment would be settled and everybody would be back to work." The method used by the Eastman Kodak Co. to stabilize unemployment within its own concern was described to the conference of the American Academy of Political and Social Science by Marion II. Folsom, Assistant Treasukr. The plan, he said, is based upon extensive statistical research which co-ordinates sales and production and enables the company to keep their regular force employed steadily all through the year. The plan is based upon the following points: 1. Accurate sales forecasting. This predicts the sales which may be expected over a period of about one year. 2. Subdivision of the forecasts for various products into seasonal requirements. 3. Arrangement of production so as to distribute manufacturing evenly over the whole year. 4. The determination of the amount ofstock that must be carried throughout the year to make the production schedules effective. He said that the company has found it necessary to let out only 23,i% of its large force during the present emergencies. Cabell, W. Vs Illinois Western Kentucky Midcontinent, Okla., 37 Corsicana. Texas, heavy Hutch nson. Texas, 34 Ketticman 111118, 55 Kettleman Hills, 35-39.9 Kettleman Hills, 40-49.9 Kettieman Hills, 50-54.9 Luling, Texas Spindietop. Texas, grade A 1.05 1.30 1.15 .98 .75 .69 1.65 1.10 1.35 1.50 .75 1.00 Smackover, Ark.. 24 and over Smackover, Ark., below 2 Eldorado, Ark., 44 Urania. La Salt Creek, Wyo., 37 Sunburst, Mont Artesia, N. Man Santa Fe Springs. Calif., 33 Midway-Sunset, Calif.. 22 Huntington, Calif., 26 Ventura, Calif.. 28 Petrolia. Canada .70 1.14 .75 .98 1.55 .75 1.48 .94 1.22 1.15 1.50 PRICE REFINED PRODUCTS-MARKET OUTLOOK BEARISHWEAKEN CUTS IN DOMESTIC AND EXPORT MARKETS GASOLINE-KEROSENE OFF. The refined products market in the Eastern territory continued easy with several price cuts further unsettling conditions here. Marked easiness has developed in the domestic and this condition is aggravated Gardner-Denver Company to Buy Back $180,000 Stock gasoline held in New York Mid-Continent area and the Gulf the by the weak tone of both Taken by Employees in Profit-Sharing Plan in 1929. general unsatisfactory conAlthough market. export Coast The following is from the New York "Times" of Dec. 4: largely responsible for this are market oil crude ditions in the The Gardner-Denver Co., manufacturer of pumps and drilling equipment, t factor was the large gain in announced yesterday that it would repurchase $180,000 of stock sold to condition, another importan employees under a profit-sharing plan in 1929. It will pay the price at stored stocks of gasoline registered last week. Declining which the employees subscribed to the stock, which was $58 a share, and consumption and increasing stocks have weakened the market will also pay 6% interest on deposits made for the purchase of the stock. that prices for gasoline The shares now are quoted at about $30 on the Chicago Stock Exchange. to such an extent that it is thought Kerosene is also levels. present They are also traded occasionally on the New York Curb Exchange. their below even will move t easy, with continued price cutting proving an importan Petroleum and Its Products-Production at Lowest factor in the unfavorable market conditions prevailing at the Levels Since 1928-Further Curtailment Planned- present. California Price List Easy. Weakness in the Group 3 area which was promptly reAlthough the curtailment program that has been in effect flected in the Chicago resale market easing off, had a deat practically every petroleum producing center in the coun- pressing effect on the local market. A reduction of Ylc. a try has resulted in bringing the crude oil output down to the gallon in the export market in the Gulf Coast area also conlowest level since 1928, efforts to further curtail production tributed to the general uneasiness although this move was continue. While there is still much opposition to the pro- more or less discounted by the trade in advance. Although ration plan for lowering the output, apparently the majority the majority of refiners maintain their quotations at from of the refiners have realized that this is the only plan that 634 to 734c. a gallon, for U. S. Motor Gasoline, in tank car will bring the petroleum industry out of the slump which it lots, at the refineries it is understood that business is being is now in due to overproduction. While prices remain un- done under these levels. It is reported that one prospective changed, weakness in the Pacific Coast fields is expected to buyer who is in the market for a cargo of U. S. Motor Gasresult in price reductions there shortly. It will be remem- oline has been offered two bids below the 6c. a gallon level. bered that these fields have not adjusted their prices to the The local export market continues weak with several sales level set when all other fields made the recent cuts. below the present market level reported. California, long a consistent offender in the curtailment While the export market situation reflects to a marked program, is at last making serious efforts to bring its pro- degree the unsettled conditions prevailing in the domestic duction down to a level equal with the current demand. The markets, it is also affected by the efforts of members of the recent decision of the California Supreme Court stating that Petroleum Export Association to regain the markets lost the State conservation law was constitutional is believed to when the Association maintained a posted schedule of prices. have brought several of the previous opponents of any move A large amount of business was lost to Mid-Continent retowards prorationing into line with general curtailment finers who, not being members of the Association, were able plans. The huge stocks held in this area are likely to force to quote lower prices and thus gain the larger part of the refiners to slash prices severely to move them, which step export business. Conditions in the Gulf Coast export would result in further confusion throughout the entire market continue highly unsatisfactory due to the general industry. weak demand prevailing in that area. The State has been consistently exceeding its proration Kerosene, also suffering from overproduction, was off, allotment and this has resulted in huge stocks of crude oil although consumption is holding up very well. The prices being accumulated. Although any proposal to limit pro- for 41-43 water white, in tank car lots, at the refineries conduction has met with considerable opposition in the past, the tinue unchanged but with a firm bid it is possible to obtain a decision of the State Supreme Court coupled with the likli- concession from this level. The tank-wagon market conhood of lower prices is believed to have eliminated many ob- tinues unchanged. The export market in the Gulf Coast jections formerly held by the operators in this area. Ten- area was weak with a Yic. a gallon reduction being made by tative plans to curtail output by approximately 100,000 all refiners. barrels a day are being considered by several of the larger Increasing competition in the fuel oil field was held the operators. reason for the 15c. a barret reduction in the price of Diesel Oklahoma, which has been a consistent leader in the con- oil made by S.0.of New Jersey in the latter part of the week. servation movement, is considering forbidding any more This brings the price down to $1.85 a barrel, New York, and drilling of wells in the first three months of 1931 according to $2.05 a barrel, Norfolk. Grade "C" bunker oil continues tentative plans of the State-wide proration committee who unchanged although the price list is easy. Lubricating oils are dull with little market demand being are now drawing up the curtailment program for the first quarter of the coming year. At the meeting of the proration shown. committee of the Mid-Continent Oil & Gas Association held Price changes follow: Tuesday, Dec. 9.-Export gasoline and kerosene prices in the Gulf Wednesday at Tulsa, operators declared that, due to the reduced Nc. a gallon with all refiners making cut. present condition of the oil industry, with production run- Coast area were 3794 FINANCIAL CHRONICLE Thursday, Dec. 11.-S.0.of New Jersey announces a cut of 15c. a barrel in Diesel oil at New York and Southern ports. Gasoline, U.S. Motor, Tank Car Lots, F.O.B. Refinery. N.Y.(Bayonne)__3.07 N. Y.-Carson Pet.$.0634 California__ __$.0734-.11 Stand. Oil. N.J__ .0834 Colonial-Beacon__ .07 LosAngeles,ex..06)4-.0734 Stand. Oil, N. Y___ Sinclair Ref Gulf Coast, ex_ .0541-.0534 Tide Water 011Co. .0655 Chicago 0444-.0434 NorthLouislana.05 X-.06% Richfield 011 Co__ .0715 New Orleans.....05X-.06% North Texas__ .0444-.0434 Warner-QuInYnCo .0634 Arkansas 05X-.0644 Oklahoma .05-.058( Pan-Am. Pet. Co. Pennsylvani a 0644 Shell Eastern Pet.. .0734 Gasoline, Service Station, Tax Included. 6 163 Cincinnati $.19 Minneapolis $ 17 22 Cleveland 19 New Orleans 145 162 Denver 19 Philadelphia 19 165 Detroit 125 San Francisco 21 198 Houston 19 Spokane 22 17 Jacksonville 19 St. Louis 13 Kansas City 149 Kerosene, 41-43 Water White Tank Car Lots, F.O.B. Refinery. N.Y.(Bayonne)$.0614-.0812 I Chicago 6.03-.03 X I New Orleans-$.04 X-.04Si North Texas 03-.0334 I Los Angeles, ex.0444-.06 'Tulsa 0344-.0344 Fuel Oil, F.O.B. Refinery or Terminal. New York(Bayonne)- I Los Angeles 27D plus .S.851Gulf Coast "C" $.6734-.75 Grade C 1.05 New 011'ns 18-20D $.80-.85 Chicago 18-22D_ _.(30 -.65 Diesel 28-30D 1.85 New York Atlanta Baltimore Boston Buffalo Chicago Gas 011, F.O.B. Refinery or Terminal. N.Y.(Bayonne)[ChicagoTulsa28D plus--$.0434-.05341 32-36D Ind 8.0244-.02N 1 32-3 8D Ind 8.0234-.02 X Crude Oil Output in United States Again Declines. The American Petroleum'Institute estimates that the daily average gross crude oil production in the United States, for the week ended Dec. 6 1930, was 2,229,250 barrels, as compared with 2,265,900 barrels for the preceding week, a decrease of 36,650 barrels. Compared with the output for the week ended Dec. 7 1929 of 2,630,550 barrels per day the current figure represents a decrease of 401,300 barrels daily. The daily average production east of California for the week ended Dec. 6 1930, was 1,628,850 barrels, as compared with 1,666,000 barrels for the preceding week, a decrease of 37,150 barrels. The following are estimates of daily average gross production, by districts: [VoL. 131. Weekly Refinery Statistics for the United States. According to the American Petroleum Institute, companies aggregating 3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated daily potential refining capacity of the plants operating in the United States during the week ended Dec. 6 1930 report that the crude runs to stills for the week show that these companies operated to 61.2% of their total capacity. Figures published last week show that companies aggregating 3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated daily potential refining capacity of all plants operating in the United States during that week, but which operated to only 62.9% of their total capacity , contributed to that report. The report for the week ended Dec. 6 follows: CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS. WEEK ENDED DEC. 6 1930. (Figures In barrels of 42 gallons.] District. Per Cent Potential Capacity Reportlag. Crude Runs i to Stills. Per Cent Opel. of Total CapacUy Report. Gasoline Stocks. Gas and Fuel Oct Stocks. 5,427,000 829,000 4,193,000 2,413,000 6,896.000 1,201,000 1,548,000 15,235,000 10.852.000 1,035,000 3,868,000 4,538,000 10,775,000 2,224,000 1,026.000 104,546,000 East Coast 100.0 Appalachian 93.8 Ind., Illinois, Kentucky 97.5 Okla., Kans., Missouri_ 89.4 Texas 91.9 Louisiana-Arkansas__ 98.3 Rocky Mountain 93.1 California 98.8 3,122,000 578,000 1,766,000 1,662,000 3,247,000 1,021,000 278,000 3,637,000 72.8 62.3 66.2 57.6 62.4 55.7 28.4 58.5 Total week Dec.6 95.7 Daily average Total week Nov.29-. 95.7 Daily average yTotal Dec. 7 1929- 95.2 Daily average 15,311,000 2,187,300 15,724,000 2,246,300 17,015,000 2,430,700 61.2 37,742,000 138,864,000 62.9 37,287,000 138,868,000 69.4 37,301,000 *142,676,000 xTexas Gulf Coast 100.0 2,473,000 88.7 5,663,000 8,101,000 gLoulsiana Gull Coast- 100.0 761,000 73.7 935,000 1.253,000 • Final revised. x Included above in table for week ended Dec. 6 1930 respective districts. y The United States total figures for last year shownof their above are not comparable with this year's totals because of the difference in the percentage capacity reporting. Note.-All crude runs to stills and stocks figures follow exactly the present Bureau of Mines definitions. In California, stocks of heavy crude and all grades of fuel oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to stills include both foreign and domestic crude. DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS.) Weeks EndedDec.8'30. Nov. 29'30. Nov.22'30. Dec. 7'29. Oklahoma 451.900 486,950 484,200 655,100 Kansas 105.100 107,650 109,250 109,750 Panhandle Texas 76.650 73,650 76,050 100.750 Imports of Petroleum at Principal United States Ports North Texas 60,550 64,350 63,650 90,250 West Central Texas Higher in November. 40.450 44,150 43.500 56.050 West Texas 266.150 270,200 266,600 350,350 According to figures collected by the American Petroleum East Central Texas 40.900 40,100 40,300 18,250 Southwest Texas 87.250 78,850 82,950 72,100 Institute, imports of petroleum (crude and refined oils) North Louisiana 44,150 44,200 44,100 38,600 at the principal Arkansas ports for the months of November, totaled 51.400 51,900 51,950 62,800 Coastal Texas 162,050 161.600 161,750 140,800 8,187,000 barrels, a daily average Coastal Louisiana of 272,900 barrels, com28.000 29,350 29,500 24.050 Eastern (not Incl. Michigan).__ 104,000 101.000 110,000 122,100 pared with 8,015,000 barrels, a daily average of 258,548 Michigan 8,700 9,000 8,750 16,300 Wyoming 49,850 46,300 47,850 50,900 barrels for the month of October. Montana 6,900 8,450 4,950 10,500 Imports at the principal United States ports for the week Colorado 4,000 4.200 4.250 5,250 New Mexico 41,050 46,100 45,050 7,950 ended Dee. 6, totaled 1,676,000 barrels, a daily average California of 600.400 599,900 607,200 698,700 239,428 barrels, compared with 2,306,000 barrels, a daily Total 2,229,250 2,265.900 2,281,850 2,630,550 average of 329,428 barrels for the week ended Nov. 29. The estimated daily average gross production for the Mid Continent The Institute's statement also shows: Field. including Oklahoma, Kansas, Panhandle, North, West Central, West, East Central and Southwest Texas, North Louisiana and Arkansas, IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS. for the week ended Dec. 6, was 1,224,500 barrels, as compared (Barrels of 42 gallons.) with 1.262 000 barrels for the preceding week, a decrease of 37,500 barrels. The Mid Continent production, excluding Smackover, (Arkansas) Month of heavy oil, was Week Ended 1,189.150 barrels, as compared with 1,226,300 barrels, a decrease of 37.150 November. October. barrels. Dec.6. Nov. 29. The production figures of certain pools in the various districts At Atlantic Coast Portsfor the Current week, Compared with the previous week, in barrels 1,189,000 615,000 319.000 143.000 of 42 gallons, Baltimore Boston 1,077,000 follow: 364.000 212,000 813.000 New York 3,739,000 4,532,000 677,000 679,000 -Weeks Ended1,094,000 1.096.000 249,000 -Weeks Ended- Philadelphia 315.000 OklahomaDec. 6. Nov.29. Smahwest Texas740,000 836,000 116,000 Dec. 8. Nov.29. Others 162,000 Bowlegs 13.00013,250 Chapmann-Abbot 6.100 6,000 Bristow-Slick Total 10.600 12,100 Darst Creek 7,839,000 7.443.000 1,573,000 2,112,000 38.600 29,650 Daily Burbank average 13.000 13,850 Luling 281,300 240,097 224,714 9,650 9,500 301,714 Carr City At Gulf Coast Ports12,050 11,550 Salt Flat 15,300 16,100 Galveston Earlsboro 13,950 16,650 district North Louisiana74,000 188.000 45,000 New Orleans and Baton Rouge East EarLsboro 17,050 18,800 Sarepta-Garteryille 221,000 219.000 2,150 2,250 58,000 a141,000 South EarLsboro Port Arthur and Sabine district.. 7,950 8,650 Zwolle 86.000 9,650 9,400 Tampa Konawa 11,000 12,950 Arkansas53,000 79,000 53,000 Little River 23,500 23.850 Smackover, light 4,800 4,800 Total East Little River 11,250 10.750 Smackover,heavy 348,000 572,000 35,350 35,700 Daily 103,000 194,000 average Maud 2.500 3.000 Coastal Texas11,600 18,451 14,714 27,714 At AU United States PortsMission 4,350 7,050 Barbers Hill 24.300 22,750 Total Oklahoma City 87,300 92.800 Raccoon Bend 8,187,000 8,015,000 1,876,000 2,306,000 8.700 8,750 Daily avorsee St. Louis 20,050 21,550 Refuel.) County 272,900 258,548 27,500 27,300 239.428 329,428 &aright 5,500 6,250 Sugarland 12,000 12,000 Seminole Coastal Louisiana12,900 13,700 DISTRIBUTION OF TOTAL IMPORTS. East Seminole 1,900 1.950 East Haekberry 3,900 3,950 Month of 01 Hackberry Week Ended 900 900 KansasWyomingNovember. Sedgwlek County October. 22,950 24.000 Salt Creek Nov. 29. Dec.8. 29,400 26,000 Yoshell Montana13,300 6,550 Crude 4,697.000 4,763,000 1,039,000 a1,089,000 Kevin-Sunburst • 4,100 3,550 Gasoline Panhandle Texas1,124,000 1,361,000 New Mexico137,000 268.000 Gas oil. Gray County 93,000 54,200 53,100 Hobbs High 187,000 9,000 77,000 31.050 37,050 Fuel oil Hutchinson County_- 15,200 14,250 Balance Lea County 2,273,000 1,704,000 292,000 1,091,000 7,400 6,600 CaliforniaTotal North Texas8,187,000 8,015,000 1.676,000 2,306,000 Elwood-Goleta • 35,000 35,300 Archer County 12,40 13,350 Huntington Beach 27,200 27,000 a Revised. Wilbarger County 16,85 16,950 Inglewood 15,300 15,500 Kettleman Hills 26,500 26,000 West Central Texas-Long Beach 94,700 96,000 Receipts of California Oil at Atlantic and Gulf Coast wig County 14,400 13,400 Midway-Sunset 59,000 59.000 Ports Increased During November. Playa-Del Rey 44,000 42,000 West TexasSanta Fe Springs 93,600 94,000 Receipts of California oil (crude and refined oils) at Crane dc Upton Counties, 37,500 35,050 Seal Beach 17.700 17,800 Ector County 7,450 7,950 Ventura Avenue 48,300 48,400 Atlantic and Gulf Coast Ports for the month Howard County of November, 24,450 27,850 Pennsylvania GradeReagan County 24,800 25,150 Allegany 8.750 6.100 totaled 2,266,000 barrels, a daily average of 75,533 barrels, Winkler County 56,400 54,850 Bradford 22,550 18.250 compare Yates d with 1,845,000 barrels, a daily average of 59,516 100,200 103,450 Kane to Butler 6,300 8,850 Balance Pecos County-- 4,000 4,100 Southwester n Penna.__. 2,900 2,900 barrels for the month East Central Texasof October, according to the American 12.050 12,450 West Virginia Van Zandt County 27,700 27,500 Southwestern Ohio 6,000 6,700 Petroleum Institute. 3795 FINANCIAL CHRONICLE DEC. 131930.] Receipts at Atlantic and Gulf Coast Ports for the week ended Dec. 6, totaled 388,000 barrels, a daily average of 55,429 barrels, compared with 421,000 barrels, a daily average of 60,143 barrels for the week ended Nov. 29. The Institute's statement further shows: Zinc business for the week was again below normal, most consumers operating on a hand-to-mouth basis owing to the quiet market for their products. Producers, on the other hand, were not disposed to force sales have and the average price for the week was somewhat higher. Tin prices dropped back to around 25 cents for prompt Straits, with business very moderate. Sales averaged less than 100 tons a day. Low prices have are ceased to attract customers, although it is felt that further declines CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST PORTS (Barrels of 42 gallons.) unlikely. Week Ended Month of November. At Atlantic Coast PortsBaltimore Boston New York Philadelphia Others Total Daily average At Otiif Coast PortsTotal Daily average At Atlantic sk Gulf e0431 PortsTotal Daily average October. Dec. 6. Nov. 29. 50,000 251,000 187.000 1,014,000 532,000 138,000 78.000 95,000 845,000 509,000 152,000 286,000 188,000 232,000 2.122,000 70,733 1,679.000 54,161 316,000 45,143 420,000 60,000 144,000 4,800 166.000 5,355 72,000 10,286 a1,000 143 2,268,000 75,533 1,845,000 59,516 388,000 55,429 2 -Further Reduction Meets Copper Price Cut to 103/ Fabricators Who Would Not Buy at 11. The following is from the New York "Evening Post" of Dec. 12: the price A further reduction of half a cent a pound took place to-day in cents a pound, of copper for domestic delivery, making the new price 103 Some smelters though hrger producers were reported out of the market. were reported holding out for 10% to 11 cents. who were fabricators, The change is said to have been made to meet unwilling to pay above 10% cents. 421,000 60,143 DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS. Week Ended Mimth of November. Gasoline Kerosene Gas oil Fuel oil Lubricants 1,834,000 Total 2,286,000 220,000 209.000 3,000 October. Dec.6. Nov. 29. 1,554,000 45,000 166,000 80,000 308,000 8348,000 80,000 73.000 1,845,000 388.000 421,000 In its issue of Dec. 11, the New York "Times" said: a pound Copper producers yesterday reduced the price of the metal 1 cent custom to 11 cents delivered in the domestic market, the level at which and Inc., smelters have been selling for some time. Copper Exporters, of the equivalent the to the domestic fabricators lowered their prices below new schedule. Although considerable copper has been available hands, the decrease the 12-cent level from custom smelters and second since the price was placed by the producers yesterday was the first change to curtail at 12 cents following the agreement of the producers on Nov. 15 production. Foreign Copper Reduced One Cent. The following from London, is from the "Wall Street Journal" of Dec. 10: a Revised. cent a pound to Copper Exporters, Inc. has reduced price of copper one Havre. 11.30 cents, c.i.f. Hamburg, London and Oil Production in Venezuela in October Higher Than American Brass Reduces Prices. in Same Month Last Year. the "Wall Street Journal" of Dec. 10 Boston, From The estimated output of crude oil in Venezuela in the month of October 1930 amounted to 11,784,591 barrels, a stated: one cent a American Brass Co. has reduced prices of copper products daily average of 380,148 barrels, and compares with 11,590,- pound and brass products 41 of one cent a pound. 794 barrels, a daily average of 375,897 barrels, in the corresponding month in 1929, and 11,310,770 barrels, a daily Declined average of 377,025 barrels in the month of September 1930, Production and Shipments of Refined Copper in November-Inventories Higher. according to O'Shaughnessy's Weekly Oil Bulletin, which also gives the following: Stocks of refined copper in North and South America on PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN BARRELS Dec. 1 1930 were 369,832 tons, an increase of 4,902 tons over OF 42 GALLONS. stocks of 364,930 tons on Nov. 1 1930, and compares with Oct. 1930. Per Day. Oct. 1929. Per Day. 126,919 tons on Dec. 1 1929, according to figures released By Companies. Statistics, and published 3,273,709 105,604 3,679,722 118,701 by the American Bureau of Metal V.0. C 3,249.754 104,831 2,833,102 Lego 91,391 12. The "Journal" Dec. of Journal" Street "Wall 62.252 2,458,400 1,929.802 Gulf 79,238 in the 1,941,127 62,617 1,704,880 Caribbean Petroleum 54.980 further reports: 23,554 730,184 Creole Petroleum Colon Oil B.C. 0., Ltd General Asphalt Ws.,rotai Ir By FieldsLagunillas La Rosa-Ambroslo Benitez Concepcion La Paz Mena Grande rra El Mene Quiriquire Guanoco Total 450,750 165,365 43,900 11,784,531 14,540 5,334 1,416 697,800 22,510 191.890 27,500 6-,190 887 380,148 11,590,794 373.897 6.290,596 202,922 5.991,346 69,403 3,476,678 2,151,490 1,557 48,265 199,000 12,926 400,706 1,449 44,919 62,617 1,704,380 1.941,127 14,540 450,750 5,334 165,365 191,890 7,983 247,473 1.416 43,900 27,500 193,269 112,151 6,419 ---- 380.148 11.590 704 27i 001 11.784.591 54-,1iiii Te 6-,i513 -_-887 VENEZUELA SHIPMENTS OCTOBER 1930 (BARRELS OF 42 GALLONS). (From Lake to Ocean Terminals-By Companies.) 3,533.676 Colon Oil 397,400 V.0. C 3,540,976 B. C. 0., Ltd 144,248 Lego 2,114,000 General Asphalt 41,300 Gulf 1,741.600 Carribbean Petroleum 894,300 Total Creole Petroleum 112,207,500 x Equivalent to about 393,790 barrels per day. Copper for Export Reduced to 11.30c.-Red-Metal Demand Slow-Zinc Steady-Lead and Tin Bookings Small. Little occurred in the past week to change the complexion of the copper market until yesterday, when Copper Exporters, Inc., announced a reduction in the export price from 12.30 cents, to the basis of 11.30 cents, c.i.f., usual European ports, "Metal and Mineral Markets" reports, adding: South America Total stocks of copper, refined and blister, in North and 605,075 tons on on Dec. 1 1930 were 594.363 short tons, compared with comparing with 597,114 tons on Nov.1 1930.a decline of 10,712 tons and Oct. 1 1930. process, on Dec. I 1930 Stocks of blister copper, including copper in from stocks of 240.145 tons were 224,531 tons, a decline of 15,614 tons on Oct. 1 1930. Stocks on Nov. 1 1930 and comparing with 236,464 tons lowest point for several years, of blister copper on Dec. 1 were at their large producers. by months reflecting curtailment of output in past tons, or a daily Production of refined copper in November was 112,646 or a daily average rate of average rate of 3,755 tons, against 118,229 tons, tons or a daily average 3,814 tons, in October and comparing with 145,376 rate of 4,846 tons in November 1929. to 53,141 Mine production of copper in the United States amounted and 56,584 tons short tons in November against 55,954 tons in October in September. tons, of which Shipments of copper during November were 107,744 use. In October 45,051 were for export and 62,693 tons were for domestic use and shipments were 113,949 tons, of which 75,703 were for domestic 38,246 tons were for export. States United of output the The following table gives, in short tons, South America. mines, blister and refined copper production of North and Great Britain, &c.: Production. Mines, United States x Blister, No. America x Blister, So. America Stocks (End of Month)North and South America: Blister (incl."in process") Refined Total Great Britain: Refined Other forms July. August. Sept. October. Nov. 54,249 84,426 23,328 56,136 84,560 26,937 36,584 85,580 26,374 55,954 84.395 27,836 83,141 76,449 22,680 242,212 322,039 234,135 347,688 236,464 360,650 240,145 363,930 224,531 869,832 584,251 381,823 597,114 603,075 594.363 1,733 5,333 2,742 4,999 2,575 3,893 3,042 3,217 6,311 2,628 8,939 8,259 6,468 7,741 7,066 Total This action was taken to bring the export quotation in line with the 6.572 6,392 5,206 6,614 7,868 Havre 9 9 5.236 6.534 8 580 domestic price named by custom smelters. Business booked during the s...... domestic the in market and so improvement no far as showed could week y Not yet available. copper. direct Includes x be learned fabricators also experienced a quiet period. by United States The following table shows production in short tons By reducing the export price of copper, producers hope to stimulate foreign business to an extent sufficient to absorb a good part of the current mines, according to types of mines: Intake of custom smelters and remove the pressure from the market. August. September. October. November. July. Foreign inquiry made its appearance soon after the decline was announced and about 500 tons were sold yesterday. Leading producers have not 20,816 20,531 19,887 20,958 20,633 ProphYrY mines 5,695 7,626 8,545 8.209 6,354 altered their stand on the market and the decline in the export price means Lake mines 25,293 the 24,327 from virtual withdrawal 25.278 23,945 market under 22,562 their than present no more Vein mines 4,114 4,100 4,357 x3,100 4,700 Custom ores unsettled conditions. Producers report the quietest lead market witnessed in any week this 66,584 55,954 58.138 33,141 54.249 Total crude produced_ year, but prices have held steady and unless London slumps below import estimated Partly seems likely. market x domestic the in decline parity, no FINANCIAL CHRONICLE [voL. 131. The following table shows in short tons shipments and production of refined copper by North and South American producers and refineries: Curtailment Program Said to Have Saved Tin Industry from Chaos-Production Kept in Line With Production. \ Reduced Consumption. Shipments. In spite of the determined efforts of the Tin Producers' Daily Total. Rate, Ezport.x Domestic. Total. Association to curtail the production of tin throughout the 1930-November 112,646 3,755 45,051 62,693 107,744 world, now vigorously supported October by leading foreign pro118,229 3,814 38,248 75,703 113,949 September 116,004 3.867 37,873 65,169 103,042 ducers, the output of the metal although substantially cut August 120,778 3,898 38.319 58.810 95,129 July 123,179 3,974 42,466 75,436 117,902 down, still keeps pace with the abbreviated consumption, June 124.821 4,161 44,818 71,887 116,705 says the current issue May of "Tin," the monthly bulletin of the 132,183 4,264 49,115 75,760 124.875 April 7124,531 4,151 29,196 50,017 79,213 Anglo-Oriental Mining Corp. March However, the review con127,064 4,099 30,523 73,644 104,167 February 121,195 4.328 29,597 61,879 91,476 tinues, "in preventing a further large accretion to world January 132.374 4,270 30,358 69,932 100.290 stocks during the past five months, the Association has saved 1929-December 138,203 4,458 35,652 58.150 93,802 the industry from November chaotic conditions from which it would 145.376 4,846 37,879 68,979 106.858 October 152,840 4,930 53,461 105.729 159.190 necessarily have taken many years to recover." September It is stated 134,343 4,478 45,921 98,043 143.964 August 148,648 4.795 45,035 96,970 142,005 that the further setback in the metal, which has carried the July 153,513 4,952 40,204 98,720 138,924 price down June to a leval definitely unprofitable to practically 156,447 5,215 48,461 95.258 143.719 May 161,784 5.219 55,123 93.743 148.868 the whole of the tin producing April industry, serves to emphasize 161,285 .5,376 57,708 99,051 158,759 March 163,561 5,276 59,948 105,860 185,806 the world's slow progress towards recovery from the indusFebruary 141,385 5,049 50,150 143,921 98,771 January 154,472 4,983 57,054 100,135 157.189 trial slump, which has spread in every direction with such disastrous results to the producers of nearly all primary Total 1929 1,811,857 4,964 586,594 1.119,409 1,708,003 commodities. 1928-January 122.733 3,959 56,721 64.824 121.545 February 124,848 4,305 In order to maintain the position now held by the industry, 60,603 134.392 73.789 March 128,972 4,160 55,970 72.642 128,612 April 122,824 4,094 64,989 72,234 137.223 and to obtain the benefit of the co-operative policy, the May 129,236 4,169 56,738 135.841 review points out that 79,103 June it is "abundantly clear that the regula131,024 4,367 57,067 81,435 138.503 July 135,092 4,358 56,785 82,245 139,030 tion of the output must be put on a solid August basis for 1931. 143,560 4.631 60.240 83,398 143,638 September 137,018 4,567 51,292 88,707 139,999 Evidence is not lacking that universal support is to be had October 149,199 4.813 54,992 100,371 155,363 for a November world-wide adjustment of supply to the contemporary 155,448 5,182 49,121 99.822 148.943 December 147,905 4,771 49,703 84,889 134,592 demand, and we cannot doubt that common sense will Total 1928 1,627,849 4.448 674.221 1,657.681 prevail in this emergency, for it must be in 983,460 everyone's 1927 1,476,506 4,045 641,865 1.466.709 interest under the conditions that now obtain to conserve 824,844 1926 1,440,454 3,946 525,861 1,428,035 902.174 1925 in the ground such a proportion of the present production as 1,352,309 3,705 584,553 1,415.724 831,171 1924 1,300.332 3.553 566,395 1.319.783 is definitely superfluous to existing 753.389 requirements, and so to a Beginning 1926, Includes shipments from Trail refinery In British Columbia. obtain an economic price for the remainder . British proy Includes imports of cathodes. ducers cannot disclaim the fact that tin is an exhaustible resource as well as a great imperial asset." Production and Shipments of Slab Zinc Fell Off in November-Inventories Increase. Further Reduction in Steel Output in November. According to the American Zinc'Institute, Inc., there were Steel ingot production during November, according to the produced in the month of November 1930 a total of 31,976 net tons of slab zinc (all grades), as compared with 40,940 American Iron Sz Steel Institute, amounted to only 2,234,482 tons in the preceding month and 48,411 tons in the corre- tons. This compares with 2,720,414 tons in October and sponding period last year. Shipments amounted to 30,370 3,521,111 tons in November 1929 and is the smallest amount net tons as against 32,655 tons in the month of October 1930 produced in any month since July 1924 when the output was and 43.148 tons In November 1929. Stocks al; Nov. 30 1930 1,877,789 tons. Daily production for the 25 working days in November 1930, approximated 89,379 tons; for the 27 totaled 142,838 net tons, as compared with 141,232 tons at days in October 1930, 100,756 tons, and for the 26 working Oct. 31 1930 and 64,855 tons at Nov. 30 1929. The Associadays in November 1929, 135,427 tons. Below we show the tion's statement follows: monthly figures as given out by the Institute back to January 1929: SLAB ZINC STATISTICS(ALL GRADES) 1929 Total 601,357 52.026 44.645 48,136 44.450 44,578 43,473 40.038 41.029 40,485 40.940 31,976 41,170 42.489 43,094 40,839 38,889 36.670 32.235 35,775 30.173 32,655 30,370 471.776 404.388 63.693 68,I 27 68,015 70.455 70,533 69,703 69,911 59,408 69.461 67,636 58.723 57.999 58.726 59,610 79,995 55,571 42,883 38,127 32,031 24,283 20.270 14.844 11,872 18.585 1,629 1.705 1.774 1.840 1,854 1,751 1,706 1,707 1,733 1,758 1.614 1,526 59,457 57.992 51,300 50,038 52,072 52,428 46,030 50.404 44.974 41.004 37,492 39.017 32.962 29,330 29,203 35.515 28,979 34,135 28.972 27.168 29.510 24,481 1,551 1,014 1.025 1.227 690 235 185 185 123 67 39 11 6.352 86.277 88,433 93,475 97,01 , 6 102.775 109,578 117,381 122 633 132,947 141.232 142,838 20 6 17 28 31 37 20 17 11 __ 185 a Included in total shipments. y Retort rapacity relates only to prime Western and a small quantity of brass special and high-grade production. Ontario Pig Iron Dumping Order Revoked by Secretary of Treasury Mellon. The anti-dumping order against pig iron from Ontario, which has been in effect since March 1925, was revoked by Secretary Mellon on Dec. 3, according to Washington advices that date to the New York "Journal of Commerce" which added: An investigation conducted by the Customs Bureau disclosed that there Is no dumping of pig iron from the Canadian Dominion at this time. Collectors of customs were asked to report in the usual manner in the event Of dumping of this commodity in the future. Months. 1929. Jan Feb March -- _ April May June July August Sept__._. Oct Nov Opeir Hearth. 3,692.062 3,590.826 4,180,408 4,025,409 4,275,161 3.999,363 3.922.053 3,987,400 3.624,954 3.631.674 2,796,214 Calcu,atal No.of Approx. Per Monthly Monthly Work- Daily Output Cent, BelStMer. Companies Output AU in. Output OperaReporting. Companies. Days. All Cos. tion.a 549,616 489,279 596,691 640,351 707,484 622,004 649,950 888,023 642 886 642,235 522,672 4.241.878 4,080.105 4.777,099 4,685,760 4,982.645 4.621,367 4.572.003 4,655,423 4,267.840 4.273.909 3,318.886 4,500.131 4.328,713 5.068.176 4,950.053 5,286.246 4.902.955 4.850.583 4,939.086 4.527.857 4.534.326 3,521,111 11 mos_ 41,725,524 8,731.191 48,456,715 51,409.267 288 Dec Total 1930. Jan Feb March April May June July August Sept Oct Nov 166,672 180,363 194,930 190.387 195,787 196,118 186,561 182,929 181 115 167.938 135,427 CAJO=CODO.COOODQO 00'h:W?.p.W.4F.-1P 630.817 46,887 42,275 39,320 36,233 35,482 38.832 45,336 19.064 53,856 59,592 84,855 75.430 OF STEEL INGOTS. JANUARY 1929 TO NOVEMBER 1930-GROSS TONS. Re9011•5 by Companies %bleb made 94.27% of the Ouen-hearth and Bessemer Steel Ingot Production In 1929. g6aiA'6.&o ccoa A.ogeo -a s 49,584 52,345 57.963 58,290 58.226 49.182 47.943 51,980 47,202 48,777 43,143 36,717 DatIll Aver. Prod. MONTHLY PRODUCTION 179,753 91.66 25 118,120 59.21 44,101.321 7,091,680 51,193,001 54,312,279 311 174.638 89.05 140,596 169.930 185.381 159,764 149.006 137.610 112,823 119.050 110.307 100.756 89,379 2,375,797 3,137,002 3,336,021 3,513.904 3,406.610 3,265.190 2,835.527 2.411.592 2,543,466 2.273 69% 2.104.130 1,806,109 380,489 441,572 508,618 539,616 509,234 528,968 407,586 353.723 374,487 429.1175 399.704 300,337 2.736,286 3,578.574 3,844.639 4,053.520 3,915,844 3,794,158 3.243.113 2,765.315 2,917.933 2.703.643 2.564.534 2,106,446 2.903,012 3.796 090 4.078,327 4,299,905 4.153,860 4,024,778 3.440.239 2,933.399 3.095.293 2,867 978 2.720.414 2,234,482 27 24 26 26 27 25 26 28 26 27 25 0' a. Total 1930. January February arch April May June July August September October November 50.501 47,733 55,008 55,203 57,475 52,532 54.447 55,708 51,994 54,513 48,411 47.292 Unfilled Orders End of Month. kiti5tkite.oess 1929. January February March April ' May June July August September October November December- - - ... Shipped During Month. 3,Retorts Stock at a Ship- Operaee End of yed for End of Month. Export. Month. ....... 44WW14. 41All O. mw.woo.c. ,4mowv Month. Produced During M onth. ) NWNWNWONNNIN AND 1930 (Tons of 2,000 11 mos. 30.893.919 4.793,800 35.487.719 37.644.765 285 132.087 85.97 a The figures of "pet;cent of operation" In 1929 are based on the annual capacity as of Dec. 31 1923, of 60,990,810 gross tons for and Open-hearth steel ingots,and in 1930 are based on the annual capacityBessemer as of gross tons for Bessemer and Open-hearth steel Ingots. Dec.311029,0162,265,870 Increase in .Unfilled Tonnage. Unfilled steel orders on the books of subsidiaries of the United States Steel Corp. at the end of November aggregated 3,639,636 tons, an increase of 157,873 tons since Oct. 31 at which date the backlog was only 3,481,763 tons. At Nov. 30 1929, however,the unfilled tonnage amounted to 4,125,345 Dix. 13 1930.] FINANCIAL CHRONICLE tons. Below we furnish the monthly figures back to 1925. For earlier dates, see "Chronicle" of April 17 1926, page 2126. . UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION 1925. 1926. 1927. 1928. 1929. End of Month. 1930. 5,037.323 4.882,739 3.800,177 4 468,710 4,109,487 4,275,947 January 4.479.748 4.144.341 4,398.189 3,597,119 4,818.822 5.284,771 February 4,570.653 4,410.718 4,335,205 3,553.140 4.379.935 4,863.504 March 4,354.220 4,427,763 3.872.133 3,456,132 3,867.976 4,446.568 April 4,059,227 4,304.167 3.416.822 3.050.941 3,649.250 4.049.800 May 3.988.064 4,256.910 3.637,009 3,053,246 3,478,642 3.710,418 June 4,022.055 4.088,177 3.570,927 3.142,014 3.602.522 3,539,467 July 3i900.'204 3,658.211 3,624.043 3,136,037 3.542,335 3.512,803 August September_ _._3.424 338 3,902,581 3,698.36S 3,144,113 3,593.509 3,717.207 5481.763 4,086,562 3,751,030 3,341.040 3.643.661 4.100.183 October November __ _3,639.636 4,125.345 3,643.000 3.454,444 3.807.447 4.541.7510 December ---------4,417,193 3,976,712 3.972,874 3.960,989 5.033,364 Steel Ingot Production Shows Slight Decline-Favorable Developments Reported-Price of Finished Steel and Steel Scrap Again Drops. The week's developments in iron and steel have been preponderantly favorable and the industry, although chastened by repeated disappointments during the year, has gained confidence, says the "Iron Age" of Dec. 11. While steel ingot output in November declined to the lowest level since July 1924, and some further recession this month seems inevitable, there has been a gradual gain in demand for forward delivery, strengthening expectations of an upturn in production next year. The "Age" further states: Low. High. $16.02 Dec. 2 $18.21 Jan. 7 18.21 Dec. 17 18.71 May 14 17.04 July 24 18.59 Nov.27 17.54 Nov. 1 19.71 Jan. 4 19.46 July 13 21.54 Jan. 5 18.98 July 7 22.50 Jan. 13 Steel Scrap. (Based on heavy melting steel quoDec.9 1930. 211.25 a Gross Ton. $11.42) tate:ins at Pittsburgh. Philadelphia One week ago and Chicago. 11.58 One month ago 14.08 One year ago Low. High. $11.25 Dec. 9 $15.00 Feb. 18 1930 14.08 Dec. 3 17.58 Jan. 29 1929 13.08 July 2 16.50 Dec. 31 1928 13.08 Nov.22 15.25 Jan. 11 1927 14.00 June 1 17.25 Jan. 5 1928 15.08 May 5 13 Jan. 20.83 1925 1930 1929 1928 1927 1926 1925 Formal announcement of an advance of $1 per ton for the first quarter on steel bars, plates and shapes, to 1.65c., Pittsburgh, with a similar rise at other basing points, has measurably heightened the morale of the steel industry, says "Steel" of Dec. 11, in its summary of iron and steel conditions. There will be some practical difficulties in giving effect to the advance; it will not be easy to eliminate all carryover; for some preferred customers the new base means an increase of more than $1 per ton. "Steel" goes on to say: Yet there is a unanimity of opinion, among producers and consumers alike, that a constructive step has been taken. Important consumers basis. are sympathetic with the move to place steel on a more remunerative believing it precedent to a recovery in general business. Senators. some of criticism the politics Steel producers discount as pure They point out that from January to December heavy steel declined any reduction in $6 per ton, and some light products even more, without losses wages, and that the $1 advance by no means recoups the wage they have absorbed. 1, has mildly stimulated The higher price on heavy steel, effective Jan. season releases for shipment this month, but the approaching inventory As in sheets, discourages stocking and few are inclined to speculate. is no there extended, been have prices whose strip and wire products, are awaiting a price advantage now in contracting and many consumers a clearer perspective of their first quarter consumption. somewhat slow to Railroad requirements continue dominant, though is definitely out for 170.000 reach the order stage. New York Central probably including tons of rails, 15% below last year, with track fastenings, inquiry for 25.000 tons of splice bars, to come later. The Pennsylvania car inquiry Freight week. 175,000 to 200.000 toms of rails is expected this and 250 Pacific, Canadian by 190 includes 4,000 by Canadian National, by'Great Northern. Definite inquiry has been issued by the Inland Waterways Corp. for 30 Federal barges, to be expanded to 50, requiring 32,000 tons of plates. Shipbuilding Co. has closed on four Pacific Mail liners, involving 16.000 in Arizona calls tons of plates and 8,000 toms of shapes. A steel pipe line for the for 13,900 tons of plates, while a 158-mile gas line is projected commitments Southwest. Bar inquiry at Chicago is heavier, while all year. this week order best there, Including rails, have made this the especially from Automotive specifications for flat-rolled products, this month Chevrolet, are broader, but automotive steel consumption is attached to reports will not exceed the November total. More credence his parincreasing eight, light a Ford will broaden his line, probably by considerable retoolticipation in the steel market and presumably involving Detroit. ing of his Lincoln and Highland Park plants in tons, compared with Structural steel awards this week totaled 17.966 on 10,000 tons for a expected 27,370 tons last week, with early action 9.700 tons for subways. Ten Bell Telephone building in New York and at St. Louis. Sheets, thousand tons will be bought for bridge paproaches quarter contracting than strip and wire products are more active in first will be quoted 2.20c., wire plain of users immediate specifications. Larger off $1 to $35. Pittsburgh-Cleveland, for first quarter, with wire rods more large consumers are As pig iron prices evidence greater stability active in the covering for the first quarter. Beehive coke continues use. domestic heating market, but is in light demand for metallurgical still giving ground. Scrap appears more stable, but with many grades and Steelmaking operations continue at about 40%, with Pittsburgh Birmingham 43, Chicago eastern Pennsylvania at 38%. Youngstown and production, ingot steel November 45, Buffalo 24, and Cleveland 48. October, engaged the industry at 89,379 gross tons daily, or 11% below tons, indicating 44%. For 11 months, ingot output stands at 37.644.765 tons, the leanest year since 1924. a 1930 total of slightly under 40,000,000 per ton, to $85, $14 reduced been Ferromanganese for 1931 delivery has basis and taking tidewater, this alloy being contracted for on a long-term and silico-managnese have its drop in one cut. Low carbon ferrochrome week. These adjustalso been reduced, with spiegeleisen lowered S3 last unchanged. ments, however, leave "Steel's" market composite of $31.84 The unfilled tonnage of the Steel Corporation undoubtedly increased in November, possibly by as much as 150.000 tons. A leading independent maker of sheets has had a better volume of orders in the past three weeks than for any simil^r period in several months. Although improvement in business has been slight in some cases and has not extended to all products, the trend now seems to be definitely upward. This tendency has been given impetus by last week's advance of 81 a ton on plates,shapes and bars for first-quarter shipment. Specifications against fourth-quarter commitments have been stimulated. especially for deliveries in January. At the same time first-quarter contracts for then products, a well as for sheets, are beginning to be closed. Some consumers, in fact, are trying to buy sheets through the first half of 1931. Rail contracting, which ordinarily gets into full swing in October, now gives promise of getting under way without farther delay. The New York Central has put out a formal inquiry for 170,000 tons, or 45,000 tons more than expected, and will also enter the market for 25,000 tons of splice bars. The Pennsylvania's inquiry for 200.000 tons of rails will be issued this week. Tho two months' postponement of the bulk of rail and track accessory buying will concentrate demands that otherwise would have been spread over a longer period. A large part of the domestic tin plate contracting for the first half of 1931 has been completed. Tin plate requirements ofcan manufacturers have been consistently gaining 10% annually and this rate of increase is expected to be maintained next year. Structural steel shows greater activity. Awards, at 53.000 tons, are heavy, while new projects, totaling 91,000 tons, are the largest since early in November. Pipe lines, which have taken much steel in the past year, promise to give the mills renewed support. Three gas lines, now before the trade for figures, call for a total of 1,000 miles of pipe, requiring 110,000 tons of steel. Another sizable inquiry is in early prospect. The automobile industry is buying more steel, although its output in December is likely to fall below the poor record of November and definite indications of a mirked upturn in January are still lacking. Steel ingot production is estimated at 38%, against 395,', last week, with the rate of the leadin;interest probably three or four points higher than the general average. Price developments of the week have all helped to clarify the marketsitua tion and thereby to promote stability. Efforts of producers oflate have been to find a b sis of stabilization that represented the actual bottcm of the market. Thus wire rods have been reduced $1 a tan and plain wire 52 a ton from recent nominal quotations. The same policy was followed recently in the case if strips and sheets, on which first-quarter quotations generally represent minimum gelling prices. A successful stand at given price levels naturally encourages advances, and that is exactly what happened in the case of bars, plates and shapes. The step taken by the leading interest a week ago has been followed byindependents and has been well received by consumers, who welcome a definite halt to the continued sagging of prices that characterized the market throughout most of the year. The determination of mills to bolster the market was strengthened, no doubt, by mounting costs, which at 40% output are $3 to $5 a ton higher than at reasonably full operations. Pig iron contracting continues active at New York and Chicago, and is getting under way at Pittsburgh. At Chicago bookings this month promise to be among the best of the year. Ferromanganese has been reduced $14 a ton for 1931 delivery to $85 a ton, seaboard, for lots ranging from a carload to 999 tons. The scrap market is quiet and irregular. Heavy melting grade is unchanged at Pittsburgh, Chicago and St. Louis. and there have been advances in railroad specialties at Pittsburgh and a few items at St. Louis. At Cleveland and Philadelphia heavy melting steel is off 50c. a ton and at Buffalo $1 a ton. The "Iron Ago"composite prices offinished steel and heavy melting scrap have reached new 1930 lows. Finished steel is 2.121c. a lb., or $2.46 a ton above the low of the 1921-1922 depression, reached in Febrmry 1922. Heavy melting scrap is down to $11.25 a ton, which is 25e. a ton above its low point of July 1921. The pig iron composite is u clanged at $16.02 a ton, also a 1930 low. A comparative table fellows: Finished Steel. flsased on steel bars, beams, tank plates. De-. 9 1930, 2.121c. a Lb. 2 1350. wire. rails, black pipe and sheets, ago week One These products make 87% of the 2 1350 One month ago 2.3620.1 United States output. One year ago High. 1-°wDec. 9 2 3620. Jan. 7 2.121,5.. 1930 Apr. 2 2.412c. 2.362c. Oct. 29 1929 2.391c. Dec. 11 2.314c. Jan. 3 1928 2 453c. Jan. 4 2.293c. Oct. 25 1927 2 453c. Jan. 5 2.4030. May 18 1928 2.3980. Aug. 18 2.560e. Jan. 6 1925 Pig Iron. of basic iron at Valley Based on average Dec. 9 1930, 116.02 s Gross Ton. $16.02j furnace and foundry Irons at Chicago, One week ago 16.291 Philadelphia, Buffalo. Valley and BlrOne month ago 18.29t mingham. One year ago 3797 Steel ingot output in the week ended last Monday (Dec. 8) is estimated at slightly better than 37%,compared with about 39% in the preceding week and 40% two weeks ago, reports the "Wall Street Journal" of Dec. 10' The "Journal" adds: over 43%. The United States Steel Corp. dropped nearly 2% to a shade independents contrasted with 45% in the two preceding weeks. Leading before and 37% two are fractionally under 34%, against 35% in the week weeks ago. output 3% to 65%, At this time last year the U. S. Steel Corp. reduced 62%,and the average while leading independents were down nearly 4% to to 63 %• was off about 3ai for all interests in this In the corresponding period of 1928 the average a drop of 2%, compilation was 82%, with the Steel corporation showing r,-; from the preceding down 2 J-a" industry the independents off nearly 3% and wee . Production of Bituminous Coal and Pennsylvania Anthracite Continues Below that for the Corresponding Period Last Year. According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal and Pennsylvania anthracite again showed a decline during the week ended Nov. 29 1930. The total production during this period 3798 FINANCIAL CHRONICLE amounted to 8,690,000 net tons of bituminous coal, 1,087,000 tons of Pennsylvania anthracite, and 39,800 tons of beehive coke, as compared with 10,176,000 tons of bituminous coal, 1,385,000 tons of Pennsylvania anthracite, and 84,000 tons of beehive coke in the corresponding week in 1929 and 8,890,000 tons of bituminous coal, 1,088,000 tons of Pennsylvania anthracite and 38,000 tons of beehive coke in the week ended Nov. 22 1930. For the calendar year to Nov. 29 1930 there were produced a total of 421,898,000 net tons of bituminous coal as against 486,038.000 tons in the calendar year to Nov. 30 1929. The Bureau's statement follows: BITUMINOUS COAL. The total production of soft coal during the week ended Nov. 29 1930, including lignite and coal coked at the mines, is estimated at 8,690,000 net tons. The time worked on Nov. 27, Tranksgivi ng Day, was equivalent to approximately 0.2 of a working day. Activity on other days, however, was so stimulated that the production for the whole week was but 200,000 tons, or 2.2% less than in the full-time week preceding. Estimated United States Production of Bituminous Coal (Net Tons). 1930 1929 Cal. Year Cal. Year Week EndedWeek. to Date. Week. to Date.a Nov. 15 9,718,000 404,318,000 10,740,000 464,689,000 Daily average 1 735,000 1,498,000 1,884,000 1,719,000 Nov. 22b 8,890,000 413,208,000 11 173 000 475,862,000 Daily average 1,482,000 , . 1,862,000 1.722,000 Nov. 29c 8 690.000 421,898,000 10,176,000 486,038,000 Daily average 1,671,000 1,501,000 1,957.000 1,727,000 a Minus one day's production first week In January to equalize numder of days In the two years. b Revised since last report. c Subject to revision. Thanksgiving Day weighted as 0.2 of a working day. The total production of soft coal during present calendar year to Nov. 29 (approximately 281 working days) amountsthe to 421,898.000 corresponding periods in other recent years are given below:net tons. Figures for 1929 486,038,000 net tons 1927 473,890,000 net tons 1928 454,443,000 net tons 1928 517,105,000 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 Nov. 22 1930 Is estimated at 8,890,000 net tons. Compared with the output in the preceding week, this shows a decrease of 828,000 tons. Compared with the output in the preceding week, this shows a decrease of 828,000 tons, or 8.5%. The following table apportions the tonnage by States and gives comparable figures for other recent years: Estimated Production of Pennsylvania Anthracite (Net Tons). 1930-Week. Daily Average. Week. Daily 1,352,000 270,400 1,281,000 1,088,000 181,300 1,323,000 1 087,000 217,400 1,385,000 Week EndedNov. 15 Nov.22a Nov.29 a Revised since last report. Average. 258,000 221,000 277,000 BEEHIVE COKE. The total production of beehive coke during the week ended Nov. 29 is estimated at 39,800 net tons. Compared with the output in the preceding week, this shows an increase of 1,800 tons, or 4.7%. Production during the week in 1929 corresponding with that of Nov. 29 amounted to 84,000 tons. Estimated Production of Beehive Coke (Net Tons). RegionPa.,Ohio and West Va Ga.,Tenn.,and Va Colo., Utah and Wash Week Ended1930 1929 Nov.29 Nov. 22 Nov. 30 to Date. to Dale.a 19306. 1930c. 1929. 33,500 31,800 72,500 2,301,200 5,0137,500 4,200 4,700 8,000 221,700 352,800 2,100 1,500 3,500 99,100 237,300 United States total 39.800 38,000 84,000 2,622,000 5,657,600 Dally average 8,833 6,333 14,000 9,200 19,851 a Minus one day's production first week in January to equalize number of days In the two years. is Subject to revision. c Revised. Output of Bituminous Coal and Anthracite Declined in November. According to the United States Bureau of Mines, Department of Commerce, preliminary estimates for the month of Nov. 1930 show that 37,422,000 net tons of bituminous coal, 5,207,000 tons of anthracite and 167,500 tons of beehive coke were produced in that month, as compared with 46,514,000 tons of bituminous coal, 5,820,000 tons of anthracite and 444,700 tons of beehive coke in the same period last year and 44,150,000 tons of bituminous coal, 7,576,000 tons of anthracite and 177,800 tons of beehive coke in Oct. 1930. The average daily rate of production of bituminous coal in Nov. 1930 totaled 1,606,000 net tons as against 1,635,000 tons in the preceding month and 1,876,000 tons in Nov. 1929. The Bureau's statement follows: Average Per Cal. Year Total for No. of Working to End of Month. Working Day. November. (Net Tons). Days. (Net Tons). (Net Tons.) Estimated Weekly Production of Coal by States (Net Tons). Week Ended Nov. 1923. SlateNov. 22'30. Nov. 15'30. Nov.2329. Nov. 24'28. Average.a Alabama 283,000 303,000 284,000 350,000 349,000 Arkansas 3.5,000 40,000, ,25,000 Colorado 207,000 186,000 277,000 258,000 253,000 Illinois 1,060,000 1,064,000 1,401,000 1,314,000 1,535,000 Indiana 335,000 317,000 400,000 359,000 514,000 Iowa 68,000 70,000 114,000 89,000 121,000 Kansas 58,000 53,000 62,000 80,000 90,000 Kentucky-Eastern. 653,000 829,000 824.000 881,000 584,000 Western 175,000 199,000 326,000 330,000 204,000 Maryland 45.000 45.000 49,000 62,000 37.600 Michigan 17,000 16,000 17,000 3,000 21,000 Missouri 67,000 67,000 95,000 71,000 69,000 Montana 65,000 56,000 88,000 81,000 64,000 New Mexico 45,000 49,000 62,000 54,000 56,000 North Dakota 61,000 57,000 56,000 85,000 27,000 Ohio 497,000 531,000 522,000 462,000 599,000 Oklahoma 56,000 55.000 106,000 88,000 58.000 Pennsylvania 2,360,000 2,552,000 2,933,000 2,944,000 2,818,000 Tennessee 95,000 115,000 108,000 114,000 103.000 Texas 11,000 12,000 18,000 26.000 21,000 Utah 149,000 105,000 141,000 126,000 100,000 Virginia 216,000 236,000 244,000 268,000 193,000 Washington 47,000 42,000 54,000 53,000 57.000 W. Va.-Southern b 1,550,000 1,959.000 2,021,000 2,078,000 1,132,000 Northern c 602,000 613,000 742,000 812,000 692,000 Wyoming 132.000 116,000 179,000 174,000 173.000 Other States d 1,000 1,000 7,000 6,000 5,000 Total, bituminous coal 8,890,000 9,718,000 Pennsylvania anthracite_ 1,088,000 1,352,000 11,173,000 11,160,000 9,900,000 1,323.000 1,885,000 1,806,000 Total, all coal 9,978,000 11,070,000 12,496,000 13,045,000 11,706,000 a Average weekly rate for the entire month. b Includes operation on the N. & W.: C. & 0.: Virginian, and K.& M. c d Not strictly comparable in the several years.Rest of State, including Panhandle. PENNSYLVANIA ANTHRACITE. The total production of anthracite in the State of Pennsylvania during the week ended Nov. 29 is estimated at 1,087,000 net tons, approximately the same figure as for the preceding week. Production during the week in 1929 corresponding with that of Nov. 29 amounted to 1,385,000 tons. [Vor.... 131. Nov. 1930 (Preliminary) a Bituminous coal Anthracite coal Beehive coke Oct. 1930 (Revised)Bituminous coal Anthracite coal Beehive coke Nov. 1929,cBituminous coal Anthracite coal Beehive coke 37,422,000 5,207,000 167,500 23.3 23 25 1,606,000 228,400 13,700 44,150,000 7,576,000 177,800 27 26 27 1,835,000 291,400 8,585 421,214,000 2,593,800 46,514,000 24.8 1,876,000 487,943,000 5,820,000 24 242,500 66,451,000 444,700 26 17,104 8,100.900 a Slight revisions of these estimates will be issued in the weekly cos, report about the middle of the month. b Cumulative figures are being revised. c Final figures. Activities in Bituminous Coal Markets IncreaseDepression Reduces Buying for Industrial Use. Cold weather in the last week of November caused a sharp increase in activity in the bituminous coal markets of the country, as compared to what was otherwise an uneventful month, the "Coal Age" reports. Demand, however, was largely confined to domestic sizes, as the business depression continued to militate against any real buying for industrial use. The "Age" adds: Slack and screenings continued to be the stumbling block in the market. Former efforts to stabilize the position of these sizes by cutting production were nullified by the increased demand for domestic coals, with the result that they lost ground as the month advanced. November production of bituminous coal is estimated at 37,422,000 net tons, a decrease of 6,728,000 tons from October's output and 9,092.000 tons below November 1929 production. Anthracite production is placed at 5.207,000 net tons for last month, which compares with 7,576,000 tons in the preceding month and 5,820,000 tons in November a year ago. The "Coal Age" index of spot bituminous prices (preliminary) for November settled at 146 1-5, comparing with lx93.1 in October. Corresponding weighted average prices were $1.76 3-5 last month, as against $1.81 in October. Mild weather and purchases for stocks in October had an adverse effect on the anthracite markets in November. However, a cold snap at the end of the month stimulated retail buying and, to some extent, industrial purchases. Chestnut, stove and egg were the leading domestic sizes. Egg was hard to move. In the steam division, buckwheat , as usual, was the leader. Rice and barley were weak. Current Events and Discussions The Week with the Federal Reserve Banks. The daily average volume of Federal Reserve bank credit outstanding during the week ended Dec. 10, as reported by the 12 Federal Reserve banks, was $1,109,000,000, an increase of $16,000,000 compared with the preceding week and a decrease of $459,000,000 compared with the corresponding week in 1929. After noting these facts, the Federal Reserve Board proceeds as follows: On Dec. 10 total Reserve bank credit amounted to $1,134,000,000, an increase of $26,000,000 for the week. This increase corresponds with ncreases of $41,000,000 in money in circulation and $24,000,00 in member 0 bank reserve balances, offset in part by increases of $32,000,00 0 in Treasury currency and $4,000,000 in monetary gold stock and a decline of $2,000,000 in unexpended capital funds, &c. Holdings of discounted bills increased $6,000,000 during the week, the principal changes being increases of $14.000,000 at the Federal Reserve Bank of New York and $3,000,000 at Richmond, and decreases of $8,000,000 at San Francisco and $2,000,000 at Cleveland. The System's holdings of bills bought in open market increased $25,000,00 0, of United States bonds $16,000,000, and of Treasury certificates and bills $7,000,000, while holdings of Treasury notes declined $8,000,000 . 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 DEc. 13 1930.] FINANCIAL CHRONICLE 3799 Dec. 10 1930. Dec. 3 1930. Dec. 11 1929. bank credit outstanding and certain other items not included $ $ $ in the condition statement, such as monetary gold stock and Reserve with Federal Reserve Bank__ 192,000,000 193,000,000 178,000,000 14,000,000 14,000,000 16,000,000 money in circulation. The Federal Reserve Board's explana- Cash in vault 1,328,000,000 1,323,000.000 1,246,000,000 Net demand deposits tion of the changes, together with the definition of the dif- Time deposits 616,000,000 615,000,000 537,000,000 2,000,000 ferent items, was published in the May 31 1930 issue of the Government deposits "Chronicle" on page 3797. 155,000,000 169,000,000 115,000,000 Due from banks 335,000.000 335,000,000 297,000,000 The statement in full for the week ended Dec. 10, in com- Due to banks 1,000,000 19,000,000 parison with the preceding week and with the corresponding Borrowingsfrom Federal Reserve Bank_ date last year, will be found on subsequent pages—namely, pages 3837 and 3838. Changes ifi the amount of Reserve bank credit outstanding Complete Returns of the Member Banks of the Federal and in related items during the week and the year ended Reserve System for the Preceding Week. Dec. 10 1930 were as.follows: As explained above, the statements for the New York and Increase (+) or Decrease (—) Since Chicago member banks are now given out on Thursday, Dec. 10 1930. Dec. 3 1930. Dec: 11 1929. $ simultaneously with the figures for the Reserve banks themBills discounted 257,000,000 +6.000,000 —512,000,000 Bills bought 244,000,000 +25,000.000 —78,000,000 selves, and covering the same week, instead of being held United States securities 617,000,000 +15,000,000 +230,000,000 Other Reserve bank credit 16,000,000 --20,000,000 --32,000,000 until the following Monday, before which time the statistics TOTAL RES'VE BANK CREDIT.-1,134,000,000 +26,000,000 —392,000,000 covering the entire body of reporting member banks in 101 Monetary gold stock +4,000,000 +222,000,000 cities cannot be got ready. • , • Treasury currency adjusted 1,804,000,000 -1-32,000,000 —3,000,000 In the following will be found the comments of the Federal Money in circulation 4,656,000,000 +41,000,000 —212,000,000 Member bank reserve balances 2,448 000 000 +24,000,000 +51,000,000 Reserve Board respecting the returns of the entire body of Unexpended capital funds, non-memreporting member banks of the Federal Reserve System for ber deposits, &c 411,000,000 —2,000,000 —11,000.000 the week ended with the close of business on Dec. 3: The Federal Reserve Board's condition statement of weekly reporting Returns of Member Banks for New York and Chicago member banks in leading cities on Dec. 3 shows decreases for the week of Federal Reserve Districte—Brokers' Loans. $65,000.000 in loans and investments, $115,000,000 in time deposits and in Government deposits (no Government deposits being reBeginning with the returns for June 29 1927, the Federal 834,000,000Dec. 3). and increases of $26,000,000 in net demand deposits ported on Reserve Board also commenced to give out the figures of the and $15.000,000 in borrowings from Federal Reserve Banks. Loans on securities increased $5,000,000 at reporting member banks in member banks in the New York Federal Reserve District, Philadelphia district and declined $5,000,000 in the San Francisco as well as those in the Chicago Reserve District, on Thurs- the district, while all reporting banks show an increase of $8,000,000. "All days, simultaneously with the figures for the Reserve banks other" loans declined $15,000,000 in the New York district and $19,000,000 themselves, and for the same week, instead of waiting until at all reporting banks. Holdings of U.S. Government securities increased $14,000010 in the New the following Monday, before whieh time the statistics cov- York district and $7,000,000 in the Chicago district, and declined $11,000,ering the entire body of reporting member banks in the 000 in the Cleveland district, all reporting banks showing a net decline of $2,000,000. Holdings of other securities declined $58,000,000 in the New different cities included cannot be got ready. district and $55,000,000 at all reporting banks. Below is the statement for the New York member banks York Borrowings of weekly reporting banks from Federal Reserve Banks and that for the Chicago member banks for the current aggregated $99,000,000 on Dec. 3, the principal changes being increases week as thus issued in advance of the full statement of the of $8,000,000 at the Federal Reserve Bank of New York and $6,000,000 at Francisco. member banks, which latter will not be available until the San A summary of the principal assets and liabilities of weekly reporting coming Monday. The New York statement, of course, member banks, together with changes during the week and the year ended also includes the brokers' loans of reporting member banks. Dec. 3 1930, follows: Increase 1+) or Decrease (—) Since The grand aggregate of ,these brokers' loans the present Dec. 3 1930. Nov.26 1930. Dec.4 1929, week shows a decrease of $12,000,000, the total on Dec. 10 $ —65,000,000 +174,000,000 —23,316,000,000 Loans and investments—total— 1930 standing at $2,099,000,000. The present week's de--11,000,000 --I,022,000,000 16,516,000,000 crease of $12,000,000 follows a contraction in each of the Loans—total • 7,769,000,000 +8,000,000 —120,000,000 ten preceding weeks, making the falling off for the eleven On securities —19.000,000 --902,000,000 8,747,000,000 All other weeks combined of $1,123,000,000. Loans "for own ac—54,000,000 +1,196,000,000 6,800,000,000 count" decreased during the week from $1,296,000,000 to Investments—total +2,000,000 +340.000,000 U.S. Government securities_ _ _ _ 3,095,000,000 $1,269,000,000, but loans "for account of out-of-town —55,000,000 +8.57,000,000 3,706,000.000 Other securities banks" increased from $373,000,000 to $400,000,000, but +2,000,000 +50,000,000 Reserve with Federal Res've banks 1,816,000,000 loans "for account of others" decreased from $442,000,000 Cash --7,000,000 230,000,000 --31,000,000 in vault to $430,000,000. The present week's total of $2,099,000,000 Net demand deposits 13,908,000,000 +26,000.000 +194,000.000 7,372,000,000 —115.000.000 +650,000,000 is the lowest point these figures have reached since April 22 Time depositsdeposits —34,000,000 —33,000,000 Government 1925, when the amount stood at $2,060,719,000. CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES. New York. Dec. 10 1930. Dec. 3 1930. Dec. 11 1929. Loans and investments—total 8,280,000,000 8,352,000,000 7,909,000,000 Loans—total 5,896,000,000 5,975,000,000 5,967,000,000 On securities Another Investments—total U.S. Government securities Other securities 3,310,000,000 3,341,000,000 3.023,000,00 2,586,000,000 2,634,000,000 2,944,000,000 2,384,000,000 2,377,000,000 1,943,000,000 1,271,000,000 1,217,000,000 1,105,000,000 1,114,000,000 1.160,000,000 838,000,000 Reserve with Federal Reserve Bank Cash in vault 841.000,000 79,000,000 806,000,000 56,000,000 808.000,000 72,000,000 Net demand deposits Time deposits Government deposits 5,947,000,000 5,933,000,000 5,773,000,000 1,360,000,000 1,377,000.000 1,212.000,000 8,000,000 Due from banks Due to banks 78,000,000 92,000,000 1,104,000,000 1,185,000,000 Borrowings from Federal Reserve Bank_ 19,000,000 6,000,000 88,000,000 910,000,000 66,000,000 Loans on secur. to brokers & dealers; 1,269,000,000 1,296,000,000 806,000,000 For own account For account of out-of-town banks-.,, 400,000,000 373,000,000 710,000,000 430,000,000 442.000,000 1,909,000,000 For account of others Total On demand On time Loans and investments—total Loans—total On securities All other Investments—total U.S. Government securities Other securities 2,095,000,000 2,111,000,000 3,425,000,000 1,551,000,000 1.557,000,000 2,991,000,000 547,000,000 554,000,000 443,000,000 Chicago. 2,018,000,000 2,008.000,000 1,904.000,000 1,475,000,000 1,472,000,000 1,543.000.000 861,000,000 614,000,000 840,000,000 632,000,000 879,000,000 664,000,000 543,000,000 536,000,000 360,000,000 239,000,000 304,000,000 232,000,000 304,000,000 154,000,000 206,000,000 Due from banks Due to banks Borrowings from Fed. Ras. banks. 1,526,000,000 3,455,000,000 —5,000,000 +42,000,000 +376,000.000 +555,000,000 99,000,000 +15,000,000 —481,000,000 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 Dec. 13 the following summary of market conditions abroad, based on advices by cable and radio: ARGENTINA. Business for the week ended Dec. 6, continued to be dull with little or no improvement in cereal or livestock prices. During the first 11 months of 1930 the liabilities of commercial bankruptcies amounted approximately to 198,000,000 paper pesos as against 147,000,000 paper pesos during the corresponding period of the previous year; the Buenos Aires customs revenues to 269,500,000 paper pesos, as against 324,500.000 paper pesos; and the bank clearings to 33 billions of paper pesos as against 37 billions of paper pesos. Exports to the 'United States during the first 10 months of 1930 amounted to 627,300 tons as compared with 778,242 tons during the corresponding period of the previous year. AUSTRALIA. The financial situation continues to be the outstanding quention in Australian busies as circles. A total of £5,500,000 has now been subscribed to the £28,000,000 Government conversion loan and the Federal Government has asked the Commonwealth bank for £20,000,000 to finance projects to relieve unemployment. Wool prices remain unchanged to easier. Railway earnings continue to decline. Wheat estimates for the New South Wales yield have been reduced 7,000,000 bushels. BRAZIL. Business for the week ended Dec 6 continued to be practically stagnant. Exchange operations are still restricted and on Dec.6 the milreis declined to 10$550 per sight dollar. Toe credit situation is very unsatisfactory in some trades and particularly in the textiles. One old and large firm arranged a private composition providing for a payment of a 40% in merchandise. The business outlook Is unpromising. Coffee exports are heavy. 3800 BRITISH MALAYA. Malayan exports of rubber in November were 6,500 tons below October shipments. The decrease was due in part to ships being held over the month end. It is varilusly estimated that port stocks of rubber will show an increase of from 3.000 to 6,000 tons, The failure of an important Chinese hardware dealer for $60,000 is reported. CANADA. Trade generally has been stimulated by colder weather and Christmas buying but is still very slow in the Prairie Provinces. Groceries are moving well in the Maritimes and Quebec and sales of seasonal wearing apparel there have increased noticeably. Many chemical lines are steady and sales in some have improved. Machinery supplies are also in better demand in this section. Montreal importers have contracted for the distribution of 100,000 crates of Nassau tomatoes. To date there are no indications of an increase in newsprint prices. The Ontario iron and steel outlook is brighter, largely on account of rear way inquiries for car construction. Bookings of dealers' tire stocks are reported to be conservative but larger replacement sales are anticipated. A reduction in the price of mechanical rubber goods is considered likely. In the Prairie Provinces sales of foodstuffs continue fair in staple lines but fancy groceries are in poor demand. Shoe and leather manufacturing is still fair. Radios are moving well and toys are doing a fair business. Office appliances show a decline in trend and lumber sales are very poor with prices soft. British Columbia jewelry sales are approximately 25% below last year's at this period. Household electrical appliances are nearing a seasonal peak but sales offixtures are declining. The transportation equipment market in the Province has been featured by the completion of 25 logging cars by a local concern and it is expected that construction of 200 more will follow at a cost of about $200.000. New construction to the value of $39,310,000 was awarded in Canada during November, an increase of 18% over October figures. Approximately 39% of the total is in business buildings, and another 32% in engineering construction. It is now estimated that Montreal grain shipments to the end ofthe present season of navigation will be below last year's, handlings to date having been approximately 79,500,000 bushels. Exports of this year's crop from Vancouver. however, have established a new record, 24,400,000 bushels having been handled to Dec. 2. Wi Wholesale prices continued the downward trend of earlier months during November,according to the Dominion Government's index. The Winnipeg wheat market continued at low levels during the week ended Dec. 5, closing on that date at 59ii cents for No. 1 Northern cash wheat. October production figures just issued report 1,552,000 pairs of leather footwear manufactured. This was 4% less than the September output and 20% less than production in October a year ago,declines being accounted for in women's lines. Coal output during the month was slightly larger than the October average for the past five years and imports were more than 5% larger. October coke production showed the first increase in 7 months, gaining 9% over September although 21% less than for that month of 1929. CHINA. A new National tariff is reported to have been adopted by the Legislative Yuan, presumably becoming effective on Jan. 1 with regulations regarding the abolition of likin (a tax on goods moving in the interior) and the imposition of certain new taxes in lieu of likin. No definite information with regard to any of the new rates has been received. Further recent increases in silver stocks offer added embarrassments to import business. The Tientsin export market continues to show more activity, especially in cotton, walnut meats,furs and goatskins. Cotton prices remain firm, although cargo is plentiful. Railway communication on all lines is improving. The Tientsin-Pukow line is now operating through express services five times weekly in each direction, with a hi-weekly through service between Mukden and Fukow, opposite Nanking. Decline of the Hong Kong dollar to the lowest level on record is creating some discouragement to the general trading outlook in Hong Kong. The dollar rate is still from 8 to 9% above silver parity, with the market weak and further declines expected becuase of the glutted condition of the local silver market. Generally low prices and weak foreign demand for Manchurian products continue the outstanding factors retarding the revival of trade in Manchuria. Freight carried in October by the Chinese Eastern Ry. totaled only 262,000 tons, against 468,000 in that month last year. Freight carried during the first 10 days of November totaled 92,000 tons,compared with 215,000 in the similar period of last year. These decreases are chiefly due to decline; inexpert and import cargoes and to some diversion to other lines and to competition of cart traffic. FINLAND. Finnish industry and trade, in general, remain unsatisfactory with slow turnover in business, although the proposed increase in the traiff is accelerating imports. The total sales of lumber at the end of November amounted to 920,000 standards (1,821,600,000 board feet) compared with 1.125,000 standards (2,227.500,000 board feet) at the close of November 1929. A Finnish delegation is now in England negotiating for the sale of a large part of next year's output of lumber to the Central Softwood Buying Corp. The paper market continues dull with prices weak and the chemical pulp and pulp wood markets remain depressed. Sales of threadspools are declining and the demand for mechanical pulp is slack while pulpboard exhibits a marked downward tendency. The iron and steel, agricultural machinery, and textile industries are now operating on a four-day week basis. Activity in the shoe and leather industry is again lower after a short period of increased activity. The chemical industry operates at normal capacity while the glass industry shows no improvement. Unemployment is gradually increasing and at the end of October numbered 10,279 workers, an increase of approximately 3,000 for the month. FRANCE. Business in France during November was overshadowed by growing unconfidence arising from several bank failures early easiness and weakened in the month, and by the disturbed political situation as several cabinet members and a number of deputies were alleged to have been associated with the activities of one of the banks that failed. While the general French situation continues better than that of most European countries, production and consumption are continuing to decline and a further curtailment is to be expected. A definite recession was noted in some major industries during November, buying was more restrained, and the volume of unfilled orders diminished. The coal situation remains unchanged, with the stocks of imported coal at the ports increasing. October production of iron and steel slightly exceeded that of September and prices of all products were generally higher except for pig iron. The depression in the machinery trade is extending to all lines, with the exception of the heavy electrical equipment branch which, however, has fewer unfilled orders. The cotton industry showed no improvement; Lille mills are operating on afive-day basis and other spinners are contemplating a further reduction in production schedules. The industry has suffered from a sharp recession in its export trade during the first nine months of 1930. A slight revival was noted in the combed wool market at the end of the month, noll business was slack. [VoL. 131. FINANCIAL CHRONICLE but the demand for yarn was stronger. Raw silk purchases are limited to daily requirements and conditions in the St. Etienne ribbon industry continued poor. The linen branch is in a fairly satisfactory condition. The general automotive situation in November was worse than in the preceding month and several important constructors are reported as being in financial difficulties. Heavy rains have caused appreciable damage to agricultural property and retarded seasonal farm activity. For the present, however. the market is abundantly supplied with domestic wheat but flour mills are limiting commitments to immediate requirements. The total number of registered unemployed in receipt of allowances was 4,893on Nov.29,having risen from 878 on Sept. 20. The gold reserve of the Bank of France reached a new record on Nov. 28 of 51.967.000,000 francs. Note circulation also reached its highest level at 75,951,000.000 francs. The percentage of gold cover was 52.42 as against 52.78 on Oct.30. INDIA. Relaxation of tension in India pending the outcome of the Round Table conference is reflected in a slight improvement in the economic situation. Failure to reach a satisfactory agreement at that Conference, however, is expected to result in resumption of the downward trend in business. Civil disobedience with picketing continues in several parts of India especially Bombay, but is more or less perfunctory. The Bombay textile industry has improved considerably with most mills operating and stocks reduced. Railroad earnings have declined considerably and it is almost certain that a heavy deficit in the railroad budget will result despite radical curtailment in expenditures, as rates have been reduced in many instances especially on wheat from the Sindarea. Jute and burlap markets continue weak with but little forward business as prices are unattractive. No further Government assistance to the industry has developed. Cotton is steady to quiet with little American varieties being sold. JAPAN. The Toyo Spinning Co. has declared an 18% dividend and a 2% extra dividend in celebration of its amalgamation with the Osaka Oodo Spinning Co. These companies are two of the most important cotton spinning and weaving companies in Japan and through their amalgamation form the largest company in the industry, having a combined capitalization of 65,000,000 yen, and possessiong 15,848,looms. Other spinning companies in Japan anticipate lowering their dividends. The unemployment situation has become more serious. As a relief measure the Governemnt has decided to float a 33,000,000 yen loan for construction of highways and public works. It is anticipated that conditions in the domestic sulphate of ammonia market will be improved through arrangements made with the Mitsui Co. to act as sales agent for the .Del Nippon Articifial Fertilizer Co., the Electro Chemical Co. and the Japan Nitrogen Co. MEXICO. The Mexican Congress has conferred special powers on the President to take the necessary steps to improve the position of exchange and silver currency. An effort will be made to increase the use of silver coins and all high officials, including the President, will be paid in silver. Petroleum production and exports for September amounted to 3,242,000 barrels and 2.419,000 barrels, respectively. NETHERLAND EAST INDIES. There is slightly more activity in raw commodities except sugar, which is quiet, pending the outcome of the sugar conference in Amsterdam. The Batavia sugar market has firmed despite sagging prices in the United States and Europe and producers are refusing offers, holding the balance of the crop for higher prices. SPAIN. Spanish business at the beginning of December was fair in some branches and good in others and activity continues in several industries. Trade in many nonessential import lines is depressed and this situation is reflected in a general way in the foreign trade figures. The increasing cost of living coupled with crop shortages and adverse crop conditions in Andalusia have further restricted purchasing power as compared with recent months. The improved position of peseta exchange unaccompanied by violent fluctuations during the month, appears to be exercising a strengthening influence. SWEDEN. Swedish industries have generally resisted remarkably well the international depression as indicated by the monthly industrial production index which averaged 136 for the first 10 months of 1930 compared with 135 for the same period of 1929(monthly average 1923-24 equals 100). Lately, however, the recorded output for staple export commodities has been lower than last year. Prices and earnings have dropped materially. Certain domestic industries apparently remain generally well occupied. Furthermore, marked increases in the imports of certain articles show a strong buying power, so far. unimpaired by the decrease in Swedish exports caused by the depression in the country's foreign markets. The remarkable resistance still evident indicates great fundamental soundness. The recovery of Swedish business probably will be slower than in most countries as advanced orders have so far supported the lumber and pulp trade and other important industries, but the present situation requires limiting of production which must continue for several months. Unemployment and part time operation of plants have noticeably increased through production cuts in the lumber, woodpulp, engineering manufacturers, and stone industries. Lower exports also have begun to affect adversely Sweden's balance of payments and the present large foreign credit reserves apparently will be considerably reduced during the next six months. The Department's summary also includes the following with regard to the Island possessions of the United States: PHILIPPINE ISLANDS. Some improvement is noted in certain retail lines owing to demands of the Christmas trade, but the volume of business is considerably below normal. The textile situation is unchanged and dealers are doubtful if any important improvement will be forthcoming in the near future. The copra market continues steady with satisfactory demand. Arrivals are lighter and three oil mills are operating full time and one intermittently. On Nov. 29, warehouse grade resecado was quoted Manila, 7,625 pesos per picul. Cebu 7.25, Hondagua 7,375 and Legaspi. 7,875. The Governor General has signed the budget for 1931. which totals 57,900,000 pesos($28.950,000). c ou rrr aepnptroys ea lm r.ately 500,000 pesos ($250,000) less than the budget for the Italy Denies French Loan Report. From Rome, Italy, Dec. 8, Associated Press advices said: The Stefan! News Agency today denied reports said to have been published in France and abroad that France was willing to guarantee large credits to Italy if the latter country would abandon its policy of friendship DEC. 13 1920.] FINANCIAL CHRONICLE with Soviet Russia. The reports also said that one of the conditions ofsuch a credit was that Italy would not insist upon naval parity with France. "Fascist Italy has no need of and does not seek credits abroad," the agency dispatch said. Gates W. McGarrah, President of Bank for International Settlements Pays Courtesy Visit to President Hoover—Also Sees Secretary Mellon and Eugene Meyer—Officials Ignore Proposal to Re.. Loan Debt Payments to Governments Abroad. Gates W. McGarrah, President of the Bank for International Settlements and former Federal Reserve Agent in • New York, conferred on Dec. 8 with President Hoover, Secretary Mellon and Governor Meyer of the Federal Reserve Board, and he expects to visit other high officials before leaving the city, said a Washington dispatch, Dec. 8 to the New York "Times" which also had the following to say: 3801 mitment; England's interest bill annually is three times as great as Ger• many's obligation. "We can't sympathize too much with Germany in view of the fact that which threatened to wipe out civilization. war the on brought Germany If Germany is allowed to escape from repation payments, there is no doubt that taxes will be raised in those nations who are receiving the payments. And if the reparations are forgiven, the next step, the inevitable step, will be to cancel the debts owing to this country, the purpose being to compel American taxpayers eventually to bear the whole financial burden of the World War." The observation was made by Senator Dill (Dem.), of Washington, that the program which Senator Reed feared was developing might be considered also from the standpoint of proposals to adhere to the World Court of International Justice. He suggested that the Root formula for American adherence allowed this country to object to, but not to stop, action by the Court, and he said he did not like to think what would happen if questions of cancellation of debts owing the United States were to get before the Court. Senator Copeland urged the Senate, however, to give thought to the whole question of debts and reparations. "It may be," he added,"that to force payment of German reparations may mean choking ourselves to death, but, on the other hand, we are compelled to face the facts; we must give the problem study." The Washington correspondent of the New York "Journal While considerable significance was attached to these conferences by observers, in view of the agitation over debt readjustments, the visit of Gover- of Commerce" in its account of the assertions of Senators nor George L. Harrison of the Federal Reserve Bank of New York to Europe recently, and the world-wide business recession, officials said that it was Reed and Borah said in part: The Administration to-day virtually closed the doors to any and all not surprising that Mr. McGarrah should desire to talk over affairs of the Bank for International Settlements and other European conditions with proposals seeking to tamper with the existing agreements covering the repayment of World War debts by foreign governments to the United States. administration leaders. This Government, it has been pointed out frequently, is not connected In the Senate warnings, were given by Senators David A. Reed (Rep.). with the International Bank, the former Chairman of the Board of the Pennsylvania, and William E. Borah (Frog.). Idaho, Chairman of the New York Reserve Bank having resigned that position when he became Senate Foreign Relations Committee, that any move to relieve foreigners President of the European institution. However, by common interest, of the obligations of their governments and thus to saddle all the war debts the United States Government and the International Bank are related upon the citizens of the United States would be vigorously contested. and naturally the administration is interested in its affairs. Confers Briefly with Hoover. After a brief conference with President Hoover, it was indicated that Mr. McGarrah's visit was a courtesy call. The International Bank head talked more extensively with Secretary Mellon and Governor Meyer, and was the former's luncheon guest. Treasury officials said that there was no particular significance to Mr. McGarrah's visit, although the International Bank and other foreign affairs were discussed. It was understood that Mr. McGarrah furnished administration officials with a clear picture of how the International Bank's plan for reparations transfers and other functions was working out and what the general results of its operations were on the general business depression. Whether there was any discussion of European nations taking advantage of the clauses in the debt settlements with the United States providing that on 90 days' notice payments might be suspended for a period of two years was not discussed. While having no direct connection with Mr. McOarrah's visit here, administration officials took occasion to deny that serious consideration was being given to the proposal of S. R. Bertron, President of Bertron, Griscom & Co. of New York, that payments on the foreign debts to the United States should be reloaned to the European debtors at low interest rates because of the general business depression. Such a plan was submitted to the White House several weeks ago and at that time was given some publicity in the newspapers. The intimation to-day was that the administration was not taking the proposal seriously, . feeling that the fiscal position of the United States would not justify loans to the European Governments or private persons. Loans Not Authorized. Officials pointed out that no official in the Government had the authority to make loans to foreign countries without specific legislation by Congress. The State Department had not considered the idea and Treasury officials knew only what they saw in the newsp: pers about it, they said. Speaking to-day from the international standpoint on the agitation for some readjustment of the gold holdings of the various countries, high officials expressed the belief that no artificial action toward this end would prove feasible. Revival of War Debt Issue is Opposed—Cancellation Talk Imperils Taxpayer, Says Senator Reed—He and Senator Borah Assert Debt Policy Unchanged. The hope that cancellation of debts owed to the United States by its associates in the World War would never become an issue in Congress again was voiced Deo. 9 by Senator Reed (Rep.), of Pennsylvania, in course of discussion in the Senate. The "United States Daily" of Dec. 9, from which we quote, continued: Be asserted that the constant talk of cancellation and the proposals to rescind Germany's reparation commitments were designed for the one purpose of compelling American taxpayers eventually to bear the whole financial burden of the World War and to allow other nations to be free of the tax. The Pennsylvania Senator asserted that the United States had been"overgenerous" with the foreign debtors already, and there was no need to consider reopening the question of funding settlements. Senator Borah (Rep.). of Idaho, interjected that the debt settlements had resulted in France and Italy binding themselves to pay only 38 cents on each dollar borrowed, when the present value of the agreements is considered. Senator Reed's remarks followed a request by Senator Copeland (Dem.), of New York, for permission to insert in the "Congressional Record" a copy of an article in the magazine. "American Monthly," entitled "Lift the Heavy Burden." His request brought from Senator Reed the inquiry whether that was"one of the pieces of pro-German propaganda?" The New York Senator was unable to describe the article as propaganda, he said, adding that he had found it interesting to himself. Then, Senator Reed, declared that Germany had successfully divested itself of all obligation to pay interest on a debt for the war which that nation, itself, started, an observation to which Senator Borah took exception. Senator Borah contended that there was some responsibility resting on England and France, as well as Germany. "But," replied Senator Reed, "Germany's reparation obligation is $480,000,000 a year, and every effort is being made to get rid of that. We,here, who have sought no consequential money share of the reparations, are paying interest that is far greater annually than Germany's total eem State Department at Washington Inquiring Into Source of Rumors Bearing on German Debt Moratorium, &c. An Associated Press dispatch as follows from Washington, Dec.8 is taken from the New York "Times": Informal inquiries are being made by the State Department to ascertain the source of a series of persistent financial rumors which have proved embarrassing to the government in the past three weeks. Beginning with the unofficial visit to the capital of Dr. Hjalmar Schacht, former President of the German Reichsbank, a flood of rumors and counterrumors with international finance as their centre has caused considerable concern to officials. Interpreted by some financial writers both in the United States and Europe as a move on the part of Germany to sound out American officials on a possible reparations moratorium, the visit of the German financier attracted attention which compelled denials by Washington officialdom that the visit concerned America's position on a moratorium. In the face of the most vigorous denials, both by Secretary Samson and Ambassador de Martino of Italy, a rumor that Italy had been denied a loan because of State Department objection continued to spread during last week in official and financial circles. Reports of Bank of England Credit in New York • Renewed. Renewed reports were current in the financial district on Dec. 8 of a substantial credit from the Federal Reserve banks to the Bank of England as a protection against the steady drain of gold from London, especially to Paris, said the New York "Journal of Commerce" of Dec. 9, which further stated: It is widely believed here that the Bank of France already has Intervened in support of the pound sterling, but gold shipments from London persist and the recent conferences of Governor Harrison of the Federal Reserve Bank of New York with European central bankers are believed to have included discussions of the credit. The duration of the drain of gold from London to Paris Is difficult to foretell, bankers here say. Until recently, it became pronounced during month-end turnover periods. The financial difficulties created in Paris by the Banque Oustric closing and attendant financial embarrassments stimulated repatriation of foreign balances by French banks and others. In view of the uneasy feeling prevalent in France, further repatriation of balances on a large scale is not beyond the limits of probability. Hence financial conditions and money rates in both France and Great Britain will determine the extent to which gold movements will continue. In banking quarters it was said that in the movement of gold from London to Paris two separate factors can be discerned. First. Paris usually sells its sterling bills and withdrawals and London deposits during the month-end periods. This movement, it was pointed out, is merely an instance of a more general movement of funds from the financial centres at the month-end when payments of various kinds fall due. Withdrawals of this kind, it was said, could easily be met by temporary credit arrangements. The opening of a credit in favor of the Bank of England by the Bank of France for this purpose was reported last month and is believed to have been in effect last week. In addition to such withdrawals, it was considered possible that the Bank of France is embarked upon the policy of repatriating a portion of its foreign balances. It was pointed out that from time to time France has imported gold when its exchange was quoted below gold point. Some bankers were of the opinion that a special credit under which the Federal Reserve banks would support sterling would be superfluous. It was pointed out that purchases of sterling bills in the past already furnish a method by which the Reserve banks when necessary can lend immediate support to sterling exchange. These purchases were made under Section 14 of the Reserve Act, which permits the Reserve banks to buy acceptances through foreign correspondents. The foreign correspondents are the foreign central banks. It was believed that the Federal Reserve Bank of New York, during the past month, has already purchased sterling bills in order to peg quotations on British exchange. The last statement of the 12 Reserve banks showed an increase of $42,831,000 in bill holdings. The Reserve banks do not report the currencies in which their purchased bills are drawn. Ac- 3802 FINANCIAL CHRONICLE cording to the latest bulletin of the Federal Reserve Bank of New York, the supply of available dollar acceptances as been curtailed, due to increased holdings by accepting banks. The fact that Reserve bank holdings were maintained was believed in part to have resulted from moderate purchases of foreign bills. During the past two weeks £7.500,000 gold were shipped from London to Paris. Gold sold by the Bank of England is of a lower fineness than that accepted by the Bank of France. so that metal to be exported is first refined in London. London's gold refining capacity is booked for the remainder of the month. Of course, if the rate of exchange of the franc on sterling were to decline, orders to goldsmiths could be canceled. [vol.. 131. Bank Notes Hoarded by the French People—Large Increase in Bank's Circulation, Though Ordinary Needs for Currency Are Reduced. The Bank of France return of Thursday Dec. 4 covering the position of Nov. 28, shows why money remains so extremely abundant in Paris says a wireless message Dec. 5 to the New York "Times" which further said: The variations reported in the statement are largely attributable to normal month-end operations, that being true of the increase of 1,350 million francs in bills discounted, which arises chiefly from bills turned In for collection as of Nov. 30. But attention is also directed to the fresh increase of 314 millions in private deposits and, above all, to the rise of 1.800 millions in note circulation, whose total reached this week another high record. Since actual requirements of bank currency for the making of current payments have not increased in France, but have presumably decreased with the trade reaction, it seems evident that a certain portion of the public still has a tendency to hoard bank notes. Further Concessions in Armaments Urged by American Envoy—Ambassador Gibson States Present Draft of Agreement Between Nations Is Disappointing. Warning that if real reduction of armament is to take place various countries must make important concessions before the General Conference on Disarmament, was issued by the chief American delegate to the Preparatory Commission on Disarmament, Ambassador Gibson. The Reichsbank Now a Lender—Private German Banks Ambassador spoke at the last session of the CommisBorrowing Ahead for Month-End. sion at Geneva on Dec. 9, says the "United States Daily" From Berlin Dec. 5 the New York "Times" reported of Dec. 10, and the full text of his address was subsequently the following: made public by the Department of State. "We are all in The Berlin money market this week was under pressure of demands for agreement that an immense amount of work remains to be repayment of advances to private banks by the Reichsbank, coupled with borrowing ahead for the year-end settlements. For these reasons, short done before the meeting of the General Conference," Aminterest rates in the first days of December remained higher than normal. bassador Gibson said. "I should not be frank if I did not On Thursday, day loans commanded 5%; (41 7(%, monthly loans @ 8 and private discounts 4%. Very cheap money is not expected besay that this draft falls far short of our hopes and expectafore the end of the year. tions." Ambassador Gibson's address is given as follows in the Germany's Investment Abroad Partly Offsets Foreign "United States Daily": Debt. In the course of our debates we have heard numerous estimates as to the value of our work. But it is only now that our deliberations are coming From the New York "Times" we quote the following to an end that we can effectively judge to what degree we have succeeded from Berlin Dee. 5: in our task. The official Federal Bureau of Statistics estimates Germany's own inFor four years we have been endeavoring to reach an agreement. There have been long and direct conflicts of opinion; views have been maintained vestments abroad, as of Sept. 30, at between 8,800 million and 10,800 million marks. Against this the bureau estimates German debts to foreign with vigor and yet our friendship with those who have differed from us has grown as steadily and as surely as our friendship with those who have creditors, including German stocks and real estate held by foreigners, shared our views. I take this as a good omen for the spirit in which all the at something between 26,100 million and 27,100 million marks. The net nations will enter the General Disarmament Conference and try to convert German debt to foreign markets is therefore calculated to be somewhere between 16,300 million marks and 17,300 millions. our text from a theory to a reality. I have throughout been sensible of the very real difficulties under which At the end of 1913, Germany's investments abroad were estimated at many members of this Commission have labored. Overshadowing our 30,000 million marks, offset by German indebtedness to foreign countries discussions, though seldom spoken, have been the anxieties and worries of about 10,000 millions. Stagnation in the home capital market is at presthat have arisen from the special preoccupations felt by numerous govern- ent increasing. No long-term home foreign loans were issued in November, ments for their national security. and issues of corporation shares amounted to only 13 million marks. Draft Disappointing. We have now completed a draft convention which, after study by the governments, will go forward to the General Conference. I should not be frank if I did not say that this draft falls far short of our hopes and expectations. It fails to contain many factors in which we have always believed and which in our opinion would lead to a real reduction of armaments. What we have achieved does not hold out the promise of bringing about that immediate reduction of armaments we would like to see. Make no mistake; it is not my purpose to belittle what we have done. Although our hopes may thus be disappointed we can find comfort in the measure of agreement which has been reached in this Commission. We can at least forsee a stabilization of armaments, the setting up of a machinery to receive and disseminate information on armaments, to educate public opinion and to prepare systematically for the work of future conferences, as successive milestones in the continuing process of disarmament. If these things can be achieved by the coming Conference, and from present Indications I think we are justified in assuming that they can be achieved, we shall have a situation obviously better than we have at present and, while we cannot claim to have built the edifice, we shall have at least laid the foundation upon which the edifice can be erected. More Concession Nece,sary. It is possible that the coming Conference will accomplish more than this, but if so it will be because our labors have been improved upon and became, after mature study of the problems involved and after weighing the consequences of failure, the governments come to the Conference resolved on greater measures of concession than the delegates here have been authorized to make. I feel that we should be rendering a poor service to the cause of reduction of armaments if we were to lead our peoples to believe that this work carried the movement further than it does. We have been repeatedly told during the past four years of the role of public opinion in connection with disarmament. It has been repeatedly said that real achievement by the Conference can be reached only by an aroused public opinion. This is partly true, but it is not enough that public opinion be aroused. It is first of all necessary that it should be informed, for an aroused and uninformed public opinion may do infinitely more harm than good. Public opinion will not be informed in such a way as to exercise an intelligent Influence if, through a desire to create confidence, we adopt too optimistic a tone as to what can be accomplished on the basis of our present draft. Such exaggeration can really tend•only to lull public opinion Into a false sense of confidence, render it incapable of exercising its salutary influence and prepare it for inevitable disillusionment. Much Work Remains. We are all in agreement that an immense amount of preparatory work remains to be done before the meeting of the General Conference. The technical preparation for that conference is in all conscience great enough, but a more difficult and more responsible task lies ahead of all our governments in informing public opinion as to the facts, as to the difficulties, and as to the possible measures which may, with mutual concession, help us toward the goal we all desire to reach. This end can be served only by stating our achievements and our difficulties with moderation. I hope that in separating at the conclusion of our labors we shall not yield to the temptation to indulge in mutual congratulation,that we may separate with becoming modesty,and on reporting to our various governments, that we do so with a full and frank recognition of the shortcomings of our present draft, and of the duties and responsibilities still before our governments to lead the General Disarmament Conference to the success which our peoples earnestly desire. Jugoslav Stabilization Loan. According to Paris accounts to the "Wall Street Journal" of Dec.6 a syndicate headed by Banque de l'union Parisienne is negotiating a stabilization loan with the Jugoslavian Government which recently broke off negotiations with N. M. Rothschild (Sc Sons and an Anglo-American group. It is probable, however, says the account, that the two groups will come to terms, although there is no chance that a loan will be issued until the new year. Markets Falling in Austria and Central Europe— Stocks at Vienna 6% Below January, Staple Prices 15% Below 1929—Bank Reserve Ratio High— Year's Adverse Balance in Foreign Trade Reduced 16% from 1929. • On the Vienna stock market prices of stocks, as measured by the computed index number of values, have fallen from 1,530 in January to 1,437, which thus fax is the lowest level, says a Vienna message Dec. 5 to the New York `fTimes" which goes on to state: Stocks have been similarly weak on the Hungarian market, although the Polish and Czechslovak markets have slightly risen of late. Unemployed workingmen in Austria reported for the middle of November were 300,000. or 5% of the existing population; yet the estimate of the coming year's expenditure for public works has decreased from 190,000,000 schillings to 172.000,000. Ease on the Vienna money market continues, with the private discount rate 4@4.and dollar credits for lending firms at 334(4)3 . The National Bank's holdings of discounted bills fell to 62,000.000 schillings in the middle of October and had risen only to 84,000,000 in the middle of November, which figures contrast with 305.000,000 at the end of 1929. Naturally, this great decline is ascribed to the reduced requirements of industry and to the fact that, lacking any better opportunity for placing their available resources, private banks are using them to discount bills. At the National Bank the reduction of liabilities has again brought the reserve percentage nearly to the high record figure of 85% reached in October. The bank's metallic reserve is 35% higher than a year ago. The adverse balance in Austria's foreign trade, as reported for the first ten months of the year, was reduced by 148,000,000 schillings from the corresponding period of 1929. This reduction, amounting to about 16%. was made possible only because the curtailment of imports was greater than the reduction of exports. Imports had fallen from the previous year by 392,000,000 schillings, or 15%; exports by 246,000,000, or 13%. It is noted with some interest that Austria's actual imports of live stock, foodstuffs and beverages rose during the period from 1,250 metric tons to 1,362, this notwithstanding the decrease in value from 781,000.000 schillings to 708.000,000. The index of wholesale prices in Austria has been reduced since the middle of 1929 from 132 to 112, or slightly over 15%. This was largely the effect of the heavy fall in wheat prices. DEC. 131930.] FINANCIAL CHRONICLE Cuban Finances and Cuban Affairs—Chase Bank Becomes Fiscal Agent for Cuba Bonds, 1944 and 1949 3803 of churches have reopened and the priests are conducting services unmolested. On Christmas Night theatres and clubs will offer extra entertainment to attract the wavering from church services. Issues. From Havana the "Wall Street Journal" of Dec.8 reported $21,700,000 Outlay Laid to Former President Leguia of Peru—Auditors Charge Deposed President Spent the following: Sum Without Authorization. Chase National Bank has been appointed fiscal agent in Havana for issue, both issues of Speyer Cuban bonds, 1944 5% issue and 1949 4 The following (Associated Press) from Lima, Peru, Dec.6 & Co. The Banco del Commercio was formerly the agent. The Secretary of the Treasury has declared that as there have been pub- is reported in the New York "Evening Post": Auditors going over the accounts of the Leguia Administration to-day lished different reports about the consolidation of the debts of the republic, It is to the interest of the Government to declare that at present nothing has reported the deposed President had ordered payment of about $21,700,000 been considered in that line and in case anything should be done in the future not authorized by Congress or included in the budget. It would not be to increase those debts but simply to unify them. Laureano Lopez, Vice President Banco del Commercio, when he sailed on the Ile de France, declared it might be possible to renew business on Results of Fifth Month of Operation of Sao Paulo Jan. 2 through an agreement made with Banco Hispano Americana, by Coffee Realization Plan—Speyer & Co. Announce which the latter will back the assets and liabilities of the former. Mr. November Results. Lopez added that President Machado will request a law for protection of Cuban banks through a system of rediscounting. Results of the fifth month of operation of the Coffee Resignation of Secretary of Communications Rafael Sanchez Aballi Realization Plan of the State of Sao Paulo, Brazil, have was accepted, and in his place was named Manuel Delgado, formerly Secretary of the Interior. Jose Clemente Vivanco was appointed Secretary recently been received by Speyer & Co., who, together with of the Interior. J. Henry Schroder Banking Corp., are the fiscal agents for Victorino Rodriguez Barahona has been appointed Cuban Secretary of the BOA Paulo 7% Coffee Realization Loan issued last May. Health, Francisco Maria Fernandez, Secretary of State; Eduardo Usabiaga, Sub-Secretary of State; Octavio Zubizarreta, Sub-Secretary of Interior; With regards thereto, Speyer & Co. announce: Rafael Martinez Ortiz, Minister to France; Carlos Manuel Cespedes, to Since July 1 1930, on which date the plan became effective, the GovernEngland and Guillermo Patterson, to Brazil. ment has liquidated the stipulated monthly amounts of Government coffee and Planters' coffee and, in respect of such sold coffee, payments totalling $4,258.188 have been made to representatives of the Bankers to be applied Uriburu Leads Attack on Argentina's Floating Debt— to repayment of bonds by drawings at par under the sinking fund, the first President Points to $517,000,000 Deficit and Urges redemption, amounting to 1-20th of the whole loan, will be made on April 1st next. 120 Bureau Heads to Pare Expenses. The interest on the bonds is provided for by a special tax on all of the the State of Sao Paulo. The following Buenos Aires cablegram Dec. 5 is from coffee transported for export from any point withinplan's operation equalled The receiptsfrom this tax for the five months ofthe the new York "Times": $4,368,175, as against interest requirements on the loan for the five months (about pesos floating Argentina's debt totals 1,200,000,000 $517,000,000) of approximately $2,839,000. President Uriburu told 120 bureau chiefs this afternoon in impressing upon them the necessity of keeping Government expenditures, within budget Uruguayan Peso at New Low Rate. restrictions to prevent further deficits. He said 720.000,000 pesos ($305,000,000) of the floating debt was a deficit Press advices from Montevideo (Uruguay) Associated left from the two years of the deposed President Irigoyen's last administration and the balance of 500,000,000 pesos ($212,000,000) was left over from Dec. 11, published in the New York "Times," said: former President Alvear's Administration, which found it impossible to Uruguayan currency reached a new low rate to-day with the peso quoted fund that portion of a deficit of 1,100,000,000 pesos ($467,000,000) left at 75.50 cents in American money. Par is $1.0342. Financial authorities by Senor Irigoyen's first administration. attribute the decline to the low value of Argentine currency,since Argentine More than 1,000,000,000 pesos ($426,000,000) of the floating debt Presi- and Uruguayan business dealings are closely connected. of form bank the in advances dent Uriburu said, is owed in Argentina and other obligations, thus restricting the credit market and depriving it of resources which could otherwise be used to help agriculture, commerce President Vargas of Brazil Acts to Dispose of Coffee— and industry through the present crisis. Calls Cabinet Meeting in Brazil to Meet Crisis. President Uriburu told the bureau chiefs that the total of government expenditures for the ensuing year must not exceed 650,000,000 pesos ($275,The following cablegram from Sao Paulo, Dec. 9 is from 990,000),of which is the estimated revenue for 1931. He ordered the dismis- the New York "Times": sal of all Government employes not absolutely necessary and reductions in President Getulio Vargas held a meeting of his Cabinet to-day to decide the salaries of those not worth what they are now earning. make of the 22,000,000 sacks of coffee held at the port As an example of Government economies the Treasury Department this what disposition to decision had not yet been reached before due to the week discharged more than 800 laborers who had been added to the Custom of Santos. A final Inability of the Government to raise funds. House payroll by former President Irigoyen since the first of this year. Serious consideration is being given to the plan to trade coffee with Argentina. Russia and Germany in exchange for wheat, hides and manuColombia Raises Banana Export Tax—Puts Levy at factured goods.urging the Government to purchase the entire stock, deGrowers are Three Cents a Bunch and Voids Contracts for Pay- stroy a part and sell the remainder and then limit future crops. ment by Growers. The following Bogota cablegram Dec. 7 is from the New Brazilian Coffee Growers Urge Soviet Recognition— See Need of Creating New Market. York "Times": Possibly influenced by the controversy between the United Fruit Co.and asfollowsfrom Sao Paulo, Dec.6is taken from cablegram A the Co-operative Banana Co. of Banta Marta, which resulted in a Congres"Times": York has house lower New Increased the the export sional investigation, the Columbian tax on bananas from two to three cents a bunch and has made other changes in the bill presented by the Minister of Finance. A new article in the law declares void the clauses of contracts requiring the banana grower instead ofthe buyer to pay the export tax. This provision has been made applicable to the extent ofexisting contracts. The House has approved on second reading an entirely new bill presented the national debt in place of by the Minister of Finance to fix the limit on the original Senate bill establishing a 25% limit. and external direct and internal public the that provides bill The new indirect consolidated and floating debt of the nation shall not exceed an amount on which the annual service, including interest and amortization commissions and expenses, would exceed 30% of the average annual ordinary revenues of the republic on the basis of the six previous years. The indirect debt excludes the existing or future obligations of the Farm Mortgage Dank, guaranteed by the national government. All foreign loans and internal bond issues will be required to have the national Controller General's certificate to the effect that the national debt including the proposed loans, is within the 30% limit fixed by the law. In Congress or the Council of the event of a national emergency declared by meet the emergency regardState, the Government might contract loans to entire the for national debt would be reserves the but limit, less of the doubled until the excess debt was paid. Moscow Atheists Begin Anti-Christmas Campaign— Russian Soviet Workers and Peasants To Be Warned Against Holiday. Associated Press accounts as follows from Moscow Dec. 10 • are taken from the New York "Herald Tribune": The Soviet anti-Christmas campaign began to-day with an announcement by the All-Union Society of Militant Atheists that thousands of professors, teachers, lecturers and students had been mobilized to instruct and a delusion. the public that Christmas is a snare The lecturers will reveal to countless meetings of workers and peasants "the attemPta of clergymen and priests to utilize the legend of the birth of Christ for counter-revolutionary purposes." Only moral force will be exerted, however. Since Joseph Stalin's pronunciamento of last spring, the efforts of the more enthusiastic atheists to persecute the religiously inclined by law have somewhat cooled. A number Coffee growers are urging the early recognition of the Soviet in an effort to create a new market. Recognition, with the establishment of a legation. Is expected soon,as part of the Coffee Institute's plans to end the depression. The Government realizes that the success of the new Government depends upon its ability to end the economic slump. , The effect of the reorganization in Sao Paulo on the Rio de Janiero Government is being closely guarded, with the news being censored. Chile Increases Tariffs—Rise of 35% in Some Cases Affects Many American Exports. From Santiago De Chile, Dec. 10 Associated Press advices were published as follows in the New York "Times": The Chilean Government to-day published a decree raising a high tariff to become effective after sixty days. The decree affects447 articles, many of the increases being as high as 35%. Although regarded as a slight modification of original plans to make a general increase of all duties,as finally approved and signed by the President articles and Ministers of Finance and Industry, it includes many important of commerce affecting trade with the United States and European countries. commodities; The increased duties affect, among others, the following hats, shoes, wood (except Oregon pine), tea, coffee, cocoa, chocolate, preserves, ginger ale, dentifrices, chemicals, paper, type, printed matter and jewelry. As far as could be determined to-day the decree does not include automobiles and''luxunes," the Government plan apparently being to take care of these in a recommendation to Congress, which is assembled In special session. Sue for Payment on Mexican Bonds—Holders of Securities Revive Action for $43,000,000 Begun in New Jersey. A renewal of litigation started last July in New Jersey by holders of Mexican bonds against the members of the International Committee of Bankers on Mexico, headed by Thomas W. Lamont of J. P. Morgan & Co., was disclosed 3804 FINANCIAL CHRONICLE . [vol.. 131. in the Supreme Court, on Dec. 1 when a suit for an accounting of $43,000,000 received by the committee was filed by Gustavo Gallupin, Mexican financier, in behalf of himself and all other holders of bonds of 1899 of the series due from 1910 and 1913. This is learned from the New York "Times" of Dec. 12, the account also stating: summer when silver established its lowest record in the history of China finance. The Shanghai dollar, quoted ten days at 28 cents, United States currency, was today 25.63 cents, National City Bank selling rate. On account of lack of confidence locally, combined with speculative activity. Shanghai financiers fear that silver will descend to a still lower level unless inteimational action is taken to stabilize the silver market of the world. One leading Shanghai financier today told the New York Herald Tribune The only papers on file are summonses served on Albert II, Wiggin, correspondent that the recent decline in silver was particularly significant, R. G. Hutchins and Jesse Hirshman. seeing that it was linked directly with the world-wide depression. China's The committee, consisting of ten American and sixteen foreign bankers, buying power in America is directly curtailed on account of the decline Includes Mortimer L. Schiff, George W. Davison, Charles E. Mitchell, In the exchange value of the Shanghai dollar. John J. Mitchell of Chicago, Charles H. Sabin and Walter T. Rosen, in In its Dec. 10 issue the New York "Journal of Commerce" addition to Mr. Lamont. The suit follows the withdrawal of an action brought in Trenton when stated: an order was obtained directing the committee to show cause why it should The price of commercial bar silver broke through to new low levels for not be restrained from making any payments. In behalf of Alexander all time yesterday, when sales were made at 33c. per ounce, a decline of Simpson of Jersey City, who contested the New Jersey Senatorship with lc. for the day. It was stated that even lower prices would have resulted Dwight W. Morrow last Fall and who is counsel in the present litigation. had holders of the metal pressed sales. The previous low point for all the action in New Jersey was dropped because it was not believed that time was reached on June 21 of this year, when the price touched 333c. Mr. Lamont could be served legally in that State. per ounce. The high for this year has been 46%c. per ounce, reached on Mr. Simpson said yesterday that in addition to an accounting of the Jan. 2. money received by the committee, the bondholders would ask for an Speculators have had much to do with the present break of the silver injunction restraining the consummation of another agreement to suspend mqrket. They have been buying exchanges of China and India, and payment on the Mexican Government's obligations and for a lien on the selling silver in hedging or straddling operations. It is said that speculafunds still in possession of the committee,alleged to be more than $5,000,000 tors thus hold exchanges to the value of 12,000.000. and for the appointment of a receiver for this fund. It was noted in the New York "Evening Post" of last Mr. Simpson said the bonds contained the unconditional guarantee of the Mexican Government to refund the debts out of import and export night (Dec. 12) that quotations for silver dropped to a new duties collected, and that the bankers of the United States, England, low for all time at 32 cents an ounce here yesterday. It France, Belgium and Switzerland had made terms with the Obregon Government"by which repayment of the Mexican debts and the honoring was added that continued heavy foreign offerings caused a of the obligations by it were not only suspended but repudiated." He said similar loss Wednesday. the committee had designated itself the repository of more than $43,000.From London yesterday (Dec. 12) advices (Associated 000 which came into its hands"in a fiduciary capacity," and by exercising the powers of "of unrestricted discretion," with which it clothed itself, Press) to the same paper said: had paid out $5,000,000 to itself for expenses, and $17,000,000 to the A decline of a half penny an ounce in the price of spot silver, owing to railways "whose obligations were not secured," and "only part of the selling in China and absence of support today brought the silver quotation money went to some secured bondholders, and those whom I represent down to 15 1-16 pence an ounce, the lowest price ever recorded. received nothing." The market has been weak for some time, gradually receding almost daily under sales from China supplemented by American offerings while the usual support from India is lacking at present. Bonds of Saarbruecken Mortgage Bank Retired, China bought a little occasionally and the bears covered their sales but these influences were only sufficient to cause temporary rallies such as Through Sinking Fund. took place yesterday when the price hardened one-eighth. Ames, Emerich & Co., Inc., report that word has been The previous low price was 15 7-16 recorded June 24 and Dec. 10. received from the Saarbruecken Mortgage Bank that the Another contributory influence to the decline is the stea dily increasing sinking fund installments of March 1 and April 1 1931, stock of metal in the hands of the Indian Government. The Indian population is growing to paper currency and is not handling so consisting of $12,500 bonds each, have been completed by much silver which accustomed therefore is flowing into the Government's hands. the purchase of bonds in the open market. Republic of Salvador Customs Collections and Debt Service in November. As reported by the fiscal representative, collections for November are as follows: Bank Run in China Subsides—Business of National City Branch at Canton Returning. Associated Press advices from Shanghai, Dec. 11, stated: The run on the Canton branch of the National City Bank of New York had virtually subsided today and business was rapidly returning to normal. Reports from Hongkong yesterday, however, said the run continued on 1929. 1930. November collections $569,144 $530,717 the New York bank's branch there. Service on A and B bonds 80,964 82,957 Officials of the Canton branch estimated the bank paid out more than Available for series C bonds 488,180 447,760 $5,000,000 Mexican (about $2,250,000) during the run, which lasted Interest and sinking fund requirements on series C bonds 70,000 70,000 January-November collections 6,230,146 7,424,469 nearly a week. The Kwangtung Provincial and Canton City GovernJanuary-November service on A and B bonds 912,527 ments were among the depositors withdrawing their accounts. 890,604 Available for series C bonds 5,339,542 6,511,942 The Hongkong branch of the bank paid all nervous depositors. M. F. Interest and sinking fund requirements on series C bonds 770,000 770,000 Courtney, branch manager, said the bank was not in the slightest difficulty and was meeting the situation. F. J. Lisman & Co.,in making the above available, state: Collections for the first 11 months of 1930,after deducting service requirements for the period on the A and B bonds, were equal to about seven times interest and sinking fund requirements on the series C bonds. The bankers' representative collects 100% of the import and export duties, all of which is available for bond service, if needed, and 70% of which is specifically pledged for that purpose. Bonds of City of Porto Alegre Drawn for Redemption. Ladenbtug, Thalmann & Co., fiscal agents for the Municipality of Porto Alegre, have drawn $10,000 principal amount. of City of Porto Alegre 40-year 732% sinking fund gold bonds external loan of 1925, for redemption on Jan. 1 1931 at 102% and accrued interest at their office, 25 Broad St., New York City. Interest ceases on these bonds on Jan. 1 1931. President Hoover in Message to House Asks That $150,000,000 Additional Funds Be Made Available for Federal Farm Board—Statement by Chairman Legge. A supplemental estimate of $150,000,000 for the Federal Farm Board, to be made immediately available as part of the revolving fund of $500,000,000 authorized in June 1929, was sent to the House by President Hoover on Dec. 8. The President's letter, addressed to Speaker Longworth follows: To the Speaker of the House of Representatives: Sir--I have the honor to transmit herewith for the consideration of Congress a supplemental estimate of appropriation for the Federal Farm Board for $150,000,000, to be immediately available as a part of the revolving fund of $500,000,000 authorized to be appropriated by the Agricultural Marketing Act, approved June 15 1929. Under date of June 18 1929 $150,000,000 was appropriated by Public Act No. 15, and under date of March 26 1930 $110,000,000 was appropriated in the first deficiency Act, fiscal year 1930. for this revolving fund. In order that important operations of the Board now in prospect may be carried through promptly, additional funds are required at this time. The details of this estimate, the necessity therefor and the reasons for its transmission at this time are set forth in the letter of the Director of the Bureau of the Budget, which is transmitted herewith, and with which I concur. This sum was included in the estimate of expenditures before Congress, and does not increase the estimated deficit. Yours faithfully, HERBERT HOOVER. Portion of Bonds of Agricultural Mortgage Bank of Colombia Called for Redemption. Hallgarten & Co. and Kissel, Kinnicutt & Co., fiscal agents for the guaranteed 20-year 7% sinking fund gold bonds, issue of January 1927, of the Banco Agricola Hipotecario (Agricultural Mortgage Bank), Republic of Colombia, announce that there have been called for redemption on Jan. 15 1931 out of moneys payable to the fiscal agents of this loan, $45,500 principal amount of the bonds. The bonds will be payable at the office of either of the fiscal According to the "United StatBs Daily" the Budget agents on Jan. 15 1931. Interest will cease to accrue on Bureau's letter to the President stated that the additional the bonds on that date. $150,000,000 proposed will be required in the revolving fund Shanghai Shows Alarm Over Fall in Silver Price— during the current fiscal year to carry out projects now planned by the Board and should be made immediately New Low This Week. available. It is required, according to the Budget Bureau, Under date of Dec. 10, copyright advices from Shanghai to meet needs which could not be foreseen when the budget to the New York "Herald-Tribune" stated: for 1931 was transmitted to Congress. The sharp decline in the silver exchange rate in the last ten days is "Wheat is not going down," Alexander H. Legge, Chaircausing apprehension in Shanghai business circles. The Shanghai dollar (gold dollar) exchange rate today reached its lowest level since last man of the Farm Board, said with emphasis, after the DEC. 13 1930.] FINANCIAL CHRONICLE 3805 to $150,000,000 to President had submitted the request to Congress. This is an appropriation of from $100,000,000 emergency. present the in employment further for provide York New the to 8, Dec. advices, noted in Washington 4 (given on Dec. on Congress to message supplemental a In "Journal of Commerce" which continued: 3645 of our issue of a week ago,) the President recomIn explaining the necessity for the $150,000.000 to be available imme- page diately, in addition to the $100,000,000 sought for the fiscal year beginning mended an apRropriation of $150,000,000 for an emergency next July 1, Legge declared "there is too much disturbance in the world construction fund to relieve the unemployment condition. was for the Board to be short of money." He pointed out that money "United States Daily" of Dec. 5 that required to finance the stabilization corporation and also to protect the It was stated in the commodities. of agricultural farmer co-operatives engaged in marketing following the receipt of the President's request, RepreHe said there were no present plans to buy cotton. sentative Wood (Rep.) of Lafayette, Ind., Chairman of the Denies Attempt at Corner. House Committee on Appropriations, introduced a Bill to Legge declared that the Farm Board was not broke, asserting that the out the President's recommendations, and announced carry however, part, credit balance was about $48,000,000. of which a large was committed. He denied that the Board planned to corner the wheat that a sub-committee would meet the following day to conmarket, but admitted the Grain Stabilization Corporation would continue sider the measure. Similar action was taken in the Senate operations "indefinitely." He did not believe a Government agency Jones (Rep.) of Washington, Chairman of the such as the Stabilization Corporation should attempt a corner, and that when Senator it was not contemplated in the Agricultural Marketing Act. A corner Senate Committee on Appropriations,introduced a Bill which on wheat might increase wheat prices temporarily, but he added that it he said was "in accordance with the official budget estimate." would add to the confusion. A statement made by Senator Jones on Dec. 4, was given follows in the paper referred to: as Secretary Hyde's Statement Objecting to Loans "For This bill is in accordance with the official budget estimate approved by Human Foods"—Near Dole System. the President received in the House of Representatives to-day (Dec. 4). It is for the purpose of accelerating during the remainder of the fiscal It was stated in a Washington dispatch, Dec. 8, to the year 1931 such governmental construction projects as have already been in a development that Commerce" New York "Journal of authorized by law and will give employment to many thousands of people. a This is done in strict accordance with law and will go to projects heretofore the farm relief situation that day was the issuance of and determined to be just and meritorious. There is no estimating statement by Secretary of Agriculture Hyde proposing the studied the cheer this measure of relief will give to our people and withal we are of purpose the limitation of Federal loans to farmers for getting our money's worth to the fullest extent. The improvements pertain to work on rivers, harbors, flood control. purchasing seed, feed for work animals and fertilizer. We public buildings throughout the country of various kinds, hospital facilities quote further from the account as follows: under the Veterans' Bureau, public highways, roads and trails in National Loans made for such purposes provide the stricken farmer with the means of starting his agricultural operations anew, he said. "There are a great many objections to the Government making loans for human food," the Secretary said. "From a national point of view this latter class of loans approaches perilously near the dole system, and would be a move in the wrong direction. "Under the relief plans proposed by the Administration a very large sum of money will be made available for road work, for rivers and harbors and other purposes in the drouth States. The road work especially has been proposed with the object in view of giving the farmers an opportunity to find employment during the winter, and thus provide for themselves, their food and clothing. To include loans for human food in the Federal drouth relief bill would remove the occasion for an increase in the highway work in the States. "There is no more justification," he continued, "for the Government to furnish farmers in the drouth area than there would be in furnishing food to any other section of the United States or to any other class of our people who may be in distress. I believe this attitude will be supported by the substantial firmers of the country. If we go beyond the established precedents of loans for seed, feed for animals, and fertilizer, we are treading on dangerous ground from a national and Governmental viewpoint, and in this long run will be doing great injury to the agricultural industry. Greatest Loss in Corn. "The greatest loss which was suffered from the drouth was in corn. There was no shortage of wheat or cotton. The national production of both wheat and cotton was above the average. The real point, however, is that the greatest sufferers, and those for whom we must have concern, are the small farmers, both white and colored. To such farmers loans to provide seed and the means for making their next crop will be a real boom. The relief afforded in this way will ease their burdens in other directions and enable them to provide their own food and clothing, and give them an opportunity to continue their business. "An additional reason for limiting Federal loans to seed, feed for work animals and fertilizer lies in the fact that this is the extreme limit to which such loans have been applied in the past. If now such loans include such objectives as food and clothing for the family, a great injury will be done to the conscientious, hardworking farmer, many of whom will struggle under the burden of repayment for many years. Those who are shiftless and ne'er do well will probably repudiate their obligations, while the conscientious are still bearing theirs. To those who repudiate such loans become a form of charity much more damaging than relief by the Red Cross could possibly be." forests and parks, air navigation facilities, lighthouse aids, naval construction, penitentiaries, reformatories and jails, and many other projects. This money is to be allocated by the President in such amounts as the public interest requires. This move undoubtedly shows that the President and the Congress of the United States are actively in sympathy in doing all the Government can to relieve the hardships through which our people are passing. While the bills introduced provided for an appropriation of $150,000,000, the House Committee on Appropriations on Dec. 6, voted to lower the amount to $110,000,000, and this appropriation, as indicated above, is carried in the Bill as passed by the House. In its Washington dispatch, Dec.9, the New York "Times" said: The $110.000.000 emergency fund bill was passed exactly as reported by the House Appropriations Committee, which cut $40.000.000 from the recommendation of President Hoover. The Republicans, with an overwhelming majority, withstood all attempts to amend it. On the final vote. Democrats joined in the chorus of "ayes" for its passage. The emergency fund bill provides that the appropriation of 5110.000.000 be distributed, $80,000,000 to the Department of Agriculture for apportionment to the States as a temporary advance to meet the provisions for Federal-aid highway projects, $25,500,000 to the War Department for flood control and rivers and harbors work, $3,000,000 to the Department of Agriculture for construction and maintenance of roads and trails in the National forests and 51,500,000 to the Department of the Interior for improvements in National parks. The State allotments in the highway construction program, which the Democrats insisted be made specific by Congress, rather than to leave distribution to the President, include: Connecticut, $520,491; Delaware, 8400,000; Maine,$715,799; Maryland, 5678.752; Massachusetts, $1,141,460; New Hampshire, $400,000; New Jersey. $1,107,807; New York, $4,040,566; Pennsylvania. $3,512.943: Rhode Island, $400,000: Vermont. $400,000. The bill makes the funds available to Sept. 1, instead of June 30, the end of the fiscal year. The remainder of the $150.000.000 sought by the President is expected to be included in supply bills or a deficiency bill. House Passes Bill Providing Appropriation of $110,000,000 For Construction Work in Behalf of Unemployed—Senate Increases Appropriation to $118,000,000—Bill Goes to Conference. The House of Representatives on Dec. 9 passed, without a roll call the bill providing for a supplemental appropriation of $110,000,000 "to provide for emergency construction on certain public works during the remainder of the fiscal year ending June 30 1931, with a view to increasing employment." The Senate concurred with the House on Dee. 11 in voting an emergency construction fund, but not until it had raised the amount from $110,000,000 to $118,000,000 and drastically curtailed President Hoover's control over the fund. We quote from a Washington dispatch Dec. 11 to the New York "Herald Tribune" which also stated: The bill now goes to conference with the House in an effort to adjust the differences and make the funds available early in the new year for six months' unemployment relief. There was no dissent to the Senate vote. It came toward the end of a day in which President Hoover was assailed again on the Senate floor by Democrats and insurgent Republicans. Speaker Nicholas Longworth publicly pledged to the President the support of the House Republican majority in drouth relief legislation, and legislation was introduced at Administration instance to relieve corporations of taxation on such part of their gross income, not exceeding 15%, which they contribute to unemployment relief. The passage of this legislation was requested by President Hoover in his annual message to Congress, given in our issue of Dec. 6 (page 3592), in which he asked Congress for All Amendments Rejected. Administration forces were in the House en mass to withstand any attempt to run the $110.000.000 upward or to load the bill with cumbersome amendments and limitations. With little notice by the noisy House, Representative Cable, Republican, alien of Ohio, offered an amendment withholding any of the amount from laborers who entered the country illegally. It was carried,82 to 22. ComAppropriation the of Representative Wood of Indiana. Chairman mittee voted against the amendment. Later he prevailed on his Republican majority to reconsider the amendment, and it was struck out on another vote. Mr. Wood argued that any provision that would increase the "red tape" of distributing the money was contrary to the purpose of the bill, namely, to provide employment as quickly as possible. He used the same argument successfully against an amendment offered by Representative La Guardia of New York, attempting to prescribe a seven-hour day for all persons employed by money appropriated in the bill. Representative Byrns of Tennessee, ranking minority member of the Appropriations Committee, while favoring the bill, challenged the aAdministration on its relief program. Mr. Byrns was the first to object to the "lump sum" proposal, causing Administration leaders to acquiesce in specifying in what categories the $110.000,000 should be spent. Ltyrns Suns Up Criticism. "The Director of the Budget says unemployment was discussed last spring, but strange to say, the departments were not called on for any information as to what relief funds they could use until Nov. 1," said Mr. Byrns. "Every one knew that unemployment existed then to the number of millions of men and women, and that there were soup houses and bread lines already being formed. Congress was then in session. "Why did not the President have the vision to request this appropriation then_ Or, if not then, why did he not include such items in the estimate submitted for the regular bills and which could have been made immediately available "I will tell you why. Ho did not wish to agitate the matter in advance of the election. His administration was too busy issuing reports that business was improving and that there was no need for alarm. His Secretary 3806 FINANCIAL CHRONICLE [VoL. 131. of Labor was too busy denying that unemployment existed to any considerable degree. The Republican National Committee was too busy denying there was any economic depression." Representative Stafford, Republican, Wisconsin, challenged Mr. Byrns to outline the program the Democrats would offer. Mr. Byrns said his side had no definite program at the time other than to revise downward the "exorbitant tariff rates passed last session and return our export business." Follows Senate Committee Lead. The action of the Committee follows the action of the Senate Committee on Agriculture and Forestry, which on Dec. 5 ordered favorably reported the McNary resolution (S. J. Res. 211), authorizing $60,000,000 for these loans. The McNary resolution, sponsored by the Chairman of the Senate Committee, Senator McNary (Rep.) of Oregon, included storm sufferers as well as the drouth distressed and also made the loans applicable for The text of the Administration Emergency Construction purchase of food as well as crop seed, fertilizers, feed for livestock, tractor fuel and oil for crop work. The Haugen bill, as amended in Committee, Fund Bill, as passed to-day by the House, as given in a included storm suffers but omitted food. Washington dispatch to the New York "Herald Tribune" Chairman Haugen announced the result of the Committee action without making public the vote. Representative Aswell, however, had reserved follows: that right and announced what happened in the executive session. He A BILL making supplemental appropriations to provide for emergency said that Representative Jones (Dem.), of Amarillo, Tex., moved to subconstruction on certain public works during the remainder of the stitute the Aswell $60,000,000 loan measure for the Haugen $25,000,000 fiscal year ending June 30 1931, with a view to increasing employment. resolution. The vote on that, Mr. Aswell said, was as follows: Be it enacted by the Senate and House of Representatives of the United The Vote for $60,000,000. States of America, in Congress assembled, that the following SLUM are For the $60,000,000substitute: Representatives Aswell(Dem.), appropriated, out of any money in the Treasury not otherwise approof Natchitoches, La.; Garber (Rep.) of Harrisonburg, Va.;Jones(Dem.),of Amarillo, priated, for the purpose of providing for emergency construction on certain Texas; Fulmer (Dem.) public works during the reaminder of the fiscal year 1931, with a view of Orangeburg, S. .C; Larsen (Dem.) of Dublin. Ga., and Nelson (Dem.) of Columbia, Mo.(6). to increasing employment, namely (J 27726); Against the $60,000,000 substitute: Haugen (Rep.) of Northwood, Ia.; Purnell (Rep.) of Attica. Ind.; Ketcham (Rep.) of Hastings, Mich.; Hall Department of Agriculture. (Rep.) of Bismarck, N. Dak.; Pratt (Rep.) of Highland. N. Y.; Menges Forest Service.—Improvement of national forests; For the construction (Rep.) of York, Pa.; Andresen (Rep.), of Red Wing, Minn.; Adkins (Rep.) and maintenance of roads, trails, bridges, fire lanes (and so forth), including of Decatur, Ill.; Clarke (Rep.) of Fraser, N. Y.; Hope (Rep.) of Garden the same objects specified under this head in the agricultural appropria- City, Kans.: Brigham (Rep.) of St. Albans, Vt., and Snow (Rep.) of tion Act for the fiscal year 1931, 53,000,000. Bangor, Me. (12). Federal Aid Highway System; For apportionment to the several Mr. Aswell said the Committee then voted on several compromises proStates under the provisions of the Federal Highway Act, as amended, posing respectively 545.000.000. 540,000.000, *35.000,000, 534,000.000. as a temporary advance of funds to meet the provisions of such Act as to and finally the $30,000,000 was agreed to, on a motion of Repres. Ketcham. State funds required on Federal aid projects. $80,000.000; provided that the sums so advanced shall be reimbursed to the Federal Government Compromise Vote. over a period of five years, commencing with the fiscal year 1933, by The vote on the final $30,000,000 proposal, Mr.Aswellsaid, was as follows: making deductions from regular apportionments made from future authoriFor $30,000,000: Representatives Ketcham, Hall, Pratt, Andresen, zations for carrying out the provisions of such Act as amended and supClarke, Hope, Garber, Aswell, Jones, Fulmer, Larsen. (11). plemented; provided, further, that the amounts advanced in consequence Against: Haugen, Purnell, Mengbs, Adkins, Brigham, Snow, Nelson hereof shall be limited in each case to the sum actually (7). paid out by a Mr. Aswell said that his resolution as introduced was approved by the State under such advance for work performed before for the 1931. chairmen of the drouth relief committees in conference at July 1 Washington construction of Federal aid projects; provided, further, that, should any and had been the subject of conference with the Secretary of Agriculture, State fall to claim any part of its allotment hereunder, the President may Arthur M. Hyde, and the Secretary of the Federal Drouth Committee, reapportion such unclaimed funds to States capable of using them prior Dr. C. W. Warburton. Dr. Warburton subsequently differed with the to July 11931. Aswell resolution. Department of the Interior. It was stated in the "United States Daily" of Dec. 6 that, National Park Sersice.—Roads and Trails; For the construction, reconstruction and improvement of roads and trails, inclusive of necessary according to Senator McNary, all of the 13 members of bridges, in the national parks and national monuments under the Juris- the Senate Committee on Agriculture voted favorably to diction of the Department of the Interior, fiscal year 1931. $1,500,000. report the Senate War Department. Corps of Engineers.—Rivers and Harbors; For the preservation and maintenance of existing river and harbor works, and for the prosecution of such projects heretofore authorized as may be most desrable in the interests of commerce and navigation, and so forth, includng the same objects specified under this head in the War Department Appropriation Act for the fiscal year 1931,522,500,000.to be expended under the direction of the Secretary of War and the supervision of the Chief of Engineers and to remain available until expended. Flood Control, Mississippi River and Tributaries; For prosecuting the work of flood control In accordance with the provisions of the Flood Control Act, approved May 15 1928 (U. S. C., supp. III, title 33, sec. 702A), $3.000,000, to remain available until expended. Sec. 2. The sums herein appropriated shall be available interchangeably for expenditure on the objects named in this Act upon order of the President, stating the amounts and the appropriations between which such interchanges are to be made, Sec. 3. A report shall be submitted to Congress on the first day of the next regular session showing, by projects or other appropriate detailed classification, the amounts allocated under each of the foregoing appropriations, the expenditures under each allocation and such other information which the President may deem pertinent in advising Congress as to the allocation and expenditure of such appropriations. resolution providing for the $60,000,000 appropriation. With reference to the Senate action on the bill on Dec. 9 (when it passed without a roll call) the New York "Herald Tribune," in its Washington dispatch that date, said in part: During consideration of the drouth-relief measure, Senator Joseph T. Robinson, or Arkansas, Democratic floor leader, had led an attack on Arthur M. Hyde, Secretary of Agriculture, for his statement of yesterday that governmental loans to farmers for food came perilously near to being a dole. Coming from any one else, the statement would have been "silly." Senator Robinson replief. The Arkansas Senator has been close to the Administration since he went to the London naval conference as an American delegate, yet he was among those who insisted on increasing the Administration's $35,000,000 estimate for drouth relief to $60,000,000. In view of all the political possibilities involved, not a voice was raised in the Senate against the passage of the 560.000,000 measure. Not even Senator James E. Watson, the Republican floor leader, opposed it. Sen. William E. Borah, Idaho Republican insurgent, who announced on Sunday that he would demand an explanation of the discrepancy between the estimate and the President's did make some quiet inquiries but in the end voted with the rest for the resolution. Senator Charles L. McNary, Administration Republican, of Oregon, and Chairman of theAgriculture Committee, sponsored the measure. The resolution authorizes loans through the Farm Board to farmers and others in drouth-stricken and storm-stricken areas to the end of insuring the production of crops next year. The loans, secured by liens on the crops, would be available for food to relieve human suffering as well as shortage of stock feed, seed, gasoline for tractors and other supplies. Meantime House leaders were preparing to execute a parliamentary maneuver tomorrow to reduce the $60,000,000 voted by the Senate for drouth relief. The plan was to refer the measure to the House Agriculture Committee the moment it was received from the Senate and there substitute the $30,000,000 figure agreed upon by a majority of the House committee. There was also a disposition to strike out the provision for loans to farmers for food. Senate Passes Bill Providing for Appropriation of $60,000,000 for Loans to Farmers in Drouth Areas for Food, Feed and Seed—House Committee Cuts Appropriation to $30,000.000. On Dec. 9 the United States Senate passed the joint resolution authorizing an appropriation of $60,000,000 for advances or loans to farmers in the drouth or strom-stricken areas of the United States for the purchase of food, feed, The following is the resolution as it passed the Senate fertilizers, feed for livestock, fuel and oil for tractors used on Dec. 9: for crop production, &c. Under action taken by the House Resolved, &c.. That the Secretary of Agriculture is hereby authorized Committee on Agriculture on Dec. 6 the appropriation in for the crop of 1931. to make advances or loans to farmers in the drouth and (or) storm stricken areas of the United States, where he shall find behalf of farmers is fixed at $30,000,000—the bill approved that an emergency for such assistance exists, for the purchase of food, by the Committee on that date providing for $25,000,000 seed of suitable crops, fertilizers, feed for livestock, and (or) fuel and oil for drouth relief and $5,000,000 for farmers in the storm for tractors used for crop production, and for such other purposes of crop production may be prescribed by the Secretary of Agriculture. Such area. Regarding the action of the House Committee, we advances orasloans shall be made upon such terms and conditions and quote the following from the "United States Daily" of subject to such regulations as the Secretary of Agriculture shall prescribe, including an agreement by each farmer to use the seed and fertilizer thus Dec. 8: obtained by The House Committee on Agriculture, devising a drouth relief program, agreed in executive session Dec. 6 to authorize an appropriation of $30,000,000 for advances or loans by the Secretary of Agriculture as he may find emergency warrants, the Chairman, Representative Haugen (Rep.), of Northwood, Iowa, announced orally. The $30,000,000 was voted by the Committee after it voted down a motion to substitute the resolution (H. J. Res. 403) by Representative Aswell (Dem.), of Natchitoches. La., ranking minority member of the Committee, proposing the amount be $60,000,000 and a series of compromise amounts. The Committee action will be reported to the House Dec. 8, according to Committee plans, with a view to action early in the week, when, according to Mr. Aswell, he will offer an amendment to restore the amount to *60,000.000. He said he will file a minority report advocating $60,000,000. him for crop production. A first lien on all crops growing or to be planted and grown during the year 1931 may, in the discretion of the Secretary of Agriculture be deemed sufficient security for such loan or advance. All such advances or loans shall be made through such agencies as the Secretary of Agriculture may designate, and in such amounts as such agencies, with the approval of the Secretary of Agriculture, may determine. For carrying out the purposes of this resolution, including all expenses and charges incurred in so doing, there is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $60,000,000. Sec. 2. Any, person who shall knowingly make any material false representation for the purpose of obtaining an advance, loan, or sale, or in assisting in obtaining such loan, advance or sale, under this resolution shall, upon conviction thereof, be punished by a fine of not exceeding $1,000 or by imprisonment not exceeding six months, or both. DEC. 13 1930.] FINANCIAL CHRONICLE President Hoover Issues Warning Against Measures in Congress Increasing Government Expenditures $4,500,000,000 Beyond His Recommendations. In a statement issued on Dec. 9 President Hoover took cognizance of the measures introduced in Congress, which "if passed" he said, "would impose an increased expenditure beyond the sums which I have recommended for the present and next fiscal year by a total of nearly $4.500,000,000, and mostly under the guise of giving relief of some kind or another." In his statement the President declared that "prosperity cannot be restored by raids upon the public treasury." The statement was read in the Senate by Senator Caraway, and it was observed in the Washington dispatch Dec. 9 to the New York "Herald-Tribune" that a storm broke in the Senate over the President's sharp appeal to the country the moment the drouth-relief bill had been adopted and sent on its way to the House. The dispatch continued: 3807 aspect of the general unemployment problem is one that can best be handled through the Initiative of the individual employer. "Encouragement, it seams to me, can be extended through the income tar laws. With that in view, the bill I am drafting has two essential provisions. "It permits the taxpayer, whether employer or employee, to deduct unemployment from Income such amounts as were paid In by him into the by the reserve or trust. It also exempts from taxation the income earned in the bill provided are unemployment reserve or trust itself. Safeguards against the abuse of the privilige it confers for purposes of tax evasion. the "Several salutary effects may with confidence be looked for should number of private unemployment trusts established by private concerns be materially increased. • Would Eliminate Insecurity. "The most direct result is to supply income to the wage earner during nt. the period of unemployment;in effect to insure him against uifemployme The indirect results may In the long run prove to be the more important. n of in"One of these is that it will tend to promote the regularizatio the same dustry and reduce the amount of unemployment in very much of accinumber the reduce to n way that workmen's compensatio tended on the dents. The attention of the management is bound to be focused be problem of staoilization, since the degree of instability will always nt unemployme reflected in the contributions to and withdrawals from the reserve fund. of unem"The development of more accurate figures and statistics accurate ployment is also likely to follow in much the same way that more of workstatistics of industrial accidents followed upon the inauguration men's compensation. intelligent "To my mind, the unemployment reserve constitutes an of the modern step in the direction of eliminating in part the insecurity a commendjob and its encouragement by the Government is, therefore, Denunciation of the President by several Democrats and insurgent Republicans was capped by the introduction of a resolution by Senator Robert M. La Follette. Wisconsin insurgent Republican, which would put the Senate on record as resolved that"human suffering in this emergency should take precedence over the consideration of wealthy taxpayers." The resolution proceeded from a preamble which said "the President in a public statement has indicated that consideration of income-taxpayers necessitates restriction of relief measures." The proposal was tabled by the quick action of Senator David A. Reed,of able object." Pennsylvania, Administration Republican, who took the floor in defense of the President and undertook to point out that Mr. Hoover's statement was Butler, Head of International Labor Office of directed at Congress as a whole and not against members of any political H. B. League of Nations' Proposes International Inquiry party as such. Increased Demands Are Made. Into Unemployment—League Labor Offices Says The incident brought increased demands for bigger relief appropriations National Inquiries Cannot Solve Problem. and increased taxes on the rich, with Senator David I. Walsh, Democrat, of atfor assailed vigorously was President nal co-operative investigation of the factors in the ts, The lead. Internatio Massachuset tempting to protect the rich from further taxes. present world-wide unemployment situation is the causing ve fund, Representati During House consideration of the emergency relief are to be found, according to Harold remedies measthat if the declared York, essential New Florello H.La Guardia, Republican, of ure was almost entirely in the interest of farmers and provided additional B. Butler, Deputy Director of the International Labor work for only about 100 men in New York City. of the League of Nations at Geneva. His address In the acrimonious debate over the President's statement Senator Pat Office the National Democratic of member 3 before the League of Nations Association at a a Dec. Mississippi, on Harrison, Democrat, of party to Democratic intended the that declared Committee, Executive luncheon at the Town Hall Club was his first in this country "put the country back on its feet," even if it called for an increase in taxes. States President Hoover's statement follows: I observe that measures have been already introduced in Congress and are having advocacy, which, if passed, would impose an increased expendfor d the present and next recommende iture beyond the sums which I have fiscal year by a total of nearly $4,500.000,000, and mostly under the guise of giving relief of some kind or another. The gross sums which I have recommended to carry on the essential functions of the Government Include the extreme SUMB which can be applied by the Federal Government in actual emergency employment or relief, and are the maximum which can be financed without increase in taxes. No matter how devised, an increase in taxes in the end falls upon the workers and farmers, or alternatively deprives industry of that much ability to give employment and defeats the very purpose of these schemes. For the Government to finance by bond Issues deprives industry and agriculture of just that much capital for its own use and for employment. Prosperity cannot be restored by raids upon the public treasury. The leaders of both parties are co-operating to prevent any such event. Some of these schemes are ill considered; some represent enthusiasts and are more generous some represent the desire of Individuals to show that they than even the leadthan the Administration or that they are more generous politics at the expense of human ers of their own parties. They are playing misery. Many of these measures are being promoted by organizations and agencies outside of Congress and being pushed upon members of Congress. Some of will accomplish and they are all them are mistaken as to the results they to undertake such mistaken as to the ability of the Federal Government are also engaged in promoting burdens. Some of these outside agencies be by such tactics. misled not will people political purposes. The American since his arrival on Oct. 24 for a tour of the United and Canada says the New York "Times" from which we also quote as follows: Senator Wagner Proposes Workers' Reserve—Senator Drafting Bill to "Encourage" Raising Such Funds by Federal Tax Exemption—Initiative Would Be Left to Employers to Create Trusts for Paying of Wages in a Slump. From the Washington Correspondent the New York "Times" reported the following under date of Dec. 6: the "father" of legislation to Senator Robert F. Wagner of New York. bill designed to meet the situation relieve unemployment, Is drafting a nt distress through unemployme against from the angle of advance provision private industry with which to take encouraging the creation of reserves of The encouragement would be afforded care of those thrown out of work. reserve funds from the payment of Federal by relieving such unemployment income taxes. Senator Wagner at the outset "What am I trying to accomplish?" asked York "Times" correspondent. of an interview with the New organization and to encourage the con"My purpose is to stimulate the tinuance of privately established unemployment reserves. a simple one. Business men have course, of is, essence "The idea in its reserves for a variety of contingencies long been in the habit of setting aside obsolescence of machinery. The same such as decline of inventory value or be extended to take care of the idea can. It seems to me, with propriety or trust fund out of contributions reserve nt unemployme contingency of or both. by the employer or the employe Initiative Left o Employers. to employees during periods "Out of this fund payments can be made limited experience that has been had with this of enforced idleness. The hope that It can be extended with profit. type of reserve fully Justifies the "Second, how can the Federal Government encourage such undertak jags. I use the word 'encourage' designedly, because I feel that this said, "and "The present crisis is essentially international in scope," he sufficient from that it follows that no national Inquiry into the facts will be for the sufficient to bring them to light and no national remedy will be disease." the Labor Office He said the League, through its economic section and was making a world-wide study of the conditions. it is worldunless "But this study," he continued, "will be fruitless co-operation in this country wide, and we have asked and hope to get the situation . There are of the various bodies that have been studying the that the sooner they several problems so definitely international In scope general question of the are discussed on this basis the better. These are of technological unemcredits, the question of tariffs and the question the use of better ployment resulting from increased productivity through machines, mergers and the concentration of production." l Labor Internationa the Mr. Butler said that as a result of the work of Europe to-day a far Office during the past decade there was throughout before the World War. higher general standard of labor conditions than t in India and Industrial conditions also have shown rapid improvemen Japan, he said. Chicago Firms Give Merchandise Bonuses—Orders for Goods Take Place of Holiday Cash in Plan to Increase Business. The following from Chicago, Dec. 7 is from the New York "Times": close, retailers in Holiday buying began with a rush here at last week's a volume of business State Street as well as in outlying districts having that as prices nearly equal to that of last year. They reported, however, turnover to were lower, it would require a material enlargment in actual the buying of useful reach the same sales level as in 1929. A feature was presents, although jewels and novelties were not neglected. tendency in large To stimulate the movement of merchandise there is a lieu of cash for institutions to give employees merchandise certificates in factor in the important an are Christmas bonuses. Christmas savings market. Wholesalers were favored with increased rush orders and their sales were in months. nearer equal to those of a year ago than at any other time year's. One of the Gloves were bought freely, sales being 10% above last the largest in its largest wholesale houses reports glove sales for the year history. Earlier advices to the "Times" from Chicago (Dec. 5) stated: a Jacob M. Loeb, heading a committee of citizens, has announced plan be encouraged to give whereby business houses and the public generally will or other merchandise certificates this Christmas time in place of bonuses cash gifts. pay firms that their now; done be buying the The committee urges that Christmas bonuses now in certificates, and that individuals contemplating ease gifts to relatives,friends,employees or servantsshould make them now, in certificates. in any Next week the certificates will be placed on sale to all comers denomination from Si up. any of a number of The certificates will be redeemable in merchandise in retail stores listed on the certificates and Mr.Loeb explained that the holders or luxury, necessity article, desired. any almost will be enabled to buy "We want the people to start buying in earnest," said Mr. Loeb. "By buying for themselves, they will be helping others and helping themselves 3808 FINANCIAL CHRONICLE [Vox, 131. at the same time. Money will be in circulation and employment conditions will improve." part of members, it would be better that the organization proceed more slowly. Mere membership in a co-operative Royal Meeker Urges 10-Year Plan to Stabilize Jobs— organization does not mean anything unless these members Calls Upon Industry to Emulate Russia in Future are willing to co-operate in the distribution of their product. Emergencies—Asks Creation of Vast Fund to Aid Obviously, nothing can be accomplished by setting up a lot Project Which Would "Say It With Shovels" When of duplicating agencies. Mr. Teague added: "Every organization that touches the farmer should be willing Need Arose. to unite to forward this program. The great agencies that can be most helpful A 10-year plan for American industry and public works, are the national farm organizations such as the American Farm Bureau which would embrace every industrial plant in the country Federation; the National Grange and the Farmers' Union; the Land Grant and have ready for use in an emergency depression billions of Colleges; the Agricultural Extension Service; the Vocational Education forces, and the State Departments of Agriculture. These organizations all dollars already appropriated, with complete blueprints wait- touch the in his every-day life and have his confidence. The Feding only for the order to "say it with shovels," was part of eral Farm farmer Board alone can accomplish little in this vast undertaking of the comprehensive program to solve the unemployment organizing the farmers co-operatively, but if it can co-ordinate the vast problem advocated on Dec. 3 by Dr. Royal Meeker, former army of workers mentioned into a collaborating unit, the organization of the farmers Chief of the Bureau of Labor Statistics of the United States accelerated." into effective marketing organization will be greatly Department of Labor and recently associated with the Incidentally, Mr. Teague referred to the creation of the International Labor Office at Geneva. In making this various National Marketing Associations created through known an item in the New York "Times" of Dec. 4 went on the efforts of the Federal Farm Board, to which he said to say: the Board has made 52 loans aggregating $102,364,000. In Addressing the management division of the American Society of Mechanical Engineers at a meeting held at the Engineering Societies Building all, he said, up to Nov. 7 1930, a total of $303,347,000 has in conjunction with the American Management Association, Dr. Meeker been loaned by the Board, of which $119,900,000 had been declared that stabilization of employment by individual plants was not by itself a solutfon of the problem. While he was not a Communist, he repaid, leaving outstanding $183,446,000. In full, Mr. said he felt that American industry should take a leaf out of the Soviet Teague's address follows: Government's Five-Year Plan, work out on an American basis a ten-year I recognize the American Farm Bureau Federation as one plan to balance production with reasonable consumption, making allowances of the imfor a moving equilibrium to care for natural growth and for necessary portant farm organizations of America. Your organization has always taken a leading part in promoting the interest of the agriculture of changes as the exigencies of the situation might require. America, and I am indeed happy to have this opportunity to address Co-Operation Needed All Around. you in annual meeting and discuss with you the progress of the administraThe problem not only required co-operation of producers, said Dr. tion of the Agricultural Marketing Act by the Federal Farm Board, which Meeker, but the co-operation of consumers and the co-ordination of the is charged with this responsibility. . forces of industry with those of our political machinery. Ultimately it The Federal Farm Board was inducted into office on July 15 1929. would require the co-operation of those countries which are our customers, During the more than 16 months that have elapsed there has been a he said. depression in industrial stocks unparalleled in the history of the country. Referring to the present public works program of the States and of the Federal Government, Dr. Meeker pointed out that they had hardly Speculation had advanced these stocks to a point that was not warranted emerged from the blue-print stage, and that at this late date Congress either by resources or earnings, and an adjustment was due and had to was confronted with the President's request for a $150,000,000 appropria- come. It was unfortunate that the adjustment could not have taken place more gradually. During the period from September 1929 to September tion for public works. Under these conditions, said Dr. Meeker, private industry would have 1980 some 34% of the market value of common stocks traded in on the taken care of the employment situation long before Congress had appro- New York Stock Exchange, as shown by the most comprehensive index, was priated the sum asked for by the President. He suggested that a ten- squeezed out, as compared with a reduction in all farm commodity values year public work program, with architect's drawings and blue prints ap- during approximately the same period of about 20%. proved and with money ready for expenditure at a moment's notice, would Confidence was shaken to such a degree that there has been a general mean a real step in advance so that public works as a partial solution of depression far more widespread than the conditions warrant. Confidence the present situation would emerge from the "mere panacea and window playa an important part in the prosperity of the country. Our business dressing stage" into one of solid achievement. structure has never been sounder. The great body of our people are Dr. Meeker said that his program also depended on other factors. He working and at good wages. I am, therefore, confident that this depression proposed that there should be a reasonable stabilization of the price level cannot last long; already there are signs of better times. so that fluctuation in buying power might be removed as a cause of unDue to surplus production agriculture was already suffering from low employment. He urged, both as remedy and preventive, the institution prices, and it was inevitable that some of our staple crops, where this of a system of unemployment insurance. Maintaining that unemploy- condition was most acute, should be still further depressed. ment was really an industrial accident or disease, that it was the only The Federal Farm Board has endeavored to do all that it could properly truly industrial disability, he asserted that unemployment was "just s do to stem this tide of depression and declining prices. The situation insurable as illness or traumatic disability." which confronted the wheat and cotton industry was in the nature of an Says Employers Take Charity. emergency, requiring prompt action. The indication at that time was "Make no mistake," added Dr. Meeker. "We are paying unemploy- that, if the important commodities of wheat and cotton were suddenly ment insurance right now. We are paying it in breadlines and soup kitchens depressed in line with sticks, a national panic might ensue that would be and charity handouts. But unemployment insurance on a national scale. far-reaching in character. I suggest, will cost less than the American dole system and will be spread Under the Agricultural Marketing Act the Board has no power to buy evenly over the population and industry. Employers are just as much in or sell commodities, and any action that is taken to support commodities receipt of charity as those who are taking free bread. The employers take must be through co-operative organizations or stabilization corporations it for granted that the public will care for their idle until they can give the formed by co-operatives. There were no stabilization corporations in unemployed jobs." existence. Dr. Meeker met with no dissent until he offered the observation that The Farm Board made available to the grain co-operatives supplemaintenance of wage rates had proved more detrimental than wage reduc- mental advances on the schedule of loan values as announced on Oct. 26 tions would have been. Purchasing power, he argued, was less now than 1929, ranging from $1.12 per bushel for No. 1 durum at Duluth to $1.18 it would have been had wages followed "economic law" and taken the per bushel on No. 1 hard winter at Chicago, and $1.25 per bushel No. 1 downward course along with commodity prices. Northern spring at Minneapolis, and on No. 1 red winter at St. Louis, and Differing on this point, Ralph E. Flanders. Chairman of the meeting, Including certain other grades and markets. Loans were made on other said that the wage matter was a psychological factor quite outside the laws grades and varieties and at other markets according to the market ofeconomics. Workers,aware that their wages would not be reduced, have differentials. been enabled to keep up their morale and produce more per hour than they On Oct. 21 1929 the Board announced a policy of making loans on had done in any previous depression in history, he declared. Mr. Flanders was supported by Walter F. Dixon of the Singer Manu- seasonal pool cotton to enable cotton co-operatives to borrow from all facturing Co.. who described the psychological effect on the workers in credit sources 16e, per pound on cotton, basis middling %-inch staple on the average at 10 spot markets in the South. his plant of keeping up the wage rates and reducing working time instead. These loan values were very close to the then market values. They had the effect of greatly C. C. Teague of Federal Farm Board on Organization the co-operatives. increasing the deliveries of both wheat and cotton to This action of the Board did retard the declines in wheat and cotton for a of National Co-operative Marketing Associations— Total Loans of Board Stabilization Corporations. considerable period of time; but under the pressure of a diminishing demand caused in part by the depression itself, and in time by oncoming crops, Organization of farmers into effective national co-opera- wheat and cotton finally declined to extremely low levels, which the Board tive marketing associations is a long-time project and re- did not find in its power to prevent. At the end of the 1929 season the co-operatives had in warehouses over quires the active support of every agency and individual a million bales of cotton, against which they had borrowed over $84,000,090 from interested in improving the economic position of agriculture, all credit sources. The wheat co-operatives had 2614 million bushels C. C. Teague, member Federal Farm Board, said in an ad- of wheat against which they had borrowed over $29,500,000 from all credit source,. It was obvious that if these were forced to liquidate dress delivered on Dec. 8 before the annual meeting of the their loans most of them would haveoo-operatives been bankrupt and that these large supplies of wheat and cotton would have been thrown on American Farm Bureau Federation, in Boston, Mass. the market, creating a disastrous condition for the marketing of the 1930 crop. Upon "It seems to me," Mr. Teague said, after reviewing what the advice of the commodity committees of wheat and cotton the Board has been done under the Agricultural Marketing Act, "that therefore decided to authorize stabilization corporations, which by this time had been created to take as much has been accomplished in a comparatively short over the holdings of the co-operatives and to withhold these supplies from the market until there might be a length of time as could be reasonably expected. There Is a more favorable time for selling. This action was necessary not great need of a thorough understanding by the agricultural preserve the co-operative movement to the wheat and cotton only to industries producers of America of the sound principles of co-operative of America, but also to protect the market as far as possible for the oncoming 1980 crop. The stabilization corporations holding these supmarketing. If organization is effected at the expense of a plies of wheat and cotton have announced restrictions upon the Placing proper understanding of these principles and a thorough of these stocks on the market. There seems no reason to doubt that the varioua actions, taken or belief la the effectiveness of co-operative marketing on the approved by the Board, contributed materially to support farm prices DEC. 13 1930.] FINANCIAL CHRONICLE 3809 The Board interprets the Agricultural Marketing Act as having for its of wheat and cotton during the crop year 1929-30, and to prevent such controlled system of substantial depression as would otherwise have occurred. Their final out- primary purpose the creation of a grower-owned and of the United States. come cannot be stated until the Stabilization Corp.'s holdings have been co-operative marketing for the agricultural products Its principal activities therefore have been to strengthen and develop disposed of. has always been kept The situation faced in the summer of 1930 did not then justify further co-operatives. This is the principal objective that policies. Considerable purchases of new crop wheat and cotton by the stabilization corporations. in mind in all of its actions, including its loan Stocks of wheat on farms, in country mills and elevators, and in visible progress in that direction has been made. At the time the Board took office there were in America some 12,000 positions were at record levels. So were world visible supplies of wheat, regional or after a short crop year in 1929, although total world stocks were probably co-operatives in existence. Most of them were functioning as the somewhat reduced. European restrictions on wheat importations were local marketing organizations. There were no nationals. Through have associations marketing maintained or intensified. The 1930 world wheat crop promised to be efforts of the Board the following national considerably larger than that of 1929, chiefly because of larger crops in been created: The Farmers' National Grain Corporation, Russia and the Southern Hemisphere. China, as well as India, had a large wheat crop. Business depression was world-wide, and cotton consumption The American Cotton Co-operative Association, continued at a very low rate, both here and abroad, and cotton stocks were The National Livestock Marketing Association, The National Wool Marketing Corp., heavy. The Stabilization Corps, held large stocks for which there was no present market. Further purchases by the Grain Stabilization Corp. would The National Pecan Marketing Association, have caused congestion at terminals, and restricted disposition of wheat The National Bean Marketing Association, The National Beet Growers' Association. for export and feed. Merely taking more wheat or cotton off the market and holding it could not prevent declines in price that were caused by The first five are actively functioning as national marketing organizaworld conditions, and would have had numerous undesirable consequences, tions. The bean and sugar beet associations are not at present actively including the further accumulation of stocks at a loss to the public functioning as national selling agencies. treasury. The Farmers' National Grain Corp. is composed of 26 separate units, Surpluses. representing 2,000 co-operative elevators and more than 250,000 grain There is much difference of opinion as to the proper definition of surplus producers. It has established offices in the more important grain markets production. It seems to me, from the standpoint of the producer, that of the country and performs a service of marketing from the collection of there exists a surplus in a commodity when the product as a whole cannot the grain from the producers in the country elevators to its sale on the be sold to return a profit to the average producer. terminal markets. There may be temporary surpluses and there may be more permanent The American Cotton Co-operative Association is a national sales agency surpluses. Temporary surpluses may be handled by temporarily with- composed of 11 State regional associations, operating in 13 States. It holding a portion of the supply to be later marketed to meet a known is making a rapid growth, and up to Nov. 1 there was delivered to the demand. More permanent surpluses are the result of constantly increasing regionals composing this national three and one-half times more cotton production until the supply considerably exceeds the demand. In our than was delivered up to the same date last year. major crops, such as wheat and cotton, which are grown over such wide The National Livestock Marketing Association is composed of 18 areas by so many producers, it is doubtful if there is any cure for co-operative associations handling cattle, sheep, hogs, and goats, and depressing surpluses except reduction of production either by voluntary covers approximately three-fourths of the area of the United States. It action of producers or forced by low prices. has a membership of 400,000 livestock men, and new units are being rapidly set up. The organization provides a service of moving feeders from Stabilization Corporations. of the West to the feed lots in the corn belt and a Stabilization operations may perhaps be warranted, either by co-opera- production grounds the farm and ranch to the packer and the tives or co-operative stabilization corporations, when temporary surpluses sales service direct from exist. It even has been demonstrated that co-operative in specialized terminal markets. The National Wool Marketing Corp, is the result of the consolidation industries, dealing in products that are produced in restricted areas, have State organizations engaged in marketing wool and successfully dealt with continuing surpluses by creating by-product outlets of nine existing mohair, and the organization of new units is rapidly progressing. The for same. more than 125 million pounds of wool and mohair The world has had several experiences with stabilization efforts which organization will handle is more than 35% of all the wool and 85% of all the resulted in continued piling up of stocks with Government support and this year, which in the country. It has performed a definite service in eventual disaster. The outstanding example is that of Brazil, with coffee. mohair produced wool this year. The Board does not propose to follow these examples, and is sure that it stabilizing the price of The National Pecan Marketing Association is composed of 18 new local would not be in the farmers' interest to do so. There is a field for a national sales service and it is stabilization measures—just how large a field we cannot yet determine— units in 10 States. It is performing will be brought under co-operative but no Government agency can bring about successful stabilization over a estimated that the volume of pecans that ever before. period of years unless farmers themselves can make essential readjustments control will be several times larger this year than The Board has made 52 loans to these nationals, aggregating $102,364,000. that will support and not defeat the purpose of these measures. The In many commodities there was not sufficient co-operative organization Board is bending its energies to promote such redjustments, and urges the Board has, understanding co-operation of all farmer organizations in this outstand- to warrant the setting up of a national. In such cases the where there was a desire evidenced by the producers, lent encouragement ing task. and regional marketing Even when no surplus exists the market for a commodity may be to the expansion and strengthening of existing local 160 demoralized through too great selling pressure and through a lack of a co-operatives and the creation of new,ones. In these latter activities, subdivided as follows: proper distribution of the commodity throughout the consuming period loans have been made, aggregating $70,093,000, $11,274,000 of the year. This condition is usually brought about by too great a Loans on facilities 58,819,000 duplication of the selling agencies at the point of production, which ship Effective merchandising and commodity loans the product on to the market faster than it can be absorbed and unnecesIn addition, the Board had made 13 loans to the two Stabilization Corps. sarily bid against one another for the existing demand. up to Nov. 7, in the amount of $130,889,000. This selling pressure, with the resulting decline of prices, has the effect In all, up to Nov. 7 1930 a total of $303,347,000 had been loaned, of and wholesaler retailer, the causing of confidence loss of disturbing the on which $119,900,000 had been repaid, leaving outstanding $183,446,000. former purchases and causing them to adopt a hand-to-mouth policy of I have endeavored to give you a brief picture of the administration of buying. It is under such conditions that the speculative system of distribu- the Agricultural Marketing Act up to the present time. The organization tion breaks down and the producer is then expected overnight to take of the agricultural producers of the country into effective national marketthe place of the speculator and carry his product through the year until ing organizations is a long-time project. It seems to roe that as much has there is a consumptive demand for it. This he is not prepared to do, been accomplished in a comparatively short length of time as could be and in the scramble to sell the producer usually gets in red ink. reasonably expected. There is a great need of a thorough understanding The conditions that I have just described are exactly those that have by the agricultural producers of America of the sound principles of obtained during the past year. How can conditions such as these be co-operative marketing. If organization is effected at the expense of a avoided? In my opinion, only by co-operative organization on the part proper understanding of these principles and a thorough belief in the of the producers. effectiveness of co-operative marketing on the part of members, it would There are only a few agricultural commodities that are organized co- be better that the organization proceed more slowly. Mere metnbership operatively, with a percentage of control sufficient to demonstrate what in a co-operative organization does not mean anything unless these members can be done under these adverse conditions. One of these is the dairy are willing to co-operate in the distribution of their product. industry. Prior to the passage of the Agricultural Marketing Act there Obviously nothing can be accomplished by setting up a lot of duplicating were 2,400 co-operative dairy associations in the United States. Approxi- agencies. cheese and butter factory the of manufactured in the mately one-third Every organization that touches the farmer should be willing to unite to country and two-fifths of the fluid milk used by urban consumers was forward this program. The great agencies that can be most helpful are the handled by co-operative organizations. Due to these co-operatives the national farm organizations such as the American Farm Bureau Federadairy industry has suffered much less under the existing depression than tion, the National Grange and the Farmers' Union, the Land Grant Colleges, has most agricultural commodities. the Agricultural Extension Service, the Vocational Education forces, and The operation of the Land O'Lakes Creameries, Inc., during the past the State Departments of Agriculture. These organizations all touch the well a what of good illustration managed a co-operative, farmer in his everyday life and have his confidence. The Federal Farm year affords controlling a large volume of a commodity, may do to stabilize prices Board alone can accomplish little in this vast undertaking ef organizing by dealing with temporary surpluses. In the fall of 1929 storage stocks the farmers co-operatively, but if it can co-ordinate the vast army of were somewhat larger than usual and prices of 92 score butter declined workers mentioned into a collaborating unit, the organization of the from an average of about 45c. to the low price of 31c. At this juncture, farmers into effective marketing organizations will be greatly accelerated. Advisory Committee, Dairy the the Farm Board granted upon the advice of loans to the Land O'Lakes Creameries, Inc., enabling it to temporarily withhold its large supplies from the market. This action helped to check Chairman Legge of Federal Farm Board Says Wheat the downward tendency of the market and to permit the seasonal advance Prices Will Drop No Lower—Feeding Surplus to during March and April, thus avoiding large losses to the dairy industry. Livestock Seems to Be Solution. He Says: The citrus industry of California also affords a good example of effective oo-operation. With a citrus crop for the season 1929-30 nearly equal to the Domestic wheat prices will not go lower, Alexander Legge, average, the California Fruit Growers' Exchange, which controls 75% of Chairman of the Federal Farm Board, declared orally Dec. 8. the California crop, was able to so distribute its crop as to return to its According to the "United States Daily" of Dec. 9, which shippers $105,000,000, the largest return in its history. Again the California Walnut Growers' Association, controlling 90% of added: the industry, maintained its prices firmly throughout the year and marThe estimate issued by the Bureau of Agricultural Economics on Dec. 8, keted the second largest crop in its history without carryover. It opened said Mr. Legge, that 236,000,000 bushels of wheat will be fed to livestock the during first crop, week in 1930 the on October, at 11 prices /2c. per this crop year, is perhaps too conservative. In all probability more than its pound higher than the prices on its 1929 crop, and in five days had sold that amount will be fed, he said, in which case the surplus would be cut 90% of its standard packs. down even lower than indicated by that report. These illustrations are demonstrations of what may be done by co-operaIn answer to the question as to what the Grain Stab!nation Corporation tives under unfavorable conditions to merchandise commodities through intends to do. at the instance of the Farm Board, with the wheat the corof a in confidence buyers wholesale stabilized market. the creation of poration has on hand at present,Mr. Legge indicated that when the time Was 3810 FINANCIAL CHRONICI T right, this wheat would be sold, in all probability for seeding purposes. It will not be sold, however, until the market will take it without causing a depressing effect on market conditions. Wheat will go higher before the season is over, if livestock men continue to feed at the present rate, Mr. Legge continued. Solution of Surplus Problem. Feeding wheat to livestock seems to be the solution of the problem. The pigs have been worked overtime eating the surplus and have been doing a good job. One South Dakota feeder said he recently purchased 17,000 bushels in one lot. Such purchases would create an outlet of wheat controlled by the Farm Board if it were decided to dispose of the wheat in this manner. The price of wheat is now about 20 cents above the export value. This perhaps Is due to stabilization operations. No limit is set on the amount of Wheat the Stabilization Corporation is authorized to purchase. With regard to the European wheat situation Mr.Legge stated that it has not improved a great deal. Russia is still moving sufficient wheat to supply the demand on various European markets. When questioned as to the reason why the Farm Board did not get a corner on the wheat market in America, Mr. Legge replied that the Board does not think It advisable to obtain a corner on any commodity. Such a move would only add confusion to the already serious problem. It does not necessarily follow that because the Grain Stabilization Corporation is buying more wheat that this organization will eventually get a corner on the market. Board in Good Condition. The Farm Board is not advocating any change in the tariff on wheat at present, Mr. Legge stated. Although there is a danger that hard wheat from Canada will be shipped into the United States if the price goes up more than 15 cents a bushel, there seems to be no immediate necessity for a tariff change to bar such imports. - The Farm Board is in good condition financially, Mr. Legge declared. The appropriation asked for from the current Congress is not an indication that the Board is on the "rocks."The Board still has a credit balance in the Treasury, and there is too much disturbance in the world at large to take any chances of running short on cash. W. S. Moscrip, President of Twin City Milk Producers' Association Criticizes Federal Farm Board, W. S. Moscrip, President of the Twin City Milk Producers' Association, at the annual meeting in St. Paul attended by 2,500 farmer members, criticized the actions of the Federal Farm Board, says a Minneapolis dispatch to the "Wall Street Journal" of Dec. 4, which added: [vol. 131. The attention of members is called to the following extract of Section 5 of Chapter XIV of the Rules; "No member shall give any compensation or gratuity to an employee of the Exchange or to an employee of another member of the Exchange unless the giving of such compensation or gratuity be first submitted in Writing to the Committee of Arrangements and approved." Members may give Christmas gratuities to the following employees of other members after obtaining the approval of the Committee; Employees to whom you have, with the approval of the Committee. paid a fixed salary at regular intervals during the year. Floor and office employees of a firm whose office is your registered address. Telephone clerks of the firms having spaces alongside of and directly adjoining a space in which you have a clerk, where such clerks have relieved your clerk during the year (not to exceed two clerks). Give names and space locations of said clerks. Telegraph operators of approved wire correspondents. Give names of correspondents, number of employees, and amount of gratuity. Nominal gifts to the switchboard telephone operators of correspondents. For the guidance of members, the Committee has in the past disapproved the giving of gratuities to the following where they do not come within the classes mentioned above; Order clerks of other members. Employees of firms with which you have trading accounts. Employees of firms for which you clear or do business. Employees who have performed personal services for you during the year. Members are asked to send in their requests as soon as possible. By direction of COMMITTEE OF ARRANGEMENTS. Market Value of Listed Shares on New York Stock Exchange Dec. 1, $53,311,859,703, Compared with $55,025,710,617 on Nov. 1-Classification of Listed Stocks. As of Dec. 1 1930 there were 1,309 stock issues aggregating 1,296,204,097 shares listed on the New York Stock Exchange with a total market value of $53,311,859,703. This compares with 1,316 stock issues aggregating 1,296,845,244 shares listed Nov. 1 on the Exchange, with a total market value of $55,025,710,617. In making public the Dec. 1 figures on Dec. 10 the Stock Exchange said: As of Dec. 1 1930, New York Stock Exchange member borrowings on The Twin City Milk Producers Association has 8,004 farmer members security collateral amounted to $2,162,249,002. The ratio of security and did a business last year of $10,086.825. It has been operating 12 loans to market values of all listed stocks on this date was therefore 4.06%. years and is regarded as one of the most successful co-operatives. Mr As of Nov. 1 1930 Stock Exchange member borrowings on security Moscrip said that a successful co-operative must develop from the bottom collateral amounted to $2.556,124,087. The ratio of security loans to up and meet a definite locality need. market values of all listed stocks on that date was 4.66%• "We oppose the forcing together of co-operatives into super-organizaIn the following table, covering Dec. 1 and Nov. 1 this year listed stocks tions by the Government or any other agency," Mr. Moscrip said. "We are classified by leading industrial groups, with the aggregate market value believe the public is opposed to monopolies and that successful co-operatives and average share price for each: must grow and not be brought arbitrarily into existence by pressure from without." November 1 1930. December 11030. Bread Price Probe-Department of Justice to Investigate Cause for Spread. The "Wall Street Journal" in its Dec. 10 issue reported the following from Washington: It was officially announced at Department of Justice that an investigation is being undertaken to determine the reason for the spread between the wholesale price of bread and the cost ofraw materials used in the baking of bread. It was stated that the investigation has not developed whether there has been any violation of laws in the baking industry. It was further pointed out that the impression should not be taken that any violation had occurred by any baking company. Completion of the investigation, however, will develop whether there are any violations of the anti-trust laws and whether any prosecutions can be taken under those laws for price maintenance. It was intimated that the inquiry Is a self-instituted one undertaken by the Department although it Is understood that complaints have been made by members of congress as to the widespread difference between the cost of raw materials and the finished product. New York Stock Exchange Reminds Members of Rules Affecting Christmas Gratuities to Employees Both of Members and of the Exchange. The following notices have been issued to members of the New York Stock Exchange with regard to the giving of Christmas gratuities to employees of the Exchange and of members: NEW YORK STOCK EXCHANGE. Committee of Arrangements. Christmas Gratuities to Employees of the Exchange. New York, Dec. 3 1930. To the Members of the Exchange: Members are reminded of the prohibition against the giving of gratuities to employees of the Exchange, contained in the following extract of Section 5, Chapter XIV of the Rules; "No member shall give any compensation or gratuity to en amployee of the Exchange or to an employee of another member of the Exchange unless the giving of such compensation or gratuity be first submitted In writing to the Committee of Arrangements and approved." Members who employ Exchange employees after hours may give them a Christmas gift by placing same in an unsealed envelope, having the name of the employee and the amount of the gift on it, and sending the envelope to the Secretary's office. ASHBEL GREEN, Secretary. NEW YORK STOCK EXCHANGE. Committee of Arrangements. Christmas Gratuities to Employees of Members. New York, Dec. 3 1930. To the Afemebers of the Exchange: Market Values. Aver. Price. Market Values. Aver. Price. S ' 8 Autos and accessories 2,666,179,656 24.42 2,588,003,277 23.62 Financial 1,800,865.788 29.04 1,946,020.511 31.41 Chemical 3,993,018,769 61.70 4,016,741,088 82.12 Building 442,671,190 30.00 467,203,259 31.66 Electrical equipment manufacturing- 1.879.880.617 45.88 1.925,103,298 48.96 Foods 3.030.999.385 43.69 3,010,328.730 43.37 Rubber and tires 280.711,102 21.32 318,465,891 24.18 Farm machinery 551,654,892 47.96 533.860,542 46.41 Amusements 565,096,449 25.36 602,983,367 27.06 Land and Realty 152,098.535 28.99 140,593,451 26.76 Machinery and metals 1.650.681.065 33.08 1,667.543,177 33.55 Mining (excluding iron) 1,542,095,620 26.58 1,532,663,431 26.42 Petroleum 4,427,576.524 27.49 Z4,674.227,758 28.92 Paper and publishing 510,481,921 32.11 540.456,031 33.99 Retail merchandising 2.578,327,233 36,23 2,565,372,079 36.06 Railroads and equipments 7,832,378,217 67.88 8,248,783,252 71.41 Steel, iron and coke 2,924,307,276 75.89 2,980,244,143 77.35 Textiles 175,326,605 16.05 180,950,619 18.58 Gas and electric (operating 3.706,183,346 55.14 3.965,319,421 69.01 Gas and electric (holding) 3,206.687,106 34.53 3,521,927,192 38.05 Communications (cable, tel. & radio). 4,166,706,098 112.78 4.320,347,554 17.06 Miscellaneous utilities 302,032.842 28.98 320,191,907 30.73 Aviation 154.767.925 9.84 165,233.010 10.51 Business and office equipment 385,321,308 35.93 375,691,869 36.96 Shipping services 42,214,624 20.25 44,170,157 21.19 Ship operating and building 41,378,242 10.47 43,034,566 10.89 Miscellaneous business 155.485,871 41.30 162,350,098 43.12 Leather and boots 276,808,791 39.33 279,594,907 39.72 Tobacco 1,575,263,253 49.26 1,594,972,284 49.88 Garments 30,237,053 15.13 30,021,512 15.03 U. S. companies operating abroad -- 1,145,152,234 31.74 1,158,476,107 32.11 Foreign companies (including Canada and Cuba) 1,130,834,831 27.03 1,113,291,688 26.47 All listed companies 53,311,859,703 41.13 55.025,710,617 42.43 Governing Committee of New York Stock Exchange Adopts Report of Special Committee Dealing With Secondary Distribution of Listed Securities. The New York Stock Exchange announced on Dec. 10 that it has had under consideration for some time certain questions arising in connection with secondary distribution of listed securities. "It is felt" says the Exchange "that a strict interpretation of the Rules of the Exchange has in some measure exerted a tendency to prevent member firms from engaging in sound and constructive efforts in connection with the redistribution of securities." A special committee was appointed to look into the whole question, and the report of this special committee was adopted by the Governing Committee at its meeting on Wednesday, Dec. 10. The Exchange announcement continues: The adoption of this report Involves the delegating of final authority In regard to questions of secondary distribution to a Special Committee to be DEC. 13 1930.] FINANCIAL CHRONICLE appointed by the President. To give this Committee the necessary authority. certain changes in the rules of the Exchange were adopted, the most significant one of which is expressed in the following clause: on the sale of gMembers may-allow'to security salesmen a commission by purchase directly listed securities acquired in any manner other thansuch shall commission paying members from the company, provided the transhave fully disclosed all the circumstances in connection with such such and Distribution Secondary on Committee action to the Special Committee shall have determined that it is not against the interest of the Exchange to offer such securities off the Floor of the Exchange publicly by advertisement or otherwise and shall not have changed such determination. The intent of this Innovation Is to permit member firms under appropriate safeguards to enter Into operations of secondary distribution of listed bonds and stocks, in a manner likely to prove of advantage to their clientele, to themselves, and to the Street as a whole. The Prgsident of the Exchange announced the appointment of the Special Committee on Secondary Distribution as follows; E. H. H. Simmons, F. Altschul, H. I. Foster, E. T. Tefft and H. G. Wellington. The Committee will be prepared in the next few days to consider application/ from members for permission to engage in secondary distribution operations. Commenting on the new ruling the New York "Journal of Commerce" of Dee. 11, said: The principal matter for which the new ruling is planned is the resale of certain blocks of securities which have come back into the hands of Issuing houses through their efforts to support such stocks in the market, Informed observers said yesterday. It was thought that securities acquired in other ways would be passed upon individually by the naw special committee. Another way in which such blocks of securities could be acquired would be In the case of the failure of a member firm and the taking over of its owned securities by others, it was pointed out. J. A. Sisto & Co.'s Creditors Receive 50% in Cash as Part Payment of Their Claims Under Plan of Composition. The creditors' committee of J. A. Sisto & Co. of this city announced on Dec. 6 that the Irving Trust Co. as receiver and distributing agent of J. A. Sisto & Co. was sending checks to customers and creditors representing 50% of claims against the firm, as allowed by the United States District Court on Dec. 2 1930. The Liquidation Assetb Corp. provided for in the plan of composition has also been formed and is making arrangements for the transfer of assets to be liquidated by the corporation. Charles A. Frueauff is Chairman of the creditors' committee which includes Charles C. Nicholls Jr. and Richard J. Fitz Maurice. Our last reference- to the affairs of J. A. Sisto & Co., which was suspended from the New York Stock Exchange on September 30 for inability to meet their obligations, appeared in last week's "Chronicle," page 3643. 16 Leading N. Y. City Bank and Trust Company Stocks Selling on Basis of 4.191% Yield According to Hoit, Rose & Troster. The dollar-index figures compiled by Morris A. Schapiro of Hoit, Rose & Troster using the opening prices of Saturday, Dec. 6, of 16 leading Now York bank and trust companies, reveal an increase in the composite yield, reflecting the continued recession in bank stock prices, during the week. The 16 institutions used in this compilation are: Chase National, National City, Guaranty Trust, Bankers Trust, Manhattan Co., Irving Trust, Central Hanover, First National, Manufacturers Trust, Bank of America, Chemical National, New York Trust, Corn Exchange, Chatham Phenix, Public Bank and Brooklyn Trust. With reference to the compilation it is stated: The present yield of 4.191% compares with 4.087% a week ago, 4.019% two weeks ago, 3.949% three weeks ago and with 4.467% obtained on Nov. 12. The same compilation indicates that the shares of 16 leading New York bank and trust companies are now selling 16.6 times known earnings, which compares with 17.0 a week ago, 17.1 two weeks ago, 17.4 three weeks ago and 15.3 on Nov. 12, the low obtained for the year to date. The ratio of 30.8 was obtained on April 12, the high for the year to date, and 46.6 on Oct. 14 1929. New Firm of Brown Brothers, Harriman & Co. Formed Through Union of Brown Brothers & Co. and W.A. Harriman & Co., Inc.,and Harriman Brothers & Co. Brown Brothers & Co. and W. A. Harriman & Co., Inc., and Harriman Brothers & Co., announced on December 11 that their respective businesses will be combined through the formation of a new firm to be titled Brown Brothers, Hari4man & Co. The announcement says: The combination will be effected as of January 1, 1931 and it is expected that it will be consummated shortly thereafter. Brown Brothers, Harriman & Co. will continue without interruption the general financial business of Brown Brothers & Co., and the two Harriman companies, including corn. mercial and travelers' credits, exchange, the issue of securities and other domestic and foreign financial transactions. The present partners of Brown Brothers & Co., other than Mr. Louis Curtis, Sr., who retires on December 31st, after sixty years of continuous association with the firm, will be the partners of the new firm, together with Messrs. W. A. Harriman, E. Roland 3811 Harriman, Knight Woolley and Prescott S. Bush. The partners in Brown Brothers & Co. are: James Brown, Thatcher M. Brown, Moreau Delano, Louis Curtis, John Henry Hammond. Ray Morris, Louis Curtis, Jr., Charles Denston Dickey, Ellery Sedgwick James, Robert Abercrombie Lovett, Ralph T. Crane, Laurence G. Tighe, and P. Blair Lee. The new offices will be at 59 Wall Street. The fusion of interests in the special type of service, which private financial houses render, will effect a combination of resources and facilities commensurate with the growing requirements of modern business. The new organization, through out of its constituents, will have an unbroken record of more than one hundred years of business activity, The histories of the uniting companies are made available as follows: Brown Brothers & Co. are among the oldest financial firms in the United States. It is interesting, in these times of unsettlement in world political and economic affairs, to recall that one of the factors which influenced Alexander Brown to come to this side well over a hundred years ago, was the political unrest in Ireland at the end of the eighteenth century. He had been a successful linen merchant in Belfast, and in 1899 he came to America and began business in Baltimore, shipping abroad cotton, tobacco and other commodities, and importing linens. In 1818 the Browns set up in business in Philadelphia, following the establishment of an office in Liverpool in 1810 by William Brown, eldest son of Alexander. The New York house was established in 1825. From its earliest days the firm has taken an active part in the financial development of America's railroads, shipping and other industries. George Brown, a son of Alexander, was the first treasurer of the Baltimore & Ohio Railroad following its organization in 1827, and subsequently he became one of the directors of the railroad for the State of Maryland. In 1847— soon after the British Government had established the Cunard Line—Brown Brothers & Co. showed their readiness to meet new conditions by putting into operation the Collins line of steamships, the first transatlantic line set up in the United States. As developments progressed in the firm's early years, it financed the shipment of other merchants; and after a time the financial side of its business had expanded to such an extent that in 1833 it sold its merchandising business, confining itself thereafter to financial operations. Throughout its history, the partnership has included members of the Brown family, and today direct descendants of Alexander Brown are partners. Now Brown Brothers & Co., maintain offices in New York, Boston, Philadelphia and Chicago, the mid-west office being in charge of Charles S. Garland. Besides they have representatives' offices in many cities for the sale of securities. They are members of the New York, Boston and Philadelphia Stock Exchanges; and are connected by private wire with a number of the larger centers of the East and Middle West. The firm occupies an important place in all branches of international finance, including foreign exchange, commercial and travelers' letters of credit, and the underwriting and distribution of domestic and foreign investment securities. It was also the creator of the Traveler's Letter of Credit—a type of readily available travel-fund which had not been heard of until they pioneered in that field more than seventy-five years ago. With the Baltimore house of Alexander Brown & Sons, an outgrowth of the original house, Brown Brothers & Co., have played an important part in the financing done by the Federal Farm Loan system since its institution. They have close affiliations in European countries, practically all of whose large banks and governmental financial agencies are in regular relationship with them. A service rendered by Brown Brothers & Co. to the Banque de France during the war was arranging of a syndicate acceptance credit of $20,000,000 —in which a large number of American banks and bankers were participants. This was one of the first syndicate credits in the American acceptance market, where that form of financing is now frequently used. They were also closely associated with other bankers in financing the large bond issues offered on behalf of Canada, France, England and other countries before this country entered the Great War. Brown Brothers & Co. have always co-operated closely with the British firm of Brown, Shipley & Co., whose history in England largely parallels that of their associates on this side. The Right Honorable Montagu 0. Norman, Governor of the Bank of England, was formerly a partner of Brown, Shipley & Co., and Brown Brothers & Co. W. A. Harriman & Co., Inc. was formed in 1919 and a year thereafter in October 1920 merged with Morton & Co., Inc., in which the Guaranty Trust Co. of New York had an important interest, conducting, under the name of W. A. Harriman & Co., Inc., a general financial and investment business. In 1922 the Guaranty Trust Co. sold its interest in the company to the other stockholders. The controlling owners of the company are Messrs. W. A. Harriman and E. Roland Harriman, sons of the late E. H. Harriman. In addition to the head office of the company at 39 Broadway, it maintains branch offices In Philadelphia, Buffalo and Syracuse, and in Berlin. W. A. Harriman & Co., Inc., was among the first American investment houses to enter the field that post war Europe offered to American capital. Through the branch office in Berlin, opened in 1922, many short term credits were granted to a wide variety of German industries in conjunction with one of the important German banks. This was followed by offerings in the American market of issues of German and other European companies. The company also has engaged in public and private financing of American enterprises. The corporation was among the first of the larger investment houses to identify itself with the "Fixed Investment Trust" through its acquisition in August 1930 of a controlling interest in American Trustee Share Corporation which has sold upwards of $80,000,000 of "Diversified Trustee Shares." The Directors of W. A. Harriman & Co., Inc., include W. A. Harriman, E. Roland Harriman, Knight Woolley, Prescott S. Bush, Frederick B. Adams, S. F. Pryor, P. A. Rockefeller and Charles A. Munroe. Harriman Brothers & Co., a co-partnership, was formed on February 1, 1927 to generally further the Harriman interests. The firm transacts a large acceptance business dealing with domestic concerns and many foreign banks, bankers and commercial corporations. It performs the services incidental to general international financial business and forty-nine leading foreign banks represent the firm as correspondents. The firm is a member of the New York Stock Exchange and an Associate Member of the New York Curb Market. It transacts no margin account business. The partners include W. A. Harriman, E. Roland Harriman, Knight Woolley and Prescott S. Bush. Among the corporations of which Mr. W. A. Harriman is a director are the following: Union Pacific Railway Company, Western Union Telegraph Co., Guaranty Trust Company of New York, The Manhattan Coenpany, Illinois Central Railroad, National Surety Co., New York Title & Mortgage Co. Among the corporations of which Mr. E. Roland Harriman is a director are the following: Union Pacific Railway Company, Delaware & Hudson Company, City Bank Farmers Trust Company, New York Indemnity Company and the St. Louis & South Western Railroad. 3812 FIN ANCIA; CHRONICLE [Vol.- 131. Bank of United States Closed by New York State'. of the bank large numbers of persons seeking withdrawals of their deposits which may result in disorder and it is desired that all depositors be treated equally and the Banking Department—Reorganization Under New assets conserved for their benefit; and, whereas the directors that in view of conditions it would be unwise to continue to receive and payfeel out moneys, that Name With Additional Capital Promised—Clearing the officers of the bank be and they are hereby authorized to advise the Superof Banks of the State of New York that they believe It to be for the best House Banks Make Offer to Lend Up to 50% on intendent interests of the depositors of the institution that because of the emergency, he Depositors' Balances—Federal Reserve Bank Heads take possession of the assets of the bank In accordance with the banking law of the State of New York, with the hope that a speedy and satisfactory reorganization can and Bankers Present at Conference Preceding be effected, the bank reopened, and the moneys due to depositors, paid at the earliest possible date. Closing. "The Superintendent of Banks is Informed that the afternoon papers will carry an advertisement of the assistance which the Clearing The Bank of United States, which has 59 branches in In the situation. In a word, this will take the form ofHouse banks expect to render loans against the net claims to the extent of 50% of such claims properly authenticated. New York City, closed its doors on Dec. 11, when Joseph A. of depositors On the date of last quarterly statement submitted by the bank to the DepartBroderick, New York State Superintendent of Banks, took ment on Sept. 24 193)) the figures reported were as follows: Capital $25,250,000 possession of the bank's main office at 535 Fifth Avenue. Surplus and undividedprofits 17,156,000 202,972,000 The branches of the bank In Manhattan, the Bronx, Queens, Gross deposits Had 400,000 Depositors. and Brooklyn were likewise closed at the same time by Later in the day, upon request, Mr. Broderick explained that he had order of the Banking Department. According to the New taken over the affairs of the bank because of uncertainty regarding its York "Sun" of Dec. 11, a reorganization of the bank is affairs at a time when there was lack of confidence on the part of expected to be effected speedily. We give herewith the depositors. The Bank of United States, he said, has 59 branches, 23,000 stockholders, further account in the "Sun" of Dec. 11 regarding the closand 400,000 depositors. The bank employs 1,884 persons, excluding ing of the bank and the events leading up to it: officers. The last examination of the bank of United States was begun June last Within a few hours after the bank had closed there came reassuring word from banking circles to the effect that the bank would be reorganized and ended in September. It was the second examination of the bank by under a new name, with additional capital funds to meet all requirements, Mr. Broderick, the first being made in the latter part of the summer and with outstanding New York bankers lending their names to the man- of 1929. Under Section 57 of the banking laws of the State the Superintendent agement through membership on the Board of Directors. This organization will be started, it was learned in financial circles, may take over banks for nine reasons, which follow: as soon as public excitement over the closing of the institution has 1. If the bank has violated its charter or any law. 2. Is conducting its business in an authorized or unsafe manlier. subsided. 3. Is In an unsafe or unsound condition to transact Its business. A reorganization of this kind was discussed at length during a confer4. Cannot with safety and expediency continue business. ence of leading bankers early this morning, but when it became known 5. Has an impairment of Its capital. 6. Has suspended payment of Its obligations. that withdrawal of deposits from many branches of the bank had already neglected or refused to comply with the terms of a duly issued order 7. reached large proportions, it was decided that a reorganization would have of theHas Superintendent. to come after instead of before the bank closed its doors. 8. Has refused upon proper demand to submit its records or affairs for inspection The Federal Reserve Bank, it was learned, extended the maximum amount to an examiner of the Banking Department. 9. Has refused to be examined upon oath regarding its affairs. of assistance prior to the actual closing of the bank. The State Superintendent of Banks has wide powers. He may liquidate, Broderick Issues Statement. reorganize, reopen, or merge. In short, he may assume complete control At 9 a. m. Joseph A. Broderick, State Superintendent of Banks, issued of a bank. a statement announcing that he had taken possession of the bank and all Governor Roosevelt, who returned to-day from a vacation spent at Warm of its properties. Springs, Ga., went into conference soon after his arrival, with LieutenantThe New York Clearing House Association issued a statement before Governor Herbert Lehman, who made a hurried trip from Albany to join noon to-day on behalf of 23 of its members, to the effect that the member the conference of bankers early this morning, arriving at the meeting hanks would lend to depositors of the Bank of United States, at 5% at 2:45 a. m. Interest, up to 50% of their net balances, properly authenticated. The The conference between the Governor and Mr. Lehman was obviously statement was signed by the 23 member banks. concerning the closing of the bank. It was held at Governor Roosevelt's The measure of Clearing House assistance tendered the depositors of the town house at 49 East Sixty-fifth Street. Bank of United States through loans on authenticated claims in reality amounts to an unofficial pool of $50,000,000 to which the banks in the Bankers Confer AU Day. Clearing House, which includes all the important institutions, will conPrior to Mr. Broderick's statement leading bank officials were in confertribute, the Presidents of the most important clearing banks told the "Sun" ence nearly all day yesterday and up until nearly 4 o'clock this morning. to-day. It is not expected that the full measure of aid available will be Lieutenant-Governor Herbert Lehman made a hurried trip from Albany and utilized, as some large depositors will not be in immediate need of help. joined the conference at 2:45 a. m. This assistance, it is said, will be given just as rapidly as those in charge Heavy withdrawals all day yesterday, prompted by vague rumors, of the Bank of United States can authenticate claims. resulted in the conferences. The trouble started,' apparently, at the bank's Shortly after Mr. Broderick's announcement Assistant Attorney-General branch at Southern Boulevard and Freeman Street, the Bronx, but soon Watson Washburn, in charge of the State Bureau of Securities, revealed h were making withdrawals from branches in other sections of that his office had been investigating for the last month the sale of units the city. of Bank of United States and Bankus Corp. stock during the summer of The crowds increased steadily late yesterday afternoon. By 8 o'clock last 1£129 to depositors of the bank. night, the time for the branch at Southern Boulevard to close, about 5,000 The investigation has been under the direction of Deputy Assistant Attor- persons were milling in the street outside the bank. ney-General Richard J. Sherman, and details of it were guarded closely. Long Knee of depositors at other branches in the city resulted in a It was disclosed to-day, however, that numerous complaints had been general order being issued by the Police Department to this effect: received from depositors that the aforementioned units were sold under "In view of a possible run on the Bank of United States or any of its branches, representation that they would carry a guarantee against loss for a year two patrolmen will be stationed at entrances of such locations at eight o'clock on and that this guarantee was not made good. Officials of the bank deny Dec, 11 and continue during banking hours...," authorization of this guarantee. Crowds Await Branch Openings. Depositors at various branches of the bank throughout the city found The crowds gathered in front of the bank early to-day. By 9 o'clock the following notice on the closed bank doors: upward of 6,000 were at the doors of the branch at Southern Boulevard. "State of New York. Crowds also were reported at other branches in the city. "Banking Department. The crowds continued to gather at the branch banks during the day. "Pursuant to Section 57 of the Banking Laws of the State of New York I have By 10 o'clock 8,000 persons were milling in the streets at Southern Bouletaken possession of the Bank of United States. 535 Fifth Ave. vard. Extra policemen were summoned to handle the crowd. Shortly (Signed) "Joseph A. Broderick. "Superintendent of Banks." after 10 o'clock the crowd was ordered to disperse. The Fifth Avenue address is the main office of the bank, which has "The bank will not open to-day; go to your homes," the police ordered. branches in Manhattan, the Bronx, Queens, and Brooklyn. Notices on The crowd refused. Aided by 50 patrolmen on foot the mounted policemen doors of other branches stated simply: "Closed by order of the New succeeded in scattering the crowd with little difficulty. York State Banking Department." Addresses Crowd in Yiddish. Superintendent Broderick's action was taken, according to his statement, At the main office of the bank on Fifth Avenue there was no crowd in at the request of directors of the bank because of rumors which had resulted in abnormal withdrawals of deposits. The State Superintendent was the street, although in the hallway of the building some 150 persons had asked to take possession of the bank until a "speedy and satisfactory gathered at 9 o'clock. Several detectives and uniformed policemen were reorganization can be effected, the bank reopened, and the moneys due to on hand. One man who said he was not connected with the bank went through the crowd reassuring all present that there was "plenty of money depositors paid at the earliest possible date." in tile bank." "Don't be afraid," he said. Officers' Salaries Stop. In Brooklyn the depositors gathered at various branches. At the branch Early this afternoon Mr. Broderick announced that no statement of at Pitkin and Saratoga Avenues, while 700 persons stood in line, an current assets and liabilities of the bank would be forthcoming for several automobile drove up. In it was Frederick Rosner, in the radio broaddays. casting business, he said. He made a speech to the crowd in both Yiddish As many of the bank's employees as can be used will be kept at work and English in an effort to reassure them. as long as possible, Ile said. The salaries of the officers and directors "See," he cried, holding up three bank books. "I have money in this terminated with the taking over of the bank. bank. So has my wife and my little girl. I am not paid or hired by the Under the law creditors have four months in which to file claims. In bank. You are my neighbors and many of you are my friends. Take consequence no payments are likely to be made before that time. Deposi- my advice and do not worry about your money. It is foolish to stand tors, however, may borrow up to 50% on their deposits under the terms here in the cold. Why don't you go home?" announced by the Clearing House Association, Mr. Broderick added. Many took his advice, but others were stubborn and stayed at the bank until the police sent them away. Broderick's Statement. At the branches at Sutter Avenue and Ashford Street, Brooklyn, 400 Superintendent Broderick's statement follows, in full: "The Superintendent of Banks, Joseph A. Broderick, to-day took possession of Persons were in line; at Georgia Avenue and New Lots Avenue, 700; at the business and property of the Bank of United States, No. 535 Fifth Ave.. N. Y. Stone Avenue and Pitkin Avenue, 700; at Twentieth Avenue and EightyCity, pursuant to the provisions of Section 57 of the Banking Law. Fred W. Merit, sixth Street, 1,500; at Bay Parkway and West Ninth Street, 400; at at present an examiner In this department, has been appointed special Deputy Saratoga Avenue and Prospect Place, 400, and at Eastern Parkway and Superintendent in charge. "Negotiations with leading financial interests of this city for the purpose of Kingston Avenue, 350. menzer or reorganization having ended without result early this morning, the board It was necessary to call some 10 patrolmen, detectives and four mounted of directors of the Bank of United adopted the following resolution: crowd at the Bronx branch. Resolved, That, whereas rumors have been circulated which have caused abnormal policemen to handle the There was little information forthcoming concerning the conference, withdrawals of deposits and It is feared that If the bank is opened Thursday morning these withdrawals may continue; that there will be in more than one of the branches which lasted until early to-day. Dinc. 13 1930.] FINANCIAL CHRONICLE 3813 The Bank of the United States was organized in 1913 with a capital of Federal Reserve Bank officers present included J. Herbert Case, Chair$100,000. It grew rapidly, its latest available statement 'hewing deposits man of the Board; George L. Harrison, Governor, and W. Randolph of $202,972,469 and resources of $254,043,942. Burgess, Deputy Governor. On Nov. 25 it was announced that the bank was to be merged with Others in the conference included: Manufacturers' Trust Co., the Public National Bank & Trust Co., and the K. Bernard Bank; National Public the of President Gersten, Chester E. the International Bank & Trust Co. This proposed merger was never Marcus, President of the Bank of United States; Saul Singer, Chairman realized, however. Failure to agree on details led to the announcement of the Executive Committee of the Bank of United States; Nathan S. on Monday that the merger had been abandoned. Jonas, Chairman of the Manufacturers' Trust Co., who was accompanied Where and how the rumors which led to the withdrawals started no one by Ralph Jonas, his brother and personal attorney; Frederick E. Hasler, knows. The first indication that anything approaching a run was on Co. Trust International the President of was at the branch at Freeman Street and Southern Boulevard. Owen D. Young Is Present. The depositors were somewhat reassured last night by the reports that branch Owen D. Young, Deputy Chairman of the Board and a director of the "three armored trucks have brought $2,000,000 to our bank"—the Federal Reserve Bank of New York; Albert H. Wiggin, Chairman of the at Southern Boulevard and Freeman Street. The branches in Manhattan are located as follows: Chase National Bank; Mortimer N. Buckner, Chairman of the Board of Sherman Avenue and Dyckman Street, Tenth Avenue and Thirty-fourth Trustees of the New York Trust Co.; Charles E. Mitchell, Chairman of Street, 416 West Forty-second Street, 41 Maiden Lane, 70 Wall Street, the National City Bank. Street, Col. Joseph M. Hadfield, associated with the law firm of White & Case; Fifth Avenue and Thirty-second Street, Fifth Avenue at Fourteenth Isidor J. Kresel, an attorney for the Bank of United States; Jackson E. Seventh Avenue at Thirty-ninth Street, Seventh Avenue at Twenty-eighth Avenue at Reynolds, President of the First National Bank of the City of New York; Street, Columbus Avenue at Eighty-first Street, Columbus Eighth Avenue Thomas W. Lamont and Francis D. Bartow of J. P. Morgan & Co.; Charles Ninety-second Street, Eighth Avenue at Forty-fourth Street, Seventyat Fiftieth Street, Broadway and Sixty-eighth Street, Broadway and H. Sabin, Chairman of the Executive Board of the Guaranty Trust Co. Ninetyninth Street, Broadway and Ninety-first Street, Broadway and A Problem for Two Weeks. Street, 174th secenth Street, Broadway and 102nd Street, Broadway and this Banks of Superintendent the of office 116th Street, the at at Avenue issued The statement Avenue and Eighty-sixth Street, Madison Madison morning followed a 12-hour conference at the Federal Reserve Bank. 77 Delancey Street, Varick at Spring Street, First Avenue at SeventyThis conference was begun shortly after 3 o'clock yesterday afternoon second Street, 107 Second Avenue, 81 West 104th Street, 238 West 116th and wound up at 3:45 o'clock this morning. Yesterday morning another Street, Lexington Avenue at 116th Street, East Broadway and Catherine conference had been held, beginning at 11 a. m. and continuing until Street. 2:30 p. m. Brooklyn Branches. On Tuesday evening a previous conference lasting until after midnight Brooklyn branches are located at Avenue U and East Fifteenth Street, also had been held. In fact, for the last two weeks local bank officers Ninth Street, Church Avenue and East Eighth have been able to attend to their own affairs only intermittently, so Bay Parkway at West Avenue and Kings Highway, Eastern Parkway and engrossed have they been in making efforts to find a solution of the Street, Coney Island Kingston Avenue, Fifth Avenue and Fifteenth Street, Flatbush Avenue and troubles of the Bank of United States. Avenue, 312 New Lots Avenue, 1113 RutWhen the negotiations for a four-cornered bank merger embracing that Parkside Avenue, 736 Manhattan Pitkin Street, 931 Sutter Avenue, Thirteenth institution, the Manufacturers' Trust Co., the Public National Bank & land Road, Stone Avenue and Street, Eighty-sixth Street and Twentieth Avenue, Trust Co., and the International Trust Co. fell through late Monday night, Avenue and Forty-seventh 350 Stone Avenue, 1013 Avenue J, Saratoga Avenue and Prospect Place. Wall Street knew that a crisis was about to be faced. Branches in the Bronx are located at Perry Avenue and 204th Street, Nathan S. Jones, Chairman of the Board of the Manufacturers' Trust Co., Place and 170th Street; Fordham Road and told the "Sun" this afternoon that his institution has liquid assets of 273 East Fordham Road, Wythe Street, Westchester and Morrison Avenues, $175,000,000 and that it was in a position to meet any demands which Morris Avenue, 928 Freeman Avenue, Third Avenue at 803 Prospect Avenue, 167th Street and Gerard might be made. Avenue, and West Burnside and Grand Mr. Jonaa's comment was brought forth by a desire to reassure depositors 171st Street, 561 East Tremont in some sections of the city where branches experienced moderate with- Avenues. Rockaway. The Queens branch is located at 1912 Mott Avenue, Far drawals on unfounded rumors. Federal Reserve Bank aid was extended to the limit, but the amount The proposal to consolidate the Manufacturers' Trust of Federal Reserve credit which may be extended is limited by the amount Bank & Trust Co., the Bank of of eligible paper which a member bank, such as the Bank of United States Co., the Public National owns. The causes of the bank's difficulties have been variously given, United States, and International Trust Co. was referred one of the explanations being that it was too heavily committed in real to in our issue of Nov. 29, page 3474; it was stated at the estate financing operations. time that upon such ratification becoming effective J. Obstacles to Mergers. classes of by the handled business the Herbert Case, Chairman of the Board of Directors of the The wide difference between Bank of United States and that done by Wall Street commercial banks Federal Reserve Bank of New York, would Join the enlarged was a factor which interposed an insuperable obstacle to proposed mergers with banks like the National City, the Chase National, the Bank of institution as its head. Manhattan Trust Co., the Corn Exchange Bank Trust Co., and the From the New York "Times" of Dec. 12 we quote the Guaranty Trust Co., with any one of which it had been suggested, at following: the Bank conferences, of emergency of series United various stages of the Realty Mortgages a Problem. States be merged. None felt it had either the qualifications or the experiBankers who are concerned with attempts to forestall the closing of ence necessary to manage the class of business the Bank of United States the bank said one problem facing the institution was a large volume of specialized in. The presiding officers of each of these institutions can- loans on building and real estate mortgages. These investments, It was vassed the situation thoroughly. said, may take some time to liquidate. . . Throughout New York City the fact that the suspended institution had most considered was States" regrettable. This Clearing House Acts to Admit Public National Bank & Trust and the name "Bank of United Manufacturers Trust. fact accounted for part of the earnest efforts of the local bankers and the Federal Reserve authorities; it is regarded as unlikely that the name The admission of the Public National Bank & Trust Co. and the ManuBank of United States will ever be used again, for it is now forbidden by facturers Trust Co. to the Clearing House was decided upon early yesterlaw, but the Bank of United States was incorporated in 1913 before such day morning when an informal meeting of the Clearing House committee applications for prohibition was enacted and, of course, its name could not have been was held at the Federal Reserve Bank. Both banks had membership pending. It was felt that in view of the possibilities of general taken away from it once it had received the right to use it. the city, as a Local bankers feared, of course, that other parts of the United States apprehension arising among depositors of various baulks of States, these two banks should and Europe would misconstrue the importance of the suspension owing result of the closing of the Bank of United be admitted to the Clearing House without delay in order to reassure the to the name carried by the Bank of United States. At 4 o'clock this morning a little group of Bank of United States senior public. Membership in the New York Clearing House, it was remarked by bankofficers and others went sadly homeward in the subway from the final and yesterday, offers a strong measure of protection for banks in times of era Bank. Reserve Some of Federal them the were at held conference fruitless disturbance. The Clearing House insists on its members maintaining a weeping, for they knew then the tenor of th announcmnt to be made this strong position and subjects them to rigid scrutiny. In addition it specifies morning by the Banking Department. the amount of interest which they may pay on deposits. Merger Failure Criticised. The following is from the New York "Herald Tribune" In high banking circles there was to-day strong criticism of the fact of yesterday (Dec. 12): that the four-cornered bank merger was permitted to fall through. The measure of aid to be extended by the clearing banks will at least The three banks which negotiated unsuccessfully for a merger with the assure, within a short period, that depositors of the suspended bank will Bank of United States are the Manufacturers Trust Co.,the Public National up have in tied they the cash Bank of the be able to obtain some of Bank & Trust Co. and the International Trust Co. Anticipating that their United States. efforts to help the Bank of United States might be misunderstood, officials The suspension of the Bank of United States Is the largest ever to of the Manufacturers Trust Co. and of the Public National Bank & Trust occur in New York, the first to occur here since the business depression Co.sent enormoussums of money to their branches yesterday to be prepared started more than a year ago, and presents to the State Banking Depart- for nervousness on the part of depositors. Between $3,000,000 and ment the greatest problem in its history. For the first time in many $4,000,000 was transported during the day to the branch of the Manuyears, however, it is pointed out in Wall Street, the Banking Department facturers Trust Co. at Southern Boulevard and Webster Avenue, the has an experienced commercial banker at its helm in the person of Mr. Bronx, where depositors were paid as they presented their bankbooks. By Broderick, who made a distinguished record as Vice-President of the old 3 o'clock in the afternoon about 200 men and women had congregated in the lobby, while 500 waited in line on the sidewalk. There was no exciteNational Bank of Commerce. usual hour of 8 o'clock, paying The withdrawal of deposits from the branch at Snuthern Boulevard, ment. The bank remained open until the the Bronx, started as early yesterday as 10 o'clock, the police reported, off depositors. Other Branches Pay Rapidly. and gradually increased during the day. Similar withdrawals occurred at branches of the Public National Bank Depositors Wait AU Night. & Trust Co. The policy ofletting actionsspeak for themselves was adopetd. Some of the depositors remained in front of the bank all night. No attempt was made to explain the situation to anxious depositors, but in was not aided name learned, stirring whose further they were paid off with all possible rapidity. More than $1,000,000 had One woman, like Paul house, to Revere, from house going during the by uneasiness been paid out by 4 o'clock at the Public's branch at Ludlow and Delancey night, and warning all who had money in the Bank of United States to Street, it was estimated. Several hundred depositors were paid at the "get it out now." branch at 107 Avenue C. corner of Seventh Street. Similar payments Heavy withdrawals were reported at the branches at 3783 and 8785 were made at some of the other branches of the Public. and Wythe Street Place, the Bronx; at Third Avenue, the Bronx; at 170th Some branches of banks which were not connected with the merger 166 Westchester Avenue, the Bronx; at Eighty-sixth Street and Twentieth negotiations were affected. The crowds of worried depositors who gathered and Georgia Lots Avenue Avenue, New at Brooklyn, Brooklyn; In front of most of the 61 branches of the Bank of United States communiAvenue, and at one or two branches in Manhattan. Withdrawals from Manhattan cated their nervousness to some extent. Merely because of being in the vicinity, other banks in the same neighbornood suffered more than normal branches were, on the whole, light, it was reported. 3814 FINANCIAL CHRONICLE [VoL. 13L Withdrawals. Because of this situation in parts of the Bronx and in some sible for the drop In those "International" shares wherein the United other neighborhoods, the Federal Reserve Bank sent out quantities of States is particularly interested on the London market, but the undermoney as a safety measure. current of nervousness is traceable to fears of a further Wall Street slump. More importance is attached here to the fact that an old-established The New York "Evening World" of last night (Dec. 12) American financial house recently had received assistance than to the said in part: closing of the Bank of United States, which London quickly realized does Well-declined reports in Wall Street this afternoon had it that the Bank not stand in the front row of American institutions. of United States would be merged with a subsidiary of one of the largest "Banking difficulties are scarcely avoidable in a period of depression banking institutions in the world. That report could not be verified but such as that through which the United States is passing," remarked an it was said on excellent authority that negotiations have been under way editor of The London "Times." He attributed many recent failures to for some time, particularly since the State Banking Department took the fact that a majority of small banks in the United States are badly over the Bank of United States yesterday. administered, according to British standards of banking. It is understood that the chief obstacle of a merger is a difference of London's financial newspapers regard the incident as all in the day's Opinion upon the value of the realty held by the Bank of United States. ... work and suggest banking circles here were forewarned of the possibility of the break-down of that particular bank. Unpleasant as it may be for Bigger Loans Expected. New York,says"The Financial News," there is no implication that trouble In the meantime there seems to be reason to believe that the leading will spread. "It seems rather curious, however," the "News" declares. banks of the Clearing House Association may come to the relief of the "that a break-down of this kind should have occurred in a country which depositors in even more generous measure than was first announced. possesses enormous gold stocks, a huge reservoir of credit not fully emInstead of loans up to 50% on depositors' net balances, those banks, it ployed and a regular system of reports on conditions by members of the was indicated, may go as high as 75%. Federal Reserve System, whereto this business belongs." That attitude of the Clearing House Association institutions seems to have done much to bring back an optimistic note in discussion of the Bank of United States affairs. As an example, financiers were pointing to ths Growth of the Bank of United States as Shown by fact that at some of the branches only five cr six persons gathered in front Statements. of the doors to-day. Policemen were still on guard but they had nothing The following is from the New York "Times" of Dec. 12: to do. From the New York "Evening Post" it is learned that the plan of the Clearing House banks to lend depositors in the Bank of United States half the amount of their $160,000,000 deposits, is expected to be put into effect by next Monday or Tuesday, Joseph A. Broderick, State Superintendent of Banks, announced late yesterday. New York Clearing House Banks Offer to Depositors of Bank of United States. The following statement was made public on Dec. 11 by the New York Clearing House Association: TO DEPOSITORS OP BANK OP UNITED STATES: The undersigned, being all of the members of the New York Clearing House Association, will lend to depositors of the Bank of United States, at 5% interest, up to 50% of their net balances properly authenticated: Bank of New York & Trust Co. Bank of the Manhattan Co. Bank of American National Association, National City Bank. Chemical Bank & Trust Co. Guaranty Trust Co. Chatham Phenix National Bank & Trust Co. Central Hanover Bank dr Trust Co. Corn Exchange Bank Trust Co. First National Bank. Irving Trust Co. Continental Bank Zs Trust Co. Chase National Bank. Fifth Avenue Bank. Bankers' Trust Co. Title Guarantee & Trust Co. Marine Midland Trust Co. Lawyers' Trust Co. New York Trust Co. Commercial National Bank & Trust Co. Harriman National Bank & Trust Co. Public National Bank & Trust Co. Manufacturers' Trust Co. Bank Call Date Capital Surplus an. Undivided Deposits Profits Resources MarBook ket Values Values Bid Ask 5 $ 51 8 $ s Sept. 24 193' a25,250,t t I 17,156,37 202,972,469 254,043,942 42 48 4914 June 30 1936025,250,10i 17,024.819 211,800,366 261,741,77 i 42 e44 e4.5 Mar. 27 1930a25,250.000 16,663,596,211,241,603 263,113,075 41 e813i 883 Dec. 31 1929 a25,250,00 i 16,235,590225,664,711 276,601,82 41 e66 .68 Sept. 27 1929 a26,250,00 1 15,745,268238,088,499 303,255,52:. 41 e179 6181 June 29 1929 a26.250,i I i 15,271,471 229,757,777,293,134,886 40 .196 .198 Mar. 22 1929 c17,866.800 11,593,586 151,747,084190,819.683 41 e220 .225 Dec. 31 1926c17,866,81 I 11,406,58 156,782,326 191,740,463 41 .105 .200 Sent. 28 19281 58.933. II 11.218.94l1145.024.752 175.855 457 1228 CMS (871, a $25 par. b $100 par. e Capita increased from 517.866,800 to $20,875,000 March 30 1929; to 825,250,000 May 11 1929: merged Colonial flank and Bank of the Rockaways April 1 1929, and Municipal Bank & Trust Co. May 11 1929. d Shares split up 4 for 1 Dec. 1 1928, par value reduced to $25. 13ankus Corporation formed Dec. 15 1928. New shares In units see above. Capital was increased from $8,933,400 to $17,866,800 Dec. 15 1928. e Price of units equals one share 52S par value bank stock and one /Mare of $5 par value Bankua Corporation stock. fold. Representative McFadden's Statement Calling Attention to Fact That Bank of United States is Not Connected with U. S. Government. At Washington on Dec. 11 Representative Louis T. McFadden, Chairman of the House Banking and Currency Committee issued the following statement: I want to make it perfectly clear and definite that the Bank of the United States is incorporated under the laws of the State of New York and is a State bank, that it is in no wise connected with the United States Government. As a State bank it holds membership as a member bank In the Federal Reserve System. Its name originated when the Charter Was granted it to begin business on the east side in the City of New York. since which time it has grown from a very small beginning to a bank with assets in excess of $200,000,000 with 66 branches operating exclusively within the limits of the City of New York. A Federal law was passed on May 24 1926, providing that no bank, banking association, trust company, corporation, association, firm, partnership or person engaged in banking, loan, building and loan, brokerage, factorage, insurance, indemnity or trust business shall use. the word "Federal," the words "United States," or the word "reserve," or any combination of such words as a portion of its corporated firm or trade name or title or the name under which it does business. This was not made retroactive. There is no necessity now of passing a new restriction as this particular law passed in 1926 covers any furutre use of the name Postal Funds Safe in Suspended Bank of United States "United States" in any bank title. —Collateral, Secured by Government Bonds, Inasmuch as the question has been raised as to a possible connection between Protects $164,927 of Such Savings Deposited. Ignorant this bank and the United States, and because there are persons of the fact that the bank is in nowise connected with the United The following Washington dispatch, Dec. 11, is from the States Government, it is presumed that the receivers or the liquidating agents will not permit the further use of this name. If legislation is needed New York "Times": to cover this particular case, I will introduce such a bill to forbid the News of the closing of the Bank of United States in New York brought further use of this name because of the possible misunderstanding which information from the Postoffice Department that $164,927.11 in postal a continuance of this title might effect. savings funds is deposited in the bank, and a statement from RepresentaThe other countries of the world will please be advised that the Bank tive McFadden of Pennsylvania. Chairman of the House Committee on of the United States, which is a New York State bank, operating under Banking and Currency, that the institution was"in no wise connected with the banking laws of the State of New York is in nowise connected with the United States Government." the United States Government. Postoffice officials said that the postal savings deposits in the different branches of the bank, scattered throughout New York City, are proBank of United States Opened in 1913 Grew by Mergers tected by $220,000 collateral put up by the bank, which, in turn, has —Incorporated by J. S. Marcus With Capital of been secured by bonds of the United States Government. All banks in which are deposited postal savings are required to put up sufficient col$100,000 That Expanded to $25,250,000. lateral to cover any possible loss, it was explained, and these bonds are In indicating the development of the Bank of the United turned over to the treasury by the PostoffIce. In case of default, the bonds are sold to cover the amount of the deposits. States to its present proportions, the New York "Times" of These officials said that no depositors in the postal savings system Dec. 12 said: are subject to losses and added that it was doubtful if the bank itself would The Bank of United States was incorporated in 1913 by the late Joseph sustain losses so far as these deposits are concerned. S.Marcus,father of Bernard K.Marcus, with an original capital of$100,000. The Treasury Department and Federal Reserve• Board were silent on The capital was increased, through offerings of rights at different times, the bank's closing. High officials were in touch with the situation but until it reached $6,000.000 on Jan. 16 1928. felt that any statement should come from New York sources. On May 211928, the Central Mercantile Bank & Trust Co. was merged It was not felt here that any other banks would be materially affected. with the Bank of United States, the capital of which was thus increased New York banks are regarded to be stronger than those in any other city to $8,333,400. As a result of this merger, Bernard K. Marcus continued in the world. as President of the combined bank, and Saul Singer continued as Executive Vice-President. At present he is Chairman of the Executive Committee. Markets Abroad Affected by Closing of Bank of United 0. Stanley Mitchell, President of the Central Mercantile, became Chairman of the board of the combined bank. States—Suspension Felt in London and on the The Central Mercantile Bank & Trust Co. was organized in 1924. and Continent. In September 1926, acquired through a merger the National American The New York "Times" reports the following cablegram Bank, of which Robert Adamson was Chairman. With the merger of 1928, Mr. Adamson was made an Executive Vice-President of the Bank from London, Dec. 11: of United States. The National American Bank was organized in 1920. The closing of the Bank of United States in New York today had immeHalted "Run" on Broadway Central, diate repercussions in London,and reports from several Continental sources On Jan. 10 1927, the Central Mercantile Bank & Trust Co. purchased show that markets were seriously affected. Sentiment was partly respon- all of the assets and assumed all of the obligations and liabilities of the Mac. 13 1930.] FINANCIAL CHRONICLE Broadway Central Bank at the northeastern corner of Broadway and Ninety-Seventh St. The absorption of the Broadway Central followed a "run" on that institution on Saturday morning, Jan. 8 1927. On Aug. 27 1928, the Cosmopolitan Bank, incorporated in 1906, was merged with the Bank of United States. As a result of this merger the capital of the latter bank was increased to $8,333,400. In November 1928, the par value of Bank of United States shares was reduced from $100 to $25 and the bank's capital increased to 517,866,800 to effect a consolidation with the City Financial Corp. This capital was raised to 518,000,000 to correspond with the capital of like amount given to the Bankus Corporation, investment and securities affiliate formed at that time to take over the City Financial Corp. On April 1 1929, the Bank of United States was merged with the Colonial Bank and the Bank of the Rockaways, Alexander C. Walker and George S. Carr, officers of the Colonial Bank, became directors of Bank of United States. As a result of this transaction capital of the latter bank was increased to $20,875.000. Total Capital 525,250.000. On May 13 1929, the Municipal Bank & Trust Co. was merged with the Bank of United States, increasing the latter's capital to $25,250,000. This was the final merger arranged by the institution, and Simon H. Kugel, Chairman of the Municipal Bank, became Vice-Chairman of the board of the Bank of United States. When the Bankus Corporation was formed, stockholders of the Bank of United States received one share of the affiliate stock for each share of bank stock held. Annual dividends were paid at the rate of $2 a share on the bank stock and $4 a share on the Bankus Corporation stock, or $6 a share to holders of the Bank of United States units, consisting of one share of the securities company and one share of the bank. On March 13 1930, the cash dividend rate on the units was reduced to a $4 annual basis by halving the quarterly dividend of the Bankus Corp. On June 15 the Bank-us Corp. passed its dividend but the bank dividend was declared, reducing the annual dividend basis on Bank of United States units to $2. The institution belongs to the Federal Reserve System. the American Bankers Association and the New York State Bankers Association, and is a State depository. 59 Branches in Four Boroughs. The main office of the Bank of United States is at 535 Fifth Avenue, and there are 59 branches located in four boroughs, as follows: Manhattan, 30 branches; the Bronx, 11 branches; Brooklyn, 17 branches, and Queens, one branch. At the end of 1925 the Bank of United States had five branches, one of which was in the Bronx and the others in Manhattan. Its first Brooklyn branch was opened in January 1926. When it merged with the Central Mercantile Bank & Trust Co. in May 1928 the number of branches rose to 15. In August 1928 the merger with the Cosmopolitan Bank increased the branches to 20, and the Colonial Bank merger in April 1929 added 17 more branches to the bank, making 37 at that time. The merger with the Municipal Bank & Trust Co. in May 1929 brought 20 more branches into the organization, of which 16 were in Brooklyn. Two additional branches were opened later by the combined bank, making 59 offices. 3815 Asked what the city could do to recover its funds from the Bank of United States, the Mayor said: "That, of course, is a legal matter and will be left in the hands of the Corporation Counsel. Naturally we are not going to reveal what we intend to do, but Mr. Hilly has been directed to begin legal action. We will exhaust every resource in our power in the case." The Finance Department had many inquiries yesterday regarding city checks drawn on the Bank of United States. William P. MeClunn, head of the pay Division of the Bureau of Audit said that all officials of the Bureau were instructing those with checks to hold them a few days in the belief that they could then be cashed in full. Mr. McClunn said he had been informed by bankers that the Bank of United States was sound and that its doors had been closed only to prevent a run. Receiver Asked for Five Southern Newspapers—Memphis, Knoxville and Nashville Firms Named in Action. Under date of Dec. 11 an Associated Press dispatch from Memphis, Tenn., published in the New York "Sun" said: Two suits, instituted in Chancery Court, to-day requested receivers for the Tennessee Publishing Co. and the Southern Publishers, Inc., holding company for the stock of the Memphis Commercial-Appeal, Inc.. and the Knoxville Journal & Tribune Co. The suit against the Tennessee Publishing Co. was filed by the Minnesota & Ontario Paper Co. of Minneapolis. The same company and D. D. Robertson, State Superintendent of Banks, acting as receiver for the Bank of Tennessee and the Nashville Trust Co., brought the suit against the Southern Publishers, Inc. The suits, attorneys said, had no connection other than the indirect fact that Col. Luke Lea is a controlling factor in all newspapers involved. The Memphis Commercial Appeal, Inc., publishes the "Commercial Appeal" and the "Memphis Evening Appeal," while the Knoxville Journal and Tribune Co. publishes the "Knoxville Journal." The "Nashville Tennesseean" and the "Evening Tennesseean" are published by the Tennessee Publishing Co. In the absence of Col. Lea. who was expected to return to-day from a business trip, Luke Lea, Jr., Vice-President of the Tennessee Publishing Co., issued a statement saying the suit against the company was a complete surprise and that ti e company was solvent. The plaintiffs in the Tennessee Publishing Co. suit said the company's assets exceed liabilities at a fair valuation, but that creditors were pressing and a receiver was necessary to conserve the property. Caldwell in Purchase. The snit directed against the Southern Publishers, Inc., said it was especially necessary that a receiver be named to hold the stock ofthe Memphis Commercial Appeal, Inc., pledged to the Nashville Trust Co., trustee, as security for a $1,500,000 bond issue sold by the Southern Publishers, Inc., to the Minnesota dz Ontario Paper Co. The suit sets forth that Col. Lea and Rogers Caldwell, President of Caldwell & Co., now in receivership, purchased the Commercial Appeal in 1927 for 53,600,000 less cash on hand, which reduced the sale price to about $3.000,000. Thesuit then related the Memphis Commercial Appeal,Inc..wasformed to operate the "Commercial Appeal" and the "Evening Appeal," $2,500,000 in bonds sold and stock of the Memphis Commercial Appeal,Inc..taken over by the Southern Publishers, Inc. Subsequently, the suit averred, the Southern Publishers, Inc., arranged the $1,500,000 bond issue secured by pledging the Memphis Commercial Appeal,Inc., stock to the Nashville Trust Co.as trustee. Says Cash Withdrawn. The suit charged withdrawals in excess of 81,000,000 from the cash on hand in the Memphis Commercial Appeal, Inc., during the latter part of October was an act of "mismanagement" and that the Southern Publishers, Inc., turner violated its covenant under the indenture trust by , illegally acting as an agency for buying and selling properties wrongfully an' having no connection with the business of the Southern Publishers, Inc. New York City Acts to Retain $1,500,000 Deposits in Bank of United States—Mayor Walker Directs Corporation counsel to Begin Action to Obtain Funds for Current Expenses—$3,500,000 Withdrawn in the Last Month—Holders of Pay Checks Reassured—Resolution Designed to Make City Preferred Creditor. Corporation Counsel Arthur J. W. Hilly was directed by Mayor Walker of this city on Dee. 11, to begin legal action to recover $1,500,000 that the city had on deposit with the Bank of United States (closed by the Banking Further Associated Press accounts from Nashville Dec. 11 Department, Dec. 11) to meet its current expenses, exclusive stated: of salaries. The New York "Times" from which-we quote The hearing on a petition for a receiver for Southern Publishers, Inc., added: holding company for the companies publishing "The Memphis Commercial The Mayor's order followed a conference that lasted virtually all afternoon in his office with Mr. Hilly, Comptroller Charles W. Berry, Deputy Comptroller Frank J. Prial, City Chamberlain Charles A. Buckley and Deputy Chamberlain Charles Sweeney. It was not bonded Mr. Buckley, who deposited the money,explainedthat or secured in any way because it did not constitute a stationary fund. had been deposited in the Within the last month he said about $5,000,000 Bank of United States, but parts of this amount had been drawn out as need arose. On Wednesday (Dec. 10) he drew a check payable to the Chase National Bank for the entire $1,500,000, but the check was not honored yesterday. He and the other city officials said they had had no warning that the bank was to close. The $1,500,000 was part of a sum needed to meet a $40,000.000 issue of short term notes. The Chamberlain said the city would not suffer inconvenience, as he could draw on other funds to make up the amount. Last week he said he had withdrawn $1,000,000 from the Bank of United States. leaving the $1.500,000 balance. The Manufacturers Trust Co. and the Public National Bank, which figured in a proposed merger recently with the Bank of United States and the International Trust Co. were also city depositories, Mr. Buckley disclosed. He said the city had $1,110,000 in the Manufacturers and $50.000 In the Public National. On Wednesday the Chamberlain said he withdrew $500,000 from the Manufacturers, adding that he withdrew $600.000 additional yesterday. Both he and Mayor Walker emphasized that these withdrawals did not indicate a lack of confidence in the banks, but were made merely as a matter of course. The city has about $126,000,000 on deposit in 100 different depositories, all of which will be withdrawn by Jan. 1 to meet expenses estimated at $215,000,000 that must be paid by the first of the year. Comptroller Berry said he had no funds in the Bank of United States and added that every cent of the Comptroller's funds is backed up by an equal amount of bonds as security. City depositories are designated by the Banking Commission, which consists of the Mayor, the Comptroller and the City Chamberlain, The City Chamberlain determines the amount to be deposited in each institution. When the Banking Commission met last Tuesday Mayor Walker introduced a resolution providing that legislation be introduced at the forthcoming session of the State Legislature to make the city a preferred creditor at all banks where it has deposits. The resolution was passed, and the bill is now being drawn. The State is a preferred creditor in its depositories. Appeal" and "Evening Appeal" and "The Knoxville Journal." was postponed by Chancellor James B. Newman to-day until Tuesday. Whether the hearing will be held at that time depends on the Chancellor's ruling on motion to transfer the case to the Federal Court because of diversity of citizenship of the parties in interest. A hearing is scheduled before Chancellor Newman Monday on the petipetition for a receiver for the Tennessee Publishing Co., publishers of "The Nashville Tennessean" and "Evening Tennessean." Colonel Luke Lea, President of the Southern Publishers, Inc., the holding company, and also President of Memphis Commercial Appeal. Inc., the Knoxville Journal and Tribune Co.and the Tennessee Publishing Co., returned from a business trip to-day for the announced purpose of resisting these suits and another action brought against him,Luke Lea Jr.,and others by D. D. Robertson, receiver for the Liberty Bank and Trust Co. Referring to the Liberty Bank receiver's suit, Colonel Lea said that "the statements made in the bill, in so far as they allege any fraudulent act or purpose of mine, are utterly false," adding that "whether such charges were honestly and fairly made, the public shall be the judge when, through the introduction of evidence, facts shall supplant fiction." "Particularly without warrant," he added, "is the allegation that on Sept. 23 1930, I negotiated to the Liberty Bank certificates of deposit which were In any manner irregularly drawn and which were not direct obligations of the Central Bank and Trust Co.(of Asheville, N. C.), which r as at that time to the best of my knowledge a solvent and substantial . banking institution. In addition to preparing answers to the suits involving the Tennessee in the Memphis and Knoxville newspapers,Colonel and stock Co. Publishing Lea announced his intention of contesting the suit filed by the Liberty Bank receiver. Judgment for $80,000 was sought against Colonel Lea and for $86,000 against Colonel Lea and others, including several corporations, Echo of Pool Collapse-8,300 Shares of American Machine Sold at $3.87. The following is from the New York "Evening Post" of Dec. 10: Eight thousand three hundred shares of stock of American Machine & Metals. Inc., successor to the Manhattan Electrical Supply Co., were sold to-day at auction by Adrian H.Muller & Co.at $3.87% a share. 3816 FINANCIAL CHRONICLE (Vori. 131. One lot of 4,000 shares was described as having come from an account of Charles McCarthy, who was named as operator of a pool which manipulated the stock of Manhattan Electrical Supply to above $50 a share last spring, with Sutro & Co. As an outcome of an investigation into the pool operation and the collapse of Manhattan Electrical Supply shares, Sutro & Co.,an old San Francisco house, was suspended from the New York Stock Exchange for three years on a charge of failing to use "due diligence" in preventing wash sales. closed at the close of business Dec. 9. On Dec. 12 Secretary Mellon announced that subscriptions to the $150,000,000 issue totaled $939,000,000, while subscriptions to the $250,000,000 issue amounted to $517,000,000. Of these subscriptions about $144,000,000 represent subscriptions for which ni% Treasury Certificates of Indebtedness of Series TD1930, maturing Dec. 15 1930 were tendered in payment of Senate Bill Would Limit Handling of Export Paper which about $80,000,000 were accepted. With reference to the interest carried by the new certificates, it was stated in Under Federal Reserve Act. the "United States Daily" of Dec. 8 that it was declared From the Washington correspondent, Dec. 11, the New orally at the Treasury Department that records do not disYork "Journal of Commerce" reported the following: No corporation would be permitted to organize, under Section 25 (A) of close lower rates of interest rates for certificates of indebtedthe Federal Reserve Act, to engage in the handling of export paper with a ness. The paper quoted went on to say: capital stock of less than 15,000.008 under a Bill introduced in the Senate to-day by Senator Fletcher (Dem.), Florida. The measure proposes that to organize under this section the corporation must have not less than $5,000,000, one quarter of which is subscribed and paid in before the corporation is authorized to begin business, and the remainder subscribed and paid in upon the order of the board of directors. subject to such regulations and conditions as the Federal Reserve Board may prescribe. A provision is carried in the bill prohibiting the organization of the corporation should it have liabilities outstanding at any time upon its debentures and promissory notes in excess of 10 times its paid-in capital and surplus. Another Bill introduced by Senator Fletcher, amending the Revenue Act. would exempt from taxation the income derived by the holders of stock of corporation organized under Section 25(A) of the Act. Senator Fletcher said that the Supreme Court recently held that insurance policies issued on shipments from abroad constituted a necessary part of papers entering into those transactions, and they are not taxable under the law. His amendment, he added, would be in line in that it would exempt from taxation the interest on these debentures which are issued in order to promote export business. These low interest rates compare with the rates of 5% and above during the "tight money" period within the past two years. Only on bills it was explained, have such low rates been available. Secretary Mellon in announcing the offering on Dec. 7 stated: About $480,000,000 of Treasury certificates of indebtedness and about $90,000,000 in interest payments on the public debt become due and payable on Dec. 15 1930 and about 151.000,000 in Treasury bills become due and payable on Dec. 16 and $51,000,000 on Dec. 17. The full statement by Secretary Mellon follows: The Treasury is to-day offering for subscription, at par and accrued interest, through the Federal' Reserve Banks Treasury certificates of indebtedness in two series, both dated and bearing interestfrom Dec. 15 1930. one Series, TJ2-1931 being for six months, with interest at the rate of 134%. and maturing June 15 1931, and the other Series, TD-1931 being for 12 months with interest at the rate of 134% and maturing Dec. 15 1931. The amount of the six months' offering is 1150,000,000 or thereabouts, and the amount of the 12 months' offering is $250,000,000 or thereabouts. Applications will be received at the Federal Reserve Banks. The TreasM. K. Reilly Appointed Member of House Banking and ury will accept in payment for the new certificates, at par, Treasury certificates of indebtedness of Series TD-1930, maturing Dec. 15 1930. SubCurrency Committee. scriptions for the six-month 134% certificates of Series TJ2-1931, in payRepresentative Michael K. Reilly (Dem.), Wisconsin, ment of which certificates of indebtedness maturing Dec. 15 1930 are to be tendered, will be given preferred allotment up to 330.000,000, while subwas on Dec. 8, appointed a member of the House Banking scriptions for the 12-month 1.7,g% certificates of Series TD-1931,in payment and Currency Committee, to fill the vacancy in that com- of which certificates maturing Dec. 15 1930 are to be tendered will be given mittee caused by the death of Otis Wingo, Arkansas. We preferred allotment up to 150,000,000. Bearer certificates will be issued in denominations of $500, $1,000. quote from a Washington dispatch to the New York "Journal $5,000, $10,000 ans $100,000. The certificates of Series TJ2-1931 will have of Commerce" which also said: one interest coupon attached, payable June 15 1931. and the certificates of Mr. Reilly was elected to Congress in the last election to fill the unexpired Series TD-1931, two interest coupons attached payable June 15 1931 and term of Representative Lampert, deceased, and to the full term for the Dec. 15 1931. These certificates will be exempt both as to principal and interest,from 72d Congress. He is a former member of Congress. having served in the all taxation, except estate and inheritance taxes. 83d and 84th Congresses. He is a lawyer by profession. About $480,000,000 of Treasury certificates of indebtedness and about $90,000,000 in interest payments on the public debt become due and payable on Dec. 15 1930 and about 151,000,000 in Treasury bills become Senator Heflin in Senate Resolution Calls for Information Regarding Taxes Paid by New York Stock due and payable on Dec. 16 and $51,000,000 on Dec. 17. We give herewith Secretary Mellon's announcement of Exchange. In the Senate on Dec. 10 Senator Heflin (Dem.) of Ala- Dec. 11 dealing with the subscriptions to the offering: Secretary Mellon announced that subscriptions for the two issues of bama presented for consideration the following resolution: Treasury certificates of indebtedness, series TJ2-1931. dated Dec. Resolved, That the Secretary of the Treasury is hereby requested to transmit to the Senate the information showing the amount of taxes paid to the Government by the New York Stock Exchange or by members thereof in connection with exchange transactions for the years 1919. 1920, and each succeeding year up to and including the year 1930. The resolution went over until a later date. Resolution of Senator Heflin Asks Secretary of Treasury for Information Regarding Amount of Money in Circulation. The following resolution, offered by Senator Heflin of Alabama, was agreed to by the Senate on Dec. 10: Resolved, That the Secretary of the Treasury is hereby requested to give to the Senate the information showing the amount of money in circulation in the United States for the years 1919, 1920. and for each succeeding year up to and including the year 1930. The debate on the resolution was brief; in part it follows: Mr. Reed: Mr. President, reserving the right to object, I do not see any necessity for the resolution, because statements showing the amount of money in circulation are published every three months; the amounts are shown in the annual reports of the Secretary of the Treasury, and the information can be compiled in 15 minutes by a clerk in the Finance Committee. Mr. Heflin: It will take only a little while to get the statement from the Secretary of the Treasury; and I am sure he will be glad to give it. Mr. Reed: I do not think it is very important where we get it. I am only suggesting to the Senator that he can secure the information in less time than he can get the resolution up to the Treasury Department. 'Mr. Heflin: I do not think so. Mr. Reed: I know it. However. I do not object. Offering of Two Series of Treasury Certificates of Indebtedness Aggregating $400,000,000 — Books Closed—Total Subscriptions $1,456,000,000. On Dec. 7 Secretary of the Treasury Mellon announced details of two new series of United States Treasury Certificates of Indebtedness, offered under date of Dec. 8. A total of $400,000,000 of certificates was offered; one of these, Series TJ2-1931 offered to the amount of $150,000,000 or thereabouts which runs for six months from Dec. 15 1930, will bear interest at P4%, and the other TD-1931, to the amount of $250,000,000 or thereabouts, will run for one year from Dec. 15 1930, and bear interest at 1%%. Subscription books in the case of the offering of the two series were 134%. 15 1930, maturing June 15 1931, and series TD-1931, 134%, dated Dec. 15 1930, maturing Dec. 15 1931, closed at the close of business on Dec. 9 1930. Reports received from the 12 Federal Reserve Banks show that for the offering of 1 % certificates of series TJ2-1931, which was for $150,000,000 or thereabouts, total subscriptions aggregate some 1939,000.000. and that for the offering of 134% certificates of series TD-1931, which was for $250,000,000 or thereabouts, total subscriptions aggregate some $517,000,000. Of these subscriptions,about $144.000,000 represent subscriptions for which 334% Treasury certificates of indebtedness of series TD-1930. maturing Dec. 15 1930, were tendered in payment of which about $80,000.000 were accepted. Allotments on the cash subscriptions for 1 % certificates of series TJZ-1031 were made as follows: Subscriptions in amounts not exceeding $1,000 were allotted 50%, but not less than $500 on any one subscription; subscriptions in amounts over $1,000 but not exceeding $10,000 were allotted 40%. but not less than $1,000 on any one subscription; subscriptions in amounts over $10.000 but not exceeding $100,000 were allotted 30%. but not less than $4,000 on any one subscription; subscriptions in amounts over $100,000, but not exceeding $1.000,000 were allotted 15%. but not less than $30,000 on any one subscription; and subscriptions in amounts over $1,000.000 were allotted 10%, but not less than $150.000 on any one subscription. Allotments on cash subscriptions for 174% certificates of series TD1931 were made as follows: All subscriptions in amounts not exceeding 11,000 for any one subscriber were allotted in full. Subscriptions in amounts over $1,000 but not exceeding $100,000 were allotted 80%. but not less than $1.000 on any one subscription; subscriptions in amounts over 3100.000 but not exceeding $1,000,000 were allotted 60%, but not less than 180,000 on any one subscription; and subscriptions in amounts over $1,000,000 were allotted 35%, but not less than $600.000 on any one subscription. Further details as to subscriptions and allotments will be announced when final reports are received from the Federal Reserve Banks. The following is the official offering of the certificates: UNITED STATES OF AMERICA. Treasury Certificates of Indebtedness, Dated and bearing interest from Dec. 15 1930. Series TJ2-1931, 134%. due June 15 1931; series TD-1931. 134%, due Dec. 15 1931. The Secretary of the Treasury, under the authority of the Act approved Sept. 24 1917, as amended, offers for subscription, at par and accrued interest, through the Federal Reserve banks, Treasury certificates of indebtedness, in two series, both dated and bearing interest from Dec. 15 1930, the certificates of series TJ2-1931 being payable on June 15 1931, with interest at the rate of 134% per annum, payable on a semi-annual basis, and the certificates of series TD-1931 being payable on Dec. 15 1931. with interest at the rate of 134% per annum, payable semi-annually. Applications will be received at the Federal Reserve Banks. Bearer certificates will be issued in denominations fo $500, $1,000. $5,000. $10,000 and $100,000. The certificates of series TJ2-1931 will have one interest coupon attached, payable June 15 1931, and the certill- DEC. 13 1930.] FINANCIAL CHRONICLE cotes of series TD-1931 two interest coupons attached, payable June 15 1931 and Dec. 15 1931. The certificates of said series shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, any State or any of the possessions of the United States, or by any local taxing authority. The certificates of these series will be accepted at par during such time and under such rules and regulations as shall be prescribed or approved by the Secretary of the Treasury, in payment of income and profits taxes payable at the maturity of the certificates. The certificates of these series will be acceptable so secure deposits of public moneys, but will not bear the circulation privilege. The right is reserved to reject any subscription and to allot less than the amount of certificates of either or both series applied for and to close the subscriptions as to either or both series at any time without notice. The Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, to make reduced allotments upon. or to reject, applications for larger amounts, and to make classified allotments and allotments upon a graduated scale; and his action in these respects will be final. Allotment notices will be sent out promptly upon allotment, and'the basis of the allotment will be publicly announced. Payment at par and accrued interest for certificates allotted must be made on or before Dec. 15 1930 or on later allotment. After allotment and upon payment Federal Reserve banks may issue interim receipts pending delivery of the definitive certificates. Any qualified depositary will be permitted to make payment by credit for certificates allotted to it for itself and its customers up to any amount for which it shall be qualified In excess of existing deposits, when so notified by the Federal Reserve Bank of its district. Treasury certificates of indebtedness of series TD-1930. maturing Dec. 15 1930, will be accepted at par in payment for any certificates of the series now offered which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the certificates of the series so paid for. As fiscal agents of the United States. Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective districts. A. W. MELLON, Secretary of the Treasury. Treasury Department, Office of the Secretary, Dec. 8 1930. Department Circular No, 429 (Public Debt), To the Investor: Almost any banking institution in the United States will handle your subscription for you, or you may make subscription direct to the Federal Reserve Bank of your district. Your special attention is invited to the terms of subscription and allotment as stated above. If you desire to purchase, at the market price, certificates of the above issues after the subscriptions close, or certificates of any outstanding issue, you should apply to your own bank, or, if it cannot obtain them for you, to the Federal Reserve Bank of your district, which will then endeavor to fill your order in the market. James Francis Burke on "Transportation's New Problems." The following is an extract from an address delivered before the National Rivers and Harbors Congress, Washington, D. C., Dec.9 by James Francis Burke, General Counsel of the Republican National Committee,Pittsburgh Chamber of Commerce, Pittsburgh Clearing House Association, and other business bodies: 3817 in this rapidly moving age, we invite disaster from which they cannot be rescued until reason recovers its rightful place in the minds of men. Railroads and Waterways. The disastrous drop in railroad earnings during the past year has affected millions of stockholders and aroused the apprehension of the entire business world. It has brought to mind that old-fashioned danger signal which reads, "Stop, Look and Listen", lest we inflict injuries we cannot cure. I am not invoking the tremendous losses the railroads have recently suffered as an argument against meritorious waterway development. On the other band, every thoughtful American must realize that we have reached the point in modern transportation development where the railroads cannot long survive the unbridled use of public monies to support either land or water highways over which their competitors may conduct their private business at a profit, while the railroads and other taxpayers foot the bill. The more than unusual practice prevails, the more will it continue to engender unjust prejudices against all appropriations of public monies. regardless of their merit, and in turn will militate even against what otherwise would command public approval. Consequently, I am convinced that no organization in this country can render a greater service to the American people than the National Rivers and Harbors Congress, by scrutinizing with the greatest care every proposed public expenditure for waterway purposes that savors of local selfishness or smells of pork-barrel politics, to the end that only those projects based on sound economic necessities may be erected, and in order that every other transportation agency, whose existence is vital to the nation's progress, shall not be impaired or destroyed. And here let me reiterate my belief in an American Council of Transportation—comprised of leaders in every department of freight and passenger traffic, from the ocean line to the plane that speeds from coast to coast, and wholly separated from Government agencies. Such an institution comprised of these business leaders, with all their interlocking as well as conflicting interests that must be harmonized, would bring about an intelligent and intensive study of the mutual problems that overhand them all and furnish the solution that will mean the survival of that which best serves the public interests. The American people have too much at stake to permit the present illogical methods to continue to undermine our entire economic structure. Banking Situation in South and Middle West. Two Arkansas banks, which were among those closed in that State since Nov. 17, reopened on Dec. 9, according to Associated Press advices from Little Rock, printed in the New York "Herald Tribune" of that date, which stated that at the same time another Arkansas bank that had withstood the first series of closures, had suspended for five days and still another had been closed for liquidation. The banks which reopened Tuesday (Dec. 9) were the Farmers' Bank at Hardy and the Bank of Harrisburg at Harrisburg. The bank which suspended for five days was the Drew County Bank & Trust Co. at Monticello. Its suspension was to permit it to get its affairs in shape for the resumption of business, as it had closed Dec. 5 after its Vice-President and Cashier, H.P. Cruce, committed suicide. The bank closed for liquidation by the State Banking Department was the First State Bank of Bonanza. The dispatch in conclusion said: number reopened in the The two reopenings to-day brought the total Transportation's New Problems. to 81 since that State since Nov. 17 to 22 and the closings or suspensions American transportation is to-day confronted with more perplexing date. problems than ever marked its history. The rightful place of every agency Another Arkansas Bank, the Hampton State Bank at and instrumentality that comprises our vast transportation system must be preserved. Ark., closed last month, was reopened on Dec. 10 Hampton, They are all vital to the comfort and convenience of our people, as well of the People's Home Bank of Hampton, name the under as to the economic life and strength of our nation. Transoceanic, Panama Canal, coastwise, inland waterway, railroad according to Little Rook advices by the Associated Press trunk line, trolley line, truck line, bus lines, and air line transportation, as on that day, which also stated that the Drew County Bank a result of many recent inventions and developments, suddenly find themCo. of Monticello (mentioned above) had that day selves part of a great network confronted with constantly increasing & Trust prospects of conflicting interests, which, if not studied and mastered, may (Dec. 10) been taken in charge by the State Banking Deprove of the most destructive character to those interests and ultimately partment for liquidation. to the detriment of the general public. Still another Arkansas bank reopened Dec. 11, the Grant As a result of the bewildering swiftness of invention and the development of instrumentalities heretofore unknown, we find ourselves confronted with County Bank at Sheridan, which closed Nov. 17, according new probelms. The time has come for the highest order of constructive Associated Press advices from Little Rock on that date. thought; for the most patient study and the most prudent procedure, in to that the State Bankorder that our economic structure may be strengthened, rather than weak- The same dispatch, however, reported Wilmot Bank at the that announced ened by what we do. had Department ing The legitimate function of every media of transportation must be recclosed for five days. had Ark., of Wilmot, the interests the in general protected welfare. rights their and ognized With reference to the affairs of the failed Liberty Bank Wherever possible they must become the handmaidens of each other, and not mere agencies fostered to bring about their mutual destruction. & Trust Co. of Nashville, Tenn., whose President, R. E. Every intelligent champion of the railroad realizes that other agencies, logical Donnell, subsequently committed suicide, advices by the place in their our have line, bus transportathe to from the waterway tion system. United Press from that city on Dec. 10 contained the folmonies are prudently expended They realize and admit that where public lowing: they hinterlands, develop and the promote to build up industrial centers Banks and receiver for the D. D. Robertson, State Superintendent of prosperity of all. that at the recent celebration of Liberty Bank & Trust Co., filed suit to-day (Dec. 10) in Chancery Court In proof of my belief in this, let me say allegedly loaned by the bank to Colonel Luke Lea, newspaper the completion of the Ohio River Improvement, I presided over a gathering for $166,000, others. in which five members of the President's Cabinet and five of the greatest publisher, and E. Donnell. President of the The bill charged that Colonel Lea and R. railroad Presidents in American announced their accord with this policy. & Trust Co., obtained the alleged loan through "dummy* Bank Liberty Advises Counsel of Transportation. corporations. Donnell committed suicide recently after the bank was That memorable gathering was a real milestone in our progress toward a closed. most the of one of important factors of our more wholesome understanding The Bank of Arlington, Arlington, Tenn., was placed in national development, and as I brought the railroad leaders, with their expressions of sound sense and good will, face to face with the leaders, charge of J. F. Hunt, a State bank examiner, on Dec. 11, and friends of water transportation that night, let me here and now assure following the finding of its Cashier, John Falls, in an autothem in turn that every intelligent friend of American waterway developArlington with a fatal bullet wound in his head, ment appreciates the vital relationship the railroads bear to every branch mobile near to and people, every of of section the class every Associated Press advices from that place. Mr. to American industry, to of according Republic. as saying he would make an audit of the reported was Hunt our of commercial backbone structure. After all, they are the real of the bank, the dispatch furstatement A put we books. railroads, American American on our commerce bank's If we cripple crutches. If we drive them into bankruptcy by denying them a chance to thermore said, published last May 19, showed deposits of live, by denying them the means with which to meet the exacting demands $123,500 and resources of $162,184. of the public by increasing and improving their facilities as each day passes 3818 FINANCIAL CHRONICLE That a voluntary petition in bankruptcy has been filed In the United States District Court at Louisville, Ky., by James B. Brown, former President of the Bancokentucky Co. of Louisville, the National Bank of Kentucky of that city and a director and stockholder in many large corporations in the State, was reported in advices to the "Wall Street Journal" United Press advices from Louisville on Dec. 11. From the Louisville "Courier-Journal" of Dec. 6 it is learned that a suit to recover $2,000,000 from Mr. Brown in connection with a note which allegedly is unpaid was filed in the Circuit Court in Louisville on Dec. 5 by Joseph S. Laurent, receiver for the Bancokentucky Co. We quote in part below from the paper mentioned: [voL. 131. at $25,000, and at its last call statement, Sept. 24, listed deposits of $497,000, it was noted. An Associated Press dispatch from Raleigh, N. C., yesterday (Dec. 12) contained the information that the Mechanics'Savings Bank of that city on that day invoked the 30-day rule on withdrawal of deposits, and announced no deposits were being accepted unless the depositor would leave the funds untouched for 30 days. The bank's doors were open as usual. Its last call statement on Sept. 24, it was said, listed deposits at $660,058.49. In Indiana, the Crawford County State Bank at English, closed since Nov. 21, reopened for business on Dec. 8. An Associated Press dispatch from English on that day, reporting the matter said: The suit also charges that Mr Brown,"in contemplation of insolvency," Depositors signed agreements whereby withdrawals can be made only transferred $1.370,000 worth ofstock in the Herald-Post Co. to the receiver on or after stipulated dates. The bank's resources were reported on Sept. for the National Bank of Kentucky,thus giving him preference as a creditor. 24 at $724,010. It asks that the transfer be considered as an assignment for the use and Offsetting the reopening of the English bank, however, adbenefit of all of Mr. Brown's creditors. The petition also asks the Court to appoint a receiver "to take, hold. vices from Muncie, Ind., on Dec. 8 appearing in the New manage, control and administer, under orders of this Court, all of the York "Herald Tribune" of Dec. 9, reported that the Farmproperty and effects" of Mr. Brown, including the stock in the Heralders' & Merchants Bank at Winchester, Ind., had failed to Post Co Preparatory to the filing of the suit, an order was entered by Judge open its doors on that day. This dispatch went on to say: Lafon Allen, giving Mr. Laurent, as receiver for the Bankokentucky Co.. Frozen assets and decreasing deposits were given as the reason by Philip the authorization to file suits; to enter an appearance in regard to a suit Kobel, President. The bank is capitalized at $50,000 and on Sept. 24 instituted in Paducah; to employ Humphrey Robinson & Co., account- showed resources of $685,557. ants, to aid him, and to permit Elwood Hamilton, of the law firm of WoodAn Illinois bank, the Merchants' State Bank of Centralia ward, Hamilton & Hobson, counsel for John Marshall, Jr., administrator was closed Dec. 8 by order of its directors and placed of the estate of Bettie Middleton Marrett, deceased, to make an inspection of records of the Bancokentucky Co. in charge of the State Auditor of Public Accounts for examinaIn regard to the note, the petition says that Mr. Brown promised to pay tion and adjustment, according to a dispatch by the Assoto the order of Wakefield & Co., stock brokers, the sum of $2,000,000 with interest at 6% per annum from Nov. 14 1929 until paid. Mr. Brown. ciated Press from Centralia on that day, which furthermore it states, according to a notation of the note, deposited collateral security stated that the institution had a combined capital and surincluding 60,000 shares of Bancokentucky stock and 40,000 shares of plus of $150,000, and deposits, at the last quarterly report, Standard 011 of Kentucky. Mr. Laurent says he' is informed and believes that in fact the said 40.000 totaling $1,002,366. Yesterday (Dec. 12) another Illinois banking institution, shares of Standard Oil of Kentucky were not deposited," and that there was no security "except 60,000 shares of Bancokentucky and 22,500 shares the Christopher State Bank at Christopher, capitalized at of Standard Oil of Kentucky." $100,000, failed to open its doors. Advices from Christopher The tote, with Interest,is long past due,the suit charges,and demand has been made upon Mr. Brown which has been refused. It states that the by the Associated Press reporting the closing stated that, collateral is worth no more than approximately $525,000, which would according to the bank officials, steady withdrawals of deposits leave a balance of approximately $1,500,000 due on Mr. Brown's note, for the past several weeks prompted the directors to close the unsecured. The suit names as defendants besides Mr. Brown, Paul C. Keyes, re- institution for the protection of the depositors. ceiver for the National Bank of Kentucky, to whom the Herald-Post stock In Missouri the Citizens' State Bank at Puxico, Stoddard allegedly was assigned as preferred creditor, and Howard B. Lee and Ben Co., Mo., was closed by its directors on Dec. 3, according S. Washer, attorneys, named as custodians in escrow of the stock. In North Carolina, a small bank, the Farmers' & Merchants' Bank of Stanley, with combined capital and surplus of $40,000 and deposits as of Sept. 24 of $136,502, failed to open its doors on Dec. 6, according to an Associated Press dispatch from Stanley on that date. A statement issued by the bank said that non-liquid assets caused the directors to close the institution for the protection of its depositors, the dispatch furthermore noted. Three more North Carolina banks closed their doors on Dec. 8, according to the Raleigh "News and Observer" of Dec.9, which said: Three banks in different sections of the State—the Bank of Pee Dee, at Rockingham,the Citizens Bank of Farmville and the Bank of Hobgood— closed their doors yesterday. Total deposits thus tied up were in excess of E880.000. No runs on other banks resulting from the three failures had been reported here last night. Largest of the three failures was that of the Bank of Pee Dee, which on Sept, 24, the date of the last call report, had deposits of $400,132. Outstanding figures in that report, indicating the bank's condition, were: Bills payable, 3157.000, and loans and discounts. $599,094. This failure came two years to the day from the failure of the old Bank of Rockingham. The Citizens' Bank of Farmville closed after a "run- in the morning, had deposits of 3216,306, bills payable of $129.000, loans and discounts of $266,124. real estate holdings of $35.000 and capital and surplus of $70,000 at the last call report. The little Bank of Hobgood, with a capital of $10,000 and a surplus of $1,000. had deposits of $49.261. At the last call report It had bills payable standing against it of $29,500 and loans and discounts of $50,487. It was the only bank in the small town it served. Again, on Deo. 10, the National Bank of Greenville, N. C., and the First National Bank of Ayden, N. C., closed their doors, according to Associated Press advices from those places. The Greenville bank, the dispatch from that place said, failed to open for business on Dec. 10, its directors placing a notice on the door saying heavy withdrawals had made the action necessary for the protection of the depositors. The institution, it was said, was capitalized at $100,000 and had deposits of $1,021,222 Sept. 24. With regard to the First National Bank of Ayden, the advices from Ayden said its closing followed heavy withdrawals of deposits during the morning of Dec. 10. Yet another North Carolina bank—the Bank of West Asheville—closed its doors yesterday, Dec. 12. A dispatch by the Associated Press, reporting the closing, stated that a notice posted on the door explained that the institution was closed "by order of the Board of Directors to conserve assets for the benefit of depositors." The institution was capitalized to Associated Press advices from Jefferson City on that day, printed in the St. Louis "Globe-Democrat" of the next day. The State Finance Department was notified. No reason for the closing was given. The dispatch went on to say: According to the bank's last statement it had 355.712 deposits. 325,000 capital stock and $2,000 surplus. Public funds on deposit amounted to 39,235. J. P. Varble was President and C. B. Cookson Cashier. Another Missouri bank, the People's Exchange Bank at Jonesburg, Montgomery County, was closed Dec. 6, according to a dispatch by the Associated Press from Jefferson City. The institution, which had resources of $195,863, was placed in the hands of the State Finance Department. ITEMS ABOUT BANKS, TRUST COMPANIES, &c. The New York Stock Exchange membership of Walter M. Weisl was posted for transfer this week to Milton E. Reiner, the consideration being stated as $235,000, a loss of $11,000 from the last preceding sale. The membership of Edward F. Weber was also reported sold this week to Willard S. Me for $206,000 stated to be the lowest price for the year. Arrangements were reported made this week for the sale of a New York Curb Exchange membership for $92,000, a decrease of $13,000 from the last preceding sale. F. Abbot Goodhue, President of the International Acceptance Bank, Inc., of New York, announces the election of Robert Louis Hoguet,First Vice-President of the Emigrant Savings Bank, to the board of directors of the International Acceptance Bank, Inc. Harold F. Greene, director of the Guaranty Company of New York and Vice-President and General Manager of that company and a Vice-President of the Guaranty Trust Co. of New York, died suddenly on Dec. 11 in Brooks Hospital, Brookline, Mass., following an operation last week. Mr. Greene was born in Machias, Maine, Jan. 25 1881. He was graduated from Amherst College in 1903 and began his banking career in Boston. He went with the Guaranty Trust Co. as General Manager of the bond department in November 1917. DEC. 13 1930.] FINANCIAL CHRONICLE 3819 Manhattan and the Bronx announces that his institution With the beginning of operations this week of the Morris will aid depositors of the Bank of the United States under l industria Plan Co. of Kansas, at Wichita, the number of the same terms as that announced by the banks which are banking institutions to bear the Morris Plan name was inmembers of the New York Clearing House Association. Finance al Industri the creased to 181, it was announced by action was taken by the bank, Mr. Rothschild said for This Corp. The new Wichita Morris Plan is a unit of the Souththe purpose of enabling depositors of the closed bank to west group of Morris Plan banks with headquarters at ely realize on half of their deposit with the Bank of immediat political Kansas Tulsa. Leslie E. Edmonds, prominent in States. Mr. Rothschild pointed out that in United the and financial circles, is President of the Wichita Bank. It is order to take advantage of the offer all that is necessary is understood that eventual expansion plans call for the estabthe depositor, whether he has a commercial, personal for lishment of affiliated Kansas Morris Plan offices in Hutchin checking or thrift account, to present his pass book to the son, Salina, Emporia, Pittsburgh, Independence, Winfield, representative of the Superintendent of Banks at the branch r characte its to Arkansas City and Wellington. In addition or office of the Bank of the United States at which he did and collateral loan service, the Wichita company will offer business, and have his balance authenticated. Following Morris Plan thrift certificates to the public. These thrift procedure the depositor should present such authentisuch Plan Morris certificates now held by the public in various deposit slip to the bank where a loan equal to 50% cated banks throughout the country total almost $100,000,000. of the balance will be granted at a 5% interest rate. Jarvis Williams Jr., Presid- ent of Standard Cap & Seal The Bank of America National Trust & Savings AssoCorp., has been elected a director of the Hibernia Trust Co. of California will distribute extra compensation ciation of New York. aggregating $570,000 to 8,000 employees prior to Christmas, At a regular meeting of the directors of the Chemical Bank A. J. Mount, Chairman of the board, announces. It is & Trust Co. of New York on Dec. 11, the regular quarterly stated that this bonus is considerably less than half the total dividend of 45e. per share on the capital stock of this com- of similar awards of extra compensation made by the bank pany was declared payable Jan. 2 1931, to stockholders of since the beginning of the year. Bank of America N. T. and record on Dec. 15 1930. The directors also authorized the S. A. is controlled by Transamerica Corporation, of which payment of extra compensation to the officers and employees Elisha Walker is Chairman of the board and L. M. Giannini in the amount of 10% of the salaries received by them during is President. the year of 1930. Barclays Bank (Dominion, Colonial and Overseas) anOtis L. Guernsey, Vice-President and Treasurer of Aber- nounce a final dividend for the year ended Sept. 30 1930, at crombie and Fitch Co., has been appointed a member of the the rate of 8% per annum on the cumulative preference Executive Committee of the Bank of Manhattan Trust Co., shares, and a final dividend on the A and B shares at the rate Forty-third Street office, which is located at Madison Avenue of 5% per annum, subject to deduction of income tax at the with the at 43rd Street, New York City. rate of 3s. 9d. in the pound in all cases, making The following have been appointed members of the Execu- interim dividend paid in July last 44% for the year. tive Committee for the office of the Bank of Manhattan Augustus D. Kelsey, formerly a Vice-President and a Trust Co. at 135 Broadway: Walter H. Bennett, Albert H. Diebold, Bayard Dominick, Elliott M. Eldredge, E. director of the Lynbrook National Bank & Trust Co. of Roland Harriman, Robert Louis Hoguet, Stanley P. Jadwin, Lynbrook, L. L, has been promoted to the Presidency of the Harry A. Kithler, Frederick D. MacKay, George T. Morti- institution, to succeed the late Joseph F. Felton, according mer, Morgan J. O'Brien, James A. O'Gorman, Louis F. to an announcement on Dec. 6, as reported in the Brooklyn Rothschild and H. Pushae Williams. The first meeting of "Eagle" of that day. Mr. Kelsey is also an active director this committee was held Dec. 9. of the Home Title Insurance Co. of Brooklyn. He was The following have been appointed members of the born in Brooklyn and received his education in the public executive committee for the Broadway at 40th St. office to schools of that city. More than 39 years ago he moved office of the Bank of Manhattan Trust Co.: Stephen Baker, has resided. For years he was since he where k, Lynbroo Harry M. Bucklin, Paul H. Gadebusch, Thomas B. Hill, active in the real estate and insurance business as head Henry Iselin, Joseph P. Keany and A. M. Ture11. of Kelsey, Suydam & Mollenhauer, from which The following, many of whom were formerly associated of the firm on Jan. 1 1923. The "Eagle" went on to say: with the American Trust Co., have been appointed members he retired for Lynbrook was organized as a village he was elected President When at Ave. Madison the 41st St. as President of the Lynbrook of the executive committee for the two-year term 1911-1912. He also served elected Sheriff of Nassau County office of the Bank of Manhattan Trust Co.: George L. Board of Education for 13 years. He was through 1925. Allin, Louis H. Bean, H. M. Bucklin, Orion H. Cheney, In 1923, serving in that office Louis J. Ehret Jr., Lawrence B. Elliman, Louis C. HagThe Sunrise National Bank of Baldwin, N. Y., on Dec. 1 gerty, Duncan G. Harris, Charles E. Heydt, Harry A. changed its name to the Sunrise National Bank & Trust Co. Kahler, Benjamin Mordecai, Dennis F. O'Brien, Morgan J. of Baldwin. O'Brien, E. Clifford Potter and John H. Towne. Chester D. Pugsley of the Westchester County National New York lost one of its prominent retired bankers on of Peekskill, N.Y., will speak at the Institute of StatesDec. 4, when Augustus W. Kelley, 79 years of age, former Bank of Rollins College in Winter Park, Fla., on Jan. 9; manship the of Union Trustee Co., Trust and senior Vice-President will be "Chain and Branch Banking." topic his long illness. Starting died at the Doctors Hospital after a as a receiving teller with the old Union Trust Co. at the age An extra dividend of $1.50 a share in addition to the regof 15, Mr. Kelley spent 47 years of his life with the institution, ular quarterly dividend of $3 a share was declared Dec. 8 retiring in 1913. He served all four Presidents of the com- by the directors of the Marine Trust Co. of Buffalo, N. Y., pany and on two different occasions, following the deaths of making the total yearly payment $13.50 a share on the Edward King and John W: Castles, he carried on as ranking 200,000 shares of $50 par stock. The Buffalo "Courier Exexecutive in charge of the company for periods of several press," from which the above information is obtained, conmonths. His 47 years of service were spent in a banking era said: tinuing, In which he helped to see his company through the "greenall the stock of The Marine Midland Corp., as owner of practically war n," crises, and agitatio series "silver back movement," Marine Trust, is thief beneficiary. that panics approximate $25 per characterized the It is estimated that earnings of Marine Trust will of business booms and financial 1929, and running ahead of 1928. to with see He lived favorably his decomparing century. bank 19th share, the of latter half velop from an institution of $1,000,000 in capital and less Arthur Guy, Deputy Bank Commissioner of Massachuthan $4,000,000 in deposits to a part of the Central Hanover on Dec. 5 was authorized by Judge Sanderson of the Bank and Trust Co., an organization with $105,000,000 in setts, setts Supreme Court to pay a dividend, the third, Massachu . in deposits ,000 capital funds and $650,000 of 20%, amounting to $120,782, to depositors in the comAt its meeting held on De-c. 4, the board of directors of mercial department of the defunct Hampshire County Trust the Banca Commerciale Italiana Trust Co. of New York Co. of Northampton, Mass., making a total of 95% to comdeclared a dividend of $2.50 per share, payable Jan. 2 1931 mercial depositors, according to the Boston "Transcript" to stockholders of record as of Dec. 15 1930, for the fourth of Dec. 5. Depositors in the savings department of the bank, quarter of the current year." it was stated, have received 100%. Our last reference to of this bank, which was closed on Mar. 28 of Edward S. Rothchild, Presi- dent of Chelsea Bank & Trust the affairs year following the discovery of a shortage in present the several branches located in Co. of New York which has 3820 FINANCIAL CHRONICLE its funds of approximately $288,000, appeared in our issue of Oct. 4, page 2169. From the Providence "Journal" of Dec. 10 it is learned that the directors of the Rhode Island Hospital Trust Co. of that city at their annual reorganization meeting on Dec. 9 named several new officers for the institution. R. Foster Reynolds, hitherto Manager of the bank's safe deposit department, was named Assistant Manager of the Woonsocket office. Other appointments were as follows: Kenneth Shaw Safe, Assistant Secretary; Kenneth J. Tanner, Assistant Trust Officer; Arnold R. Block, Assistant Manager mortgage and trust real estate department; Arthur R. Paine, Assistant Manager mortgage and trust real estate department, and George B. Munroe, Manager, safe deposit department,and all other officers of the institution were re-elected. Herbert J. Wells is Chairman of the Board of Directors, and Thomas H. West, Jr., President. [VoL. 131. "The State Department of Banking and Insurance has taken possession of the business and property of the Alorsemere Trust Co. in order to partially relieve its frozen assets and Its available cash, its resources havving been substantially liquidated by recent Christmas club payments and other heavy withdrawals. It is hoped that the suspension will be temporary and that reorganization can be successfully undertaken in the near future." The Newark "News" of Dec. 8,from which we have quoted above, continuing, said: The bank has deposits of approximately $300,000 and its total resources are estimated at $500,000. Approximately 100 persons got word of the probable closing and withdrew their accounts Saturday morning. George II. Richenacker, President of the institution, said at his home this morning that "all depositors will receive dollar for dollar on their money." He described the bank's predicament to the large total in notes that were in effect over a year ago and on which the principal had not been taken care of, only the interest having been paid. It is now the business of the State to collect these notes, he said. He added that the State has taken over $68,000 worth of these instruments at the present time. The closing of the trust company comes shortly after the regular examination of its accounts by the Banking Department and is the result of evidence brought to light in the inspection. Its officers are: Mr. Richenacker, of Hackensack, President; Edward Miller, of Palisades Park, On Tuesday of this week, Dec. 9, the Citizens' Bank & First Vice-President; Dr. H. J. Horowitz, of Ridgefield, Second ViceTrust Co. of New Haven, Conn., was restrained by order President; Elmer J. S. Coe, of Ridgefield, Treasurer, and Dr. H. Halpern, of Lester Sbippee, State Bank Commissioner for Connecti- of Englewood, Secretary. The cut, from paying or receiving funds because of shrinkage $38,000.bank building is valued at $75,000, and the fixtures at about in deposits and inability to liquidate loans which it has The bank was organized in March 1926. H. A. Meyerhoff was the first made, according to advices from New Haven on Dec. 9 to President and served in that capacity until May of this year. He was succeeded by Martin C. Suller, who held office until October, when Richenthe New York "Times," from which we quote further as acker took charge. follows: The following with reference to the affairs of the Port A movement has been begun for the consolidation of the institution with another local bank. If the movement fails, the Bank Commissioner will Newark National Bank of Newark, N. J., which failed on appeal to the Superior Court for the appointment of a receiver. The reserves of the bank have been depleted by the withdrawal of com- Aug. 8 last, appeared in the Newark "News" of Dec. 2: Affairs of the closed Port Newark National Bank were turned over mercial deposits of the bank the past month amounting to about $500,000, although nearly $1,000,000 is represented in the routine and commercial formally by Theodore Ackerson, equity receiver, to F. Raymond Peterson, receiver for the Comptroller of the Currency, yesterday (Dec. 1). deposits. Ackerson virtually was deposed by a decision of the United States Circuit Loans amounting to nearly $40,000 to Jonathan N. Rowe, trustee of the institution, who committed suicide about a month ago, have embarrassed Court of Appeals several weeks ago that the Comptroller, and not the the institution because of inability to liquidate the collateral given, accord- Federal Courts, was entitled to control of the bank's affairs. An audit and other technicalities postponed actual turnover until yesterday, however. ing to Albert McClellan Mathewson, first President of the bank. Peterson closed the bank Aug. 8. Federal Judge Runyon appointed Clarence B. Dann is the present President. An Associated Press dispatch from New Haven on Dec. 9, Ackerson equity receiver when Edward M. Waldron filed suit for a receivership. On appeal from this decision the Circuit Court ruled against printed in the Springfield (Mass.) "Republican" of Dec. 10, Ackerson. Three months are allowed for an appeal from this. Thus far Arthur T. contained the following additional information concerning Vanderbilt, counsel for Waldron, has made no move in this direction. the closed bank: Albert McClellan Mathewson, first President of the bank and one of Robert R. M. Carpenter, Vice-President of E. I. du Pont Its founders said the recent suicide of Jonathan H. Rowe, a trustee, "precipitated the dilemma of the bank." Loans reported as totaling between de Nemours & Co., Philadelphia , has been made a director $30,000 and $40,000 made to Rowe by the bank are covered by collateral of the Girard Trust Co. of Philadelphia, succeeding Arthur which the bank has learned since his death cannot be readily liquidated. The New Haven Clearing House association following a meeting issued a W. Thompson, deceased, according to the Philadelphia statement expressing the hope that the bank's assets "can be so liquidated "Ledger" of Dec. 5. The directors also declared the regular that the ultimate loss to depositors will be small, and it is possible that quarterly dividend of $1 a share, payable Jan. 2 to stockthere may be no loss." In its last financial statement issued September 24, 1930, the bank gave holders of record Dec. 15. its surplus as $21,000; savings deposits $509,137.12; general deposits $391,559.91 ; Christmas savings and thrift funds $33,288.75, and undivided profits Effective Dec. 2, the Nevant Brothers Bank at Farrell, Pa., $31,179.62. Announcement was made at 1 o'clock yesterday morning (Dec. 12) that State Bank Examiners had temporarily taken over the affairs of the West Springfield Trust Co. of West Springfield, Mass., and that the bank would not open that day, according to Associated Press advices from West Springfield, Dec. 12. It was hoped, a statement from the bank officials declared, to re-open the institution "at an early date." According to Springfield advices to the New York "Times" the previous day, Dec. 11, the bank closed its doors that day as a protective measure following a "run" on the institution precipitated by the suicide a few hours earlier in the day of Malcolm Warren, Treasurer of the bank. We quote from the dispatch, in part, as follows: Depressed by his belief that he would lose his position the first of the year and by the stream of hard luck stories he had listened to as a bank official for the last few months, J. Malcolm Warren, 40, Treasurer of the West Springfield Trust Co., shot himself in the basement of the bank some time late last night or early this morning. Within a few hours after Warren's body had been found by a janitor, a run on the bank by depositors had exhausted the cash on hand, about $100,000, and the officials of the bank closed its doors as a protective measure. Bonds and other quick assets of the bank are estimated at about $300,000 and the institution has about $1.000.000 out in first mortgage loans. Horace A. Moses, paper manufacturer and President of the instutilon, said to-night that he could assure all the depositors that the bank's condition was perfectly sound. No money was taken from the bank by Mr. Warren, he said. Both the suicide of the Treasurer and the run upon the bank were attributed by the bank officials to hysteria. On Dec. 6 the Morsemere Trust Co. of Palisades Park, N. J., was ordered closed by State Bank Examiner Verner D. Peer, pending an examination of its books. The institution failed to open its doors for the usual 6 to 8:30 p. in. Saturday banking hours. On Monday morning (Dec. 8) Mr. Peer issued the following statement: was taken over by the Colonial Trust Co. of that place, according to Farrell advices to the "Wall Street Journal" on Dec. 3. The dispatch furthermore stated that the Nevant brothers had operated a bank for the past 12 years, but would from now on devote their time to their store in Farrell. According to a dispatch by the Associated Press from Evansville, Ind., Dec. 9, W. W. Gray, President of the Citizens' National Bank of that city on the date mentioned issued a statement saying that Louis G. Otto, former Assistant Cashier and Paying Teller of the institution, has admitted a §hortage of $73,542 in his accounts. The statement said that Otto has turned over to the bank securities and property valued at $35,000. The dispatch went on to say: Mr. Gray declined to say whether Otto would be prosecuted. that there would be no loss to the bank. He said The Chesapeake Bank of Baltimore, Md., a commercial and savings institution, together with its two branches, was taken over by the State Bank Commissioner, George W. Page, on Tuesday of this week, Dec. 9, and the institution closed. A dispatch to the New York "Times"from Baltimore on the day mentioned in reporting the closing said: The bank was formed nineteen years ago. "There has been something of a run and the bank was unable to pay," Mr. Page said. "With the directors and possibly a committee of bankers an examination will be made. It is not possible at this time to say anything about what the assets and liabilities are. "We hope to take immediate steps for the relief of the depositors of the bank." The city government has on deposit in the bank about $400,000. The sum of $300,000 was a time deposit, withdrawal of which Is governed by Clearing House rules requiring thirty days notice. Waldo Newcomer,President of the Baltimore Clearing Rouse and chairman of the board of directors of the Baltimore Trust Co. in a statement said: DEC. 13 1930.] FINANCIAL CHRONICLE 3821 "I see no reasoh why this should disturb the general financial situation were closed on Dec. 6. Associated Press advices from Sioux er involve any other bank. The Chesapeake Bank was not a member of City reporting the closings said: the Federal Reserve System or of the Clearing House, and it was, therefore, Notices were pasted on the doors of the Sioux National Bank and the Impossible for the Clearing House to keep such supervision as it would of a First National Bank, the two oldest financial institutions here, that they member bank or to prevent the closing." The last published statement of the bank's condition,last Sept. 2,shows had been closed by unanimous vote of the directors late today (Dec. 6). The First National Bank, capitalized at $1,000,000, is headed by J. L. assets of $5.934,884 and deposits of over $5,000.000. Officers of the bank are J. Monroe Holland, President; William Edwin Mitchell. The Sioux National Bank, which had a capital of $400,000, was Bonn and Milton B. Delchor, Vice-Presidents, and Milton L. Holland, founded in 1890. Deposits in the First National Bank totaled more than $7,000,000, and in the Sioux National more than $5,000,000. Cashier. A dispatch by the United Press from Baltimore Dec. 9 stated that the institution was capitalized at $50,000 and had surplus and undivided profits of $344,093, according to its last report. "A suburban branch is said to have closed last night, (Dec. 8). This, it was said, was followed by a run on still another branch." That two Akron, Ohio, banks are about to merge, namely, the First-City Trust & Savings Bank and the Ohio State Bank & Trust Co., was reported in a dispatch from that city to the Cleveland "Plain Dealer" on Dec. 2, which said, in part: The proposed merger would create a banking institution here with resources of more than $60,000,000, putting it among the large banks of the State. It is rumored that the new company plans construction of a 30-story bank building on property owned by the Ohio bank at Main and Market • Streets. Harry Williams, President of the First-City Bank, it is understood, is to be head of the combination, under terms of which the Ohio bank will be absorbed by the larger company, which formerly merged with the City National Bank here in one of Akron's biggest bank deals up to that time. The First-City Trust & Savings Bank has its main office in the Second National Building, at 157 S. Main Street. Its city office is on Main Street, between Mill and Market. Its People's office is in the People's Bank Building, at Main and Exchange Streets, and it has offices in North, East and South Akron. Its capital is $3,500,000, surplus $3,000,000, and resources more than $50,000,000. George D. Bates is Chairman and Harry Williams, President. The Ohio State Bank has capital, surplus and undivided profits listed at $1,700,000 and resources of snore than $10,000,000. William O'Neil, President of the General Tire & Rubber Co., is Chairman and A. F. Ayers is President. Subsequently, Dec. 9, Chicago advices to the "Wall Street Journal" contained the following information concerning the institutions: The First National Bank and Sioux National Bank, both of Sioux City, Iowa and members of the Seventh Federal Reserve District of Chicago, which closed their doors at close of business December 6 will probably reopen in the very near future due to the importance of these two institutions to the other banking interests in that section. The First National Bank had resources of $8,500,000 and deposits of $7,000,000. Sioux National Bank had resources of $5,300,000 and deposits of $3,500,000. Both institutions catered to the farmer trade of South Dakota, North Dakota and Montana and were important factors throughout the Northwest wheat belt. Frozen assets, due to current unfavorable agricultural conditions throughout the section, were the immediate cause of the closing of these banks. The present difficulty was foreseen some weeks ago, but Sioux City bankers failed to work eut a plan to prevent the embarrassment. The closing on Saturday, Dec. 6, of the two large Sioux City banks was followed on Monday by the closing of two small institutions, the Leeds State Bank at Leeds (a Sioux City suburb) and the Bailey State Bank at Correctionville, Iowa. An Associated Press dispatch on Dec. 8 from Sioux City, reporting the closing of these banks, said in part as follows: Ten Sioux City banks today (Dec. 8) paid demands made by depositors, $2,000,000 having been rushed here Sunday. They said they had ample funds to meet any requests which might be made as the result of the closing Saturday of the First National and Sioux National banks. The Leeds State bank, in the suburbs, closed at noon to "await actioa of depositors" while the Bailey State Bank of Correctionville, near here, failed to open. The Leeds bank had deposits of $135,000, while the Bailey State, which was affiliated with the Sioux National, had deposits of $200,000. The First National Bank o- f Capac, Mich., was reported Still later (Dec. 10) advices by the United Press from closed by its directors in Associated Press advices from that Des Moines, reported that two more Iowa banks, the Simplace on Dec. 6, printed in the New York "Herald Tribune" mons & Co., bank at Osceola, with deposits of over $1,000,of the next day, which, continuing, said: 000, and a subsidiary institution, the Murray State Bank at Bank officials said inability to realize on securities and frozen farm Murray, with deposits of $479,000, had closed, loans had necessitated the closing. The bank, which was capitalized in 1914 for $25,000, had deposits of about $400,000. Again, advices (Dec. 11) by the United Press from Des The following with reference to the affairs of the defunct Moines reported that two more Iowa banks, the Ringgold Troy State Bank, Troy, Ill., appeared in the St. Louis County Savings Bank at Kellerton, and the Sutherland State Bank at Sutherland, with combined deposits of more than "Globe-Democrat" of Dec. 4: J. Erwin Hindmarch, receiver for the Troy, Ill., State Bank, which was $750,000, had closed on that day. "Frozen" assets, the disclosed in February 1929, yesterday (Dec. 3) disclosed that Arthur F. patch stated, were blamed for the closing of the institutions. the bank, had placed his stock in the Troy Seligman, former President of Coal Co. in escrow under an arrangement whereby a percentage of the coal company's receipts will be set aside to pay depositors of the bank. Seligman, who lives in St. Louis, owns 90% of the stock of the coal company, which operates a mine at Troy. The mine now is in full production. Seligman agreed Sc, on each ton of coal mined there should be set side for the bank depositors. Hindmarch believes that will mount up to about $2,500 every three months. An Associated Press dispatc- h from Des Moines, Iowa, on Dec. 8, reported that consolidation of the Iowa Trust & Savings Bank of Des Moines with the Iowa-Des Moines National Bank & Trust Co. (said to be the largest bank in the State), was announced the previous night (Dec. 7) by Louis 0. Reference was made to the failure of this bank in our Kurtz, Ohairman of the Board of the latter institution. issues of Mar. 2 and June 15 1929, pages 1323 and 3950, The advices furthermore stated: It was also revealed that the Iowa Trust and Savings Bank had been respectively. placed in receivership at the close of business Saturday (Dec. 6) by the Department. All deposits of individuals, firms and corThat it is proposed to increase the capital of the Lawn- State Banking been provided for and guaranteed by the Iowa-Des Moines porations have dale National Bank of Chicago from $300,000 to $350,000, National Bank & Trust Co., which has capital of $2,000,000, mina= e Is learned from the Chicago "Journal of Commerce" of $1,000,000 and undivided profits of more than $600,000. a--. Dec. 9, which said: As of Dec. 6, the business of the Fifth and Walnut Office Stockholders of the Lawndale National Bank will have an opportunity to vote on a proposed increase in the capital stock to 35,000 shares of $10 of the Fifth Third Union Trust Co. of Cineinnati was moved par from 30,000 shares, it was stated in connection with the announcement to the Fourth and Walnut Office of the institution at the yesterday of the declaration of a regular dividend of 80 cents a share and northwest corner of Fourth and Walnut Streets, that city, and stock to 1 Jan. of payable both record amount, same the Dec. 31. of extra an If the proposed capital increase is approved, it is planned to declare an 8 1-3 all the banking business of the former office is now being per cent stock dividend and to offer the remaining 2,500 shares to stock- carried on at the Fourth and Walnut office. The Fifth holders at par. Third Union Trust Co., which is said to be the largest bank A press dispatch from Cinci- nnati, Ohio, on Dec. 8, appear- in Cincinnati, has resources in excess of $95,000,000. ing in the New York "Evening Post" of the same date, reThe proposed union of the First National Bank of Duquoin, ported that the Central Trust Co., Cincinnati, has purchased and the First Bank & Trust Co. of that place, both capcontrol of the Brighton Bank & Trust Co., and the Pearl Marat $50,000, was consummated on Dee. 1, under the italized ket Bank & Trust Co., both of Cincinnati. These banks were the First National Bank of Duquoin, with capital of of title purchased from the Cincinnati Clearing House Association, $100,000. Reference was made to the proposed merger of which acquired control of the banks from the Bancokentucky these institutions in our issues of May 24 and July 12, pages Co., (of Louisville, Ky., now in the hands of a receiver) a 3657 and 222, respectively. few weeks ago. Cincinnati advices to the "Wall Street Joseph Hugh Scales, for m- any years a director of the Journal" on Dec. 8 gave the following additional informaCitizens' Union National Bank of Louisville, Ky., was aption: Purchase of these two banks ranks the Central Trust Co. as the second pointed a Vice-President of the institution at a recent largest bank in Cincinnati. Combined resources will total approximately meeting of the directors, according to the Louisville $70,000,000 and deposits $60,000,000. "Courier-Journal" of Dec. 3. In announcing the appointTwo important Sioux City, Iowa banks—the First Na- ment of Mr. Scales, John It. Downing, President of the intional Bank of Sioux City and the Sioux National Bank_. stitution, was reported as saying, in part: 3822 FINANCIAL CHRONICLE "This action was made necessary by the large increase in business, particularly commercial accounts that have come to the bank recently. We were particularly fortunate to have a man in our organization who was possessed of the character and attainments necessary to fill the position. "Mr. Scales has been a director for more than 20 years, and, of course, is familiar with the bank's affairs and customs. . . . "He is well acquainted with business men and business affairs, not only in Louisville, but throughout Louisville's trade territory." The paper mentioned added: Mr. Scales is a native of Virginia, and since coming to Louisville in 1901, has become known throughout the country as an authority on mercantile credits. He is a former Vice-President of the National Association of Credit Men and served two terms as President of the Louisville Credit Men's Association. The executive committee of the board of directors of the First Bank Stock Corp. (with headquarters in St. Paul and Minneapolis) has declared the regular quarterly dividend of 25 cents a share payable Jan. 1 to stockholders of record Dec. 17. The First Bank Stock Corp.'s group system of banks consists of 109 members in the Ninth Federal Reserve District including the First Nationals of Minneapolis and St. Paul. The First National Bank o-f Elk Point, S. D., capitalized at $25,000, and with deposits of approximately $160,000, was closed Dec,5, according to a dispatch by the Associated Press from that place, appearing in the Des Moines (Iowa) "Register" of Dec. 6. "Frozen assets" were blamed, it was said, for the bank's embarrassment. Officers of the institution, which will be liquidated, were E. W. Freeman, President, and E. Johnson, Cashier. To provide an extensive dist- rict in Benson County, N. D., with banking facilities, the First Bank Stock Corp. (headquarters St. Paul and Minneapolis) has organized and established a group bank at Minnewaukan according to a recent announcement by P. J. Leeman, Vice-President and General Manager, of the holding company. The new institution takes the name, Benson County State Bank of Minnewaukan and is provided with an initial capital structure of $30,000. A communication in the matter furthermore says: 0. F.Pierson, who spent 15 years from 1901 to 1916 in the banking business at Minizewaukan has returned to manage the new bank as Cashier, and M. M. Hayden, former North Dakota banker, now Treasurer of the group's holding company, becomes President. Mr. Pierson, Mr. Hayden and Martin Ans. Vice-President of the First National Bank of New Rockford, N. D.,compose the Board of Directors. Minnewaukan formerly was the site of two banks, both of which have closed in recent months. The building of the old First National has been purchased to house the new Benson County State Bank. The Comptroller of the Currency on Dec.6 issued a charter for the Hutchings First National Bank of Siloam Springs, Ark., with capital of $50,000. H. G. Hutchings is President of the new institution, and Z. W. Ford, Cashier. A charter was issued on Dec. 5 by the Comptroller of the Currency for the Gary National Bank, Gary, W. Va., with capital of $100,000. E. O'Toole is President of the new institution and R. A. Wyland, Cashier. Resignation of J. A. Pondrom, as Chairman of the executive committee of the First National Bank in Dallas, Dallas, Tex., effective Jan. 1, was accepted at a recent meeting of the directors of the institution. For more than eight years previous to the consolidation of the American Exchange National Bank and the City National Bank to form the First National Bank in Dallas, Mr. Pondrom was President of the City National. Action concerning a successor to Mr. Pondrom will probably be taken at the Board's annual meeting in January. The Dallas "News" of Nov. 31,from which the above information is obtained, continuing said: National SecurMr.Pondrom also has resigned as President of the First as Vice-President ities Co., and his son. J. A. Pondrom Jr., has resigned be taken up at a later meeting of that company. These resignations will is a subsidiary of the First National of the Board of the securities firm, which Bank in Dallas. 35 years that he Mr. Pondrom Sr. said this was the first time in almost vacation and that he was has had a chance to take more than a two-week was an executive of a Houston bank before going hunting and fishing. He has extensive interests in he became President of the City National. He Texas. That the Bank of Hollywood, Hollywood, Cal., a small institution, had closed, was reported in advices by the Associated Press from Hollywood on Dec. 8, appearing in the New York "Herald Tribune" of Dec. 9, which went on to say: and $3,000,000. The The bank had deposits of between $2,000,000 Superintendent of Banks, who closing was ordered by Will C. Wood, State said the closing did not ascribed the cause to "special conditions," and was due to inability affect any other bank. Mr. Wood said the closing said he would hold to liquidate assets to meet withdrawal of funds. He possession until plans for reopening or liquidation are made. [Vou 131. Effective Nov.24 1930, the First National Bank of Portervine, Cal., capitalized at $100,000, went into voluntary liquidation. The institution was absorbed by the Bank of America National Trust & Savings Association, San Francisco. The New York agency of the Standard Bank of South Africa, Ltd., has received the following cable from the Head Office in London, regarding the operations of the bank for , the half-year ended Sept. 30 1930: The board of directors of Standard Bank of South Africa, Ltd., has resolved, subject to audit, to pay to the shareholders an interim dividend at the rate of 14% per annum,subject to income tax. Dividend warrants will be posted on Jan. 23 next. The bank's investments stand in our books at less than market value as at Sept.30 last, and all usual and necessary provisions have been made. The eleventh annual report of the British OverseaeBank, Ltd. (head office London), covering the fiscal year ended Oct. 31 1930, was presented to the shareholders at their general annual meeting on Dec. 9. The statement shows net profits for the period, after allowing rebate of interest and providing for all bad and doubtful debts, and income tax, of £140,446, which, when added to £58,130, the balance to credit of profit and loss brought forward from the preceding 12 months, made 1198,576 available for distribution. From this sum £30,000 was deducted to pay an interim dividend on the "A" ordinary shares at the rate of 6% per annum (less income tax) for the six months ended April 30 1930, and income tax thereon, leaving a balance of £168,576, which was allocated as follows: £30,000 to take care of a final dividend on the "A" ordinary shares at the rate of 6% per annum (less income tax) for the six months ended Oct. 31 1930, together with income tax thereon; 160,000 to pay a dividend on the "B" ordinary shares at the rate of 6% per annum (less income tax) for the year ended Oct 31 1930, together with income tax thereon, and 15,000 written off bank premises, leaving a net balance of £73,576 to be carried forward to the current year's profit and loss account. Total assets are shown in the statement as £10,775,180, and current deposits and other accounts at 14,549,187. The bank's paid-up capital stands at £2,000,000, and its reserve fund at /225,000. The Right Hon. Viscount Churchill, G.C.V.O.,is Chairman of the Board of Directors, and Arthur C. D. Gardner, Dep. Chairman and Managing Director. The Directors of Westminster Bank Ltd., of London, announce with regret that their Chairman, R. Hugh Tennant, has intimated his intention to retire from the chairmanship on Dec. 31. Mr. Tennant has devoted many years to banking, firstly as a Director and Deputy Chairman of Crompton & Evans Union Bank, Derby, then as Deputy Chairman of Parr's Bank, and on the amalgamation of that bank with the Westminister Bank in 1918 as Deputy Chairman, until he succeeded the late Mr. Leaf as Chairman in 1927. Mr. Tennant will retain his seat on the board of Westminster Bank so that his knowledge of financial and industrial affairs may remain at the service of the Bank. Rupert E. Beckett will succeed Mr. Tennant as Chairman on Jan. 1 and Sir Malcolm Hogg will become a joint Deputy Chairman on that date. THE WEEK ON THE NEW YORK STOCK EXCHANGE. Under pressure of selling and liquidation, the stock has again drifted downward the present week. There have been occasional periods of strength, but these, as a rule, have been of short duration, the market again pursuing a downward course. On Thursday, United States Steel dipped to its previous low level, despite the fact that unfilled orders on the books of the subsidiary corporations at the end of November were 157,873 tons larger than at the end of the previous month. One of the unfortunate developments of the week was the closing on Thursday by State Superintendent of Banking, Joseph A. Broderick, of the Bank of United States with main offices at 535 Fifth Ave. and 61 branches located in various parts of New York City. The weekly statement of the Federal Reserve Bank, published after the close of business on Thursday, showed a further decrease of $12,000,000 in brokers' loans in this district. This makes the 11th consecutive week on which the brokers' loans have shown a decrease, bringing the present outstanding total down to $2,099,000,000. Call money renewed at 2% on Monday, continued unchanged at this rate until Friday when it advanced to 2% Prices generally moved downward during the. two-hour session on Saturday and while there was an occasional issue DEC. 13 1930.] FINANCIAL CHRONICLE 3823 that for some special reason stood out against the trend, Anaconda dropping to its lowest level since 1924, as it the market, as a whole, closed at lower levels. Oil shares touched 31%, while Kennecott dropped to its lowest for the were under pressure most of the day, and many of the rail- year as it slipped below 25. Oil shares also were in large road issues sold off from one to two or more points. In the supply, Standard Oil of New Jersey slipping into new low general list, Eastman Kodak, and Allied Chemical & Dye ground followed by Standard Oil of California, United States were down, both losing about 3 points. The market again Steel was in good demand and sold up to 14134 with a net moved downward on Monday as a renewed wave of liquida- gain of about 2 points, followed by such pivotal issues as tion carried many of the more prominent of the market Westinghouse, General Electric, American Can, American leaders to lower levels. The outstanding feature of the Tel. & Tel., Bethlehem Steel, J. I. Case, National Biscuit, trading was the heavy offerings of railroad issues. The Johns-Manville, and Eastman Kodak all of which sold from greater part of the recessions in this group concentrated 1 to 2 points higher. Railroad stocks showed a mixed trend around the high grade stocks like Union Pacific and Balti- and while some made moderate gains, others like New York more & Ohio, both of which tumbled downward about 5 Central, Pere Marquette, Norfolk & Western, Louisville & points. Other issues that were especially weak were New Nashville and Baltimore & Ohio were off from 1 to 2 points. York Central, Rock Island, Erie, and Southern Railway, TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY. WEEKLY AND YEARLY. most of this group dropping back about 3 points. Oil stocks continued to slip backward, Prairie Pipe Line declining State, Total Railroad, United Stocks, States ctc., Municipal & Bond Number of three points, and Sun Oil breaking to a new low for 1930, Week Ended Bonds Bonds. Poen Bonds. Sales. Shares. Dec. 12 1930. with a loss of four points. United States Steel sank to 14134 719.950 $2,998,000 $1,619,000 $535,500 $5,152,500 with a loss of nearly a point. Public utilities were repre- Saturday 6,620,000 3,009,000 1,983.840 322,000 9,951,000 Monday 7,083.000 3,245,000 300,000 10,628,000 2,116.740 sented in the declines by General Gas & Electric 8% pref. Tuesday 3,025,000 437.800 10,493.800 17.031,000 3,146.950 Wednesday 7,499,000 3.690,500 1,352,000 12,541,500 2,888,910 which broke 15 points, and such stocks as Peoples Gas which Thursday 6,817,0001 2,806,000 2,089,500 660,000; 10.283,000 was off 63j points. Other noteworthy losses were Industrial Friday 1 12,945,890 $38,048,0001 $17,394,500 83.607,300 859,049.800 Total Rayon 734 points, Ingersoll-Rand four points, Worthington Pump five points, Studebaker four points, Ludlum Steel Jan. 1 to Dec. 12. Week Ended Dec. 12. Sales at New York Stock pref. . nine points, and Southern Railway 334 points. 1929. 1930. 1930. 1929. I Exchange. Selling predominated to a large extent during the opening 700.232,011 1,085,440,250 12,945,890 24.457.210 shares_ of -No, Stocks hour on Tuesday, but stocks developed a stronger tone as Bonds. 3107,281,400 $134,482.000 bonds... $3,607,300 84,659.000 the day progressed and some of the pivotal industrials ruled Government 676,161.400 17,394,500 14,943.000 626,436,650 State,k foreign bonds_ at higher levels. Railway shares continued quite soft and Railroad & misc. bonds 38,048,000 50,604,000 1,818,566.900 2,099,704,800 several prominent issues were lower at the close, though as 849.049.800 370,206,000 32.602,009,700 $2,861,623,450 Total bonds a whole, the group was fractionally higher as the sesDAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND sion ended. United States Steel found some support BALTIMORE EXCHANGES. in anticipation of an increase of the unfilled tonnage report for November and closed with an advance of Boston. Baltimore. Philadelphia. Week Ended 134 points on the day. American Can, and WestingShares. BondSales. Shares. Bond Sales. Shares. Bond Saks. Dec. 12 1930. house were higher by a point or more, and so were Worth87,000 a12,257 $47,000 2,248 15,363 89,500 35,725 42,600 ington Pump, Eastman Kodak, Crucible Steel, and Sears, Saturday 29,236 10,000 4,959 18,900 Monday 15,000 a27,345 41,500 34,748 2,915 15,200 Tuesday Roebuck. Public utilities generally declined and stocks like Wednesday 42,458 15,000 a46,541 51,000 7,741 39.500 43.654 48,000 a49,456 50.200 8.441 21,500 American Power & Light, American Water Works, American Thursday 12,430 17,000, 16.476 9.484 32,000 Friday & Foreign Power, and Standard Gas & Electric were off a 177,8891 $112,000/ 187,800 $232,300 35,788 $136.600 point or more. International Tel. & Tel. broke about 3 Total points, but American Tel. & Tel. was fractionally higher. Prey, week revised 145,505. $76,100. 144,360 8366,077 13,364 $91.100 a In addition, sales of warrants were: Saturday, 100; Tuesday, 100: Wednesday, Specialties made little progress and oil shares were generally 200; Thursday, 300. down. On Wednesday stocks turned weak under increased selling pressure and liquidation, losses in the leading stocks THE CURB EXCHANGE. ranging from 2 to 5 or more points, while many of the active Prices on the Curb Exchange this week show a steady despeculative favorites slipped through the low levels established about a month ago. Trading was particularly brisk cline with each day's trading, culminating on Thursday in a and the turnover was the largest in several weeks. Among rush of selling on the announcement of the suspension of an the specialties, the weak spots were rather numerous and important local bank. More than 300 issues sold this week included such stocks as Johns-Manville, which was down at their lowest for the year. Every group was affected by about 4 points, while the decline in Westinghouse Electric, the decline, some of the utility issues being the chief sufferers. 5 Bethlehem Steel, Eastman Kodak, and J. I. Case Threshing Electric Bond & Share was down from 453. to 39/s,recovered at 413g. closed to-day Am. Cities Pow.& Lt. / 8, and Machine reached about 2 points. Other noteworthy de- to 425 / 5s clines were Columbian Carbon, American Tel. & Tel., class A fell from 34 to 32 and recovered finally to 33%. 4 to 8234, sold up Worthington Pump, Allied Chemical & Dye, American Amer. Gas & Elec. corn. dropped from 903 to 87 and ends the week at 85. Duke Power lost 12 points to Water Works, and Western Union Telegraph. The selling movement again predominated during the 125. Northern State Power, corn. was off from 1303 to greater part of the day on Thursday, and while there were 127 but recovered finally to 130. Tampa Elec. declined occasional rallies that checked the force of the downward from 5334 to 50. Oils were a weak spot. Standard Oil swing to some extent, the final quotations were on the side (Ohio) corn. dropping from 5434 to 4334. Humble Oil & 4. Standard Oil (Indiana) deof the decline. The market opened lower with the initial Ref. fell from 6834 to 653 % to 343.(. Vacuum Oil lost over 4 points to declines ranging from fractions to a point or more. Railroad clined from 367 stocks were the weak feature as practically the entire group 6034, closing to-day at 6034. Gulf Oil broke from 733 to slipped downward, following the publication of the earnings 6534 with the transaction to-day at 6534. Among industrial statements of 170 railroads showing heavy net declines for and miscellaneous issues A. 0. Smith Corp. was conspicuous October and the 10 months as compared with the same period for a loss of some 19 points to 1203.(, recovered finally to in 1929. The sharpest recessions were in such stocks as 12334. Deere & Co. corn. declined from 4734 to 353/s, and Atchison which broke seven points to 175, and New York close to-day at 39. Driver-Harris Co. corn. on few transacCentral which fell off five points to 115%. Other note- tions weakened from 293 to 273/8. Glen Alden Coal reworthy losses were Union Pacific, New York & Harlem, ceded from 63 to 51 ex-dividend and sold finally at 5034. and Baltimore & Ohio, all of which dipped about four points. A complete record of Curb Exchange transactions for the United States Steel dropped to its previous low at 138, and week will be found on page 3859. scores of active issues broke to new low levels. The list of DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE. recessions included among others, Westinghouse Electric, Bonds (Par Value), General Electric,Bethlehem Steel,J.I.Case Thresh.Machine, Stocks (Number of Foreign Anaconda Copper, Allied Chemical & Dye, and Peoples Week Ended Rights. Domestic. Government.' Total. Shares). Dec. 12 Gas, the latter breaking seven points, though it regained 400 81.527.000 274,300 3104,000, 31,631,000 some of the loss later in the session and closed at 212, where Saturday 534,100 1.600 3,419,000 266.000, 3,685,000 Monday 612,900 2,800 3,756,000 367,0001 4,123,000 Tuesday it was off four points on the day. 704.800 1,300 2,967,000 387,000 3,354,000 Wednesday 2,200 4,395,000 754.100 The stock market was somewhat irregular on Friday, and Thursday 206,000i 4.601,000 539,100 1,900 3,476.000 446.000 3.922,000 while the leading stocks maintained a fairly steady tone, Friday 3,419,300 10,200819,540,000 31,776,000 321,316,000 there were exceptions to the rule. Copper issues were heavy, Total 3824 FINANCIAL CHRONICLE THE ENGLISH GOLD AND SILVER MARKETS. [VOL. 131. PRICES ON BERLIN STOCK EXCHANGE. We reprint the following from the weekly circular of Closing quotations of representative stocks on the Berlin Samuel Montagu & Co. of London, written under date of Stock Exchange as received by cable each day of the past Nov. 26 1930: week have been as follows: GOLD. The Bank of England gold reserve against notes amounted to £157,913,216 £158,920,423 on the previous Wednesday), and represents an increase of £11,953,132 since Jan. 1 last. £361,000 of bar gold arrived from South Africa this week, but as £346,000 had already been sold forward to France, only £15,000 was available for disposal in the open market yesterday. The price was fixed at 85s. 1 )4(1. per fine ounce, at which the small amount on offer was taken for India and the home and Continental trade. Withdrawals of gold from the Bank of England on French account have continued and movements at that institution during the week show a net efflux of £1,365,598. Receipts totaled £370,740. of which £350,000 was in sovereigns from South Africa, and withdrawals consisted of £100,000 in sovereigns (mostly for Spain), and £1,636,338 in bar gold, the bulk of which was for export to France after refining. The following were the United Kingdom imports and exports of gold registered from midday on the 17th bast. to midday on the 24th Inst.: Imports. Exports. British South Africa £1,741,653 1815,600 France Straits Settlements and 56,559 Germany dependencies 36.290 93,328 Switzerland Australia 42,000 38,633 Spain Other countries 14.345 390 Austria 8,000 Netherlands 12,740 British India 2,825 Other countries on the 19th inst. (as compared with £1,914,412 .C947,951 On the 20th inst. the Imperial Bank of India raised its official rate of discount from 5 to 6%. SILVER. Although prices have only shown small movements during the week, the tone of the market has been slightly easier. Support has only been moderate and has again been mostly in the form of bear covering purchases for both China and the Indian Bazaars, but, with weaker exchange advices from Shanghai, sales on China account were more than sufficient to meet requirements. America also contributed to supplies, selling with rather more freedom than of late. The following were the United Kingdom imports and exports of silver registered from midday on the 17th inst. to midday on the 24th inst.: Exports. Imports. British India /29,570 £35,930 China (incl. Hong Kong)_ Canada 28,769 25,103 Other countries Other countries 19,312 .C.58,339 .C80,345 INDIAN CURRENCY RETURNS. (In Lacs of Rupees.) Oct. 31. Nov. 7. 15. Nov. Notes in circulation 17014 17032 17064 Silver coin and bullion in India 12310 12298 12272 Sliver coin and bullion out of India Gold coin and bullion in India 5ffg r3Hg 3228 Gold coin and bullion out of India Securities (Indian Government) 1273 1342 1296 Securities (British Government) 222 203 210 The stocks in Shanghai on the 22d inst. consisted of about 95,700,000 ounces in sycee, 150.000.000 dollars and 4.180 silver bars, as compared with about 95,700,000 ounces in sycee, 149,000,000 dollars and 3,740 silver bars on the 15th inst. Quotations during the week: Bar Gold -Bar Silver per Oz. Std.Per Oz. Fine. Cash. 2 Mos. 85s. Id. Nov. 20 16 11-16d. 16 9-16d. 855. 1%d. Nov. 21 1634d. 16%d. Nov. 22 164d. 16%d. 85s. 1%cl. Nov. 24 16%d. 85s. 1%d. 1634d. Nov. 25 16%d. 85s. 1%d. 16%d. Nov. 26 85s. 1%d. 16%d. 16%d. Average 16.448d. 85s. 1.25d. 16.573d. The silver quotations to-day for cash and two months' delivery are lid. below those fixed a week ago. The London Bullion Market will be closed on Saturday, Dec. 27 1930. PRICES ON PARIS BOURSE. Quotations of representative stocks on the Paris Bourse as received by cable each day of the past week have been as follows: Dec.6 1930. Francs. Bonds20,500 Bank of France _ Banque Nationale de Credit 2,380 Banque de Paris et Pays Bea Banque de Union Parisienne 1,120 Canadian Pacific Canal de Suez 2:750 Cie Distr. d'Electricitie Cie Generale d'Electricitie Cie Ole Trans-Atlantique 616 Citroen B Comptoir Nationale d'Escompte 1,690 790 Coty, Inc Court-Wes Credit Commerciale de France...... 2.700 Credit Lyonnais 2;580 Eaux Lyonnais Energie Electrique du Nord Energie Electrlque du Littoral Ford of France 582 French Line 145 Gales Lafayette 743 Kuhlmann 1,250 L'Alr Liquide Lyon (P. L. M.) 2,240 Nord Sty Orleans Sty Pathe Capital 2,270 Pechiney 87.00 Rentes 3% 134.90 Rentes 5% 1920 102.30 Rentes 4% 1917 101.20 Relates 5% 1915 101.60 Rentes 6% 1920 3.240 Royal Dutch Saint Cobln. C.& C Schneider & Cie Societe Lyonnais Societe klarseilialse Tubize Artificial Silk, pref 1;ii5 Union d'Electricitte Wagons-Lits Dec. 8 1930. Francs. 20,700 1,330 2,390 1,395 1,120 17,150 2,740 2,840 564 632 1,700 790 1,334 1.210 2,730 2,710 965 1,281 235 562 145 747 1,280 1,580 2,250 1,415 185 2,290 87.30 134.80 102.30 101.10 101.60 3.200 4,020 1.860 2,250 1,040 220 1,110 361 Dec. 9 1030. Francs. 20,800 1,330 2.390 1,410 1,080 17,055 2,810 2,810 568 634 1,720 800 1,348 1,205 2,720 2,700 972 1,288 231 569 145 7.59 1,310 1,580 2,250 1,415 182 2,320 87.30 131.90 102.40 101.00 101.60 3,190 3,995 1,859 2,230 213 1,120 360 Dec. 11 1930. Francs. 20,600 1,308 2,360 1,390 1,080 17,150 2,740 2,750 570 621 1,700 790 1,340 1,205 2.600 2,630 961 1,270 218 568 145 738 1,270 1,572 2,230 1,405 157 2.250 87.40 135.00 102.50 101.00 101.50 3,150 3,985 1,860 2,215 1,038 215 216 1.130 1,130 360 355 Dec. 10 1930. Francs. 20,500 1,321 2,390 1,395 1,090 17,150 2,760 2,770 575 627 1,710 800 1,339 1,208 2,690 2,630 985 1,280 224 571 145 745 1,28'i 1,530 2,23J 1,413 150 2,280 87.30 134.90 102.40 101.00 101.50 3.170 3,990 1,860 2,250 Dec. 12 1930. Francs. 20,700 _ 2.350 1,53 .0 Dec. Dec. Dec. Dec. Dec. Dec, 8. 8. 9. 10. 11. 12. Per Cent of Par 99 99 99 98 124 123 124 124 124 122 112 111 112 111 Ill 110 152 149 150 149 148 147 110 109 109 109 109 108 110 110 110 110 110 109 224 225 228 228 225 225 63 60 60 59 58 56 105 102 103 102 100 100 74 75 73 73 73 75 172 172 172 172 17134 169% 86 85 85 86 84 84 112 109 109 107 194 102 70 67 68 68 66 65 106 105 105 103 100 100 44 45 45 45 43 42 78 78 86 77 76 77 103 103 103 100 100 100 133 130 131 130 129 130 118 117 116 116 _ 115 81 84 81 79 78 78 66 69 67 66 65 64 71 70 70 69 67 66 61 .61 58 61 68 152 148 150 148 147 146 139 137 136 135 132 132 76 75 77 76 75 76 164 160 160 157 154 152 Allg. Deutsche Credit (Adca)(8) Berlin Rendes Gee.(12) Commerz-und-Privat Bank (11) Darmstadter u. Nationalbank (12) Deutsche Bank u. Disconto Gee.(10) Dresdner Bank (10) Reichsbank (12) Algermeine Kunstzikle Unie (Aku)(18) Ails. Elektr. Ges.,(A.E.G.)(9) Dentsrlie Ton- und Steirzeuswerke (11) Ford Motor Co., Berlin (10) Gelsenkirchen Bergwerk (8) Gesfuerel (10) Hamburg-American Lines (Raping)(7) Hamburg Electric Co.(10) Hayden Chemical (5) Harpener Bergbau (6) Hotelbetrieb (12) 1.0. Farben Indus.(Dye Trust)(14) Kali Chemie (7) Karstadt (12) Mannesmann Tubes (7) North German Lloyd (8) Phoenix Bergbau (6)5) Polyphonwerke (20) Rhein-Westf. Elektr. (R.W.E.) (10) Sachsenwerk Licht u. Kraft (7)5) Siemens & FIalske (14) Stoehr & Co. Kammgarn Spinneret(5) Leonhard Tietz (10) iii Var. Staihwerke (United Steel Works) (6) 65 218 666 144 735 1,27U 2.220 2.260 87.40 134.90 102.50 101.00 101.50 3,190 1,140 63 iiii iiii 83 61 165 61 ENGLISH FINANCIAL MARKET-PER CABLE. Sat., Mon., Tues., Wed., Thurs., Frt., Dec. 6. Dec. 8. Dec. 9. Dec. 10. Dec. 11. Dec. 12. Silver, p. oz.d. 15% 15 11-16 15% 157-16 159-16 15 1-16 Gold, p.fine oz. 85s. Md. 85s. IHd. 85s. 134d. 85s. 134d. 85s. 134d. 85s. 110. Consols 214s__ 57% 57% 57% 57% 57% 571i British 55 102% 102% 103 102% 102% 100% British 4 100% 100% 100% 100% French Rentes (in Parls)_fr. 87.30 87.30 87.40 87.30 87.40 French War L'n (In Paris)_fr. 101.10 101.00 101.00 101.00 101.00 The price of silver in New York on the same days as been: Silver in N. Y.. per oz. (cts.): Foreign 3341 34 34 33% 33% 32% COURSE OF BANK CLEARINGS. Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us based upon telegraphic advices from the chief cities of the country indicate that for the week ended to-day (Saturday, Dec. 13) bank exchanges for all the cities of the United States from which it is possible to obtain weekly returns will fall 30.3% below those for the corresponding week last year. Our preliminary total stands at $8,584,500,243, against $12,310,007,863 for the same week in 1929. At this centre there is a loss for the five days ended Friday of 31.4%. Our comparative summary for the week follows: Clearings-Returns Si, Telegraph. Week Ended Dec. 12. Per Cent. 1930. 1929. New York Chicago Philadelphia Boston Kansas City St. Louis San Francisco Los Angeles Pittsburgh Detroit Cleveland Baltimore New Orleans 34,489,000,000 351,473,881 321,000.000 310.000.000 89,302.073 84,400,000 133,808,000 Will no longer 143,501,407 111,693,057 88,013.120 76,744,472 43,401,288 36,539.000,000 600,346,807 549,000.000 466,000,000 112.469.919 115,600.000 163.126.000 report clearings 141,274,595 150.484,928 115.392.621 83,065.736 53,805,048 +1.6 -25.8 -23.7 -7.6 -19.3 Twelve cities, 5 days Other cities, 5 days 86,242.337.298 911,412,905 89.089,565,654 1,042,056.230 -31.3 -12.5 37,153.750,203 810,131.621.884 1,430.750.040 2.178,385,979 -29.4 -34.2 Total all cities, 6 days All cities, 1 day Tntal 011 nItlaa Mr mnak 2:1155 2,630 64 The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: 2,740 633 1,690 780 iii iii SR ARS Ann 245 212 210 1107 502 -31.4 -41.5 -41.5 -33.5 -20.6 -27.0 -18.0 _gft 0 Complete and exact details for the week covered by the foregoing will appear in our 'ssue of next week. We cannot furnish them to-day, inasmuch as the week ends to-day (Saturday) and the Saturday figures will not be available until noon to-day. Accordingly, in the above the last day of the week had to be in all cases estimated.. In the elaborate detailed statement, however, which we present further below we are able to give final and complete results for the week previous-the week ended Doc. 6. For that week there is a decrease of 29.7%, the aggregate of clearings for the whole country being $9,626,889,422, against $13,686,562,682 in the same week of 1929. Outside of this city there is a decrease of 23.2%, while the bank clearings at this centre record a loss of 33.1%. We group the cities now according to the Federal Reserve Districts in which they are located, and from this it appears that in the New York Reserve District, including this city, the totals show a loss of 32.7%, in the Boston Reserve District of 25.7% and in the Philadelphia Reserve District of 34.3%. The Philadelphia Reserve District has a decrease of 9.6% and the Atlanta Reserve District of 21.4%, while the Atlanta Reserve District shows an increase of 0.5%. In the Chicago Reserve District there is a shrinkage of 27.1%, in the St. Louis Reserve District of 23.8% and in the Minneapolis Reserve District of 21.2%. In the Kansas City Reserve District the totals are smaller by 15.7%, in the Dallas Reserve District by 32.0% and in the San Francisco Reserve District by 17.8%. In the following we furnish a summary of Federal Reserve districts: SUMMARY OF BANK CLEARINGS. Week Ended Dec.6. Clearings al- 1928. 1927. 9,626,889.422 13,686,562,682 -29.7 14,783,323,658 10,663,427,980 3,543,894,102 4,613,622,109 -23.2 4,812,765,508 4,087,730,885 31 cities 437.030.725 522.491.309 -16.4 647.078.059 642403,866 We now add our detailed statement, showing last week's figures for each city separately, for the four years: Week Ended Dec. 6. Clearings at1930. 1929. Inc. or Dec. $ First Federal Reserve Dist rict-Boston 782,351 841,153 Maine-Bangor 4,473,252 4,638,331 Portland Mass.-Boston_ 425,648,493 590,000,000 1,572.680 1,056,242 Fall River_ _ _ 1,313,181 551,118 Lowell 1.088,424 993,135 New Bedford 6,133,086 6,067,305 Springfield_ 4,190,407 3,539,791 Worcester 15.366.445 18,387,983 Conn.-Hartford 8,111.222 7,171.459 New Haven... 16,614,200 12,681,000 R.I.-Providence 1.677,142 2.353,828 N.H.-Mancheter Total(12 cities) 483,929,838 1927. 910.215 +7.5 6.261,591 +3.7 -27.9 540.000,000 1,768,912 -32.8 1,436,503 -58.0 1,305.246 -8.8 7,026.200 -1.1 4,364.701 -15.5 21,616.730 -19.7 -11.6 9,257.152 -23.7 18,813,000 +40.3 1,679,660 804,172 4,174,084 491,000.000 2,595,516 1,388,349 1,234,954 5.824.775 3,907,875 17.666.388 8.626,997 15,444,200 1,146,472 624,439,910 553,903,702 651,322,440 -25.7 Second Feder al Reserve D lstrict-New 7.492,788 7,800,470 N. Y.-Albany._ 1,679,566 1,204,764 Binghamton... 54,266,747 45,881,657 Buffalo 1,031,914 1,362,126 Elmira 1,381,770 1.100,368 Jamestown.. 6,082,995,320 9.092.940,573 New York_ 16,543,681 14,103,753 Rochester 7,539,629 6,559.559 Syracuse 4,000,000 4,086,089 Conn.-Stamford 1.564,839 1,564,258 N. J.-Montclair 43,636,417 40,321,328 Newark 61,857,490 46,328,215 .1_ N. Northern 1928. York +4.1 7,833,487 5,911,750 1,526,265 -28.2 1,247.500 65,425,533 -15.5 50,296,945 1.400.130 +32.0 1,041,640 1,417,955 -19.8 1,743,081 -33.1 9.970.558,150 6,575,697,095 21,077,697 -14.7 14,563.083 7,327.665 -13.0 6,141,256 3,555,571 +2.2 3,981.797 1,507,033 958,252 37.252,479 -7.6 26.803,789 51,801,917 -25.1 41,424.874 Total(12 cities) 6,253,315,907 9,293.935,414 -32.7 10170 683,882 6,729,811,062 Third Federal Reserve Dist rict-Philad elphia 1,413,481 -15.3 1,222,194 Pa.-Altoona . 5,610,309 -26.1 4,147,940 Bethlehem 1,312,964 -2.2 1,341,861 Chester 2,022,952 -15.3 1,713,873 Lancaster Philadelphia _ 475.000,000 733,000.000 -35.1 3,879,627 -4.6 3,701,807 Reading 5,824,428 -16.4 4,870.875 Scranton 3,985,158 -9.1 3.622,615 Wilkes-Barre.. 1,821,289 + 8.4 1.974.401 York 5,528,528 -34.0 3,648.000 N.J.-Trenton.. 1,670,952 5,697,090 1,412,484 2,096,134 689,000,000 5,397,142 6,862,665 4,586.751 2,259,314 5,937.724 1,648,075 4,309,495 1,478,844 2,026,177 575.000,000 4.419,205 6,039,403 4,153.608 1,893,168 6,738,906 763,398,736 -34.3 724,919,716 607,706.881 Total(10 cities) 501,243,566 8,431,000 4,611,868 77.073,143 142.543,717 16,291,300 2,101.890 6,429,037 196,737,986 6,040.000 4,331,509 72,959,713 121,642,825 17,810.100 1,684,748 6,135,488 161,831,254 -9.6 454.219,941 392,435,637 Fifth Federal Reserve Dist rIct-Richm ond1,774,129 -17.8 1,458,901 W.Va.-Ilunt'g'n 7,050,296 -16.1 5.912,829 Va.-Norfolk 51,536,000 -6.6 48,146,000 _ Richmond 2,734.705 -21.0 2,160,765 S.C.-Charleston Md.-Baltimore. 111.027,535 104,129.760 +6.6 30,036,518 -1.9 29,472,181 D.C.-Washing'n 1,430,646 7,145,682 52,499.000 2,220,000 113,047.723 35,621,060 1,566,616 7,305,347 50,970,000 2,370,309 107,902,432 27,911,332 Total(8 cities). 393,004,429 434,910,250 +0.5 211,964,111 198,026.036 Sixth Federal Reserve Dist rict-Atlant a2,938,980 -31.9 *2,000,000 Tenn.-Knoxville 21,335,967 --16.9 17,736,753 Nashville --18.7 50,588,067 41,146,044 Oa.-Atlanta__ 2,200,508 --15.6 1.857,635 Augusta --28.9 1.670,859 1.187,282 Macon 15.141,533 --12.2 13,287.770 Fla.-Jack'nville. 3,092,000 --36.5 1.964,000 Miami 26,360,083 --33.6 17,511,150 Ala.-Birming'm 2,654.155 --19.6 2,134.564 Mobile 2,148,903 +29.6 2,786.000 _ iss.-Jackson. M 313,431 --28.5 223,989 Vicksburg 62.806,779 --21.7 49,187,516 La.-NewOrleans 3,208,189 25,457,164 59,657,700 2,608,558 2,700,000 16,878,384 2,582,000 27,265,951 2,526,213 2,570,000 571,166 67.300,303 3,006,000 23,304,205 51.899,964 1,966,866 1,958,071 17.081,381 3,881,000 25,803,492 1,833,292 2,107,000 431,066 60,697,949 192.251,265 -21.4 213,314.528 193,964,186 L Total(6 cities) _ Total(12 cities) 198,178,151 151,022.703 197,261,408 783,030,120 1,073,572,871 -27.1 1374,601,598 938,926,938 Eighth Federa I Reserve Dis trict-St. Lo uls4,488,050 +7.9 4,840.621 Ind.-Evansville Mo.-St. Louis- 115,700,000 136,100,000 -15.0 -37.8 34,514,889 21,454,411 Ky.-Louisville__ 606,044 -25.9 449,052 Owensboro. -36.3 29,039,455 18,499,362 Tenn.-Memphis 16,574.499 --49.0 8,452,874 Ark.-Little Rock 422,840 -58.2 176,693 111.-Jacksonville 1,590,252 -61.1 619,006 Quincy 5,508,918 152.579,108 42.805,428 523.828 33,812,683 18.515,746 400.984 1,665,000 5,051,423 133,700,000 39,867.752 466,233 29,402.377 17.851,994 346.317 1,227,977 223,336,029 -23.8 255,811,695 227,909,073 8.938,820 101,647,542 36,745,509 2,554,581 1.553,289 1,060,940 4,631.000 10,416.749 75.906,858 27.601,607 2,078.981 1,250.135 728.787 3.375.000 Total(8 cities). 170,192,019 Ninth Federal Reserve Dis trict-Minn eapolis 6.164.839 -23.5 4,714,319 Minn.-Dulath_ _ 98,049,593 -21.7 76.812,281 Minneapolis_ -29.966,304 -21.4 23,549.118 St. Paul 2,322,611 -8.7 2,120,458 No. Dais -Fargo 1,261,401 -8.1 1,159.856 S. D.-Aberdeen 1,004,603 -27.3 730,552 Mont.-Billings_ -15.2 4,261.191 3,615,500 Helena -21.2 143,030,542 112,702,084 Total(7 cities). 157,131.681 111,358,117 Tenth Federal Reserve Dist rice- Kansa S City421,849 -17.7 346.986 Neb.- Fremont_ 523.419 -2.1 512.400 Hastings -15.2 4,328,456 3.669.645 Lincoln 45,532,325 -11.4 40,346.103 Omaha 3,993,222 -19.0 3,235,960 Kan.-Topeka 8.719.870 -22.1 6,792.002 Wichita Mo.-Kan. City. 114.197,908 136,883,484 -16.6 7,070,464 -23.3 5,421,685 St. Joseph_ +5.7 1,301,691 1,376,219 Colo.-Colo.Spgs a a a Denver -15.0 1,866,694 1,586,946 Pueblo 445,583 615,325 3.932,114 43,805.654 4,413.615 9.986,054 145.625.215 7,078.943 1,672,636 a 1,808,393 500,748 553.790 5,309.622 41.213.204 3,000.000 9371.614 129,947.726 6,740.054 1.080.376 a 1.362.762 210,641,474 -15.7 219.383,532 198,879,896 Eleventh Fede ral Reserve District-Da liaa2.011,918 -22.4 1.561,302 Texas -Austin__ 56,101.277 -29.6 39,509,437 Dallas 16,805.973 -38.3 10,697.187 Fort Worth 6.265,000 -40.3 3,743,000 Galveston 5,950,519 -37.0 La.-Shreveport3.747,367 2.051,082 64.619,941 19.749.303 7.876.000 6.118,714 1,868,550 54.423.673 15.455.374 6,211,000 5,161,887 87,134,687 -32.0 100,415,040 83.120,488 Total(11 cities) Total(5 cities). 177,485,854 59,258,293 Twelfth Feder al Reserve D strict-San Franci sco55.043.445 44,888.207 -17.3 37.120,654 Wash.-Seattle- _ 14,476.000 13.817,000 -15.3 11,708.000 Spokane 2,243.198 28.7 2,261,087 1,611,911 Yakima 42,506,370 43,463,878 -22.6 33,639,439 Ore.-Portland - 23,200,252 26,497.635 -9.1 24,077,970 Utah-S. L. City 6,549,795 6,288,975 -31.6 4,299,620 Calif.-Fresno... 9,541,703 9,041.483 -12.3 7,928.631 Long Beach... clearin gs report will longer No Los Angeles_ 23,624.913 21.4 21,885,830 17,207,462 Oakland 7,429,077 7.353.990 -19.0 5,953,701 Pasadena 9.395.332 9.369.951 -7.9 8,629,773 Sacramento... 8,139.301 8.537.915 -26.8 6,246.910 San Diego 174,794,601 211,266,267 -17.3 262.636.691 San Francsico 3,589.453 5.068.789 -29.7 3,561.972 San Jose 2,217.652 2.685,115 -9.5 2.428.774 Santa Barbara_ 2,219,842 -3.7 2.213,244 2,132,340 Monica. Santa 3,625,000 30.2 3,128,200 2,184.700 Stockton 48.604,828 12.964.000 1,863.266 36.671,992 23.740,959 6,110,550 7.939,784 21.357.228 7,178.735 12.908.550 6.926.725 230.157.000 3.719,938 1,785,555 2,245,853 3,211.000 427.385,963 Total(16 cities) 343,526,458 417,767,566 -17.8 476,438.024 Grand total (127 9,626,889,422 13686 562,682 -29.7 14783 323,658 10663 427,980 cities) 4,987.730.685 Ontside New York 3,543,894,102 4,613,622,109 -23.2 4.812.765,508 Week Ended Dec. 4. 1930. Fourth Feder al Reserve D Istrict-Clev eland 4,710.000 -12.3 4,130,000 Ohio-Akron _ _ 4,585,862 -26.1 3,389,705 Canton -12.4 66,731,350 58,469.718 Cincinnati _ 112.583,881 144,916.951 -22.3 Cleveland 16,790.100 -7.4 15.544,500 Columbus 2,030,106 -25.5 1,512.656 Mansfield 4,729,979 +12.7 5,329,287 Youngstown... P5.-Pittsburgh. 192,044.682 190,415,866 +0.8 1927. 1928. Seventh Feder al Reserve D IstrIct-Chl cago295,515 292.586 246.779 -18.0 202,479 Mich.-Adrian 1,030.775 1,143,960 1,146,223 -4.1 1.099,267 Ann Arbor__ 152,792.896 227.839,730 -25.4 188.885,87 140,889,704 Detroit 7,475,217 9,607.513 6,737,000 -11.1 5,991.896 Grand Rapids_ 2,539,657 3.146,622 3,394,852 -12.2 2,980,026 Lansing 3,512,473 3,897.628 -19.5 3,946.254 3,176.414 . Ind.-Ft. Wayne 23,253,000 25.773.000 24,852,000 -13.1 21.596,000 Indianapolis... 3,018,100 3.769,300 -11.7 2,917,378 2,574,914 South Bend 5,268,602 5,429,025 5,477,380 -18.1 4,487,469 Terre Haute... 41,058,746 48.141,254 37.074.876 -19.3 29,931.595 WLs.-Milwaukee 2,846,358 3.735,797 3.788.440 -5.6 3.578,099 Iowa-Ced.Rap10,635.694 10.362.775 9.993,672 -20.8 7,918.574 Des Moines5.837.495 7,147,746 -15.6 6,878.184 5,803.741 Sioux City..-. 1,158.285 1,868.145 1,765,917 -21.2 1,392,279 Waterloo 1,450,905 2,097.532 2,100,000 -18.8 1,704,700 Ill.-Bloomingt'n 664.889,212 804,952.319 -29.0 759.633,895 539,124,297 Chicago 1,152.342 1.627,742 -21.2 1,409,785 1,110,286 Decatur 4,971,534 5,946,86 6.366.245 -36.4 4,050.272 Peoria 3,374,746 4,637,524 -31. 4.016.882 2.758,188 Rockford 2,365,786 3,184,53 2,949.239 -9.6 2,659.920 Springfield.... $ 2 $ % $ Federal Reserve Dists. 553,903,702 629,439.910 651,322,440 -25.7 483,929,838 1st Boston_ _ _ _12 cities 6,253,315,907 9,293.935,414 -32.7 10,170,683,882 6,729,811,062 2nd New York_11 " 607,706,881 724,919,716 763,393,736 -34.3 501,243,556 3rd Philadel'Ia_10 " 392,435,637 454,219,941 434,910,250 -9.6 393,004,429 4th Clevela_id__ 8 " 193,026,036 211,964,111 +0.5 197,261,408 193,178,151 5th Richmond _ 6 " 193.964,186 213.314,528 192,251,265 -21.4 151.022,703 6th Atlanta___ _13 " 930,926,938 783,030,120 1,073,572,871 -27.1 1,174,601,598 7th Chicago ___20 " 227,909.073 255,811,695 8 -23 223,336,029 170,192,019 8th St. Louis__ 8 " 111,358,117 157,131,681 143,030,542 -21.2 112,702,084 9th Minneapolis 7 " 198,879,896 219,383,532 210,641,474 -15.7 177,485,854 10th KansasCity 12 " 83,120,489 100,415,040 87,134,687 -32.0 59,258,293 5 " 11th Dallas 427,385,963 476,438,024 417,767,566 -17.8 343,526,458 12th San Fran_ _17 " Canada Inc. or Dec. 1929. 1930. Total(20 cities) Inc.or Dec. 1929. 1930. Week Ended Dec. 41. P Total 129 cities Outside N. Y. City 3825 FINANCIAL CHRONICLE DEC. 13 1930.] $ Canada167,457,164 Montreal 128.816,126 Toronto 50.568,006 Winnipeg 18,161,472 Vancouver 7,516,362 Ottawa 7,881,938 Quebec 3.491,482 Halifax 6.557.878 Hamilton 8.345.212 Calgary 2,446,689 St. John 2,289,246 Victoria 4,040.788 London 5,631.870 Edmonton 4,942.597 Regina 538,999 Brandon 552.406 Lethbridge 2,547.886 Saskatoon 1,137.879 Moose Jaw 1,223,247 Brantford 1,000,769 Fort William _ _ __ 893,375 New Westminster 332,186 Medicine Hat_ -881.227 Peterborough-. 1,070.629 Sherbrooke 1,379,135 Kitchener 3,599,847 Windsor 544,802 Prince Albert---•1,000,000 Moncton 832,767 Kingston 641,339 Chatham 707,402 Sarnia Total(31 olties) •Estimated. 437.030,725 1929. 2 180,133,142 138,700,031 80,884.864 24,261,630 10,111.620 10,970,220 3,592,220 8,195,343 14,252,818 2.783,255 2,959,375 3.977,315 9,045,790 8,981,531 756,954 839.885 2,474,088 1,557,624 1.348.181 1.193,262 1.206.997 518.136 1,031,161 1.157.827 1,586,021 5,114.310 707,482 1,291,422 931,586 827,219 1,000,000 inc. or Dec. 1928. 1927. $ $ % -7.0 220.144,098 269.262.121 -7.1 199.653.360 193.639,970 56.369.675 92.647,596 -37.5 25,377,145 21.308.024 -25.1 13,467.523 11.870.892 -25.7 9,734.738 11,607.524 -28.2 4,541.563 4,532.042 -2.8 7,886,699 6.714.816 -20.0 17.166.768 13.768.506 -41.4 3.640.564 3,677,613 -12.1 2.826.130 2,982,047 -22.6 4.468.577 4,523,349 +1.7 9,031,207 9.034.403 -37.7 8,402.236 . 8.244.940 --45.0 880.013 1,128.244 -28.8 890.402 734,214 -34.2 3,377,379 3.565.458 +3.0 2,085,460 2,267.937 -28.9 1.842,264 1,529.444 -9.3 1,743.161 1,409,516 -16.1 855,364 1,160,331 -26.0 566,463 682,487 -35.9 1.059,035 1,107.792 -14.5 1,197.768 865,610 -7.5 1,588.404 1.380.100 -12.0 6,204,145 5,263,278 -29.6 667.545 574.651 -23.0 1,340,713 1,201,597 -22.6 988.527 1313.860 -10.6 975.369 987.278 -22.5 925.178 798,787 -29.3 522,491,309 -16.4 647,078,059 642,403,866 FINANCIAL CHRONICLE Counntrcialand XfscdianeonsBoars Breadstuffs figures brought from page 3902.-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- I Flour. Wheal. Corn. Oats. Barley. Rile. bbls.1961bs. bush.60 lbs. bush.56 lbs. bush. 32 lbs. bush.4815s. bush.56Ibs. Chicago 224,000 289,000 1,108,000 264,000 58.000 8,000 Minneapolis1.081,000 5o1, 124,000 214,000 165.000 Duluth 511,000 48,000 77,000 99,000 2,000 Milwaukee... 15.000 4,000 131.000 29.000 111,000 1,000 Toledo 43,000 24,000 364,000 1,000 Detroit 18.000 8.000 16.000 4,000 Indianapolis.. 16,000 436.000 114,000 St. Louis__- 126.000 238,000 364.000 177.000 26,000 2.000 Peoria 66,000 33,000 279.000 51.000 63.000 13,000 Kansas City 466,000 507,000 52,000 Omaha_ _ _ _ 235.000 770.000 104,000 St. Joseph85,000 190,000 10,000 Wichita 149,000 15,000 2,000 2,000 Sioux City_ 4,000 123,000 46,000 4,000 Total wk. '30 431.000 3,172,000 4,554,000 1,430,000 582,000 191,000 Same wk. '29 388,000 4,788,000 6,991,000 1.401,000 778,000 522.000 Same wk. '28 447,000 8,185,000 9,535,000 2,192,000 1,452.000 447.000 Since Aug. 1 1930_ 8.398,000 225,726.000 76,523,000 60,546,000 30.473.000 14,098,000 1929 8,588,000229,899,000 83,743,000 74.637,00044,683,000 13.761.000 1928 9.500.000303,874,000 94.123,000 71,223,000 65,248030 18,058,000 Total receipts of flour and grain at the the week ending Saturday, Dec.6 follow: Receipts at- I New York _ _ Philadelphia_ Baltimore_ _ _ _ New Orleans* Montreal_ _ _ _ Boston Flour, Wheat, seaboard ports for Oats. Barley. Rye. bb1.1.19513s. bush.6010s.bush.56 lbs. bush.32 lbs. bush.481bs. bush.561bs. 280.000 1,805,000 24.000 90.0001 46,000 14,000 38.000 80,000 2,000 2,000 18,000 66,000 17,000 26.000 45,11. 42,1:: 27,00 15,00 143,000 2,631,011 117,000 38,000 6 30,011 44,Ill 2,00 6,00 Total wk.' 554.000 4,668,0 Since Jan.1'3024,138,000160,027,111 72,000 4,595,00 212,000 152. 5,752,000 1,072. 52,000 760,000 Week 1929._ _ 471,000 652,001 73,000 146,000 77,000 4.000 Since Jan.1 '29 23,265,000 158,444,001 17,067.000 15,476,00024,449.000 3.418 000 * Receipts do not include grain passing through New Orleans for foreign ports on through bills ef The exports from the several seaboard ports for the week ending Saturday, Dec. 6 1930, are shown in the annexed statement: ..cpvi.J,,,,,.- W new. corn. Bushels. Bushels. 1,108,000 80,000 24.000 66,000 New York Boston Philadelphia Baltimore Mobile New Orleans Galveston Montreal 34,000 88,000 2.631,000 1,000 Total week 1930- 4,031,000 Same week 1929.... 3,900,000 1,000 "tour. oats. Rye. Barmy. Barrels. Bushels. Bushels. Bushels. 60,296 52,700 151,000 7.000 2,000 1,000 29,000 6,000 143,000 117,000 38.000 62,000 248,296 229,301 117.000 8,000 90.700 18,000 213,000 690,000 The destination of these exports for the week and since July 1 1930 is as below: Exports for Week and Since July 110- P fUUT. Week Dec. 6 1930. Since July 1 1930. Waco.. Week Dec. 6 1930. Since July 1 1930. curs.. Week Dec.6 1930. Barrels, Barrels. Bushels. United Kingdom_ 149,640 2,255.656 1,089,000 Bushels. Bushels. 30,901,000 Continent 63,086 2,673,497 2,929.000 75,518,000 So.& Cent. Amer_ 12.000 585,640 3,000 1,353,000 West Indies 5,000 493,250 15,000 1.000 Brit. No. Am.Col. __ 10,200 2,000 Other countries__ 18,570 263.674 10,000 1,714,000 Total 1930 248,296 6,281,917 4,031,000 108,503,000 1,000 Total 1929 229,301 4,187,594 3,900,000 77,744,000 Since July 1 1930. Bushels. 86,000 29,000 115,000 217,000 The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports Saturday, Dec. 6, were as follows: GRAIN STOCKS. Wheat, Corn, Oats, United States -bush, bush, New York 1,388,000 99,000 20,000 Boston 5.000 Philadelphia 567,000 84,000 102,000 Baltimore 7,646,000 28.000 50.000 Newport News 377.000 New Orleans 4.437,000 73,000 63,000 Galveston 5,298,000 Fort Worth 6,492,000 261,000 364.000 13.751,000 1,091,000 1,122.000 Buffalo " Afloat 12.269.000 1,255,000 Toledo 4,521,000 21,000 205,000 Detroit 291,000 29,000 42.000 18.063.000 1,438,000 6,908.000 Chicago " Afloat 1,318,000 850,000 Milwaukee 757,000 3.967.000 2,133.000 22,074,000 Duluth 95,000 2,495,000 " Afloat 362.000 32,394,000 Minneapolis 505,000 5,459.000 Sioux City 1,150.000 165,000 686,000 St. Louis 436,000 6,348.000 275,000 Kansas City 22,194,000 153.000 238,000 Wichita 1,876,000 6.000 Hutchinson 3.915,000 St. Joseph, Mo 380,000 118,000 7,008,000 Peoria 1,469,000 79,000 Indianapolis 1,016.000 747,000 1,242,000 Omaha 13,278,000 362,000 790,000 On Lakes 546,000 453,000 Rye, bush. 37,000 1,000 7,000 7,000 Barley, bush. 8,000 3,000 90,000 129,000 5,000 768,000 229,000 510.000 1,433,000 2,000 4,000 21,000 35.000 3,247.000 1,526.000 2,419,000 792,000 236,000 693,000 4,224,000 562,000 4,773,000 5,058.000 23,000 20,000 99,000 124,000 478,000 17,000 16,000 26,000 23.000 62,000 139.000 425,000 Total Dec. 6 1930_190.791,000 6,975.000 27,933,000 15,940,000 12,331,000 Total Nov. 29 1930_ _ _195,560,000 6,973,000 28,269,000 16,538,000 11,836,000 Total Dec. 7 1929 182,490,000 3,864,000 27,501.000 11,564,000 9,902,000 Note.-Bonded grain not included above: Oats-New York, 3.000 bushels: Muth, 4,000; on Lakes, 248,000; total, 255,000 bushels, against 681,000 bushels In 1929. Barley-New York, 13,000 bushels; Buffalo, 243,000: Buffalo afloat, 1,129,000; Duluth, 51.000; total, 1,436,000 bushels, against 3,131,000 bushels in. 1029. Wheat-New York. 2,119,000 bushels; Boston, 683,000; Philadelphia, 228,000; Baltimore, 639,000; Buffalo, 5,774.000; Buffalo afloat, 18.151,000; Duluth. 78,000; total, 27,672,000 bushels, against 38.766,000 bushels in 1929. Wheat, Corn, Oats, Rye, Barley, Canadianbush, bush, bush. bush. Montreal 4,773,000 890.000 1,410.000 1,813,000 Ft. William & Pt. Arthur 28,506,000 3,019,000 7.589,000 14,521,000 Other Canadian 22,438,000 2,673,000 1,447,000 6,552,000 Total Dec.6 1930.... 55,717,000 6,582,000 10,446,000 22,886,000 Total Nov. 29 1930._ 57,723,000 6,373,000 10,237,000 22,474,000 Total Dec. 7 1929.... 72,593,000 9,803,000 5,775,000 16,058,000 SummaryAmerican 190,791,000 6,975,000 27,933.000 15,940,000 12,331,000 Canadian 55,717,000 6.582.000 10.446,000 22,886,000 Total Dec. 6 1930____246,508,000 6.975,000 34,515,000 Total Nov. 29 1930.-253,283,000 6,973,000 34,642,000 26.386,000 35.217,000 26.775,000 34,310,000 Total Dec. 7 1929_255.083,000 3.864,000 37,304.000 17.339,000 25.960,000 The world's shipment of wheat and corn, as furnished by Broomhall to the New York Produce Exchange, for th3 week ending Friday, Dec. 5, and since July 1 1929 and 1928, are shown in the fallowing: Wheat. Exports- North Amer_ Black Sea-Argentina_ _ Australia India 0th. countr's Total Corn, [Vol,. 131. Week Dec. 5 1930. Since July 1 1930. Corn. Since July 1 1929. Week Dec. 5 1930. Since July 1 1930. Since July 1 1929. Bushels. Bushels. Bushels. Bushels, Bushels. Bushels. 8.688,000192,991,000 153,646,000 25.000 879,000 1,962,000 3,712.000 71,950,000 13,939,000 723,000 20,438,000 4,031.000 937,000 20.303,000 91,249,000 5,543,000 107.187,00097,761.000 1,896,000 28,776,000 20,460,000 8,872,000 320,000 1,488.000 24,000.000 18,156,000i 332,000 32.488,000 20,357,000 16,721,000 346.892,000297.779,000/ 6.623.000 160,992.000 124,111.000 National Banks.-The following information regarding National banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES REQUESTED. Cavital. Dec. 6--Phillips National Bank of Helena, Arkansas Correspondent: J. G. Burke, Solomon Bldg., Helena, Ark.$100,000 The P Park National Bank of Yonkers, New York Correspondent: Romolo D'Aloia, 273 New Main St., 200,000 Yonkers, N. Y. APPLICATION TO ORGANIZE APPROVED. Dec. 6-The National Bank of Argyle, Argyle, New York 50,000 Correspondent: Crosby J. Hopkins, Argyle, N. Y. APPLICATION TO CONVERT APPROVED, Dec. 6-The Miners National Bank of Nanticoke.Pa 300,000 Conversion of The Miners Trust Co., Nanticoke, Pa. CHARTERS ISSUED. Dec.2-The First National Bank of Mount Vernon, Mo 25.000 President: J. H. Hahn. Cashier: John 0. Burson. Dec. 5-Gary National Bank, Gary, W. Va 100,000 President: E. O'Toole. Cashier: R. A. Wyland. '01 Dec. 6-The Hutchings First National Bank of Siloam Springs,Ark 50,000 President: H. G. Hutchings. Cashier: Z. W. Ford. CHANGE OF TITLE. Dec. I-The Sunrise National Bank of Baldwin, New York. to "The Sunrise National Bank & Trust Co. of Baldwin." VOLUNTARY LIQUIDATIONS. Dec. 5-The First National Bank of Porterville, Calif 100,000 Effective Nov. 24 1930. Liq. Agent: W. L. Vincent. care of Bank of America National Trust & Savings Association, San Francisco, Calif. Absorbed by Bank of America National Trust & Savings Association. San Francisco, Calif., No. 13044. Dec. 5-The First National Bank of Hulbert, Okla 25,000 Effective Nov. 17 1930. Liq. Agent: G. 0. Patterson, Hulbert, Okla. Succeeded by First State Bank of Hulbert, Okla. CONSOLIDATION. Dec. 1-The First National Bank of Du Quoin, Ill 50,000 Dec. 1-First Bank & Trust Co. of Du Quoin, III 50,000 Consolidated to-day under Act of Nov. 7 1918, as amended Feb. 25 1927, under the charter and corporate title of "The First National Bank of Du Quoin," No. 4737, with capital stock of $100,000. 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 Barnes & Lofland, Philadelphia: Shares. Stocks. $ per Sh. Shares, Stocks, Per Shs 200 Atlas Beneficial Loan Assn., 8 87-100 Wlikes-Barre & Hazleton pref., par $5 2 Corp., pre $21 10t 5 Woodlynne(N. J.) Nat. Bank... 20 8 87-100 Wilkes-Barre & Hazleton .4 50 Phila. Nat. Bank, par $20 11l( Corp.. common $4 lot 25 Union Bank & Trust Co $8 lot 38 American Pulley Co 40 5 Tioga Nat. Bk.& Tr. Co.. par $25 2354 53 units Mason Tire EL Rubb. Co., 70 Bk.of Phila. & Tr. Co., par $10_ Ili ctf, of interest; 1 Mason Tire & 30 Bankers Trust Co.. par $50...- 65 Rubber Co.,common,etf. of int.; 3 Bankers Trust Co., par $50 50-100 Mason Tire & Rubb. Co., 59 4 Continental-Equltable Title & pref.,scrip ctf $50 lot Trust Co.. Par $5 2634 53 units Mason Tire & Rubber Co., 27 Continental-Equitable Title & ctI- of int :1 Mason Tire & Rubb. Trust Co.. par $5 Co., common, ctf. of int.: 50-100 26 15 Girard Trust Co., par $10 Mason Tire & Rubb. Co., pref., 1353 10 Girard Trust Co., par $10 scrip ctf 135 $50 lot 2 Fidelity-Phila. Trust Co 531 18 Human Research Co.. prey $5 lot 10 Real Estate Land Title & Trust 845 Chester Valley Securities Corp. Co par $10 35 (v. t. c.) $10 lot 10 Suburban Title & Trust Co., 8 Susquehanna Title & Tr. Co $1 10$ Par $25 Bonds65 Per Cent. 5 Integrity Trust Co., par $10 88 $1,000 3rd mtge. No. 1420 South 300 Epicure Food Stores Corp--$300 lot 22nd St., Phila., Pa., subject to -1 500 Fire Assn. of Phila mtges. of $2,000 and $1,500-$150 lot 1934 27 Federal Match Corp., pref., $20,000 Citizens St. Sty., of Indino par; 10 common, no par anapolis 1st cons. 5s. 1933 $75 lot 31 10 Buffalo Creek Coal & Coke Co. $1,000 B. P.O. E. of 1931 $5108 7% cum. pref.: 5 common $11 lot $15,000 The Shoreland 634s, 1935. 50 Phila. Co. for Guar. Mtges., elf, of deposit 16 Par $2 $40,000 Roosevelt Hotel 6345. 1941, 35. 40 Wilkes-Barre & Hazleton Ry. ctfs. of deposit 2 Corp. common, no par $11 lot By A. J. Wright & Co., Buffalo: Shares. Storks. $ per Sh 450 Amer. Rice Products, pref,, par 810 $10 lot 1,000 Tough Oakes Burnside Gold Mines, Ltd., par $1 $1 lot 50 units Bowers 011Trust Trustees certificates, par $20 $1 lot 210 units Mesta Royalty & Proclueing Syndicate, par $10____$1 lot 5 Burkhardt Sales Corp, no par....611ot Shares. Stouts. $ per share. 12 Niagara Investing Corp., class $1101 A, no Par 2 Niagara Investing Corp.. class $1101 B, no par 150 Universal Wireless Communication Co.. Inc., no par 7a, 125 Empire Discount Corp.,com., no par 53 lot 25 Empire Discount Corp., pref.-57 lot Mac. 13 1930.] FINANCIAL CHRONICLE 3827 per Sh. 8 Per Sh. Shares. Stocks. Shares. Stocks. 192 Citizens Bank of Lake Wales; 150 Sperry McKee & Crane. Inc.. 200 Juniata Oil & Gas Co., corn.; $220 lot preferred 150 Pitch Pine Products. Inc., 574 Ind.& Ill. Coal Corp., pref____ 7 pref.; 150 Pitch Pine Products, 540 Ind.& Ill. Coal Corp.,com__-154 $60 lot common, no par Inc., (N.Y.) Corp. Realty 1,666 Lucullite 830 lot 25 equal parts Chicago Ry. Co. corn., Par 510 $2 lot series 4 partic. ctfs By R. L. Day & Co., Boston: 23,000 Central Manitoba Mines. $500 lot 300 U. S. Rayon Corp. pref., no Per Sh. Ltd., par $1 Per Sh. Shares. Stocks. Shares. Stocks. $160 lot par; 300 corn., no Par 2254 Newberry Lumber & Chem10,000 Mexican Silver Metal Co., 36 15 Associated Textile Co 300 U. S. Rayon Corp. pref., no par; no A, cl. 90 pref.; Co., ical par Si; 50 A. L. Sayles & Sons 17 100 Nashua Mfg. Co., corn 1150 lot con., 300 Par no Par; Sll lot 18 cl. B v. t 0 Co.,corn., par $25;100 Herschell20 100 Samoset Cotton Mills $11 lot 100 S. W. Straus & Co.. Inc.. of 170 Bank of Coral Gables Spillman Motor Co., par $50; 30 18 300 Pacific Mills 5 common Del.. Casualty Owners Mine 100 Amer. Champion Copper Co., par $1: 14 360 Newmarket Mfg. Co $300 lot 200 Krueger-Tobin Co.. Inc.. corn. Corp. par $10 15 Mojave Tungsten Co., par $2; 65 10 East Middlesex Street Ry 1180 lot preferred 500 cum. Investors Oak Charter Fair100 20 Co.: Ship Coast East 50 10 Fort Dodge, Des Moines dr pref., with warrants, no par_ 8150 lot 500 Krueger-Tobin Co., Inc., pf_$185 lot banks Co., pref., ctf. of dep.-$100 lot $1 lot Southern RR., prof at pref.; 100 Mo. Kan. Zinc Corp., no par_S17 lot 862 Wade & Butcher Corp., 100 Gardiner Beardsell & Co., Inc., 8 Conn. di Passumpsic River RR., $200 lot 1,050 common,no par lot $20 Amer. Rayon Products Corp_S6 lot 300 preferred 102 pref no Inc., _25 par Ranch, Fox Master 100 27-34 4,000 Dunlop Consol. Mines, Ltd., 57 National Service Co.. pre! 88 120 Boston Elev. St. Ry.,2d pref $6 lot 3,800 Arcturus Radio Tube Co., par $1 40 Quincy Market Cold Storage & 80 Mass.Bond.& Ins. Co., par $25_ 82 no par'451 57 85 Atlantic Joint Stock land Bank 5 Warehouse Co., pref 1 Boston Athenaeum, par 8300.--900 461 Subridge Holding Corp., con. Es 2 Marland 011 Co., no par; 100 Yu20 Gamewell Co 341 Mountain Mill Co.. Did „par $10 2 $30101 no par Tubize 50 35: Co., Gold 15 Par kon pref7% Terminals, Wiggin 100 50 Amer.Protein Corp.,corn, v.t.c_$5 lot 35 Weiss Engineering Corp. pref.$27 lot Artificial Silk Co. of Amer. B 284 Consol. Mtge. Corp., lot pref_ 81 lot 10 Brotherhood Invest. Co., pref.; $16 lot 50 Weiss Engineering Corp. coin.. 4 no par dep., of ctf. Suncook corn. pref.:7 Corp., Oil Pierce 68 lot $1 common 5 $7 lo no par 1,000 Electric Coal Shovel Corp., Mills; 50 Atlan. Precision Instru20 Everpure Ice Mfg. Co., pref.. 200 Commonwealth Securities Co. 1 preferred ment Co.; 20 Wickwire Spencer Par $50; 10 common, class A; 10 56 preferred WilFour Big of notes rot demand $750 13 Steel Corp $3 lot 23 common, warrants 1,166 Helena & Livingston Smeltmington Coal Co.. dated from . Sucher Corp., pref.: ' 50 Internat 300 Cambridge Industrial Trust, lng & Reduction Co.corn., par $5: June 7 1904 to Nov. 30 1914, $50 lot 50 common corn.; 200 Union Twist Drill Co., 200 Sahang Rubber Estates, $50 lot aggregating $88,243.19 25 Old Colony Trust Associates-- 34 corn., par $5; 3 United Elec. Coal Ltd., par El; 1,000 Victoria Gold 400 Sally Baker Candy Shops, Inc., 1,700 State St. Invest. Corp., cl.B_ 65 Co., corn.; 10 Boston ConfectionMining & Milling Co. of Dead835101 150 par pref., cony. 9 Trust 7% Invest. Bank Shawmut 1,925 ery Co..com.; 185 Boston Confecwood, par $1; 5,000 Victoria Exno corn., Inc., Industries, Pa. 609 35 La France Repub. Corp.. corn. tionery Co., 1st pref.; 10 GortonMining Co. of Deadtension 54 par A; 10 Keystone Coal Co.. pref., Pew Fisheries Co.. pf.; 11250-100 wood, par 81; 1,354 Boreel Mining 100 Pa, Indus., Inc., eon., no par- 554 par $50; 5 Keystone Coal Co.. Internat'l Product Corp., con.; Co., 22 White Knob Con85; par Corp., Ink Printing $1 lot 200 General Common 234 Boyd Textile Corp., corn. A: ner & Devel. Co., Ltd. corn.. 10 common, no par Per Cent. Bonds31 H. D. Foss Co., new pref.; Copper White Knob' 11 110: Par Co., Cement Portland Amer. Ry. 100 Elec. 81,000 Galveston Houston warrants to purchase 1,640 Pro& Devel. Co., Ltd., pref., par $100 lot par 510 let mtge. 5s. Oct. 1954 reg___21 & ducers dr Refiners Corp., corn., 510: 1 membership ctf. of The Co., Cement Portland Amer. 55. 400 Traction Texas Northern $42.500 lot $2,000 Maritime Assn. of the Port of 5400 lot Dar $10 90 & int. 5 Northern Texas Elec. Co., prof Jan. 1933 750 $32 lot New York fourth series 100 Amer. Portland Cement Co., 250 Deuba Corp. of Amer., con $5 lot $5,000 Detroit Ry.& Harbor Term. 4 lot $75 $10 par 1945. May 25 Inter-Ocean Radio Corp.. corn_ _35 lot Co. 1st mtge. 6 Per Cent. BondsProducts Juice 200 Powdered Fruit 1 unit Commercl Finance Corp coup. Nov. 1928 & sub on;$5,000 10 $16 lot $15,000 State Line Stock Farm 1st Corp., no par 5 Lewis A. Crossett Co United Fuel & Supply Co.58, Apr. $1 lot mtge.654s, Jan.15 1930,x-coup$100 lot 5 Hilandale Land Co., Inc., no par_$3 lot 30 Houghton & Dutton Co., 1st p1-88 lot 15 1936 ctf. of dep.. coup. Oct. 15 $96,000 Internat. Coal Products 50 Terries Oil Co.. pref.. Par $20: 100 Johnson Educator Biscuit, class 1928 & sub on; 55,000 Level Club Corp. 6% demand note, dated 55 lot common, Par no 100 of ctf. 1928 dep.: 15 Dec. 6s, Inc. $35 lot June 10 1925;80.6006% demand 10c. 5,700 Maytag Co. warrants 65 Jonas & Naumburg Corp., pref $5,000 South Penn Collieries let 5 note. dated June 15 1925: 89,600 36 1,000 Art Cinema Corp. pref 5 Public Service Corp. of No,. Ill. 'mtge. 6s, Nov. 1944 ctf. of den., 6% dem. note, dated June 15 corn_ Corp. Cinema lot Art __$800 on 3,000 sub dr common 1929 Nov. coup. 200 1925;89.600 6% dem.note,dated 451 no par 900 Tower Mfg. Co 50e $20.000 Punta Alegre Sugar Co. 7s, June 15 1925: 39,600 6% dem. 1,250 United Artists Theatre Cir1,386 Southwert.Stores,Inc., com_ Sc July 1937 Chase National Bank 1150 lot note. dated June 15 1925 61 flat pref 9 Inc.. cuit, 20 Gamewell Co ctf. of dep as $10,000 Ft.Lauderdale. Fla., public 1,250 United Artists Theatre Cirimpt. 68, Jan. I 1946; July 1930 534 par no corn., Inc.. cuit. By Wise, Hobbs & Arnold, Boston: 27 coupon on 700 Kansas City Public Service $12.000 Monroe County,Fla..road 2 $ per Sh. Shares. Stocks. Per Sh. Shares. Stocks. Co. pref., no Par 50 6s, June 1 1956 ing) Consol. Mtge. Corp.. c0m---31 lot 1.000 Capital Administration Co., 1014 Federal Nat. Bank, par $20_ _ 95 134 $3,000 Manatl Sugar Co. ctfs. of. 25 Amer. Bureau of Internat. Re25 U.S. Trust Co., par $25----83%-84 Ltd., B,no Par dep.of the Central Hanover Bank quirements, Inc., pref.; 1 Amer. 95 514 Federal Nat. Bank, par $20 800 Glllican Chipley Co. corn.. & Trust Co., trustee, with Oct. 1 Clydesdale Ass'n, par $10;25 Bos50c. 35 18 Associated Textile Cos no par $600 lot 1930 coupon in default ton Dwelling House Co., par $1: 8 William Whitman Co.,Inc., pref.. 65 400 Roan dr Turpentine Investment 50c. 515,000 Universal Crepe az Tnstre 200 Boston-Ms Angeles 011 Co.. 1 20 Newmarket Mfg. Co Co., no par Mills 1st mtge. 10-year sinking Ore!.. par Sl:800 Boston-Los An. Mfg. & 111 lot Electric 5 Renfrew Mfg. Co., pref Armstrong 2734 fund 6%s,May 1 1937. May 1929 Oil Co.,con., par $1;5 Canadian 140 Charlton Mills 25 Corp. 7% cum. pref; 750 corn., and sub, coupons attached _.3500 lot Northern Quebec Ry. Co.; 1.178 5 Associated Textile Cos 363. $90 lot no par Costilla Trust Fifth Lien Ott. of 818,000 Spencer-WynnePaper Prod4 units First Peoples Trust 20 250 Compania Azucarera Trinidad ucts,Inc.,1st(closed) mtge.sinkbeneficial int.; 50 Dewey & Almy 2,500 Chain Store Invest. Corp., 7% cum. pf.;850 corn.. par $20$100 lot ing fund 15-year 634s. cif.of den. Chem. Co., pref., par 350; 4 Ice $50 lot common, par $5 100 Yarns Corp. of America, Pavilion Inc., corn.; 10 Ice Pay. Aug. 1929 and subsequent coup75 Old Colony Trust Associates 3351-34 $65 lot class A, no par $1.900:lot Inc., pref.; 75 Livermore Rojas & Pons attached 10 Boston Woven Hose & Rubber 1.000 Cornstalk Products Co.corn.. Co.,common D. G. Dery Corp. 1st mtge. $5.000 6014 ex-div.lot Co.. Inc., corn.; 50 Livermore $30 no par Rojas & Co.,Inc., pref.;$5.167.701 20-year sinking fund 7s, Sept. 1 10 U. S. Bond & Mtge. Corp., 38 Allison Drug Stores Corp.,Cl. B_S1 lot Conlin Trust Third Lien en. of 40 1942, Sept. 1930 and subsequent 7% preferred $1 lot 5 Amergulana Syndicate, Inc $825 lot beneftclal lot. 8510 lot 160 232 Madison Ave. Corp. corn.: coupons attached 60 U.S.Bond dr Mtge. Corp.,oom _$3 lot 25 Wendell Phillips Co., 1st pref.; 31,500 Brandenburg Coal Mining 2,000 Chain Store Invest. Corp.. the right to receive 300 shs. of 5s. 20 Post Office Square Co., pref. fund sinking 300. Co. mtge. 1st common, par $5 & Ave. Eighth con, stock of 819_lot (ctf. of deposit) $1 lot April 15 1931 $15 lot 70 Orange County Co 23d St. Corp., pursuant to the $13.380 Lucas E. Moore Stave Co. 514 3014 Winchester Repeating Arms 350 Mass, Utilities Assoc., corn agreement between corp., Madi7345, f. s. tr. 1st coll. Co., class A; 1214 7% prof__ _ _ 87 lot & mtge. 2,000 Chain Store Invest. Corp.. Greenson Finance Corp., Arthur 82001ot July 1 1942, et:. of deP 30c. 100 Harrison Refg. Co., Inc., pref.; common, par $5 baum and Consol. Indemnity dr 60 common $2,250 Newberry Lumber & Chem- :IA 10 units First Peoples Trust 20 $1 lot Ins. Co., dated May 28 1930. v3.11 55. mtge. 1st 'cal -year 10 Co. 10 Textile Finishing Mach., com 2.35 200 Consol. Chain Stores, pref.; Consubject to the rights of the $1003ot June 1 1939 500 common $100 lot 25 Great Nor. Paper Co., par 525 3714 sol. Indem. dr Ins. Co.. pursuant of ctf. Corp. Murray Park $25,000 rights 81 National Service Cos., pref-27-34 all to subject thereto, and indebt., due Aug. 15 1946, int. Per Cent. Bonds$10 lot 1.000 New England Boat Co of all parties thereunder- 15,000 lot 6%, subject to certain subordi$8.000 City of Clearwater. Fla., 100 Robert Oak Co., class A 100 Amer. Multitone Paper Corp.. nation agreement with Irving tmpt. 530. Nov. 1930; $8,000 lot 1 $13 55 Anchor Oil Producing Co common 5%s, Nov. 1931: 87,000 5%s, Trust Co.and Underwriters Trust 44 No. Bost. Ltg. Props., pref. 375 E. W. Marland Co., Inc., no Nov. 1932 (Nov. 1 1930 coupons Co. which purchaser must aslot 51 $150 (undeposited), par $50 Par some; together with 25 shares & sub. cpn.s. attached) $5 flat 492 General Bottle Cap Corp., 144 Mass. Bonding & Ins. Co., 9110 10t of Park Murray stock 8214 $13,750 Evansville & Terre Haute par $25 810 lot common RR.58, July 1941 120 lot 50 La France-Republic Corp.. pref; 85 lot 70 class A Per Cent. Bonds$ per SA. Shares. Stocks. $1,000 Portsmouth Nansemond 100 U. B. Shares Financial Corp. Bridge Corp., let mtge. 6148, 83 lot with warrants, no par Oct. 1 1947, coup., due Oct. 1 Automotive Lubricating Co., $7 lot 1929, attached 91 Inc.. par $125 By Adrian H. Muller & Son, New York: DIVIDENDS. Dividends are grouped in two separate tables. In the first wc bring together all the dividends announced the current week. Then we follow with a second table,t in which we show the dividends previously announced, but which have not yet been paid. The dividends announced this week are: 8 Per Sh, Shares. Stocks. i Per Sh. Shares. Stocks. 2,400 Amer. Mach.& Metals, Inc_ 354 500 Commune Azucarera Trinidad 7% cum. pref.; 1,700 corn., par 100 Manhat. Elec. Supply Co.,Inc_ 354 320 3 $100 lot % Schulte Retail Stores Corp 900 Amer. Mach.& Metals,Ina- 354 2,273 Manville Jenckes Co.,com_1570 lot 18 Kelly Metal Corp. corn. A, no 9,L05-1000 Cities Service Co.,cornpar; 2 class B, no par; 20 pref-835 lot 18 mon 4,000 Amer. Mach. & Metals, Inc_ 354 2,050 59th St. & Fifth Ave. Corp. con., no par: 925 pref 1,000 Amer. Mach. & Metals, Inc_ 334 13.600 lot Books Closed. When Per 70 Amer. Mach.& Metals. Inc--- 354 500 Amer. Cirrus Engines, Inc., cl. A tem. Ws.;500 cl. B tem.ctts.81 lot Days Inclusive. Cent, Payable 3,816 General 011 Gas Corp., corn_ I Nano of Company. $100 lot 500 Yarns 00.0!America el. A__-$75 lot 300 Corlite Corp. A, no Par 10 "Hit the Deck, Inc." 1,500 Cady Lumber Corp. (Del.) 510 lot Railroads (Steam). 7% cum. cony. prof 8150 lot 600 Aeromarine Klemm Corp., 4% Jan. 1 Holders of rec. Dec. 16 Albany & Susquehanna Par $5 Jan. 3 Holders of rec. Dec. 16 845 lot 1,500 Cady Lumber Corp., corn., 2 Special & S. U. Internat. 200 lot no par Securities 550 *234 Jan. 5 *Holders of rec. Dec. 15 Savannah & Augusta Corp. lst pref., 50% Paid allot200 Cady Lumber Corp.(Deli) 7% Jan. 5 *Holders of rec. Dec. 15 *25c. Extra ment ctfs., no par ours, cony. pref $45 lot $120 lot Beech Creek (quar.) 50c. Jan. 2 Holders of rec. Dec. 15 500 Silesian Holding Co. (Del.) 200 Cady Lumber Corp., corn., •1% Feb. 2 *Holders of rec. Dee. 26 Southern Canada v. t. c., no par no par $10 lot 8450 lot Chic. Indianan. & Louisville, con 3% Jan. 10 Holders of roe. Dee. 28 900 Capital Administration Co. 2,000 Cady Lumber Corp. (Del.) Jan. 10 Holders of rec. Dec. 28 2 Preferred class B, no par 3200 lot 7% cure, cony. pref 151 Dayton dr Michigan (quar.) Jan. 6 *Holders of rec. Dec. 15 *SI $5.000 interest in a syndicate to 1 *Holders of rec. Dec. 15 95 Universal Crepe & Tissue Mills. Jan. *31 Delaware RR acquire stock of Excelsior HoldInc., corn., par $10 $10 lot Jan. 5 *Holders of rec. Dec. 20 *2 Detroit Hinsdale & Southwestern lug Corp 20 Universal Crepe & Tissue Mills. $100 lot Detroit River Tunnel Jan. 15 *Holders of rec. Jan. 8 *4 Inc., prof $5 lot 150 Golden Gate Mfg. Co.(N.Y.)$16 lot German Rys. Co.(Interim) 3% Jan. 2 Hold, of coup. No. 9 *3 228 Reeretaro Corp., corn 40 Amer. Neon Light Corp., cam., Dec. 19 *Holders of rec. Dec. 14 $1 lot Greene RR.(New York) *5 $25 kit 456 Recreator Corp. prof no par Dec. 26 *Holders of rec. Dec. 19 $6 lot Indiana Harbor Belt 50 Reynolds Investing Co., pref., Dec. 26 *Holders of rec. Dec. 19 80 Spencer Wynne Paper Products, *10 Extra no par 510 lot me., corn., par $10 10 Feb. 2 *Holders of rec. Jan. 15 * .50 *12 (quar.) corn. RR., Coal Mahoning 200 Development Service Corp. 2 *Holders of rec. Dec. 23 Jan. 583 4-12 La France Republic Corp. *$1.25 Preferred pref., no par;200 corn., no par_$150 lot $150 lot A, no Par *3% Dec. 30 *Holders of rec. Dec. 22 *5 Dec. 30 *Holders of rec. Dec. 22 200 Ingram-Richardson Corp_ --$500 lot Mobile & Ohio Sundry notes of No. 20 Copper Extra 10 Motor Mileage Corp. pref.; Feb. 2 Dec. 27 to Jan. 28 2 Mining Co. aggregating approxiN. Y. Central RR.(quar.) 50 corn., no par mately $122,553.16, dated from $15 lot New York dr Harlem con.& pre! $2.50 Jan. 2 Holders of rec. Dec. 15 Mar. 12 1917 to Jan. 27 1921_._810 lot 120 Midland Oil Corp., par $5 $5 lot Northern RR.of N.H.(quar.) *1% Jan. 2 *Holders of rec. Dec. 8 434 Jan. 10 Dec. 20 to Jan. 11 100 Collins Safety Razors, no par_820 lot 9 Blake-Clarke Co. pref.; 15 corn., Northern Securities Co.(quar.) no par Jan. 2 *Holders of rec. Dec. 13 $15 lot Old Colony (quar.) 50 Florida Portland Cement Co. Feb. 2 *Holders of rec. Dec. 26 $2.50 (Del.) corn., no par: 50 pref-S450 lot 110 Lange Bros.& Co.,Inc.(N.Y.) • Pittsburgh & Lake Erie Pref.: 330 core., no par $45 lot Pittsb. McKeesport & YoughloghenY--- $1.50 Jan. 2 Holders of rec. Dec. 15a 30 Leeds Development Corp. (N. $5 lot 2,000 Consol. Cortez Silver Mines 2 *Holders of rec. Dec. 15 Jan. *4 Y.) corn., no par Saratoga Rensselaer & Co. par 51: 10 Prose° Oils Corp. 2 Feb. 2 Holders of rec. Jan. 2 150 United Grape Products, Inc. Southern Ry.common (guar.) .: 10 Prosco Oils Corp., corn_ pref. 2 May 1 Holders of rec. Apr. 1 (Del) corn. V. t. c., no par; (quar.) Common no par $800 lot $1.65 Aug. 1 Holders of rec. July 1 $17 01 150 7% cum. cony. pref Common (quar.) • yi Jan. 15 *Holders of rec. Dec. 28 150 Sperry McKee & Crane, Inc. 300 Dutchois Bleachery,Inc.,corn.. Preferred (quar.) Preferred 2 $1851ot no par 3828 Name of Company. FINANCIAL CHRONICLE "Cr When Cent. Payable. Books Closed. Days Inclusive. Railroads (Steam) (Concluded). Tennessee Central •31‘ Jan. 1 *Holders of rec. Dec. 15 Utica Clinton & Binghamton deb.stock_ s2S4 Dec. 26 Virginian Ry.,common (annual) 8 Dec. 31 *Holders of rec. Dec. 13 Name of Company. Trust Companies (Concluded). Bronx County (guar.) Chemical Bank & Trust (quar.) Marine Midland (guar.) Westchester (Yonkers)(guar.) [Vox, 181. Per When Cent. Payable. Books Closed. Days Inclusive. 40c. Jan. 1 45c. Jan. 2 234 Dec. 23 414 Jan. 2 Holders of rec. Dec. 20a Holders of rec. Dec. 15 1 Dee. 19 to Dec. 23 Dec. 28 to Jan. 1 Public Utilities. Amer.Dist. Teleg.of N.J.,coin.(gu.) 111 Jan. 1 *Holders of rec. Dec. 15 Fire Insurance. 7% preferred (quar.) •13i Jan. 1 *Holders of rec. Doc. 15 Brooklyn Fire (guar.) 30c,Jan. 1 Holders of rec. Dec. 20 American Public Serv. Co.. pref.(qu.)-- 134 Jan. Holders of rec. Doe. 15 City of New York (guar.) 4 Jan. 2 Holders of rec. Dec. 15 Amer. Water Works & El., corn.(qu.) 75c. Feb. Holders of rec. Jan. 9 Hanover Fire (guar.) *40c. Jan. 2 *Holders of rec. Dec. 18 Appalachian El.Pow.,$7 Prof.(qu.)__ •$1.75 Jan. *Holders of rec. Dec. 5 Home of New York (guar.) 50c. Jan, 2 Holders of rec. Doe. 15 $13 preferred (guar.) •$1.60 Jan. *Holders of rec. Dec. 5 Republic Fine (guar.) 500. Jan. 1 Holders of rec. Doe. 19 Arizona Edison Co.. $6.50 pref.(guar.). $1.625 Jan. Holders of rec. Dec. 15 Arkansas Natural Gas, pref.(guar.).- 15c. Jan, Holders of roe. Dec. 15 Miscellaneous. Calgary Power, Ltd. (guar.) 134 Jan. Holders of roe. Dec. 15 Carolina Power & Light,$7 pf.(qu.). $1.75 Jan. Holders of rec. Dee. 13 Abercrombie & Fitch Co., pref.(quar.)- 134 Jan. 1 Holders of rec. Dec. 20 $6 preferred (guar.) 51.50 Jan. Holders of rec. Dec. 13 Acadia Sugar Refg., Pref.(No. 1) 1)00. 15 *Holders of rec. Dec. 1 *3 Central III. Light Co.,6% pref.(qu.) 11.4 Jan. Holders of rec. Dec. 15 Acme Steel (guar.) .182140 Jan. 2 *Holders of rec. Dec. 20 Preferred (guar.) 7% 114 Jan. Holders of rec. Dee. 15 Addressograph Int. Corp.(guar.) .135c Jan. 10• Central Maine Power.7% pref. (quar.)_ •114 Jan. *Holders of rec. Dec. 10 Stock dividend .ke 153-10 6% prefened (guar.) •114 Jan. *Holders of rec. Dec. 10 Aeolian Co., pref. (guar.) *114 Doe. 31 *Holders of rec. Dec. 20 $6 preferred (guar.) •$1.50 Jan. *Holders of rec. Dec. 10 Aeolian Co. of Mo., 2d pref. (guar.)... •2 Jan. 1 *Holders of rec. Dec. 15 Cincinnati Gas & Elec. pref. A (guar.).. *114 Jan. *Holders of rec. Dee. 15 Aetna Rubber, pref.(guar.) 114 Jan. 1 Holders of rec. Doe. 15 CM. Newport & Coy.' L.&Tr.,com.(qu.) i •$1.50 Jan. 1 *Holders of rec. Dec. 31 Affiliated Products, Inc. (guar.) SOc. Jan. 1 Holders of rec. Doe. 18 Preferred (quar.) $1.125 Jan. 1 "Holders of rec. Dec. 31 Air Reduction Co.(guar.) 750. Jan. 15 Holders of rec. Doe. 31 Community Telep. Co.. panic. stk.(gu.) *50c. Jan. *Holders of rec. Dec. 19 F Air -Way Apliqlluanes ar ) ,corn.(guar.)._ •15c. Jan. 1 *Holders of rec. Dec. 19 Comp. Hispano Americana Electricidad First 114 Jan. 1 Holders of rec. Dec. 19 Amer.ohs, for E shs.(7 gold Pesetas)Dec. 2 *Holders of rec. Dec. 19 Alaska Juneau Mining (guar.)(No. 1)- *10c. Feb. 1 Holders of rec. Jan. 10 Consumers Gas (Toronto)(guar.) '214 Jan. *Holders of rec. Dec. 15 Alexander Hamilton Institute, prof "4 Jan. 2 Holders of rec. Dec. 24 Continental Telco.. 7% pref. (guar.)___ •114 Jan. *Holders of rec. Dec. 15 Allied Laboratories,cony. pref.(guar.)._ *8714c Jan. 1 Holders of rec. Dec. 15 634% preferred (guar.) •134 Jan. *Holders of rec. Dec. 15 Aluminum Goods Mfg.Co.,com.(gu.)-30c. Jan. 1 Dee. 22 to Dec. 31 Cuban Telephone Co., corn.(guar.)._ 2 Dec. 3 Holders of rec. Dec. 150 American Capital Corp., corn. A-DIvId end o miffed. Preferred (guar.) 114 Dec. 3 Holders of rec. Dec. 150 $3 preferred (guar.) 75c. Jan. 2 Holders of rec. Dec. 15 Dayton Power & Light pref.(monthly)_ _ 550e. Jan. *Holders of rec. Dec. 20 American Coal (extra) .1$1 Dec. 22 Holders of rec. Dec. 2 Denver Tramway Corp., pref. (quar.)__ 371ic Jan. Holders of rec. Dec. 150 American Corporation, corn.(No. 2)._ _ 150. Dec. 20 Holders of rec. Dec. Florida Power & Light, pref.(guar.).--- $1.75 Jan. Amer. Fork & Hoe, new corn. (guar.)._ 3734e. Dec. 15 Holders of rec. Dec. 10 Holders of rec. Dec. 13 5 General 11 at. Wks.& Elec., corn. A(gu.) 150c. Jan. Holders of rec. Dec. 15 Preferred (guar.) 114 Jan. 15 Holders of rec. Jan. 5 $7 preferred (guar.) $1.75 Jan. Amer. Furniture Mart Bldg., pref. (qu.) 134 Jan. 2 Holders of rec. Dec. 20 Holders of rec. Dec. 15 $6.50 preferred (guar.) $1.825 Jan. American Hair & FeltHolders of rec. Dec. 15 Havana Elec.& Utilities. lot pref.(qu.)Corn., first and second pref.(guar.).- *2 133 Feb. 1 Holders of rec. Jan. 17 Jan. 1 Holders of rec. Dec. 20 Cumulative preference (guar.) $1.25 Feb. 1 Holders of rec. Jan. 17 Amer. Manufacturing Co., corn. (guar.) 1 Mar.31 Holders of rec. Ma.r 15 Hawaiian Electric (monthly) *15e. Dec. 2 *Holders of rec. Dec. 15 Common (guar.) 1 July 1 Holders of rec. June 15 Indiana & Mich. Elec. 7% pref.(qu.) •$1.75 Jan. *Holders of rec. Dec. 5 Common (guar.) 1 Oct. 1 Holders of rec. Sept. 15 6% Preferred (guar.) *Holders of rec. Dec. 5 Common Fr eed ferr (qua:.) *115 Jan. ar I ec 31 Holders of rec. Dec. 15 D. Internat. Power, Ltd.. pref.(quar.)---- 114 Jan. Holders of rec. Dec. 15 134 Mar. 31 Holders of rec. Mar. 15 Internat. Telex,. & Teleg.(guar.) 50c. Jan. 1 Holders of rec. Deo. 19 Preferred (guar.) 134 July 1 Holders of rec. June 15 Iowa Electric Co.,7% pref. A (guar.)--- •15,i Dec. 3 *Holders of roe. Dec. 15 Preferred (qua:.) 114 Oct. 1 Holders of rec. Sept. 15 •15i Dec. 3 *Holders of rec. Dec. 15 615% Pref. 11 (guar.) Preferred (quar.) 114 Dec. 31 Holders of rce. Dec. 15 Iowa Ry.& Light, pref. A (guar.) Dec. 3 *Holders of rec. Dec. 15 American Optical Co., corn. (quar.)---- .$1 Dee. 19 Holders of rec. Doe. 10 Preferred B (guar.) Dec. 3 *Holders of rec. Dec. 15 Preferred (guar.) •134 Jan. 1 Holders of rec. Dec. 20 Preferred C (guar.) *114 Dec. 3 *Holders of rec. Dec. 15 American Pneumatic Serv.. 1st pref.(qu) •87140 Dec. 31 Holders of rec. Dec. 20 Jamaica Public Service, corn 25e. Jan. American Products. pref.(guar.) Holders of rec. Dec. 15 1.500. Jan. 1 Holders of rec. Dec. 15 Jamestown Telep. Corp. let pref.(guar.) •114 Jan. *Holders of rec. Dec. 16 Amer. Thermos Bottle, pref. (guar.)... "8734o Jan. 2 *Holders of rec. Dec. 20 Jersey Central Power & LightAmerican Type Founders, corn.(guar.). 2 Jan. 15 Holders of rec. Jan. 5 7% preferred (guar.) 134 Jan. Holders of rec. Dec. 10a Preferred (guar.) 134 Jan. 15 Holders of rec. Jan. 5 6% preferred (guar.) 114 Jan. Holders of rec. Dee. 10a American Yvette Co., pref. (guar.).- *50c. Jan. 1 *Holders of rec. Doe. 15 Kansas Gas & Elec. Co.,[nref. (quar.) 114 Jan. Holders of rec. Dec. 24 Anchor Cap corn.(guar.) 130c. Jan. 2 Holders of rec. Dec. 19 Keystone Pub. Serv.. $2.80 pf. (qu.)__ 70c. Jan. Holders of rec. Dec. 150 $8.50 preferred Corp.,equar.) $1.625 Jan. 2 Holders of rec. Dec. 19 Lone Star Gas Corp.(guar.) *25c. Dec. 3 *Holders of rec. Dec. 15 Anglo-National Corp..lass A (guar.).- *50c. Jan. 15 *Holders of rec. Jan. 3 Manhattan Ry., guar. stock (guar.).- 1% Jan. Holders of rec. Dec. 19a Apponaug Co., corn.&pox.) *50c. Jan. 1 *Holders of rec. Dec. 15 Michigan Elec. Power, 7% pref.(guar.) 114 Jan. Holders of rec. Dec. lba Preferred (guar.) '154 Jan. 1 *Holders of rec. Dec. 15 6% preferred (guar.) 114 Jan. Holders of rec. Dec. 15a Associated Apparel Industries (guar.)._ •51 Jan. 1 "Holders of rec. Dec. 19 Midland Utilities Co.. 7% pr. lien (qu.) 114 Jan. Holders of rec. Dec. 22 Associated Bankers & Mtge. Cu.(gu.)__ •37140 Jan. 2 *Holders of rec. Dec. 20 8% prior Den (guar.) 134 Jan. Holders of rec. Dec. 22 Associated Bkrs. Tr. Mtge. Guar.(qu.). '3734c Jan. 2 *Holders of rec. Dec. 20 7% preferred A (quar.) 114 Jan. Holders of rec. Dec. 22 Associated Brew.(Canada), corn. (qu,).. *25x. Dec. 31 *Holders of rec. Dec. 15 8% preferrd A (qua:.) 114 Jan. , Holders of rec. Dec. 22 Preferred (guar.) '154 Jan. 1 'Holders of rec. Dec. 15 Minnesota Power & Light,7% pref.(qu.) 114 Jan. Holders of rec. Dec. 15 Atlas Stores(guar.) 2 *Holders of rec. Dec. 15 $6 preferred (guar.) $1.50 Jan. Holders of rec. Dec. 15 Automatic Washer Corp. pref.-Divide ll o6M311 .t j taed n. . Municipal Service Co., common Mc.Jan. Holders of rec. Dec. I5a Axton-Fisher Tobacco, alas A (guar.)._ nd "800. Jan. 1 *Holders of rec. Dec. 15 Mutual Telep. Hawaii (monthly) •88c. Jan. *Holders of rec. Dec. 17 Preferred (guar.) '134 Jan. 1 *Holders of rec. Dec. 15 National Public Serv., 7% pref. A (qu.)_ Holders of rec. Dee. 170 Bancomit Corp., corn. & corn. A (qu.) 134 Jan. 40c. Jan. 2 Holders of rec. Deo. 15 New England Power Assn., corn.(qu.) 50c. Jan. 1 Holders of rec. Dec. 310 Bancroft (Jos.) & Sons, corn. (guar.).- •300. Dec. 81 "Holders of rec. Dec. 15 New England Public Service, corn.(au.) 250. Dec. 3 Holders of rec. Dec. 15 Bankers Secur. Corp.(Phila), corn.(qu.) 750. Jan. 15 Holders of rec. Dec 31a $7 preferred (guar.) 81.75 Jan. 1 Holders of rec. Dec. 31 Participating preferred (guar.) 750. Jan. 15 Holders of rec. Dec. 316 $6 preferred (guar.) $1.50 Jan. 1 Holders of rec. Dec. 31 Basic Invest. of Can Trust shs. A • 19.097: Dec. 15 *Holders of rec. Dm. 1 Adjustment preferred (guar.) $1.75 Jan. 1 Holders of rec. Dec. 31 Bearings Co.of Amer. 1st pref.(guar.).- '134 Dec. 31 *Holders of rec. Dec. 15 $6 cony. preferred (guar.) $1.50 Jan. 1 Holders of rec. Dec. 31 Beatty Bros., common (guar.) *50c. Jan. 1 *Holders of rec. Dec. 15 New Haven Water 112 Jan. *Holders of rec. Dec. 15 1 Second preferred "314 Jan. 1 'Holders of rec. Dec. 30 North Continent Utilities,7% pref.(qu.) ,11,‘ Jan. "Holders of rec. Dec. 15 Blcke ford re 'n s, Inc., corn. car *30c. Jan. 2 *Holders of rec. Dec. 20 .(guar.) 6% preferred (guar.) *114 Jan. *Holders of rec. Dec. 15 Preference Jan. 2 *Holders of rec. Dm. 20 •6214c North. Mex.Power & Devel., pref.(qu.) 114 Jan. Holders of rec. Dec. 20 Blue Ribbon Corp., Ltd.(guar.) *500. Jan. 1 *Holders of rec. Dec. 15 Northwestern Bell Telep., prof. (quar.)_ "1g Jan. 1 *Holders of rec. Dec. 20 Borg Warner Corp., common (guar.).250. Jan. 2 Holders of rec. Dec. 15 Northwestern Telegraph *51.50 Jan. *Holders of rec. Dec. 16 Preferred (guar.) 114 Jan. 2 Holders of rec. Dec. 15 Nova Scotia Light & Pow..old (guar.)._ •$1 Jan. *Holders of rec. Doe. 17 Brady, Cryan & Colleran, Inc. Ohio Electric Power Co., 7% pref. (oil.) 134 Jan. Holders of rec. Dec. 15a 8% participating preferred Jan. 1 Holders of rec. Dec. 20 4 6% preferred (guar.) 114 Jan. Holders of rec. Dec. 15a Bri art gilp mleelpea (rei T eu ishPA Stnino 2 Jan. 1 Holders of rec. Dec. 20 ferje )d (extra) _ __ Ottawa Light Heat & Power,corn. *134 Dec. 3 *Holders of rec. Dec. 15 •20c. Jan. 2 *Holders of rec. Dec. 15 Preferred (guar.) •114 Jan. *Holders of rec. Dec. 15 British Amer. 011, Ltd., reg. stk.(guar.) 20c. Jan. 2 Dec. 14 to Jan. 1 Otter Tall Power, $13 pref.(guar.) •$1.50 Jan. *Holders of rec. Dec. 15 Coupon stock (guar.) 20c. Jan. 2 Holders of coupon No. 3 $5.50 preferred (guar.) $1.375 Jan. *Holders of rec. Dec. 15 British Mortgage & Trust (extra) *2 Jan. 2 *Holders of rec. Dee. 15 Pacific Gas & Elec.,corn.(guar.) *50c. Jan. 1 *Holders of rec. Dec. 31 British United Shoe Machinery. Ltd. Pacific Lighting Corp. $8 pref. (guar.)._ .$1.50 Jan. 1 *Holders of rec. Dee. 31 Amer. dep. receipts for ord, reg.shares *w714 Dec. 11 *Holders of reo. Dec. 5 Pac Northw Pub Serv., pr. pref.(gu.). •111 Jan. *Holders of rec. Dec. 15 Broad Street Investing Co.. Inc.(qu.)_30e. Jan. 1 Holders of roe. Dec. 15 First preferred (guar.) •114 Jan. *Holders of rec. Dec. 15 Brockway Motor Truck.-No action tak en. Penn-Ohio Light & Pow.$5 pref.(guar.)•$1.25 Jan. *Holders of rec. Dec. 15 Budd Wheel, coin. (guar.) *25c. Dec. 31 *Holders of rm. Dec. 22 Pennsylvania Pow.& Light,$7 pref.(qu.) 1.75 Jan. Holders of rec. Dec. 15 First preferred (guar.) •114 Dee. 31 *Holders of rec. Dec. 22 $6 preferred (guar.) $1.50 Jan. First preferred (extra) Holders of rec. Dec. 15 *75c Dec. 31 *Holders of rec. Dec. 22 55 preferred (guar.) $1.25 Jan. Buffalo Gen. Laundries. panic. pf.(qu.) *5814c Dec. 31 *Holders of rec. Dec. 20 Holders of rec. Dee. 15 Philadelphia Company, coin. (guar.)... 20c. Jan.I 3 Holders of rec. Dec. 31 Buffalo Nat. Corp., corn. (quar.) •250 Dec. 31 *Holders of rec. Dec. 24 Common (extra) 35o. Jan. 3 Holders of rec. Dec. 31 Preferred (guar.) •134 Dec. 31 *Holders of rec. Dec. 24 Philadelphia & Darby Ry *51 Jan. *Holders of rec. Doe. 20 Bulkley Bldg.. pref. (qua:.) 134 Dee. 31 Holders of rm. Dec. 19 Public Service of N. H.,$6 pref.(qu.)._ *$1.50 Dec. 1 Bunker Hill & Sullivan Mining & $5 preferred (guar.) 111.25 Dec. 1 Concentrating (guar.) *25c Jan. 8 Ridge Ave.Pass. Hy.(Phila.)(guar.)_ _ _ •$3 Jan. *Holders of rec. Dee. 15 Sumo, Inc., preferred (guar.) *75c. Jan. 2 *Holders of rec. Dec. 20 St. Louis Public Service, pref. A-Div id ed def erred. Bupr rte (fF err . edN.)01Couar...) corn.(guar.) •750. Jan 2 *Holders of r. ec Dec. 15 Scranton Electric $6 prof.(guar.) *51.50 Jan. *Holders of rec. Dec. 8 "114 Jan. 2 *Holders of rec. Dec. 15 Southwestern Bell Teo.,prof.(qua:.)-- "114 Jan. *Holders of rec. Doe. 20 Byers (A. M.) Co., pref. (guar.) *134 Jan. 2 *Holders of rec. Dec. 19 Standard Gas & Elec.. corn.(guar.)._ 8714c, Jan. 24 Holders of rec. Dec. 31 Byllesby (H. M.)& Co.,cl. A.& B.(qu.) 50c 24 Holders of rm. Dec. 15 $7 preferred (guar.) $1.75 Jan. 2 Holders of rec. Dec. 31 Preferred (guar.) 50c Doe. ec. 24 Holders of rec. Dec. 16 56 preferred (guar.) $1.50 Jan. 24 Holders of rec. Dec. 31 Canada Bread, pref. B (guar.) *114. Jan. 2 *Holders of rm. Dec. 15 Stand.Pow.& Light, corn.& corn. B(qu) 50c. Mar. 2 Holders of rec. Feb. 11 7% first preferred (qifar.) •114 Jan. 2 *Holders of rec. Dec. 16 $1.75 Feb. 2 Holders of rec. Jan. 18 Preferred (guar.) Canada Bud Breweries. Ltd., corn.(qu.) *250. Jan. 15'Holders of rec. Doe. 31 114 Jan. 2 Holders of rec. Dec. 15 Texas-Louisiana Power,7% Pref.(qu.).. Canada Packers, Ltd., pref.(guar.)._ •114 Dec. 31 *Holders of rec. Dec. 15 Toledo Edison Co..7% Pref.(mt1117..)--•58 1-3c Jan. 2 *Holders of rec. Dec. 150 Canada Paper Co., 7% pref.(guar.).- •114 Dec. 1 *Holders of rec. Nov.21 *50c. Jan. 2 *Holders of rec. Dee. 15a 6% preferred (monthly) •412-ac Jan. 2 *Holders of rec. Dec. 150 Canada Wire & Cable, pref. (quar.)---- •154 Dec. 15 *Holders of rec. Nov.30 5% preferred (monthly) Canadian Fairbanks Morse Co.. pf.(qu.) 134 Jan. 15 Holders of roe. Dec. 81 United Lt.& Rys.,7% pr. pf.(mthly.).•58 1-3c Jan. 2"Holders of rec. Dec. 15 Canadian Westinghouse Co.,corn.(qu.). *50e. Jan. 1 *Holders of rec. Dec. 19 *53c. Jan. 2 *Holders of rec. Dec. 16 6.36% prior preferred (monthly) Common (extra) *51 Jan. 1 'Holders of rec. Dec. 19 *50c. Jan 2 *Holders of rec. Doe. 15 6% prior preferred (monthly) Canal Construction, pref. (guar.) 3734c. Jan, 1 Holders of roe. Dec. 20 United Public Service,$7 pref.(guar.)-- $1.75 Jan. 2 Holders of rec. Dee. 15 Canfield Oil, corn. & pref. (guar.) 114 Doe. 31 Dec. 20 to Dec. 25 $1.50 Jan. 2 Holders of reo. Doe. 15 $6 preferred (guar.) Cap (Pheidlip re re yferr Dec. 15 *Holders of rec. Dec. 11 (q )uM arfs., common (guar.).- *2 United Public Utilities. $6 pref.(quar.)- $1.50 Jan. 2 Holders of reo. Dec. 15 Dec. 31 *Holders of rec. Dec. 20 $1 7-16 Jan. 2 Holders of rec. Doe. 15 $5.75 preferred (guar.) Carman & Co., Inc., class A (quar.)---- *134 *50c. Feb. 28 *Holders of rec. Feb. 13 •114 Jan. 1 *Holders of rec. Dec. 15 Utah Gas & Coke, let pref.(guar.) Class B (guar.) 025o. Jan. 26 *Holders of rec. Jan. 15 1 Jan. *Holders of rec. Dec. 15 •114 Participating pref.(guar.) Carnation Co., corn. (guar.) •75c. Jan. 2 *Holders of rm. Dec. 20 1 West Kootenay Pow.& Lt., pref.(qu.)._ 1/4 Jan. 2 Holders of rec. Dec. 22 Preferred (guar.) 1.114 Jan. 2 *Holders of rec. Dec. 20 West Penn Power Co. 7% pref. (qu.)_.. 114 Feb. 2 Holders of rec. Jan. 5 Carreras, Ltd.6% preferred (guar.) 115 Feb. 2 Holders of rec. Jan. 5 ' Am.dep.rcts. A ord.shs.(4s.9d.) - -Dm. 5 *Holders of rec. Dec. 5 Western Power Corp.,7% corn. pf.(qu.) 114 Jan. 9 Holders of rec. Dec. 31 Am.dep.rcts. B ord.ohs.(754d.) Dec. 5 *Holders of rec. Dec. 5 Wisconsin Hydro-Electric Co., pt.(qu.). 114 Jan. 2 Holders of rec. Dec. 15 Am.dep.rcts.ord.reg.(4s.9d.) Dec. 5 *Holders of roc. Dec. 5 Century Discount, pref-Dividend omit ted. Banks. Chain Store Prod.,cony. pref.(guar.)-- - '37150 Jan. 1 *Holders of rec. Dec. 20 •6 Fifth Avenue (guar.) Jan. 1 *Holders of rec. Dec. 31 Chamber of Commerce Bldg. (Ind.)•5 First National (guar.) Jan. 2 *Holders of rec. Dec. 24 Pref.(guar.) •154 Jan. 1 "Holders of rec. Dec. 20 First Security Co.(guar.) 24 Dec. *Holders of rec. Jan. 2 *20 Channon (H.)& Co., 1st pref.(qua:.)_. *114 Jan. 2 *Holders of rec. Dec. 20 Peoples National(Brooklyn)(guar.). - .3 Jan. 1 *Holders of rec. Dec. 9 Second preferred (guar.) Jan. 2 *Holders of rec. Dec. 20 *2 Trade (guar.) 134 Jan. 5 Holders of rec. Dec. 24 Chase Brass & Copper, pref. A (guar.)._ 114 Dec. 31 Holders of rec. Dec. 19 West New Brighton (Staten Island) •4 Jan. 10 *Holders of rec. Dec. 31 Checker Cab Mfg.(monthly) •15c. Jan. 2 *Holders of rec. Dec. 20 Monthly •16c. Feb. 2 *Holders of rec. Jan. 20 Trust Companies. Monthly *15c. Mar. 2 *Holders of rec. Feb. 20 Bank of N. Y. & Trust Co.(quar.)---- $4.50 Jan. 2 Holders of rec. Dec. 19 Cherry-Burrell Corp., corn.(guar.) '6234c Feb. 1 •Holde8s of rm. Jan. 15 Extra 52.00 Jan. 2 Holders of rec. Dec. 19 Preferred (guar.) •114 Feb. 1 Holders of rec. Jan. 15 Name of Company. 3829 FINANCIAL CHRONICLE DEC. 13 1930.] When Per Cent. Payable Books Closed. Days Inclusive. Name of Company. When Per Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Continued). Miscellaneous (Continued). 20e. Jan. 2 Holders of rec. Dec. 15 Internat. Button Hole Sew. Mach.(qu.) 030c. Jan. 1 *Holders of rec. Dec. 20 Chicago Flexible Shaft (guar.) Nickel of Canada, International 20 Dec. rec. of *Holders 2 Jan. *31.25 Chicago Towel, corn.(guar.) Feb. 2 Holders of rec. Jan. 84 131 (par $100) (guar.) Preferred 2 *Holders of rec. Dec. 20 *31.75 Jan Preferred (guar.) 8.1e. Feb. 2 Holders of rec. Jan. 3a Preferred (Par $5) •50c. Jan 6 *Holders of rec. Dec. 15 Churchill House Corp.(annual) Dec. 20 Holders of rec. Dec. 12 25c, (qu) B & A cl. Ltd.. Paints, International 15 Dec. rec. of *Holders 31 *56c. Dec. Cincinnati Ball Crank, pref.(quar.) 131 Jan. 15 Holders of rec. Dec. 26 Internatl Paper & Power,7% pref.(qu:) Cincinnati Union Stock Yards (quar.).. *40c. Dec. 31 *Holders of rec. Dec. 17 131 Jan. 15 Holders of rec. Dec. 26 6% preferred (guar.) *I% Jan. 1 *Holders of rec. Dec. 20 Circle Theatre Corp. (guar.) Jan, 15 Holders of rec. Dec. 31 3 pref... Corp.. Products International rec. 15 Dec. Cities Service. Bankers Shares(mthly).' 24.46c Jan. 1 *Holders of Jan. 1 Holders of rec. Dec. 15 250. (guar.) Internat. Superpower Corp. *31).(C Jan. 1 *Holders of rec. Dec. 15 Clark(D.L.) & Co.,corn,(guar.) 10c. Jan, 1 Holders of rec. Dec. 15 Extra omit nd tedDivide Bros. Clark, Howe, Waters & Knight Jan. 2 Holders of rec. Dec. 10 75c. common..... Textbook, International 65e. Dec. 20 Holders of rec. Dec. 10 Cliffs Corporation,corn.(guar.) •30c. Dec. 15 *Holders of rec. Nov.30 Italian Invest. Corp., class A (guar.) *3% Jan. 2 *Holders of rec. Dec. 15 CUfton Oil & Gas, pref 50c. Jan. 2 Holders of rce. Dec. 15 (quar.) Co. Electric Jefferson 26 Dec. rec. of *Holders 2 Jan. Cloverland Dairy Prod., pref.(quar.)__. 1. *50e. Jan. 2 *Holders of rec. Dec. 16 Jenk in.4 Bros.,corn.(guar.) Dec. 20 *Holders of rec. Dec. 15 *2 Clover Splint Coal. pref.(guar.) •131 Jan. 2 *Holders of rec. Dec. 16 Preferred (guar.) '6234c Jan. 2 *Holders of rec. Dec. 15 Coca-Cola Bottling,(CM.) Cl. A (qu.) Jan, 2 *Holders of rec. Dec. 20 81.125 Stove (qua?.) Kalamazoo 27 Dec. rec. of Jan. 1 *Holders Colonial Financial Corp., pref.(quar.).. Jan. 1 *Holders of rec. Dec. 15 • $1.625 Katz Drug,$6.50 pref.(guar.) *50e. Dec. 31 *Holders of rec. Dec. 12 Colt's Patent Fire Arms Mfg.(quar.) Jan. 2 *Holders of rec. Dec. 20 (guar.) Co. A.) (Chas. Kaufmann Compagnie Generale d'Electricite Jan. 28 Holders of rec. Jan. 10 38e. (guar.)._ corn. Stores, Dept. 9 Kaufmann (0) Dec. 16 *Holders of rec. Dec. Amer. dep. rcts. for A bearer ohs Jan. 15 Holders of rec. Jan. 2 150. Kay bee Stores.corn.(guar.) Connecticut Gas & Coke, pref.(qua?.).. •750. Jan. 2 *Holders of rec. Dec. 15 Jan. 2 Holders of rec. Dec. 15 4331c A Class (guar.) rec. 18 of Dec. *Holders Consolidated Film Industries com.(qu.) *50e. Jan. 2 Dec. 20 *Holders of rec. Dec. 15 *31 Kearney (Jas. R.) Corp *50c. Jan. 2 *Holders of rec. Dec. 18 Preferred (guar.) Keith-Albee-Orpheum,7% pref.(guar.). '134 Jan. 1 *Holders of rec. Dec. 20 *433ic Jan. 2 *Holders of rec. Dec. 15 Consolidated Steel, pref.(guar.) Dec. 20 *Holders of rec. Dec. 15 *20e. Sugar 15 Kekaha Dec. *40o Jan. 2 *Holders of rec. Continental Casualty (guar.) *30c. Jan. 1 *Holders of rec. Dec. 16 Kirsh Company,corn.(guar.) •190 Dec. 1 *Holders of rec. Nov. 25 Cook Paint dr Varnish, cl A •45c. Jan. 1 *Holders of rec. Dec. 16 (guar.) Preferred 25 Nov. rec. of *Holders 1 Dec. *31 Preferred (quar.) •500. Dec. 23 *Holders of rec. Dec. 18 Knapp-Monarch, common *50c. Jan. 1 *Holders of rec. Dec. 20 Counselors Securities Trust (guar.) *81 kie Jan. 1 *Holders of rec. Dec. 15 Preferred (quar.) Jan. 2 *Holders of rec. Dec. 15 .1, Courier-Post Co.,7% pref.(guar.) *134 Jan. 1 *Holders of rec. Dec. 15 (quar.) pref. Music, -Campbell Knight 15 Dec. reo. of Jan. 1 *Holders .1 Court Building Corp.. pref.(guar.) *4 Jan. 2 *Holders of ere. Dec. 20 Koehring Co.,prof 50e. Jan, 2 Holders of rec. Dec. 22 rec. Dec. 12 Cream of Wheat Corp.(guar.) Koppers Gas & Coke Co.,6% pref.(qu.) *131 Jan. 1 *Holders of 25e. Jan, 2 Holders of rec. Dec. 22 Extra 40c. Dec. 31 Holders of rec. Dec. 11 common (qua?.).... Co., S.) (S. Kresge Jan. 1 *Holders of rec. Dec. 20 4 Crook (J. W.)Stores,7% pref.(quar,) rec. Dec. 11 of Holders 31 Dec. 134 Preferred (guar.) 25e. Jan, 2 Holders of rec. Dec. 10 Crown Cork Internat., Cl. A (guar.).- _ •4331e Jan. 2 *Holders of rec. Dec. 15 Loiter Auto Spring,7% pref.(guar.)_ 24 Dec. 26 Holders of rec. Dec. 16 Crum & Forster, corn.(special) rec. Dec. 17 of *Holders Dec. 31 *70c. (guar.) Co. Mortgage Lawyers 50c. Jan. 15 Holders of rec. Jan. 1 Davenport Hosiery Mills, corn.(guar.).Jan, 3 Holders of rec. Dec. 200 3 Lawyers Title & Guaranty (guar.) Jan. 1 Holders of rec. Dec. 20 Preferred (guar.) Jan, 5 Holders of rec. Dec. 22 750. (guar.) Corp. Lehman De Havird Aircraft of Can.,Ltd.. pf.(gu) •1ii Dec. 15 *Holders of rec. Dec. 8 •25c. Jan. 2 *Holders of rec. Dec. 15 Lenolt National Secur. Cl. A & B •37Sic Dec. 15 *Holders of rec. Dec. 10 DeLsel-Wemmer-Gilbert Corp.(qu.) •35e. Jan. 2 *Holders of ree. Dec. 15 7% preferred (guar.) *85c. Dec. 31 *Holders of rec. Dec. 20 Detroit Bankers Co.(guar.) *20e. Dec. 15 *Holders of rec. Dec. 1 Salt (guar.) -California Leslie *30e. Jan. 2 *Holders of rec. Dec. 20 Detroit Gasket & Mfg.(guar.) 1 •750. Jan Lay (Fred. T.) Co.(guar.) Devoe ds RayneIds.class A & B (qaur.)._ *30e. Jan. 1 *Holders of rec. Dec. 20 *250. Dec. 31 *Holders of roe. Dec. 10 Corp Share Liberty 20 Dec. First and second preferred (qua?.) '131 Jan. 1 *Holders of rec. 1 *Holders of ree. Dec. 19 Jan. (guar.) pref. Products, Linde Air Diamond Electrical Mfg., corn.(guar.). •50e. Dec. 31 *Holders of rec. Dec. 20 '131 Jan. 2 *Holders of rec. Dec. 20 Lit Bros.,8% preferred (guar.) Dec. 3 *Holders of rec. Dec. 20 Preferred (guar.) Jan. 2 *Holders of res. Dec. 18 *50c. Firebox (guar.) Locomotive •250. Dec. 2 *Holders of rec. Dec. 20 Diamond Match (special) *50c. Dec. 2 *Holders of rec. Dec. 17 Loew's Boston Theatres Co.(extra) *50c. Jan. 2 *Holders of rec. Dec. 19 Diamond Shoe,corn.(guar.) •82 Jan. 2 *Holders of re .Dec. 24 Long Island Safe Deposit •131 Jan. 2 *Holders of rec. Dec. 19 6%preferred (guar.) erred. de Pref.-Dividend % Ludlum Steel, 11.30c. Jan. 2 *Holders of rec. Dec. 19 6% second preferred *750. Dec. 2 *Holders of ree. Dec. 15 Macbeth-Evans Glass Co.,(guar.) Dominion Rubber, Ltd., pref.(guar.)- - 131 Dec. 31 Holders of rec. Dec. 20 •50e. Dec. 2 *Holders of rec. Dec. 15 Extra Duncan Mills, pref.(guar.) '131 Jan. 1 *Holders of reo. Dec. 20 Jan. 1 *Holders of rec. Dec. 17 *134 (guar.) pref. Eagle Wine. dr Storage (Bklyn)(guar.)- *131 Jan. 1 *Holders of rec. Dec. 270 MaeMarr Stores. •3734c Jan. 1 *Holders of ere. Dec. 31 *231 Jan. 1 *Holders of rec. Dee. 27a Magnin (I.) & Co.(qua?.)pref.-Dividen d defe rred. Extra Co.. & It.) (H. Mallinson Eaton Crane & Pike, pref. A (quar.) '1% Jan. 1 134 Jan. 2 Holders of rec. Dec. 15 Manhattan Shirt, pref. (guar.) Dec. 31 *Holders of rec. Dec. 18 *31 Elwell-Parker Electric (guar.) '200 Dec. 31 Martin & Schwartz (stock div.) 131 Jan. 1 Holders of rec. Dec. 20 Emerson Elec. Mfg., pref.(guar.) Jan. 1 *Holders of rec. Dec. 20 •3734c (guar.) Mfg. Dec. 30 Holders of rec. Dec. 23a McAleer 3 Empire Safe Deposit Co.(guar.) '6231C Feb. 1 *Holders of rec. Jan. 20 McCall Corp.(guar.) 4.3c. Dec. 24 *Holders of rec. Dec. 13 Eureka Stand. C,onsol. Mining (guar.)... *750. Jan. 2 *Holders of rec. Dec. 23 (quar.) A class Mfg., & Had. 15 McCord Dec. rec. *Holders of 31 Dec. *25c. Fanny Farmer Candy Shops, com.(qu.) 50c. Jan, 2 Holders of rec. Dec. 20 McGraw Electric Corp.(guar.) .1300. Dec. 31 *Holders of rec. Dec. 15 Preferred (guar.) rec. Dec. 20 McGraw-Hill Pub. Corp., corn.(quar.)_ *50c Jan. 2 *Holders of Jan. 15 *Holders of rec. Jan. 10 411 Fenton United Cleaners (extra) Jan, 1 Holders of rec. Dec. 19 8734c (guar.) cl.B Co.. & G) (Arthur 15 of McKee 22 Dec. rec. *Holders Fidelity Union Title & Mtge. Guar.(qu.) •250. Dec. rec. Dec. 15 of *Holders 1 Jan. *75e. Mead Johnson & Co.. corn.(guar.)._ •131 Jan. 2 *Holders of ree. Dec. 19 Filene's(Wm.)& Sons, pref. *50e. Jan. 1 *Holders of rec. Dec. 15 Common (extra) 25c. Jan. 1 Holders of rec. Dec. 17 First Bank Stock Corp.(Minn.)(guar.)_ rec. Dec. 15 of *Holders 1 Jan. •350. (guar.) 7% preferred 8231c Jan. 2 Holders of rec. Dec. 16 First National Stores, Inc., corn.(qu.) rec. Dec. 15 Jan. 2 *Holders of rec. Dec. 16 Merchants & Mfrs. Co.. corn. A (quar.)_ *37Iie Jan. 2 *Holders of rec. Preferred (guar.) Jan. 2 *Holders of 15 Jan. 1) (No. '8731c (guar.) pref. prior nd om Wed. $3.50 1st pref.-Divide Investment. First Ohl rec. Dec. 15 of *Holders 31 Dec. *62Iie Merchants & Miners Transp.(qua?).... First Securities Corp., Ogden, Utah*50o. Jan. 1 *Holders of rec. Dec. 20 Merrimac Hat Corp., corn. (quay.).... •500. Dec. 1 Class A and B (No. 1) *$1 Dec. 1 Preferred (guar.) Fisher Flour Mills Co.. pref.(qua?.).... •131 Dec. 31 *Holders of rec. Dec. 15 '131 Jan. 2 *Holders of rec. Dec. 20 •$1.50 Jan. 2 *Holders of rec. Dec. 15 Metal & Tbermit, pref.(guar.) Fisk Manufacturing (guar.) *3734c Jan. 1 *Holders of rec. Dec. 20 Michigan Steel Tube (guar.) Flatbush Invest. Corp.corn.(guar.)---- *131 Dec. 31 *Holders of rec. Dec. 20 75e, Jan. 1 Holders of rec. Dec. 20 Dec. 31 *Holders of rec. Dec. 20 .331 Midland Steel Products (guar.) Preferred Jan. 1 *Holders of rec. Dec. 20 *2 Jan. 1 Holders of rec. Dec. 15 8% first preferred (guar.) Flour Mills of Amer., Inc., $8 pref.(qu.) $2 Jan. 1 *Holders of rec. Dec. 20 *50c. Dec. 15 rec. *Holders of *131 Dec. 1 (quar.) pref. preferred 6% (quar.) $2 Foundation Inv., Dec. 31 '131 Jan. 15 *Holders of rec. Dec. 31 Milburn (Alex.) Co., pref. A (guar.)Fox Film Corp., class A & B(qua?.).. •$1 •40c. Jan. 1 *Holders of rec. Dec. 20 ' *131 Jan. 2 *Holders of rec. Dec. 15 Miller Wholesale Drug (quan) Freiman (A. J.), Ltd.. pref. (quar.) Jan. 2 *Holders of rec. Dec. 20 *15c. (guar.) Mfg. of *Holders 2 •1 & Jan. rec. Mining Dec. 15 Minnesota French (Fred F.) Operators, Inc., pref*8731e Jan. 1 *Holders of rec. Dec. 20 Monarch Mills-Dividend omitted. Fruehauf Trailer, pref.(guar.) Jan. 2 *Holders of roe. Dec. 15 •200. Dec. 1 *Holders of rec. Nov.25 Moore Corp., Ltd.,common(quar.)._.. .1•25e. Fuller Brush, class A (extra) ,1)4 Jan. 2 *Holders of res. Dec. 15 Class A & B (guar.) Furness, WIthy & Co..Ltd. *Holders of rec. Dec. 15 •5 Jan. 7 *Holders of rec. Dec. 9 Moreland Oil Corp., class B (qua?.).... *I50. Dec. 31 *Holders of rec. Dec. 15 Amer.dep.receipts 'Sc. Dec. 31 *50c. Dec. 15 *Holders of rec. Dec. 14 Class B (extra) Galveston Wharf Co.(monthly) *Holders of rec. Dec. 20 31 Dec. . 134 75e. Jan. 2 Holders of rec. Dec. 18 Morris Finance Co., class A (guar.) General Baking Corp., pref. (qua?.) *2734c Dec. 31 *Holders of rec. Dec. 20 2 Dec. 31 Holders of rec. Dec. 20 Class B (guar.) General Baking Co., pref. (quar.) of rec. Dec. 20 *Holders 31 Dec. *131 15 Jan. of rec. *Holders (guar.) (o) Dec. 20 Preferred General Realty & Utilities. pref.(guar.) 25c. Jan, 15 Holders of rec. Jan. 18 1% Dec. 31 Dec. 20 to Dec. 21 Morris (Philip) dr Co., Ltd., Inc.(guar.) General Tire dr Rubber,pref.(guar.) Jan. 2 *Holders of rec. Dec. 27 412 (qua?.)... Hartford 1 of Jan. rec. of *Holders Bank *85c. Dec. Plan 20 Morris (guar.) Co. Art Gibson Mother Lode Coalition Mines Co.-Divi dead o mined. Gleaner Combine Harvester, corn.-Divi dend o *82 Dec. 20 *Holders of rec. Dec. 10 Motor Bankers Corp., com.-Dividend omitt ed. Glen Alden Coal (guar.)_ Jan. 2 Holders of rec. Dee. 22 2 Murphy (G. C.) Co., prof.(guar.) .omitted. Glidden & Co.-Common dtv. *75c. Jan. 2 *Holders of ree. Dec. 15 4.131 Jan. 2 *Holders of rec. Dec. 22 Muskegon Piston Ring (guar.) Preferred (guar.) *31.75 Dec. 1 *Holders of rec. Nov. 24 Nat. Automotive Fibres. pref.(quar.)_ Goodyear Tire & Rub.of Can„,com.(qu.) *1.25 Jan. 2 *Holders of rec. Dec. 15 .650. Jan. 1 *Holders of rec. Dec. 17 131 Jan. 2 Holders of rec. Dec. 15 National Battery, common (guar.) Preferred (quar.) *40c. Jan. 2 *Holders of rec. Dec. 15 50o. Mar. 2 Holders of rec. Feb. 16 National Breweries, corn. (guar.) Gorham Mfg., common (guar.) *50c. Jan. 1 *Holders of rec. Dec. 12 (guar.) *Holders of 2 COM. Jan. rec. Candy, •750. Dec. 22 National (qua?.) -Pew Fisheries Gorton Jan. 1 *Holders of rec. Dec. 12 •134 (quar.) 2 *Holders of rec. Dec. 15 First and second preferred Greif Bros. Cooperage,corn. A (qua?.).. •40c. Jan. *31.75 Dee. 31 *Holders of rec. Dec. 15 National Casket, pref.(guar.) Guenther(Rudolph) Russell Law (guar.) •50c. Jan. 2 *Holders of rec. Dec. 20 Jan. 2 *Holders of rec. Dec. 15 *20c. Mtge.(Newark)(qu.) 1 Jan. *Holders of rec. c % *37 & Title Dec. Corn. 20 Nat. Gulf Oil Corp.(guar.) •20c. Jan. 2 *Holders of rec. Dec. 15 *25c. Jan, 2 *Holders of rec. Dec. 15 Extra Haloid Co corn. •400. Jan. 1 *Holders of rec. Dec. 20 •1% Jan. 2 *Holders of rec. Dec. 15 National Equity Co.,Inc.(guar.) Preferred (guar.) *200. Jan. 1 *Holders of rec. Dec. 20 *50c. Jan. 2 *Holders of rec. Dec. 15 Preferred (guar.) Hamilton Cottons, Ltd., pref.(guar.) Jan. 1 Holders of rec. Dec. 15 45c. Jan. 1 Holders of roc. Dec. 23 National Grocers, Ltd.. pref.(qua?.)... $2 Harbauer Co., corn.(guar.) nds mai tted. Divide 1 Jan. of •1% *Holders Pref. 514% rec. Investors Corp.. Dec. 20 National Preferred (guar.) Dec. 31 Holders of rec. Dee. 15 _ 114 (guar.) of pref. *37Si es Jan. 1 *Holders rec. Dec. 20 National Licorice Co., Haverty Furniture, pref.(guar.) 2 Jan. 1 Holders of rec. Dec. 15 •31.75 Dec. 31 *Holders of rec. Dec. 20 National Refining, pref.(guar.) Healy Petroleum. pref. (guar.) •60c. Jan. 1 *Holders of rec. Dec. 20 1% Dec. 31 Holders of rec. Dec. 29 National Screen Service(guar.) Heath(D.C.)& Co.,pref.(guar.) 31 Holders of rec. Dec. 20 Dec.134 *30e. Jan. 1 *Holders of rec. Dec. 19 National Supply Co.of Del.. pref.(qu.) Hercules Motor Corp. (quar.) 413.50 Jan, 2 *Holders of rec. Dec. 20 .231e Jan. 15 *Holders of rec. Dec. 31 National Trust (Toronto) guar.) Holly Development(guar.) 3 Holders of rec. Dec. 18 Jan, 40c. (Qua?.)... B & A of 2 *2% class Jan. rec. Dec. 20 *Holders Holmes(D. H.) Co., Ltd.(guar.) Neet, Inc., cony. *Holders of rec. Dec. 15 •500. Jan. 1 *Holders of rec. Dec. 20 Nehl Corporation, 1st pref.(quar.)___*$ 1.3134 Jan. 1 *Holders of rec. Dec. 20 Home Dairy,class A (guar.) •150. Jan. 2 .500. Dec. 26 *Holders of rec. Dec. 20 Nelson Baker & Co.(guar.) Homestake Mining (monthly) *Holders of rec. Dec. 18 31 Dec. •25e. •31.75 Jan. 2 *Holders of rec. Dec. 15 Nelson (Herman) Corp.) Honey Dew, pref. A (guar.) •250. Dec. 20 *Holders of rec. Dec. 10 •25o. Jan. 2 *Holders of rec. Dec. 20 Neon Prod. of West. Canada. Ltd Hook Drug,Inc.,corn.(guar.) *Holders of rec. Dec. 20 1 Jan. •4334c of 2 Jan. *Holders •300. (guar.) rec. Mfg. Dec. 24 Newman Hoover Steel Ball(guar.) *Holders of rec. Dec. 15 New Orleans Cold Stor. Whse.(guar.)._ •23.4 Dec. 20 Holders of rec. Dec. 16 Horn & Hardart(N.Y.)corn.(guar.)... •62340 Feb. 2 *Holders of rec. Jan. 12 50c. Dec. 27 •31.75 Jan. 1 *Holders of rec. Dec. 21 Horn & Hardart Baking (qua?.) N.Y.& Honduras Rosario Min.(special) Holders of rec. Dec. 136 29 Dec. (guar.) 13.4 •750. Dee. 31 *Holders of rec. Dec. 15 Hoskins Manufacturing (guar.) N. Y. Realty & Improv. •350. Jan. 1 *Holders of rec. Dec. 16 •25e. Dec. 31 *Holders of rec. Dec. 15 Extra North American Creamery, cl. A (qu.) of rec. Dec. 20 *Holders 1 Jan. *450. 31 Dec. (quez.) *$1.25 corn. *Holders of rec. Co., corn. (guar.) Dec. 15 Northwest Bancorp.. Hotel Stigler Dec. 15 *Holders of rec. Dec. 12 *3 Dec. 31 *Holders of rec. Dec. 15 Northwestern Yeast (guar.) 7% preferred (guar.) •100. Dec .15 *Holders of rec. Dec. *373tc Dec. 31 *Holders of rec. Dec. 15 6% preferred (quar.) Oahu Sugar Co.. Ltd.(monthly) '134 Jan. 1 *Holders of rec. Dec. 28 Houdaille-Hershey Corp.. pref. A (qu.) •6234c Jan. 2 *Holders of rec. Dec. 20 Ohmer Fare Register. pref. (quar.) *Holders of rec. Dec. 19 *900. Jan. 15 *Holders of rec. Dec. 31 Oliver United Filters, class B (guar.)._ '374c Jan. 2 Household Finance, corn, A & B.(qu.) •$1.50 Jan. 2 *Holders of rec. Dec. 15 •21 Jan. 15 *Holders of rec. Dec. 31 Participating preferred (guar.) Ontario Loan & Debenture (quar.) *Holders of rec..Dec. 25 3 Dec. ell( (guar.) •131 Dec. 31 *Holders of rec. Dec. 20 Ontario Mfg.. pref. Howes Bros. Co., 7% 1st pref.(quar.) •1X Dec. 30 *Holders of rec. Dec. 10 •134 Dec. 31 *Holders of rec. Dec. 20 6% first preferred (quar.). Open Stall* Dwellings (guar.) *Holders of rec. Dec. 20 1 Jan. *2 (guar.) ii.131 Dec. 31 *Holders of rec. Dec. 20 pref. 7% second preferred (guar.) Circuit, Orpheum Jan. 1 *Holders of rec. Dee. 20 *4 •50e Dec. 31 *Holders of ree. Dec. 15 Humphreys Mfg., pref. (guar.) Owl Drug Co.. 8% preferred •25e. Jan. 1 *Holders of rec. Dec. 15 Pacific Freight Lines Corp., Ltd. Hunts, Ltd., class A & B (guar.) Holders of rec. Dec. 10 43lic Jan. *50e. Jan. 1 *Holders of rec. Dec. 15 Participating preferred A (No. 1) Class A & B (extra) Holders of rec. Dee. 24 $1.75 Jan. *431 Dec. 15 *Holders of rec. Nov. 15 Paepcke Corp., $7 pref. (guar.) Illinois Pipe Line Co *Holders of rec. Dec. 15 Jan. (qua?.).. '134 Corp. 15 *2 Dec. Sand *Holders of Glass 1) Dec. rec. (No. Crusher, pref. 10 Pennsylvania Imperial Ice of rec. Dec. 26 *Holders 3 Dec. *S1 50c Feb. 14 Holders of rec. Jan. 23 Permutit Co.(guar.) Indiana Pipe Line (quar.) Dec. 3 *Holders of rec. Dec. 26 *31 Extra Insult Utility Investments, corn.(guar.) tl.% Jan. 15 Holders of rec. Dec. 15 of rec. Dec. 2 *Holders 1 Dec. .50c. (guar.) 2 Jan. of Exploration 81.38 Holders (guar.) rec. Dec. 15 Petroleum $85.50 prier preferred *Holders of ree. Dee. 20 l '134 Jan. *10c Dec. 31 *Holders of rec. Dec. 20 Pfaudler Company,corn.(guar.) Interbanc,Inv.,Inc.(guar.) *Holders of rec. Dee. 19 51.625 Jan, -.• pref. prior (guar.) 2 Jan. *250. *Holders Prod., of rec. (guar.) Phila.Dalry Dec. 15 Co. Trading Intercoast Holders of rec. Dec. 18 40e. Jan, *1 Jan. 2 *Holders of rec. Dec. 22 Philippe(Louis). Inc.,cony. A & B (411.) Intercolonial Coal, common Sc. Dec. 1 Holders of rec. Dec. 5 1 *4 Jan. 2 *Holders of rec. Dec. 22 Pioneer Trust Shares ctfs. benefic. intPreferred Dec. *Holders of rec. Dec. 10 3 •1731e 15 Jan. $1 Holders of (qu.) Dec. rec. 28a Pitts Thrift Corp.(guar.) International Match Corp.,com. Holders of rec. Dec. 20 373.4c. Jan. $1 Jan. 15 Holders of rec. Dec. 26a Pittston Co., common (guar.) Participating preference (guar.) 131 '131 131 .131 .131 131 •131 *131 '131 3830 FINANCIAL CHRONICLE Per When Cent. Papeete. [Vol.. 131. BOORS Closed. Per When Books Closed. Days Zadastse. Name of Company. Cent. Payable. Days Inclusive. Miscellaneous (Continued). Miscellaneous (Concluded). Platt Music Co. (guar.) •43340 Dec. 15 *Holden of rec. Dec. 8 Youngstown Sheet & Tube. corn.(Q41.)-- 13( Jan. 1 Holders of ree. Dee. 13 Plymouth Oil Co •50c. Dec. 30 *Holders of rec. Dec. 16 Preferred (guar.) 134 Jan. 1 Holders of rec. Dec. 13 Port Huron Sulph. ifc Paper. pref. (qu.) •134 Jan. 1 *Holders of rec. Dec. 15 Slake Renewing Shoe Corp.. corn.(qu.). '134c Jan. 2 *Holders of rec. Dee. 15 Premier Gold Mining (guar.) 30 .Jan 3 Holders of ree. Dec. 12 Preferred (quar.) •3cJan. 2 Holders of rec. Dec. 15 Procter & Gamble Co.,8% pref.(quar.)Jan. 750. 15 Holders of rec. Dec. 244 Public Utility Holding Corp., pref.(p.) Jan. 2 Holders of rec. Dec. 10 Below we give the dividends announced in previous week. Publication Corp., corn. (guar.) •80c. Jan. 1 *Holders of rec. Dec. 20 and not yet paid. This list does not include dividends anPreferred (guar.) •134 Dec. 15 *Holders of rec. Dec. . 5 Original preferred (guar.) *134 Jan. 1 *Holders of rec. Dec. 20 nounced this week, these being given in the preceding tables Rath Packing (guar.) *50e. Jan. 1 *Holders of rec. Dec. 20 Real Silk Hosiery Mills. corn.(quar.) 750. Jan. 2 Holders of rec. Dec. 18 Preferred (guar.) Per When Books Closed. 1M Jan. 2 Holders of rec. Dec. 18 Name of Company. Reece Button Hole Machine (guar.)---Cent. Payable. Days Inclusive. 350. Jan. 2 Holders of roe. Dec. 15 Reece Folding Machine(guar.) 50. Jan, 2 Holders of rec. Dec. 15 Railroads (Steam). Remington Arms. let pref. (guar.) •134 Jan. 1 *Holders of rec. Dec. 20 Alabama Great Southern.ord Retail Properties. Inc.,$3 pref.(qu.)__ 82 Dee. 30 Holders of reo. Dec. 1 •750 Jan. 2 *Holders of rec. Dec. 20 Ordinary (extra) Richfield 011 of Calif., pref.-Dividend o mftted . 51.50 Dec. 30 Holders of rec. Dec. 1 Ordinary (special) Richman Bros.(guar.) Dee. 30 Holders of rec. Dec. 5 $6 750. Jan. 1 Holders of ree. Dec. 19 Preferred Rich's, Inc., esi% ord.(guar.) $2 Feb. 13 Holders of rec. Jan. 9 •1% Dec. 30 *Holders of rec. Dec. 15 Preferred (extra) Ritter Dental Mfg.,corn.(guar.) $1.50 Feb. 13 Holders of rec. Jan. 9 '6234c Jan. 1 *Holders of rec. Dec. 22 Preferred (special) Preferred (guar.) Dec. 30 Holders of rec. Doe. 1 $8 '154 Jan. 1 *Holders of rec. Dec. 22 Atch Topeka & Santa Fe, pref Riverside Silk Mills. clam A (quar.)..... •50o. Jan. 2 *Holders of rec. Dec. 15 244 Feb. 2 Holders of roe. Dec. 310 Atlanta Birmingham & Coast, prof Rockwood & Co.,pref.(guar.) *244 Jan. 1 *Holders of rec. Dec. 12 *2 Jan. 1 *Holders of rec. Dec. 10 Atlantic Coast Line RR..corn Rogers Majestic Corp..Ltd..cl.A&B(qua •300. Dec. 1 334 Jan. 10 Holders of rec. Dec. 126 Common (extra) Sabin Robbins Paper, 7% pref.(qua 114 Jan. 10 Holders of roe. Dec. 124 •IM Jan. 2 *Holders of rec. Dec. 26 Bangor & Aroostook, corn. (guar.) St. Louts Bridge, 1st pref 87c. Jan. 1 Holders of ree. Nov.290 *3 Jan. 1 Preferred (qua:.) 1)4 Jan. 1 Holders of rec. Nov.250 Second preferred *1% Jan. 1 Boston & Albany (guar.) St.L., Rocky Mt.& Poe.Co., corn (qu.) 25c. Dec. 31 Holders of rec. Dec. 150 244 Dec. 81 Holders of roe. Nov. 29 & Maine, corn.(guar.) Preferred (guar.) 1 Dec. 31 Holders of rec. Dec. 120 1M Dec. 31 Holders of rec. Dec. 15a Boston Prior preference (guar.) Seaboard Utilities Shares, corn.(quar.) 15‘ Dec. 31 Holders of rec. Deo. 12 12440 Feb. 2 Holders of rec. Jan. 2 6% preferred (guar.) 144 Dec. 31 Holders of rec. Dec. 12 Second Internat. Sec. Corp..com.A (qu.) 250. Jan. 2 Holders of rec. Dec. 15 First preferred, class A (guar.) 6% first preferred (guar.) 1% Dec. 31 Holders of res. Dec. 12 750. Jan. 2 Holders of rec. Dec. 15 First preferred, class B (guar.) 6% second preferred (guar.) 2 Dec. 31 Holders of rec. Dec. 12 750. Jan, 2 Holders of rec. Dec. 15 First preferred, class C(guar.) 134 Dec. 31 Holders of rec. Dec. 12 Second Nat.Invest. Corp.,$5 cony. pref. -Divi dead is mitred. First preferred, class D (guar.) 244 Dee. 31 Holders of rec. Dec. 12 Secord (Laura) Candy Shops, pref.(gu.) *134 Dec. 31 Holders of rec. Dec. 15 First preferred, class E (guar.) Securities Company 144 Dec. 31 Holders of rec. Dee. 12 244 Jan, 15 Holders of rec. Dec. 31 Boston & Providence (qllaX.) Selected American Shares 244 Jan. 2 Holders of rec. Dec. 20 *250. Dec. 31 Holders of rec. Dec. 31 Buffalo & Susquehana, pref Selected Income Shares(No. 1) Dee. 80 Holders of rec. Dec. 15 *2 *30c. Jan. 1 Holders of rec. Dec. 15 Canadian Pacific new com.(No. I)(qu.) 624c Dec. 31 Holders of rec. Dec. la Service Stations. Ltd., Cl. A & B (quar.)_ 610. Jan. 1 Holders of rec. Dee. 15 Chesapeake Corporation (guar.) Singer Manufacturing (guar.) Jan. 75e. 1 Holders of rec. Dee. 80 234 Dec. 31 Dec. 11 to Jan. 1 Chesapeake & Ohio, corn.(guar.) 8240 Jan. 1 Holders of rec. Dec. 80 Extra 234 Dec. 31 Dec. 11 to Jan. 1 Preferred (quar.) 334 Jan. 1 Holders of rec. Dec. 8a Skelly 011. prof.(guar.) *134 Feb. 2 Holders of fee. Jan. 2 Chicago Burlington & Quincy •5 Sloss-Sheffield Steel & Iron. pref.-Divld end o settled. Dec. 28 *Holders of reo. Dee. 15 Extra Smith (E. L.) Oil *5 Dec. 28 *Holders of reo. Dec. 15 Jan. 10 *Holders of rec. Dec. 15 •61 Chicago Great Western. pref 1 Jan. 7 Holders of rec. Dec. 66 Smith(L.C.)& Corona,corn.(guar.). •250. Jan. 1 *Holders of rec. Dec. 20 Chicago North Western common 250. Dec. 31 Holders of rec. Dec. la Preferred (guar.) *144 Jan. 1 *Holders of rec. Dec. 20 Preferred (guar.) 134 Dec. 31 Holders of roe. Dec. la Southeastern Express •3M Jan. 1 *Holders of rec. Dec. 10 Chic. R. I. & Pacific, corn.(guar.) 133 Dec. 31 Holders of rec. Dec. 5a Southern Bankers'Securities. pref.(qu.). •134 Jan. 2 7% preferred 334 Dec. 31 Holders of rec. Dee. 5a Southern Bond & Share, pref.(quar.) *75c. Jan. 1 'Holders of rec. Dec. 15 6% Preferred 3 Dec. 31 Holders of rec. Dec. da Southern Dairies, Inc.. class A (quar.). •37440 Jan. 2 *Holders of rec. Dec. 19 Cin. N.0. dr Texas Pacific, corn •4 Southland Ice Co., pref. A (guar.) Dee. 28 'Holders of rec. Dec. 5 •134 Jan. 1 *Holders of rec. Dec. 15 Common (extra) Doe. 28 *Holders of rec. Dec. 5 *50 Spartan Mills •4 Jan. 1 *Holders of rec. Dec. 20 Colorado & Southern, corn. (annual)_ _ _ 3 Dec. 31 Holders of roe. Dee. 15a Square,D.Co.,corn B(quar.). •50c Jan. 1 *Holders of rec. Dec. 20 First preferred 2 Doe. 31 Holders of rec. Dec. 150 Preferred A (guar.) *550 Jan. 1 *Holders of rec. Dec. 20 Second preferred 4 Dee. 31 Holders of rec. Dec. 1.50 Standard Dredging. cony. Pref.(quar.) fsac. Jan. 2 Holders of rec. Dec. 15 Consolidated RR.'s of Cuba,pf.(qu.)... 144 Jan. 2 Holders of rec. Dec. 100 Standard Safe Deposit Co.(guar.) *2 Dec. 30 *Holders of rec. Dec. 23 Cuba RR., common Standard Steel Constr.,cl. A (guar.) 51.20 Dee. 29 Holders of rec. Doe. 294 *760. Jan. 1 *Holders of rec. Dec. 15 Preferred Standard Steel-Spring (guar.) 3 Feb. 2 Holders of rec. Jan. 150 Dec. 31 *Solders of rec. Dec. 20 oil Delaware Is Hudson Co. (guar.) State Street Exchange (guar.) 244 Dec. 20 Holders of rec. Nov. 266 •1 Dec. 15 *Holders of rec. Dec. 8 Delaware RR State Title & Mtge.(guar.) 111 Jan. 1 *Holders of rec. Dec. 15 •144 Jan. 2 *Holders of rec. Dec. 15 Elmira & Williamsport. Prof Stearns (Fred.) & Co., corn.(mthly.)..' 18 2-3c Dee, 31 *Holders of rec. Dec. 20 $1.81 Jan. 1 Holders of rec. Dec. 20 Erie RR., 1st Is 2nd preferred Pre,erred (guar.) 2 Dec. 31 Holders of rec. Dec. 134 •$1.7' Dec. 31 *Holders of rec. Dec. 20 Grand Rapids Is Indiana Stix Baer & Fuller. pref.(guar.) •2 Dec. 20 *Holders of rec. Dee. 10 •4334c Dec. 31 *Holders of rec. Dec. 15 Gulf Mobile & Nor.. Pref.(guar.) Sunray 011. corn.(pay.In stock) 134 Jan. 2 Holders of rec. Dec. 204 *15 Jan. 15 'Holders of rec. Dec. 20 Illinois Central, leased lines Superior Portland Cement.class B (qu.)_ •25e. Dec. 20 *Holders of rec. Dec. 13 2 Jan. d2 Holders of rec. Dec. 116 Lackawanna RR. of N. J. (guar.) Taylor Colquitt Co.,corn.(guar.) •1 Jan. 2 Holders of rec. Doe, 8 •58440 Dec. 31 *Holders of rec. Dec. 15 Lehigh Valley, corn, (aster.) Preferred (guar.) 8744c Jan. 2 Holders of rec. Dec. 130 *134 Jan. 1 *Holders of rec. Dee. 27 Preferred Taylor Milling Co.,common (guar.). (guar.) $1.25 Jan. 2 Holders of rec. Dec. 136 - 6234e Jan. 2 Holders of rec. Dec. 10 Little Schuykill Nay. RR.Is Coal Telephone Bond & Share Co. $1.13 Jan. 13 Dec 13 to Jan. 15 Maine Central, common (guar.) Class A (guar.) 50c. or 1-50th shr.stk. 1M Jan. 2 Holders of rec. Dec. 15 Jan. 15 *Holders of rec. Dec. 24 Mo.-Kansas Texas. common (quar.)--- $1 Class C(guar.) *$1 Jan. 15 *Holders of rec. Dec. 24 flee. 31 Holders of rec. Dec. 54 Preferred A (qua:,) Preferred (guar.) *133 Jan. 15 *Holders of rec. Dec. 24 134 Dec. 31 Holders of rec. Dec. 60 Missouri Pacific preferred (guar.) Participating preferred (guar.) 1M Dec. 31 Holders of rec. Deo. 154 111 Jan. 15 *Holder, of rec. Dec. 24 Mobile Is Birmingham. prof Thomas Spacing Machine (extra) 2 Jan. 2 Holders of rec. Dec. la *$1 Dec. 20 *Holders of rec. Nov.30 Morris Is Essex Thompson (J. R.) Co.(guar.) *75e, Jan. 2 *Holders of roe. Dec. 23 52.125 Jan. 2 Holders too. Dec. fla N.Y. Chic. Is St. Louis. corn and Pr!(qu) 114 Jan. 2 Holders of Thompson Products (guar.) 60c. Jan, 1 Holders of rec. Dee. 19 of rec. Nov. 150 N.Y. Lackawanna Is West.(quar.)Thompson's Spa,Inc.,$6 pref.(guar.) _ •$1.50 Jan. 1 Holders of rec. Doe. 10 134 Jan. 2 Holders of roe. Dee. 154 N. Y. N. H. Is Hartford. Time-O-Stat Control, class A (guar.) (qua:.)... corn. 144 Jan. 2 Holders of rec. Dec. 64 *50c. Jan. 1 Holders of rec. Dec. 20 Preferred (guar.) Tiruken-Detroit Axle, common (guar.).IN Jan. 2 Holders of rec. Dec. 50 20e. Jan. 1 Holders of rec. Dec. 20a Norfolk Is Western, corn. (guar.) Matte Standard Mining •20e. Dec. 24 Holders of rec. Dec. 13 234 Dec. 19 Holders of MC. Nov. 250 Common (extra) Toronto General Trusts (guar.) 2 Dee. 19 Holders of rec. Nov. 290 •56 Jan. 2 Holders of rec. Dec. 17 Northern Pacific (guar.) 134 Feb. 2 Holders of rec. Dec. 310 Toronto Mortgage Co.( •$1.50 Jan. 1 Holders of rec. Dec. 15 (Mari Pere Marquette. corn. (guar.) Traders Builders Alain., common (guar.) •$2 144 Jan. 2 Holders of rec. Dec. 86 Dec. 1 Holders of rec. Nov.25 Preferred Transamerica Corp.(guar.) and prior preferred (quar.)_ 134 Feb. 2 Holders of rec. Jan. 2a *25c. Jan. 25 Holders of rec. Jan. 5 Philadelphia Baltimore & Washington_ _ •$1.50 Dee. 31 Holders of rec Dec. 15 Transue dr Williams Steel Fong.(qu.) 25e. Jan. 15 Holders of rec. Dec. 31 Philadelphia Trenton (guar.) Traylor Eng.& Mfg., pref.(guar.) *244 Jan. 10 Holders of res. Dec. 30 *2 Jan. 2 Holders of rec. Dec. 26 PIttsb. Ft. Wayne dr Chic.. corn.(quar.) 154 Jan. 2 Holders of rec. Dec. 10a Trumbull-Cliffs Furnace, pref. (guar.)._ •144 Jan. 2 *Holders of rec. Dee. 20 Preferred (guar.) Trust & Guaranty (Toronto) 134 Jan. 8 Holders of res. Dec. 100 •63 Jan. 1 *Holders of rec. Dec. 15 Pittsburgh Is West Va.. corn.(quar.) 144 Jan. 31 Holders of rec. Jan. 16a Trustee System Service Corp.Reading Co.. 2d pref.(guar.) 50c an. 8 Holders of rec. Dec. I80 Preferred ($50 par)(guar.) *51 Dee. 31 *Holders of rec. Dec. 15 Rome Is Clinton (guar.) *3 Jab Preferred ($55 par)(guar.) 1 *Holders of rec. Dec. 20 .$1.10 Dec. 31 'Holders of rec. Dec. 15 Louis-San Francisco common (qu.).. 2 Jan. 2 Holders of roe. Dec. la Preferred (CIO par)(guar.) *$1.20 Dec. 31 *Holders of rec. Dec. 15 6% preferred (guar.) 134 Feb. 2 Holders of rec. Jan. 2a Ulen & Co.. 7)4% preferred '334 Jan. 2 *Holders of rec. Dec. 20 8% Preferred (qua:.) 1)4 May 1 Apr. 12 to Unit Corp.of Amer., pref.(guar.) 50c. Jan. 1 Holders of rec. Dec. 20 may 12 8% preferred (altar.) 114 Aug. 1 Holders of reo. July la United Business Publishers pref.(guar.)144 Jan. 1 Holders of rec. Dec. 20a 6% preferred (quar.) 144 Nov. 2 Holders of rec. Oct. la United Loan Corp.(guar.) *IM Jan. 1 *Holders of rec. Dec. 20 Southern Pacific Co. (guar.) 144 Jan. 2 Holders of reo. Nov.28a United Ohio Utilities, prior pref.(qu.) •134 Feb. 1 *Holders of rec. Jan. 10 Southwestern RR.of Georgia •244 Jan. I *Holders of rec. Dec. 1 United Printers & Pub.,corn.(quar.)_ _ *30c. Jan. 1 *Holders of rec. Dec. 20 Texas Is Pacific common (guar.) 134 Dee. 31 Holders of rec. Dec. 150 Preferred (guar.) *50c. Jan. 1 *Holders of rec. Dec. 20 Tunnel RR. of St. Louis *3 Jan. 2 *Holders of rec. Doe. 20 141 Jan. 1 Holders of rec. Dec. 20a United Publishers,corn.(guar.) 244 Jan. 2 Holden; of roe. Doe. la 144 Jan, 1 Holders of rec. Dec. 20a Union Pacific common (guar.) Preferred (guar.) United N J RR & Canal Cos.(qua-- •214 Jan. 10 *Rollers of rec. United Shoe Machinery,cons.(guar.)._ 6234c Jan. 5 Holders of rec. Dec. 16 Der. 20 Valley RR. (N. Y.) •244 Jan. 1 *Holden' of roe. Dec. 20 3734c Jan. 5 Holders of rec. Dec. 18 Preferred (guar.) WestJersey Is Seashore,common 51.50 Jan. 2 Holders of rec. Doe. 15 '1)4 Dec. 31 *Holders of rec. Dec. 20 U.S. Bobbin & Shuttle, pref.(quar.)._ 334 Jan. 1 Holders of rec. Dec. 23 United States Distributing, new pref._ Public Utilities. 1244c Jan. 2 Holders of rec. Dee. 15a U.S. Foil, corn. A & B (guar.) Power,$7 pref.(guar.) $1.75 Jan. 2 Holders of rec. Doe. 15 1M Jan. 2 Holders of rec. Dec. 150 Alabama P Preferred (guar.) $6 preferred (guar.) $1.50 Jan. 2 Holders of rec. Dee. 15 100. Feb. 2 Holders of rec. Jan. 2 Utilities Hydro dr Rails Shares 5.5 preferred (guar.) 51.25 Feb. 2 Holders of rec. Jan. 15 750. Feb. 1 Holders of rec. Jan. 22 Universal Leaf Tobacco,corn.(quar.) Am.Commonwealths Pow.,cl. A&B(qu) (l) Jan. 26 Holders of rec. Dec. 31 2 Jan, 2 Holders of rec. Dec. 19 Preferred (guar.) Amer. Community Power, corn Jan. 2 Holders of rec. Dec. 15a al •500. Jan. 2 *Holders of rec. Dec. 15 Universal Products Corp. (guar.) 58 first preferred (guar.) 51.50 Jan. 2 Holders of rec. Dee. 15a Van de Kamps Holland Dutch Bakers$8 preference (guar.) 51.50 Jan. 2 Holders of rec. Dec. 15a •37440 Jan. 2 *Holders of rec. Doc. 10 common (guar.) Amer. Electric Power 57 nref. (quar.)._ 51.75 Doe. 15 Holders of rec. Nov.28 • $1.625 Jan. 2 *Holders of rec. Dec. 10 $8.50 preferred (guar.) Amer. Is Foreign Power,$7 pref.(qu.) $1.75 Jan. 2 Holders of rec. Doe. 151 Vietor-Monaghan Co., pref. (guar.)-- •143 Jan. 1 *Holders of rec. Dec. 20 $8 preferred (guar.) $1.50 Jan. 2 Holders of rec. Dec. 15a Wabash 'relay. Securities, pref.(quar.)-- '134 Jan. 2 *Holders of rec. Dec. 20 Second preferred series A $1.75 (gear.) Dec. 30 Holders of rec. Dec. 150 •134 Jan. 1 Holders of rec. Dec. 20 Walgreen Co..834% prof.(guar.) Amer. Gas Is Elec.. cam. (quar.) 256. Jan. 2 Holders of roe. Dec. 10 •31.50 Jan. 1 Holders of rec. Dec. 15 Wayne Knitting Mills, pref.(quar.)Corn.(1-50th shs. corn. stock) (1) Jan. 2 Holders of rec. Doe. 10 *800. Dec. 31 Holders of rec. Dec. 20 Weeden & Co.,corn.(quar.) Corn.(extra 2-10ths sh. corn. stock) (1) Jan. 2 Holders of rec. Doe. 10 Milk. Dec. 15 Holders of rec. Dec. 10 Common (extra) Preferred (guar.) $1.50 Feb. 2 Holders of rec. Jan. 10 Weinberger Drug Stores, Inc., com.(qu.) *250. Jan. 1 Holders of rec. Dec. 20 Amer. Power Is Light, (quar.) $5 pref. Jan. 2 Holders of rec. Dec. 150 8744c Jan. ID 1 Holders of rec. Dec. 20 Corn.(payable in corn.stock) $5 preferred stamped (guar.) $1.25 Jan. 2 Holders of rec. Dec. 150 Wentworth Radio & Auto Supp..Pf.(qui *1% Dec. 15 Holders of rec. Dec. 5 $6 preferred (guar.) 51.50 Jan. 2 Holders of rec. Dec. 150 Westchester Serv. Corp.. $7 pr. pf.(qu.) *51.75 Jan. 1 Holders of rec. Dec. 15 Amer.States Pub.Serv., corn. A (qu.) *400. Jan. 1 *Holders of rec. Dec. 20 Western Canada Flour Mills, corn.(qu.) *35c. Dee. 15 Holders of rec. Nov. 29 $8 preferred (guar.) •$1.50 Jan. 1 Holders of rec. Dec. 20 •134 Dec. 15 Holders of rec. Nov. 29 634% preferred (guar.) Amer. Superpower Corp. coin. (annual). 40c. Dec. 30 Holders of rec. Dec. 1 of Dec. Holders 4 rec. 11 31 Western Electric Co. (guar.) Dec. 26 1st preferred (guar.) $1.50 Jan. 2 Holders of rec Dec. 15 Western Grocers, Ltd.(Can.), pf.(qua - 1M Jan. 15 Holders of rec. Dec. 20 $8 preference (guar.) $1.50 Jan. 2 Holders of rec. Dec. 15 Western N. Y. Securities Corti *25c. Dec. 31 Holders of rec. Dec. 16 Amer. Telephone Is Telegraph (quar.)._ 254 Jan. 15 Holders of rec. Dee. 206 Western Tablet & Stationery, pf.(qu.) - •134 Jan. 1 Holders of rec. Dec. 22 Amer. Water Works Is ElectrioWestinghouse El.& Mfg..cons;& pf.(gu)•$1.25 Jan. 31 Holders of rec. Dec. 31 $6 first preferred (guar.) $1.50 Jan. 2 Holders of rec. Doe. 120 of Holders rec. Dec. 8 Westmoreland Coal Co.(guar.) 50c. Dec. 22 Arkansas Power Is Light, $7 ore.(qu.) $1.75 Jan. 2 Holders of tea. Doe. 15 Whitten Can Co., Ltd., pref.(quar.)•194 Jan. 1 *Holders of rec. Dec. 12 $6 preferred (guar.) 51.50 Jan. 2 Holders of rec. Deo. 15 Winn & Lovett Grocery,clam A (quar.)500 Jan. 1 Holders of rec. Dec. 20 Associated Gas Is Elec.,orlainal pf.(on.) 8744c Jan. 2 Holders of rec. Nov. 280 Preferred (guar.) 134 Jan. 1 Holders of rec. Dec. 20 $5 preferred (quar.) $1.25 Dec. 15 Holders of reg. Nov. 150 Wisconsin Bankshares Corp.(guar.) 4.5c Dec. 31 *Holders of me. Dec. 20 1.8 allotment certificates Jan. 2 Holders of roe. Nov.28a $4 Extra *Holders of rec. Dec. 20 'Sc.Dec. 31 $7 preferred (guar.) $1.75 Jan. 2 Holders of rec. Nov.28a Wiser 011 Co.(guar.) •25c. Jan. 2 *Holders of rec. Dec. 12 Associated Tel. Is Tel., class A (quar.) Jan. 1 Holders of rec. Dec. 17 $1 Wolverine Tube-Dividend omitted. 38 first preferred (guar.) $1.50 Jan. 1 Holders of rec. Doe. 17 Woodruff dr Edwards,Inc.. cl. A (qu.) •250. Jan. 2 *Holders of roe. Dec. 20 7% first preferred (guar.) 1% Jan. 1 Holders of rec. Dec. 17 Yosemite Holding Corp.. pref.(quar.) *8734e Dec. 31 *Holders of roc. Dec. 15 $4 preference (guar.) Jan. 1 Holders of rec. Dec. 17 $1 Name of Cossimay. Name of ComPantb 3831 FINANCIAL CHRONICLE DBC. 13 1930.1 When Per Cent. Payable Books Closed. Days Inclusive. Name of Company. When Per Cent. Payable. Books Closea Days Inclusive. Public Utilities (Continued). of rec. Doe. 20 Public Utilities (Continued). Greenwich Water & Gas System, pf.(qu) 14 Jan. 2 Holders of rec. Dec. 1 Jan. 15 Holders of rec. Dee. 31 Aare°. Teiep. UHL,corn.(guar.) *81.50 Dec. 15 *Holders liti(4 tied $6.)pref..(guar.) referr es.uar tU ea toap o S . f 5 l s Gu 29 Nov. rec. of Holders 15 Dec. $1.75 *Holders of rec. Dec. 1 15 Dec. $7 prior preferred (guar.) $1.375 • $1.50 Dec. 15 Holders of rm. Nov.29 Holders of rec. Dec.d160 $6 prior preferred (guar.) Hackensack Water, pref. A Pluar.)---- 64334c Dee, 31 $1.50 Jan. 2 Holders of rec. Dee. 15 $6 cony. Prof. Sec. A (guar.) Hawaiian Cons. Ry.. Ltd., pref. A (go.) •15c. 13eo. 31 1% Jan. 1 *Holders of rec. Doe. 10 • of rec. Dec. 30 *Holders 31 Dec. Bangor Hydro Electric, 7% pref.(guar.) •1 *2 (qua?.) Illinois Bell Telephone 34 Jan. 1 *Holders of rec. Dec. 10 6% preferred (guar.) 1)4 Jan. 2 Holders of rec. Dec. 15 Illinois Power Co..6% prof.(quar.) Jan. 15 Holders of rec. Dec. 23 2 2 Holders of rec. Doe. 15 Bell Telep.of Canada (guar.) Jan. 14 (guar.) preferred 7% 134 Jan. 15 Holders of rec. Dec. 20 Bell Telep. of Pa.. 634% pref.(guar.) 2 Holders of rec. Dec. 10 Illinois Power dr Light.6% prof.(quart) 134 Jan, 31 Holders of rec. Nov.20 $1.50 Jan. 2 Holders of rec. Dee. 13 Birmingham Elec. Co., $6 prof. OW - $1.50 Des. Illinois Water Service. Prof. (guar.). $1.75 Jan. 2 Holders of rec. Dec. 13 Holders of rec. Nov. 29 15 Dec. 14 $7 preferred (guar.) (on.) pref. Power. Hydro-Elec. Indiana 1 34 Dee. 15 *Holders of rec. Dec. 1 Holders of rec. Dec. 5 Birmingham Water Works,6% pf.(Qtra' Indianapolis Pow. & Lt.. 634% stf.(qu.) 134 Jan, 2 Holders of rec. Dec. 12a 134 Jan. 2 Holders of rec. Doe. 10 Boston Elevated Ry., com.(guar.) 134 Jan, 1 (qu.).A pref. Co., Water Indianapolis Doe. 10 rec. Holders of 2 334 Jan. of rec. Doe. 1 *Holders Preferred 15 Doe. te$3 pref $6 Securities, Internat. Power Jan. 2 Holders of rm. Dec. 10 Holders of rec. Jan. 160 r First preferred International Utilities Corp., P1.(01.) $1.75 Feb. 2 Holders of rec. Dec. 30a Brazilian Tr.. Lt. & Pow., pref. (guar.) '134 Jan. 2 *Holders of rec. Doe. 15 15 Jan. 87340. A(quar.) Class 50o. Jan. 15 Holders of rec. Dee. 31 British Columbia Power, class A (qua?.). •15e. Doe. 15 *Holders of reo. Dec. 5 Natural Gas (No. 1) of rm. Doe. 5 Brooklyn-Manhattan Transit, pref.(au.) $1.50 Jan. 15 Holders of rec. Dec. 31a Interstate Power Co., $7 pref. (guar.)._ $1.75 Jan. 2 Holders $1.50 Apr. 15 Holders of rec. Apr. la Interstate az Preferred.series A (guar.) Jan. 2 Holders of reo. Dee. 5 $1.50 $6 preferred (guar.) $1.25 Jan. 2 Holders of rec. Dec. 1 of rec. Dec. 15 Brooklyn Union Gas(guar.) Holders 2 Jan. Jamaica Public Service, pref.(guar.).-- 81.75 Buff. Niagara & East Pw., corn.(guar.) •40c. Dec. 31 *Holders of rec. Nov.29 1 Holders of rec. Dec. 150 Kansas City Pow.& Lt., 1st pt. B (gu.). $1.50 Jan. 2 *Holders of rm. Dec. 15 •40o. Doe. 31 *Holders of rec. Nov.29 Class A (guar.) Jan. *14 Kansas Elec. Power, pref.(guar.) •40o. Jan. 2 *Holders of rec. Dec. 15 Preferred (guar.) *51.25 Jan. 2 *Holders of reo. Dec. 20 Kentucky Securities, corn. (guar.) *$1.25 Feb. 2 *Holders of roe. Jan. 15 $5 first preferred (guar.) 31.50 Jan. 15 Holders of reo. Dec. 20 Preferred (guar.) '134 Dec. 15 *Holders of rec. Dec. 1 Butler Water Co., lot pref.(guar.) Jan. 2 *Holders of reo. Doe. 18 .21.50 31 Dec. rec. Holders of 28 Jan. 150. com.(gua Pow. Corp.. Northern Canada *Holders of reo. Dec. 18 5% C° Kings aghuar preuferred ( w in.(guar.)... *14 Jan. 2 .; ntyLi ting Jan. 15 Holders of rec. Dec. 3 t 7% preferred (guar.) Jan. 2 *Holders of rec. Dec. 18 *14 7% Preferred (guar.) Holdem of rec. Doe. 10 Canadian Western Natural Gas, Light, 15 Doe. 24 Laclede Gas Light, corn.(qua?.) •25c. Mar. 2 *Holders of rec. Feb. 1 Heat & Power. preferred (extra) 24 Doe. 15 Holders of rec. Deo. la Preferred *25c. June 1 *Holders of rec. May 1 of rm. Nov.28 *Holders Preferred (extra) 15 Dec. *154 (guar.) Lexington Utilities, 631% pref. Hold.of rec. Feb.2 1931 Central ills. Pub. Sera., pref.(guar.)... *$1.50 Jan. 16 *Holders of rec. Dec. 3 (y) Lone Star Gas, corn.(in com.stock) *Holders of rec. Dec. 16 1 Cent. Public Service Corp., Cl. A (qu.)._ n43 4c Dec. 15 Holders of rec. Nov.2 Jan. *14 Ltg., (Quar.) A Pf. 7% Long Island Jan. 1 Holders of reo. Dec. 1 $1 16 $4 preferred (guar.) '134 Jan. 1 *Holders of rec. Dec. 6% preferred series B (guar.) $1.50 Jan. 1 Holders of rec. Dec. 1 Holders of rec. Nov.290 $6 preferred (qua Louisville Gas & Elec.. Cl. A Jr B (guar.) 43SI0 Dec. 24 $1.75 Jan. 1 Holders of reo. Dec. I rec. Dec, 120 of Holders $7 preferred (guar.) 2 Jan. 14 (qua?.).._ common nies, aar pu omoi ed reyrre acrkea Mp 100. Jan. 1 Holders of rec. Deo. Cent. States Elec. Corp.,common (gua _ Jan. 2 Holden of rec. Dec. 120 1 1234 Jan. 1 Holders of reo. Deo. Common (payable in corn.stook) Jan. 2 Holders of rec. Doe. 13 Memphis Power & Light,$7 pref.(guar.) 31.75 Jan. 2 Holders of reo. Dec. 18 134 Jan. 1 Holders of roe. Dec. 7% preferred (guar.) $1.50 $6 preferred (guar.) 13.4 Jan. 1 Holders of rec. Doe. lbe Dec. 31 Holders of res. Dee. 3.5 6% Preferred (guar.) (N0.1) corn. (GPI.) Gas. Natural Memphis Dec. Cony. pref. opt. series 1928 (guar.) _m $1.50 Jan. 1 Holders of rec. 100 Dec. 31 Holders of rec. Dec. 15 Common (extra) Cony. pref. opt. series 1929 (guar.).m $1.50 Jan. 1 Holders of rec. Dee. $1.75 Jan. 1 Holders of rec. Dec. 20 Preferred (Gum.) Central States Power & Light, pf.(qua 111.75 Jan. 2 *Holders of rec. Dee. Jan. 2 *Holders of reo. Nov.28 •81 (guar.). Corn. Co.. Edison Metropolitan $1.75 Jan. 2 Holders of reo. Dee. $7 preferred (guar) .$1.75 Jan. 2 *Holders of reo. Nov.28 $7 preferred (guar.) Central States Utilities Corp..$7 pf.(qu) $1.75 Jan. 2 Holders of rec. Dec. •$1.50 Jan. 2 *Holders of roe. Nov.28 28 preferred (guar.) Jan. 1 *Holders of rec. Dec. 1 Chic. North Shore & Milw. pr. lien (qu.) •$1.25 Jan. 2 *Holders of rec. Nov.28 $5 preferred (guar.) Chicago Rapid Transit. pref. A (mthly.) •135c Jan. 1 *Holders of rec. Dec. 1 Doe. 15 *Holders of reo. Dec. 5 '4334 Middle Western Telma corn. A(MO •60e Jan. 1 *Holden of rec. Dec. 1 Prior preferred B (manthlY) (1)4 Dec. 24 Holders of reo. Doe. 1 (guar.) corn. Co., United Midland Jan. to d31.12 Jan. 2 Dec. 20 Cincinnati & Sub. Bell Tel.(guar.) Dee. 24 Holders of rec. Dee. I. n75e (qua?.).._ A series pref.. Convertible Cities.Sent Pr.& Lt. Slime((mthly)--- 581-3c Dec. 15 Holders of rec. Doe. a (guar.)._ '134 Jan. 2 *Holders of reo. Doe. 15 50c Dec. 15 Holders of rec. Doe. a Mississippi River Power, pref. $O preferred (monthly) Feb. 2 Holders of rec. Jan. 15 $1.75 (qu) pref. 1st Power, Hudson & a Mohawk Doe, 412-58 Dec. 15 Holders of rec. $5 preferred(monthly) $1.75 Jan. 2 Holders of rec. Doe. 15 Second preferred (guar.) 58 1-3c Jan. 15 Holders of rec. Dec. 31 $7 preferred (monthly.) Monongahela West Penn Pub. Service- *374c Jan. 1 *Holders of reo. Doe. 15 50o Jan. 15 Holders of rec. Dec. 31 $6 preferred (monthly) (guar.) 6% preferred 41 2-3e Jan. 15 Holders of rec. Dee. 31 $5 preferred (monthly) 434c Jan. 1 Holders of reo. Dee. 15 7% Preferred (guar.) Citizens Water of Washington. Pa. 14 Jan. 1 Holders of reo. Dee. 16 Nassau & Suffolk Ltg., prof.(Quar.) 134 Jan. 2 Holders of rec. Dec. 20 7% preferred (guar.) 45o Feb. 1 Holders of rec. Jan. 154 (qu.) A corn. CO.. Power National Elec. 134 Jan. 2 Holders of rec. Dec. 26 Cleveland Ry., corn.(guar.) 450 Deo, 31 Holders of reo. Des. 200 Common B (guar.) Coast Counties Gas & ElectrioJan. 1 Holders of rec. Dee. 15a 134 (guar.) •13.6 preferred 25 of Nov. reo. 6% Dee. 15 *Holders 1st and 2d preferred (guar.) Jan. 1 Holders of reo. Doe. 150 14 7% preferred (guar.) Commonwealth & Son. Corp., pref.(gul $1.58 Jan. 2 Holders of rm. Doe. 8a -• $1.62 Ian 131 Horders of rec. Des. 20 National Late & Mee.. pref.(guar.) Commonwealth Utilities. class A (guar.) •3714e Dec. 30 *Holders of reo. Dec. 20 40e Dec. 15 Holders of rec. Nov.28 Nat. Public Service common A (guar.)._ *14 *50c. Dec. 30 *Holders of tee. Dec. 20 Class A (extra) Jan. 2 *Holders of rec. Des. 15 (qua?.). Newport Elec. Corp., 6% prof. '3734o Dec. 30 *Holders of roe. Dec. 20 Clam B (guar.) $1.375 Jan. 2 Holders of rec. Nov.28 Assn.. ( pf. El. 47114 & Gas rec. Dec. of 30 England Now *Holders Dec. *50e. 20 Class B (extra) Jan. 15 *Holders of rec. Dec. 31 •50c. (qu.). corn. Assn.. •$1.75 Jan. 2 *Holders of rec. Dec. 20 New England Power Preferred A (guar.) 144 Jan. 2 Holders of rec. Deo. 101 2 *Holders of rec. Dec. 20 $1.50 Jan 6% preferred (guar.) Preferred B (guar.) Jan, 2 Holders of ree. Dee. 10a 500. (guar.) Jan. of *Holders 1 •75c. 15 rec. Dec. preferred $2 Connecticut Electric Serv., (guar.) 2 Holders of rec. Dee. 12 New England Power Co., pref.(qua?.).. 154 Jan. Consol. Gas El. L.& P., Bait., com.(qu.) *90c. Jan. 2 *Holders of rec. Dec. 15 lien pt.(qu.).•31.75 Dee, 15 *Holders of reo. Nov.29 pr. $7 Set. '134 Jan. 2 *Holders of ree. Dec. 15 Pub. Eng. New (guar.) A series Preferred, 5% *Holders of roe. Nov.29 Dee, 15 $1.50 • (guar.) Jan. 2 *Holders of rec. Doe. 15 66 prior lien pref. '134 6% Preferred. serlee D (guar.) 2 Dec. 31 Holders of rec. Dec. 10 •14i Jan. 2 *Holders of reo. Deo. 15 New England Teter,. & Teleg. (guar.)._ 534% preferred, series E (guar.) Jan. 2 *Holders of reo. Nov.28 0$1.50 (qu.) prof. Dec. $6 Holders of 15 Si rec. Light, & Nov. I4o (qu.) Power corn. Jersey Y., N. New of Consolidated Gas *81.25 Jan. 2 *Holders of reo. Nov.28 $1.25 Feb. 2 Holders of reo. Dec. 27a $5 preferred (guar.) I. Preferred (guar.) 2 Holders of rec. Dee. 20 New Jersey Water Co.,7% pref.(guar.) 14 Jan. 2 *Holders of rec. Nov.28 Consumers Power Co.,$5 pref.(Quart)- $1.25 Jan. 2 Holders of rec. Doe 15 '13< Jan. prof. (guar.) 2 14 Holders Jan. of rec. Corp.. Doe. Elec. 15 N. Y. Central 6% preferred (mar.) 2 *Holders of rec. Dec. 16 Jan. •21.50 $1.65 Jan. 2 Holders of roe. Dec. 15 N. Y. Power & Light, $6 pref.(qua?.).. *14 Jan. 2 *Holders of rec. Dec. 16 6.6% preferred (guar.) 134 Jan. 2 Holders of roe. Dee. 15 7% Preferred (guar.) 7% preferred (guar.) *Holders of rec. Nov.28 13 Doe. 41.50 (qu.) ooto. P., 2 & L. Jan. Holders of reo. Dee. 15 50o N. Y.& Queens El. 6% preferred (monthly) 2 Holders of rec. Dec. 150 55e Jan. 2 Holders of roe. Dee. 15 New York Steam Corp., $7 pref.(guar.) $1.75 Jan. 2 Holders of rec. Dec. 150 6.6% preferred (monthly) Jan. $1.50 Holders of 1 rec. Apr. (guar.) $1.25 14 Mar. preferred $6 $5 preferred (guar.) Jan. 15 Holders of rec. Dec. 20 New York Telephone Co.,834% Pf.(qu.) 14 Dec. 15 Holders of rec. Dec. 5 13.4 Apr. I Holders of roe. Mar.14 6% Preferred (guar.) 1.65 Apr. 1 Holders of rec. Mar.14 New York Water Service, prof.(guar.)-- 134 6.6% preferred (guar.) Des. 31 Holders of reo. Dec. 1 100. com.(gu) Corp., Pow. 1 Holders Apr. of rot. Hudson Mar. 14 134 Niagara & 7% preferred (guar.) 4 Holders of rec. Dee. 5, an corn.Ink.) /2)4 Jan, 2 50c. Feb. 2 Holders of reo. Jan., 15 muars,corn.C American NorrhfeAz 6% Preferred (monthly) 750 Jan. 2 Holders of rec. Dec. 50 of Holders 2 14 tee. Mar. Feb. 50c. Preferred 6% preferred (monthly) of rec. Dec. 1 Holders 15 Dec. $1.50 _ (qua pt. 1st Secure., Holders of 1 rec. Mar. 14 5gc. Apr North Amer. UHL e% Preferred (monthly) Feb. 1 Holders of ree. Jan. 10 550. Feb. 2 Holden of rec. Jan. 15 Northern N. Y. Utilities, Inc., pref.(qu) 14 6.6% preferred (monthly) 500 Jan. 26 Holders of rec. Doe, 31 55e. Mar, 2 Holders of rec. Feb. 14 Northern Ontario Power, coin. (guar.). 6.6% preferred (monthly) Jan, 26 Holden of rec. Dec. 31 134 55c Apr. I Holders of rec. Mar. 14 Preferred (guar.) 6.6% preferred (monthly) pref.(qua?.).. 114 Jan, 1 Holders of me. Dec. 16 Continental Gas & Elec., corn.(guar.) - $1.10 Jan. 2 Holders of rec. Dec. 12a Northport Water Works, Jan. 2 Holders of rec. Dec. 15 $1.75 (qua?.)._ lien prior of 2 Utilities, Holders rec. Jan. Dec. 12a North West 134 7% prior preference (guar.) 134 Jan. 1 Holders of rec. Dec. 19 82.50 Dec. 30 Holders of rec. Nov. 29 Ohio Bell Telephone. pref.(guar.) Continental Pass Ry., Phil& 41.50 Jan. 1 *Holders of rec. Dec. 20 (guar.) prof of Holders $6 Doe. 15 rm. Jan. 2 20a Water, Cities Ohio Detroit Edison Co.(guar.) 81.25 Jan. 2 Holders of rec. Dec. 15 of rec. Dec. 20 Ohio Edison, $5 preferred (guar.) Diamond State Telco.,634% pr.(qu.). '134 Jan. 15 *Holders $1.50 Jan. 2 Holders of rec. Doe. 15 134 Jan, 2 Holders of rec. Doe. 15 $6 preferred (guar.) Duke Power, common (guar.) 21.65 Jan. 2 H-ders of reo. Dec. 15 Holders of 2 rec. 15 Jan. Dec. IA (quar.) preferred $6.60 Preferred (guar.) 81.75 Jan. 2 Holders of rec. Dee. 15 $7 preferred (guar.) Duquesne Light,5% first pref.(guar.)- 134 Jan. 15 Holders of rec. Dee. 31 $1.80 Jan. 2 Holders of reo. Dec. 15 $7.20 preferred (guar.) East. Gas & Fuel Associates, pr. pL(qu.) 134 Jan. 1 Holders of rec. Dec. 15 Dec. 8'Riders of ree. Nov. 8 .154 (qual.) of 1 prof. Holders Jan. 6% Co.. reo. Dec. 16 Ohio Power 134 151 8% preferred (guar.) .(monthly)... 58 I-3c Jan. 1 Holders of reo. Doe. rel:) th onp 7% (. ry. Seed eferi lP rb. % pi On5lo East Kootenay Power. pref. (quar.)___. 134 Dec. 15 Holders of rec. Nov.29 50o Jan. 1 Holders of rec. Dee. 150 (monthly) 1 Jag. preferred (quara 6% Eastern Texas Elm. Co.. pref. 15a Dec. reo. of Holders I Jan. 2-34) 41 Holders Electric Bond & Share Co., nom.(guar.) (134 Jan. 15 Holders of reo. Des. 5 •154 Dec 41 *Holders of roe. Dec. 24 of reo. Jan. 8 51.50 Feb. 2 Ohio Teiep.Service, prof. t uar.) $6 preferred (guar.) pt.(qua (No.1) 134 Doe. 15 Holders of rec. Nov.30 8% Holders of 2 rec. El. Jan. & 8 Gas Feb. $1.25 Oklahoma $5 preferred (guar-) 144 Dec. 15 Holders of reo. Nov.30 7% preferred (guar.) Electric Power & Light4,144 Dee. 31 *Holders of reo. Doe. 20 141 Jan. 2 Holders of rec. Dec. 8a Pacific Telco.& Teleg.,cont.(quara_ Allotment ctfs. (full paid) (guar.) Jan. 15 *Holders of rec. Dec. 15 *13-4 of Holders 2 (guar.) Jan. reo. Dec. 8a 1.2234 Preferred of rec. Dee. 15 b Allot. et's. 70% paid (guar.) $1.50 Jan. 2 Holders of rec. Dec. 8m Peninsular Telephone, corn.(guar.)._ *35e. Jan. 1 *Holders of rec. Dec. 154 $6 Preferred (guar.) $1.25 Jan. 1 Holders (00 pref. Holders of rec. $5 Dee. 2 Pow., 8a Jan. & $1.75 Light Cent. Penn $7 preferred (guar.) rec. Dec. 150 of Holders 1 Jan. 70c. •$1.75 Jan. 15 *Holders of rec. Jan. 2 $2.80 preferred (guar.) El Paso Elec. Co., pref. A (guar.) *$1.50 Jan. 15 Holders of rec. Jan. 2 Permaylvaniu Gas & El. Co.Preferred B (guar.) of rec. Dec. 20 *Holden 1 Jan. •31.75 (qua?.) of pref. rec. Holders par 1 no Jan. and Dee. pref. 15a 7% Empire Gas & Fuel Co.,8% pf.(mthly). 662-50 750. Jan. 2 Holders of rec. Dee. 13 58 1-3c Jan. 1 Holders of roe, Dec. 15a Pennsylvania Water & Power (qua?.)... 7% preferred (monthly) 600. Jan. 2 Holders of rec. Dec. 15 54 1-8c Jan, 1 Holders of rec. Dec. 15a Peoples Light & Power. class A (guar.).% preferred (monthly) Jan, 1 Holders of rec. Dee. 20 14 Holders of 1 reo. Dec. 15a Peoria Water Works. pref. (guar.) 50e Jan. 6% preferred (monthly) 51.50 Jan. 2 Holders of reo. Dec. 10 56c Jan, 1 Holders of rec. Dec. 16 Philadelphia Co., $6 pref. (guar.) Empire Power, partio. stock Jan. 1 Holders of rec. Dec. 10 bOc. (guar.) pref. Holders of Co.. rec. Pow. 2 Deo. El. 17a Jan. 60e dPhiladelphia Engineers Public Service. corn.(qua?.)_ *14 Jan. 2 *Holders of rec. Dec. 15 $1.25 Jan. 2 Holders of rec. Dec. 17a Ponce Electric Co.. prof.(guar.) $5 convertible prof.(guar.) Holders of rec. Dec. 17a Postal Teieg. & Cable Corp.. Of. (guar.) 134 Jan. 2 Holders of rec. Dee. 150 2 Jan. 81.375 $5.50 preferred (guar.) 134 Jan. 15 Holden of reo. Dec. 31 81.50 Jan. 2 Holders of rec. Dec. 17 Power Corp. of Canada. pref.(guar.) $6 preferred (guar.) 75o. Jan. 15 Holders of reo. Dec. 81 50e Jan. 2 Holders of rec. Dec. 15 Participating preferred (guar.) Fall River Electric Light (guar.) Jan. 2 *Holders of roe. Dee. 15 •30e. Holders of 2 reo. Jan. Dec. (guar.) 13a 37 Sic Gas (guar.). Providence Federal Light & Trac., corn. Jan. 2 *Holders of reo. Dee. 15 •10e. rec. Holders of 2 Jan. Deo. 18a 11 Extra Common(pay.in corn,stook) 58 1-3o Jan. 1 Holders of rect. Dec. 15 pref. of *Holders -15 Jan. 7% (mthly.) reo. Col. Deo. $1 *134 of Serv. Pub. (quar.).pref. Service. Public Federal Jan. 1 Holders of reo. Dec. 15 50c. Holders of 1 Jan. reo. Dec. $1.50 15 (monthly) 6% preferred Federal Water Service $6 pref.(guar.) 41 2-3e Jan, I Holders of rec. Dee. 15 $1.625 Jan. 1 Holders of reo. Dec. 15 5% preferred (monthly) $6.50 preferred (guar.) Dec. 81 Holders of rec. Dee. 64 85c. (qua corn. of J.. 1 N. of Holders Jan. $1.75 rec. Dec. Corp. 15 Service Public $7 preferred (guar.) Dec. 31 Holders of reo. Dee. 54 2 8% preferred (guar.) Foreign Light & Power $6 pref. (guar.) $1.30 Jan. 1 Holders of rec. Dec. 20 14 Doe. 31 Holders of rec. Doe. 56 7% preferred (guar.) Frankford & Southwark Phila.Pass.(qu.) 4.50 Jan, 2 Dee. 2 to Jan. 1 Doe. 31 Holders of reo. Dec. 54 $1.25 Holders of 1 Jan. 50c. me. (monthly)._ cam. Dec. 15 Securities. (guar.) preferred $5 Gas dr Eleo. 500. Doe. 81 Holders of rec. Dec. Sc 6% preferred (monthly) Common (pay. In corn. stk.) (mthly.) 13( Jan. 1 Holders of reo. Doe. 15 Jan. 2 Des, 21 to Jan. 3 2 58 1-3c Jan. 1 Holders of Mo. Deo. 15 Public Service Co. of Okla., corn.(qua Preferred (month's') 144 Jan. 2 Dec. 21 to Jan. 2 134 Jan. 1 Holders of reo. Doe, 15 7% prior lien stock (guar.) Gas Securities Co.,corn.(monthly) 14 Jan. 2 Dec. 21 to Jan.. 2 Soc. Jan. 1 Holders of rec. Dec. 15 6% prior lien stock (guar.) Preferred (monthly) 164 Doe. 31 Holders of reo. Dec. 56 (qu.) pt. 2 Jan. r74c Holders of 7% Gas. & Nov. Elea. 28s rec. B & A (qu.). corn. Service Elec., Public General Gas dr 1 4 Doe. 31 Holders of rec. Dee. 56 Jan. 2 Holders of rec. Nov. 28a $2 6% preferred (guar.) $8 preferred (guar.) $1.75 Jan, 2 Holders of rec. Nov.28a Puget Sound Power & Light, pref.(qu) $1.50 Jan. 15 Holders of rec. Dee. 190 $7 preferred (qua?.) Jan. 15 Holders of reo. Dm. I9a $1.25 Doe. 15 $1.50 Holders of rec. (guar.) Nov. 14a (qtr.) preferred 13 Prior $6 preferred A & 6214e Jan. 15 Holders of rec. Dec. 23 General Pub. Utilities, $7 pref.(qua?.).. $1.75 Jan, 2 Holden of rec. Dec. 15a Quebec Power (guar.) (qua .0154 Jan. 1 *Holders of reo. Doe, 15 pref. Jan, of 1 Elec., & Holders $1.50 rec. Gas Dee. 16 pref. Queensborough $6 (guar.).Co., Power Georgia $1.25 Jan. 1 Holders of rec. Dec. 15 Rhine Westphalia Electric Power) $5 preferred (guar.) $2.14 Doe. 17 Holders of rec. Dec. 150 American shares Germantown Pass. Ry.(Phil.)(qu.)..*$ 1.3134 Jan. 6 *Holders of ree. Dec 16 1" 6, FINANCIAL CHRONICLE Per When Cent. Payable. Books Closed. Days Jaeluau. [VOL. 131. Per When Cent. Payable. Books Closed. Days Inclusive. Public Utilities (Concluded). Miscellaneous (Cont(nued). Rochester Central Power,6% pf.(qu.) 411% Jana 2 *Holders of rec. Nov.28 American Aggregates, pre:. (guar.).-- - *$1.75 Feb. 2 *Holders of rec. Dec. 20 Rochester Telephone, common (quar.)__ •$1.25 Jan. 1 *Holders of rec. Dec. 13 Amer. Brown Boveri Elec.. pref.(guar.) 134 Jan. 2 Holders of roe Dec. 200 'egg Jan. 1 *Holders of rec. Dec. 13 04% preferred (guar.) American Can, pref.(qual.) 134 Jan, 2 Holders of rec. Dec. 160 San Joaquin Lt. & Pr., pref. A '134 Dec. 15 'Holders of rec. Nov. 29 Amer. Car & Fdy., corn.(quer.) $1.50 Jan. 1 Holders of ree. Dec. 160 Preferred B (guar.) •13.4 Dec. 15 "Holders of rec. Nov.29 Preferred ((uar.) 154 Jan, 1 Holders of rec. Dec. lea Prior preferred (quar.) •Iy4 Dec. 15 *Holders of roe. Nov.29 American Chain, pref.(qual.) 114 Dec. 81 Holders of roe. Dee. 200 Prior preferred A (guar.) '1)4 Dec. 15 *Holders of rec. Nov.29 American Chicle, corn.(qual.) *50o. Jan. 1 *Holders of rec. Dee. 12 Saranac River Power. corn.(guar.) '3734c Jan. 1 *Holders of rec. Dec. 15 Common (extra) •25c. Jan. 1 *Holders of rec. Dec. 12 Preferred (quar.) nee Jan. 1 *Holders of roe. Dec. 15 American Cigar Co., Pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 15 Savannah Elec. dr Pow., deb. A (qua!,). 2 Jan. 2 Holders of rec. Dec. 100 American ColortyPe. common (qual.) 60e. Deo, 31 Holders of ree. Dee. 120 Debenture stock, series B (quar.).._. 134 Jan. 2 Holders of roe. Dec. 100 Amer. Encaustic Tiling, corn.(qual.) *25o. Dec. 23 *Holders of rec. Dee. 9 Debenture stock. aeries C (quar.)...... 164 Jan. 2 Holders of roe. Dec. 190 American Express (guar.) 111 Jan. 2 Holders of reo. Deo. lea 2d dr 3d Sta. Pass. Ry., Phila.(guar.).- $3 Jan. 1 Dec. 2 to Jan. 1 American Hard ware RI Ler.)_ "el Jan. 1 *Holders of roe Dec. 18 Sedalia Water pref. (quar.) *I% Jan. lb 'Holders of re:. Jan. 1 Amer.Home Products(monthly) 35e, Jan. 2 Holders of roe. Dee. 150 Shawinigan Water & Power(qu.) 62)4c Jan. 10 Holders of rec. Dec. 18 Monthly 35e. Feb. 2 Holders of reo. Jan. 140 South Carolina Power.$6 pref.(qual.) $1.50 Jan. 1 Holders of rec. Dec. 20 American Locomotive, corn.(quar.).... 50c. Dec. 31 Holders of rec. Dee. 123 Southern Calif. EdLson, pref. A (quar.) 43%c Dec. 15 Holders of rec. Nov.20 Preferred (Qual.) 114 Dec. 31 Holders of rec. Dec. 123 Preferred B (quar.) 37)4o Dec. 15 Holders of rec. Nov. 20 Amer. Maize Produets.corn.(ens:4 - •50c. Dec. 31 Holders of ree. Dec. 12 °orig. pref.(guar.) 50o. Jan. 15 Holders of rec. Dec. 20 Preferred (guar.) •1,4 Dec. 81 Holders of roe. Dec. 12 Preferred series C (guar.) 34%e Jan. 15 Holders of rec. Dec. 20 American Manufacturing, nom.(Qum.). 1 Dee. II Dec. 16 to Dee. 30 Southern Canada Power, pref.(qua!,).. 114 Jan. 15 Holders of rec. Dec. 20 Preferred (guar.) 114 Dec. 31 Dec. 16 so Dec. 80 Southern Colo. Power Co., pref. (Guar.) 114 Dec. 15 Holders of reo. Nov. 30 Amer. Radiator & Standard Sanitary Southwestern Gas ,t El., 7% pf.(qu.).. *134 Jan. 1 "Holders of rec. Dec. 15 Mfg., corn.(guar.) 25e. Dee, 81 Holders of rec. Dec. 110 8% pref.(qual.) "2 Jan. 1 'Holders of rec. Dec. 15 Amer. Railway Trust Shares 1.40e. Jan 15 ......Southwestern Lt. dc Pr.,$6 pref.(qu.) •$1.50 Jan. 2 *Holders of rec. Dec. 15 Amer. Roiling Mill., com.(guar.) 600. Jan. 15 Holders of roe. Dec. 154 Springfield (31o.) Gas & El., pref (qu.)_ $1.75 Jan. 2 Holders of roe. Dec. 15 •134 Jan. 1 *Holders of rec. Dec. 15 Preferred B ((tsar.) Standard Gas & Elec., $4 pref.(guar.).- $1 Dee. 15 Holders of rec. Nov.290 6% preferred (quar.) ;i Jan. 15 'Holders of rec. Dec. 31 Tacony-Palreyra Bridge, corn. & el. A. .Den. 31 Holders of reo. Dec. 10 American Royalty (bi-monthly) *Xs. Deo. 15 "Holders of roe. Nov.29 Tennessee Elec. Power, 5% 1st Pf. (qu.) 1% Jan. 2 Holders of roe. Dec 15 American Safety Razor (qual.) Doe. 31 Holders of ree. Dec. 100 $1.25 6% nret preferred (qual.) 134 Jan. 2 Holders of ree. Dee. 15 American Snuff, corn.(guar.) 75e. Jan. 2 Holders of re,' Dec. lla 7% first preferred (quar.) lee Jan. 2 Holders of roe. Deo. 16 Common (extra) 254. Jan. 2 Holders of rye. Dec. Ila 7.2% first preferred (quar.) $1.80 Jan. 2 Holders of rec. Dec. 15 Preferred (qua!) 134 Jan. 2 Holders of roe. Dec. ha 6% first preferred (monthly) 50e Jan. 2 Holders of rec. Dec. 15 Amer.Steel Foundries, com.(quar.).... 75o. Jan. 15 Holders of reo. Jan. 20 7.2% first preferred (monthly) 600. Jan. 2 Holders of ree. Dec. 15 Preferred (quar.) 11e Dec. 31 Holders of ree. Dec. 150 Twin City Rapid Transit, Minneapolis-American Stores. common (qual.) 50e Jan. 1 Holders of ree. Dec. 130 Common (pay. In notes & scrip) 2 Jan. 15 Holders of roe. Dec. 31a American Sugar Refg., corn.(quar.).... 134 Jan. 2 Holders of roe. Dee, 54 Preferred (quar.) lei Jan. 2 Holders of rec. Dec. 120 Preferred (guar.) lee Jan. 2 Holders of rec. Dec. ter Union Elec. Lt. es P.(Mo.) 7% pf.(qu) '134 Jan. 2 *Holders of reo. Dec. 15 American Surety (guar.) 31.50 Dec. 31 Holders of recs. Dec. 130 6% preferred (quar.) •134 Jan. 2 *Holders of rec. Dec. 15 American Thread, preferred •1214: Jan. 1 *Holders of rec. Nov. 29 Union El. Lt. et Pow.(Ills.),6% pf.(qu.) 0,134 Jan. 2 "Holders of rec. Dec. 15 American Tobacco, pref. (qual.) Jan, 2 Holders of rec. Dec. 103 1 Union Passenger Ry.(Phila.) Jan. 1 Holders of rec. Dec. 15 14 American Wringer, corn. (guar.) *75e Jan. 2 *Holders of ree. Dec. 15 Union Traction (Phila.) $1.50 Jan. 1 Holders of rec. Deo.410 Anchor Poet Fence (qu.)(Pay In stk.)--Jan. 1 *Holders of rec. Dec. 15 United Corporation, $3 Pref. (qual.)... 75e. Jan. 2 Holders of rec. Dec. 5a Andian National Corp., reg.share $1 Dee. 16 Holders of rec. Dec. 2 United Gas & Elec. Corp.,ar.)1% Jan. 1 Holders of rec. Dec. 16 United(gu Pref. Bearer shares $1 Dee. 15 Holders of coup. No. 4 Gas fro pro% ement, corn.(guar.). 3o, L./CC. 31 Holders of rec. Nov. 290 Andover Realty, pref. (guar.) '154 Jan. 1 *Holders of reo. Dec. 15 Preferred (imar.) $1 .2. sec. 31 Holders of rec. Nov. 290 Anglo-Persian 011 Amer. dep. receipts.. *65 Dee. 29 'Holders of reo. Dec. 5 United Lt.& Pow.,new corn. A dr B(qu.) 25c. Feb. 2 Holders of rec. Jan. 15a ApexElectrical Mfg., prior pref.((U.).. lei Jan. 1 Holders of rec. Dec. 19 Old common A & B(qual.) $1.25 Feb. 2 Holders of rec. Jan. 15e Armour & Co.(nil., pref.(qual.) 134 Jan. 2 Holders of roe. Dee, 100 $6 Preferred (guar.) $1.50 Jan. 2 Holders of rec. Dec. 15a Armour & Co. of Del., pref.(qual.) lb( Jan. 2 Holders of roe. Dee. 101 United Public UHL.$6 pref.(quar.)... $1.50 Jan. 2 Holders of rec. Dee. 15 Armstrong Cork (qual.) •25c. Jan. 2 *Holders of roe. Dee. 18 united Tel. (Kansas) corn. (guar.).- '62 lanil'31 'Holders of rec. Dec. 31 Arnold Print Works let Prof (quar.).... *51.75 Jan. 1 'Holders of roe. Dee. 20 Preferred polar.) *51.7 0153!. •Holders of rec. Dec. 31 Associates Investments Co. corn.(qu.). *El Dee. 31 *Holders of ree. Dec. 20 Utah Power at Light,$7 pref.(guar.) $1.75 Jan. 2 Holders of rec. Dec. 5 Preferred (qual.) • 134 Dee. 31 *Holders of rec. Dec. 20 $6 preferred (guar.) 91.50 Jan. 2 Holders of rec. Dec. 5 Associated 500, Dee. 31 Holders of rec. Dec. 120 Utilities Power ,k Light, corn.(guar.).- 425e ,an. 2 Holders of rec. Dec. 56 Associated 011 (guar.) •1;1 Dec. 1 Holders of rect. Nov. 28 Rayon, 6% pref. (quar.) Common (extra) a Sic Jan, 2 Holders of tee. Dec. 50 Atl. Gulf & West Indies 8.13. LineaChM A (guar.) z50e Jan. 2 Holders of roe. Dec. 54 Preferred (quar.) 134 Dec. 81 Holders of rec. Dec. 11 Class A (extra) z15c Jan. 2 Holders of rec. Dec. Sc Atlantic Refining. corn.(qual.) 25e. Dec. 15 Holders of roe. Nov. 210 Class B (quar.) z25e Jan. 2 Holders of reo. Dec. So Common (extra) 25e. Dec. 15 Holders of rec. Nov. 210 Class B (extra) z211c Jan. 2 Holders of rec. Dec. 50 Atlas Stores. corn.(pay.in corn.stock).. el% Mar. 2 Holders of rec. Feb. 16a Preferred ((Mar.) 134 Jan, 2 of rec. Dec. 50 Auburn Automobile (qual.) Jan. 2 Holders of reo. Dee. 200 $1 Virginia Elec. dr Power $6 Pref.(qual.).. 111.54 Dec. 20 Holders of roe. Nov.28a Holders Stock dividend Jan. e2 2 Holders of rec. Dec. 203 Virginia Public Service,7% pref.(qu.) 1% Ian. 1 Holders of rec. Dec. 150 Autocar Co., pref. (qual.) Dec. 15 Holders of rec. Dec. 5 2 6% preferred (guar.) 1% Ian. 1 Holders of rec. Dec. 15a Automobile Finance Corp., prat •8714e Jan. 15 Holders of roe. Dec. 31 Washington Water Pow.,611% N.((I.) .11% Dec. 18 *Holders Nov. 25 of fee. Babcock & Wilcox Co.(qual.) $6 preferred ((oar.) 1)4 Jan, 2 Holders of rec. Dec. 200 *31.51 Dec. 15 *Holders of rec. Nov.25 Balaban & Kate Corp.. cam.(qual.) *750. Dec. 27 Holders of rec. Dec. 15 Western Pr., Lt.,t Tel., 7% pf. *134 Jan. 2 "Holders of rec. Den. 15 Preferred (guar.) •114 Dec. 27 Holders of roe Dee, 15 6% Preferred (quar.) 1.1% Jan. 2 *Holders of roe. Dec. 15 Baldwin Locomotive Works, common_ 8714c Jan. 1 Holders of rec. Dee. 60 Western Union Telegraph (qual.). 2 Jan. 15 Holders of rec. Deo.d230 Preferred 3% Jan, 1 Holders of roe. Dec. (la Westmoreland Water. $6 pref. (qual.).. $1.54 fan. 1 Holders of rec. Dee. 20 *3711c Dec. 81 Holders of roe. Dec. 20 West Penn Electric Co., el. A (qual.).. $1.7: Dec. 30 Holders of roe. Dec. 17a Baldwin Rubber,class A (quar.) Preferred A (qual.) *3734c Dec. 31 Holders of ree. Dee. 20 West Phila Passenger Ry $4.2( lan. 1 Holders of rec. Dec. 15 Bancroft (Jos.) dr Sons Co.. corn.(quar) 30c. Deo, 31 Holders of rec. Dec. 150 West Va. Water Service. 16 pref.(qual) *$1.51 Jan. 1 *Holders of rec. Dec. 19 Bandini Petroleum (monthly) •10o. Dec. 20 Holders of ree. Nov.29 Winnipeg Elec. Co., Peet (quar.) 1% Jan. 1 Holders of ree. Dee. 6 Monthly *10e. Jan. 20 Holders of rms. Dec. 31 Wisconsin Power dr Lt.6% pf.(guar.)._ •1 Geo. lb *Holders of rec. Nov. 30 Barker Bros.,common (qual.) 500. Jan. 1 Holders of roe. Dec. 130 7% Preferred (Qum.) '16i leers. lb *Holders of roe. Nov. 30 Preferred (qual.) 1% Jan. 1 Holders of ree. Dec. 134 Wisconsin Pub. Serv., 6% Pref. (qu.) 1)4 Dee. 20 Holders of ree. Nov.80 Beatrice Creamery, corn, (Clear.) Jan. 1 Holders of rec. Dec. 150 $1 6%% preferred (qual.) 1% Dec. 20 Holders of rec. Nov.30 Preferred (qual.) 134 Jan, 1 Holders of rec. Dec. 150 7% preferred (quar.) I% Dec. 20 Holders of rec. Nov.30 Beaton & Caldwell Mfg.(monthly) *250 Deo. 31 Holders of rec. Nov. 30 Beech-Nut Peeking (guar.) 75e. Jan. 1 Holders of rec. Dec. 120 Banks. Bank of America Nat'l Amen.(guar.).- $1.125 Jan. 2 Holders of rec. Dec. 17a Belding Corticeill. Ltd., coin.(guar.).- lee Feb. 2 Holders of ree. Jan. 15 Preferred eller I 144 1)ec. 15 Holders it ree. Nov. 29 Baneamerlea-Blair Corp.((tsar.) Belgo Canadian Paper, pref.(quar.) 154* Jan, 2 Holders of rec. Dec. 3 Chase National (quay.) Jan. 2 Holders of rec. Dec. 10a Bendix Aviation (qual.) $1 25e. Jan. 2 Holders of ree. Dec. 100 Chase Securities Co., guar.) Beet Az Co.(guar.) 50e. Doe. 15 Holders of reo. Nov.25a Chatham Phenix Nat. Bk.& Jan. 2 "Holders of rec. Dec. 15 (guar.) '31 Bethlehem Steel, corn. (guar.) $1.50 Feb. 16 Holders of rec. Jan. 190 Manhattan Co.(qual.) $1 Jan. 2 Holders of roe. Dec. 150 Preferred (guar.) 134 Jan. 2 Holders of roe. Dec. 54 National City (guar.) Blitmore Hats, Ltd.. pref.(guar.) •134 Doe. 15 Holders of ree. Nov. 15 National City Co.(qual.) Jan. 1 Holders of roe. Dec. 6 Bird & Son. Inn.(quar.) *25e. Jan. 2 Holders of reo. Dee. 28 City Bank Farmers Trust Co.,(quar.). $1 Bishop Oil Corp Dec. 31 Holders of reo. Doe. 15 Public Nat. Bank & Trust(gear.) *el Jan. 1 "Holders of rec. Dec. 20 Bloch Bros.. ;wet Cense *134 Dee. $1 *Holders of ree. Dee. 26 Woodside National. Blumenthal(Sidney)& CO.,prof.(qn.)-5 Holders of Tee. Dec. 31 134 Jan. 2 Holders of roe. Dee. 151 Boback (H. 0.) Co., corn.(extra) '6214c Deo. 15 *Holders of rec. Nov.29 TrustCompanies. Bohn Aluminum & Braes(quer.) 3711c Jan. 2 Holders of rec. Deo. 154 Banes Commerciale Italians (qual.).. 214 Jan. 2 Holders of roe. Dee. 15 Company Borden dividend) (stock Jan. 15 Holders of rec. Dec. 30a e3 Bankers (quar.) 75e. Jan. 2 Holders of rec. Dec. 11 Boston Personal Property Trust (guar) *25e. Dec. 30 *Holders of rec. Dec. 15 Continental Bank dr Trust (guar.) 6 Lie:. reo. 30c see. 15 Holders o/ Boston Wharf Co 334 Dee. 31 Holders of rec. Dee. 1 Guaranty (qual.) Dee. 31 Holders of rec. Dec. 5 5 Boston Woven Hose es Rubber corn(qu ) 134 Dec. 15 Holders of roe. Dee. 1 Irving (qual.) 40e. Jan. 2 Holders of roe. Dee. 2 Preferred 3 Dec. 15 Holders of rye. Deo. 1 Manufacturers Trust (guar.) 411 Ian. 2 *Holders of rec. Dem. 15 Brandram-Henderson, Ltd.(qual.) •134 Jan. 2 *Holders of rec. Dee. 1 Midwood •3 Brewing Corp. of Canada, Prof.(qual.) 6234e Jan. 2 Holders of rec. Dec. 15 Dec. 31 *Holders of rec. Den. 22 United States (quar,) *$1. .1,4 Jan. 1 Jan. 2 *Holders of rec. Dec. 24 Bridgeport Machine, pref.(Qual.) Briggs & Stratton Corp.(qua!,) 50e. Dec. 31 Holders of roe. Dec. 200 Fire Insurance, Brillo Mfg.,corn.(qual.)(No.1) 15e Jan, 2 Holders of rec. Dee. 156 Halifax Fire Insurance 600. Jan. 2 Dec. 11 to Jan. 1 Class A (guar.) ... 50e Jan, 2 Holders of rec. Dee. 154 New Brunswick Fire 90c Jan. 2 Holders of reo. Dec. 16 British & Foreign Invest,, common 25e Jan. 1 Holders of rec. Dee. 31 North River (qual.) •500. Deo, 10 *Holders of rec. Dec. 1 Preferred (qual.) 62140 Jan, 1 Holders of ree. Dec. 31 Reeds Insurance (guar.) 55e. Jan. 2 Holders of rec. Dec. 160 Preferred ((tsar.) •6214c Apr. 1 *Holders of roe. Mar. 15 British Mtge. dt Trust Corp Jan. 2 *Holders of rec. Dee. 15 "6 Miscellaneous Bruce (E. L.) Co.. prof. (guar.) *81.75 Jan. 1 *Holders of reo. I>eo. 21 Abbot Laboratories(qual.) Jan. 1 Holders of reo. Dec. 18 Brunswick-Dalke-Collender, pref.(qu.) lei Jan. 1 Holders of rec. Dec. 20 *MUDS Power & Paper,6% pf.(qual.). 6234: 111 Jan. 20 Holders of rec. Jan. 100 Buckeye Pipe Line (qual.) Dee. 15 Holders of roe. Nov.21 $1 7% preferred (qual.) 114 Jan. 2 Holders of roe. Dec. 20 Bucyrus-Erte Co.. corn.(qual.) 250. Jan. 2 Holders of rec. Nov.280 Acme Glove Works, Ltd., let pref(qua_ *81140 Dee, 15 *Holders of roe. Nov.30 Convertible preferred (guar.) 62140. Jan, 2 Holders of rec. Nov. 286 Acme Wire Dec. 1 .25e Dee. 15 *Holders of ree. 7% preferred (quar.) 134 Jan. 2 Holders of rec. Nov.250 Adams Express,corn.(qual.) 40e Dec. 81 Holders of re*. Dec. 150 Burger tiros.,corn.(guar.) *25e. Jan. 1 *Holders of rev. Dee. 15 Preferred (quar.) 11( Dec. 81 Holders of roe. Dec. 150 8% preferred (qua!,) "31 Jan. 1 *Holders of rec. Dee. 15 Administrative d, Research Corp. A (qu.) 25e Dee. 18 Holders of roe. Dee. 5 8% preferred (guar.) pry . $ JAul . 12 Clam A (extra) 100 Dec. 18 Holders of roe. Dec. 5 8% preferred (guar.) Agnew-Surpass Shoe Stores, pref.(au.) 1)4 Jan. 2 Holders of roe. Dec. 15 8% preferred (qual.) 1 Oct. *21 Allegheny Steel(monthly) 15e Hee 18 Holders of roe. Nov 29n Burns Bros., pref. (guar.) 134 Jan, 2 Holders of ree. Dee. 151 Extra 250 Dec. Id Holders of roe. Nov.290 Bush Terminal Bidgs., pref.(gear.) • lee Jan. 2 Holders of roe. Dee. 23 Monthly 31a 15e Jan. 17 Holders of roe. Doe. Bush Terminal Co..corn.(qual.) 621ec Feb. 2 Holders of rec. Jan. 25 Monthly 15e Feb. 18 Holders of rec. Jan. 81a 7% debenture stock (quar.) 134 Jan. 15 Holders of rec. Jan. 25 Allied Chemical & Dye,corn,(quar.) $1.50 Feb. 2 Holders of roe. Jan. 150 Colombo Sugar Estates, corn.(qual.) *400. Jan. 2 Holders of rec. Dec. 15 Common (payable in corn.[Kock) 16 Jan. 3 Holders of roe. Doe. lla Preferred (quar.) Jan. 2 Holders of reo. Dec. 15 *35e. Preferred (guar.) 1% Jan. 2 Holders of ere. Dec. its California Ink, class A dt B (quar.) *50e Jan. 2 Holders of rec. Dee. 20 Allied Newspapers, LtdCelifornie Packing Corp.(guar.) !see. 15 Holders of recs. Nov. 290 Am.dep. rats. ord, reg. ohs $1 'w2)4 Dec. 16 *Holders of roe. Nov.26 Canada Cement, preference(qua!,) 134 Dee. 81 Holders of reo. Nov. 30 Allied Products. corn. A (guar.) '87 Mc Jan. 1 "Holders of rec. Dec. 15 Canada Malting ((uar.) 37140 Dec. 15 Dec. 1 to Dec. 13 Allied Telep. UHL, pref.(qual.) *4314c Jan. 1 *Holders of re.). Dec. 20 Canada Permanent Mtge. Corp.(qu.) Alpha Portland Cement, COM.(quar.)__ Jan. 2 Holders of rec. Doe. 16 $3 50c. Jan. 24 Holders of rec. Dee. 310 CanadaWire & Cable. class A (qual.) Dec.15 Holders of rec. Nov. 30 34.0 Preferred (quar.) 43 1 *1% Dec. 15 *Holders of rec. Dec. 1 Class B (No. 1) Dec.olde Dec. 15 Holders of rec. Nov. 30 Aluminum Industries, Inc. (guar.) 37)4c Dee. 15 Holders of roe. Nov. 29 Canadian Bakeries,2d prof.(guar.) Aluminum Mfrs. Inc.. corn (suer, . 15 *Holders of roe. Nov.20 •144 25.. .50e Dee. 51 *Hoiden of tee. Dec.15 Canadian Brewing, corn.(qual.) Jan. 2 Holders of roe. Dec. 16 Amal. Laundries. pref. (mthly.) •58 1-3c Dec. 15 Holders of ree. Nov. 15 Canadian Canners, Ltd., corn.(qual.) *234. Jan. 2 Holders of rec. Dec. 16 American Bank Note, corn.(quar.) 1500. Jan. 2 Holders of rec. Dee. 100 First preferred (guar.) Common (extra) '134 Jan. 2 Holders of roe. Dec. 16 $1 Dec. 30 Holders of rec. Den. lea Convertible preferred (guar.) Holders of rec. Dee. 15 '234. Jan. Preferred (guar.) 75e. Jan. 2 Holders of rec. Doe. 100 Canadian Car & Fdy,, pref.(qua!,) 440. Jan, 10 Holders of roe. Dee. 28 American Bakeries, class A (guar.) *75e. Jan, 2 Holders of reo. Dec. 18 Canadian Celanese. Ltd., part. pf.(No.1) 3.14 Dec. 31 Holders of rec. Deo. 15 Preferred (guar.) •1eg Jan. 2 *Holders of roe. Dec. 18 Canadian Fairbanks Morse(quar.) *50o. Dec. 16 Holders of rec. Nov.39 Name of Company. Name of Company. DEC. 13 1930.] Name of Company. When Per Corn. Payable. Books Closed. Days Inclusive. Miscellaneous (Continued). Canadian General Eleo., corn.(guar.)-_ *d75o. Jan. 1 "Holders of rec. Dec. 13 Jan. 1 *Holders of rec. Dec. 13 '$1 Common (extra) •d8734c Jan. 1 *Holders of rec. Dec. 13 Preferred (guar.) *51 Dec. 15 *Holders of rec. Dec. 2 Canadian Nat.Corp.. Ltd Jan. 1 'Holders of rec. Dec 20 02 Canadian 011. Ltd., pref.(guar.) 40e. Jan. 1 Holders of rec. Dec. 182 Cannon Mills (guar.) Dec. 31 'Holders of reo. Dec. 15 *340. (quiz.) Capital City Product Jan. 2 'Holders of reo Dec. 20 'el Carnation Co (extra In stock) 114 Dec. 15 Holders of rec. Dec. 10 Carter (William) Co.. Pref.(awe.) 14 Jan. 1 Holders of rec. Dec. 126 Case(J. I.) Co., corn.(qua?.) 134 Jan. 1 Holders of reo. Dec. 122 Preferred (guar.) Celanese Corp. of Amer., 7% partio. pt. 834 Dec. 31 Holders of reo. Dec. 15 13.4 Jan. 1 Holders of rec. Dec. 15 7% prior preferred (guar.) 373.4c Jan 2 Holders of reo. Dec. lea Central Aguirre Associates (guar.) *51 Dec. 1 "Holders of reo. Dec. 2 Central National Corp.. Ltd 1 Jan. 2 Holders of rec. Dec. 15a Century Electric Co.,corn.(guar.) Champion Coated PaperPreferred and special pref.(guar.).- 111134 Jan. 1 *Holders of reo. Dec. 19 21 Dec. 30 Holders of rec. Dec. 10a Cheeebrougb Mfg. Control.(guar.) $I Doe. 30 Holders of coo. Dec. 10a Extra Chic Juno. Rys.& Un.Stock YardsCommon (guar.) •214 Jan. 1 *Holders of rec. Dec. 15 •I)4 Jan. 1 *Holders of rec. Dec. 15 Preferred (guar.) Chicago Pneumatic Tool. pref.(guar.).- 874e Jan. 1 Holders of rec. Dec. 20a •50o Dec. 15 *Holders of rec. Dec. 1 Chicago Rivet & Mach.,corn.(extra).,. 25o. Jan, 2 Holders of reo. Dec. 19e Chicago Yellow Cab (monthly) 25e. Feb. 2 Holders of rec. Jan. 20e Monthly 250. Mar. 2 Holders of rec. Feb. 20 Monthly 50c Dec. 29 Holders of rec. Dec. 34 Chile Conner Co.(guar.) 60c Dec. 10 Holders of rec. Nov. 216 Childs Co.,corn.(guar.) Dec. 10 Holders of rec. Nov. 21n 134 Preferred (guar.) 25c. Jan, 2 Holders of rec. Dec. is Chrysler Corp. (guar.) 2340. Jan. 1 Holders of rec. Dec. 15 Cities Service common (monthly) fli Jan. 1 Holders of rec. Dec. 15 Common (Payable In corn.stack) Sc. Jan. 1 Holders of rec. Dec. 15 Preference B (monthly) 50o. Jan. 1 Holders of rec. Dec. 15 Preference and pref. BB (monthly).Dec. 31 *Holders of rec. Dee. 31 City Housing Corp •3 City Investing Co., corn Jan. 2 Holders of reo. Dec. 182 5 Common (payable In common stock) 1331-3 Feb. 2 Holders of rec. Jan. 2o Preferred (qua?.) 154 Jan. 2 Holders of rec. Dec. 18 Clark Equipment Co.(guar.) 50e. Dee. 15 Holders of roe. Nov.256 Claude Neon Elec. Prod.. cons.(guar.) •350. Jan. 1 "Holders of rec. Dee. 20 Common (payable in cote. stock)_ Jan. 1 "Holders of rec. Dec. 20 (1/2 Preferred (guar.) "35c. Jan. 1 "Holders of rec Dee 20 Cleveland Cliffs Iron, corn. (guar.)._ '21 Dec. 20 "Holders of rec. Dec. 10 Preferred (guar.) $1.25 Dec. 15 Holders of rec. Dec. 5 Clorax Chemical, class A & B(MO '500. Jan. 1 *Holders of rec. Dee. 20 Cluett, Peabody dc Co., pref.(guar.) 13.4 Jan. 2 Holders of rec. Dec. 202 Coats(J. P.), Ltd. Am.dep. refs ord. reg.9 pence per ehJan. 7 "Holders of rec. Nov.21 Coca Cola Bottling (quarterly) 25o. Jan. 15 Holders of rec. Jan. 5 Quarterly 25e. Apr. 15 Holders of reo. Apr. 4 250. July 15 Holders of reo. July 3 Quarterly 250. Oct. 15 Holders of rec. Oct. 10 Quarterly $1.50 Jan. 2 Holders of rec. Dec. 122 Coca-Cola Co.. com. (guar.) $1.50 Jan. 2 Holders of rec. Dec. 12n Clam A Coca-Cola International Corp.,corn.(g11) $3 Jan. 2 Holders of tee. Dee. 126 Colgate-Palmolive-Peet Co., prof.(qu.). 14 Jan. 1 Holders of rec. Dec. 10a *424c Jan. 1 'Holders of tee. Dec. 15 Colonial Chair, pref.(guar.) 373.4c Jan. 2 Holders of reo. DN:e.d192 Columbia Pictures (guar.) Commercial Credit Co., corn.(guar.).- 50o. Dec. 31 Holders of rec. Dec. lie 14 Dec. 31 Holders of rec. Dec. lie 64% first preferred (guar.) 7% first preferred (guar.) 4344 Dec. 31 Holders of rec. Dec. lie 50e. Dec. 31 Holders of reo. Dec. lie 8% class is preferred (guar.) 760. Dec. 31 Holders of reo. Dec. lie $3 class A cony. stock (guar.) Commercial Credit(New On.) pf.(qu.)_ *50o Dec. 81 *Holders of rec. Dec. 20 40c. Jan. 1 Holders of rec. Dec. Sc Commercial Invest. Trust. corn.(qu.)... 1 14 Jan. 1 Holders of reo. Dec. 50 Corn (payable in corn,stock) 7% first preferred (guar.) 134 Jan. 1 Holders of reo. Dec. ba 134 Jan. 1 Holders of rec. Dec. 5a 634% first preferred (guar.) 114 Jan. I Holders of rec. Dec. 56 Cony. pref, series of 1929(guar.) 25e. Dec. 31 Holders of rec. Dec. 10a Commercial Solvents Corp., corn.(qu.)Commonwealth Secure., cony. pt.(qu.). s$1.50 Jan. 2 *Holders of rec. Dec. 15 Dec. 31 "Holders of rec. Dec. 26 Comm unity SrJee Corp.. clam A (qua?.). •12 '1240 Mar. 31 *Holders of rec. Mar.26 Class B (guar.) •12 e Dee. 3: •Fieeiriens of rec. Den. 26 (Atwell (u.nr *500. Dec. 15 *Holders of roe. Nov.29 Compressed Industrial Gasses (quiz,) 025e. Dec. 15 *Holders of roe. Nov.29 Extra Conde Nast Publications, corn.(guar.).. 50c. Jan. 2 Holders of rec. Dec. 202 •1% Jan. 1 Conduits Co.. Ltd.. pref.(guar.) $1 Dec. 30 Holders of rec. Dec. 15a Congress Cigar (guar.) corn. Corn (guar.) $1.25 Jan. 7 Holders of reo. Dec. 15a Consolidated Cigar Consolidated Gold Fields of So. Africa•roll4 Dec. 17 *Holders of rec. Nov.20 Amer.dep.rots for ord.she "$1.7. Dec. 20 *Hower- of rec. Dec. 10 Con...demure Ice. Plusb.. pref 250. Jan. 1 Holders of rec. Dee, 15 Consolidated Laundries,cons •134 Feb. I "Holders of rec. Jan. 15 Preferred (guar.) Consol. Mining & Smelt. Co.of Canada. $1.25 Jan. 15 Holders of rec. Dec. 304 Jan. 15 Holders of rec. Dec d30 55 Bonus Consumers Corp., prior pref. (qu.) --•51.50 Jan. 1 *Holders of rec. Dec. 15 Container Corp. of Amer., ol. A (qu.)_. 30c. Jan. 1 Holders of rec. Dec. lla I% Jan. 1 Holders of rec. Dec. 11 Prior preferred (guar.) Jan. 1 Holders of rec. Dec.;15a Continental Baking Corp., pref.(guar.) 2 Continental Diamond Fibre, corn. (cm.) 256. Dec. 30 Holders of rec. Dec. 152 Jan. 2 Holders of rec. Dec. 156 250. corn. Inc., Shares. (QU.)- Continental 13.4 Dec. 15 Holders of rec. Dec. 1 6% pref., pref. ser. B & cony. pt.(qu.) Continental Steel Corp.. pref.(guar.)... •llf Jan. 1 *Holders of rec. Dee. 18 1 Dec. 15 Holders of reo. Nov.28 Cookeville Co., Ltd., pref.(guar.) 500. Jan. 1 Holders of rec. Dec. 10 Cooper-Bessemer Corp.. corn. (Quiz.) 756. Jan. 1 Holders of rec. Dec. 10 Preferred (guar.) Corporation Securities of Chic.,oom.(gu) el% Dee. 20 Holders of reo. Nov. 20 Corroon A Reynolds. cony. pref.((NJ__ $1.50 Jan. 1 Holders of rec. Dec. 19 4334c Dec. 15 Holders of rec. Dec. 1 Crane Co.,com.(guar.) 134 Dec. 15 Holders of rec. Dec. 1 Preferred (guar.) •750. Dec. 24 *Holders of rec. Dec. 13 Crowell Publishing Co.(guar.) •50e. Dec. 31 'Holders of rec. Dec 10 Crowley Milner & Co.(guar.) 80c. Dec. 18 Holders of ree. Nov. 29a Crown Cork & Seal, Inc., cum.(qua?.) 68c. Dec. 15 Holders of rec. Nov. 29a Preferred (guar.) Crown Willamette Paper. lst pf.(qu.)_. $1.75 Jan. 1 Holders of roe. Dec. 13a $1.50 Jan. 1 Holders of rec. Deo. 13 Second preferred (guar.) 14 Dec. 31 Holders of rec. Dec. 15a Crucible Steel. pref.(guar.) Dec. 31 Holders of rec. Dec. 20 2 Crum & orster, pref. equiz.) "334 Feb. 2 *Holders of reo. Jan. 15 Cuba Company, preferred 50e. Dec. 31 Holders of reo. Dec. 15 Cuban Tobacco. common 234 Dec. 81 Holders of rec. Dec. 15 Preferred_ Dec. 18 Holders of rec. Nov.29 II Curnoerland Pipe Line (guar.) '6234c Dec. 15 *Holders of rec. Dec. 1 Cuneo Press, pref. (guar.) 50o. Jan. 2 Holders of reo. Dec. 20a Curtis Publishing, coin.(monthly) $1.76 Jan. 1 Holders of rec. Deo. 20a Preferred (guar.) 6240 Jan. 2 Holders of rec. Dec. 15 Curtis Mfg.(guar.) 880. Dec. 15 Holders of rec. Dec. 5a Cutler-Hammer, Inc.(guar.) 56o. Dec. 15 Holders of reo. Nov. 28 David & Frere, Ltd.. class A (guar.).•256. Jan. 2 *Holders of rec. Dee. 24 Deco Refresh., Ins., corn.(guar.) Jan. 2 *Holders of rec. Dee. 24 •873.4c Preferred (guar.) 30o. Jan, 2 Holders Of rec. Dec. 15 Deere & Co., new corn (guar.) 1114 Jan. 15 Holders of rec. Dec. 15 New eorn • (Payable In new corn.) 13.4 Jan. 2 Holders of rec. Dec. 15 Old common (guar.) Deer. 15 *Holders of rec. Dec. 1 Delaware Lack. & West. Coal (quiz.).. •$2 Dennis Bros., Ltd.Dec. 13 *Holders of rec. Nov. 21 Am.dep.rcts.ord.she.(2 Mill., 2 pence). Jan. 1 'Holders of rec. Dec. 20 Denver Union Stock Yards,corn.(qu.).. 411 AIR. 1 *Holders of rec. Mar. 20 "SI (guar.) Common 200. Jan. 2 Holders of rec. Dec. 15 Detroit & Cleveland Navigation (guar.) •5234c Jan. 2 *Holders of rec. Dec. 20 Detroit Electric, pref. A (quer) •134 Dec. 10 "Holders of rec. Dec. 1 Detroit-Mich.Stove. pref.(guar.) •200. Dec. 15 *Holders of roe. Nov.29 Detroit Motorbus (guar.) 52 Dec. 15 Holders of rec. Nov. 190 Diamond Watch old (guar.) Doehler Die Casting, 7% pref.(guar.).- 'I% Jan. 2 *Holders of rec. Dec. 20 411.75 Jan. 2 *Holders of rec. Dec. 20 $7 preferred (guar.) 144 Jan. 2 Holders of rec. Dec. 15 Dominion Glass, Ltd.. corn.(qu.) 114 Jan. 2 Holders of reo. Dec. 15 Preferred (guar.) 3833 FINANCIAL CHRONICLE Name of Company. When Per Cent. Payable. Books Closed. Days IncMalec Miscellaneous (Continued). 30c. Jan. 2 Holders of reo. Dec. lba Dominion Stores. Ltd.(guar.) 51.25 Jan, 2 Holders of rec. Dec. 15 Dominion Textile, coin.(guar.) 14 Jan. 15 Holders of rec. Dec. 81 Preferred (guar.) 114 Jan. 1 Holders of reo. Dec. lb Douglas(W. L.) Shoe. pref.(guar.)._ 51 Jan. 1 Holders of reo. Nov.29 Draper Corporation (guar.) Dunham (J. II.)& Co., corn.(guar.)._ *14 Jan. 1 *Holders of rec. Dec. 18 Jan. 1 'Holders of rec. Dec. 18 *1 First preferred (guar.) *134 Jan. 1 *Holders of reo. Dec. 18 Second preferred (guar.) Jan. 2 Holders of rec. Dec lba 2 Duplan Silk Corp., prof. corn.(am.) $1 Deo. 15 Holders of rec. Nov.256 (quar.)__DuPont(E.I.)de Nan,& Co., Jan. 24 Holders of rec. Jan. 106 114 Debenture stock (guar.) Dutton(A.C.) Lumber Corp.. com.(q11.) '1% Dec. 31 "Holders of rec. Dec. 31 Dec. 31 'Holders of rec. Dec. 31 •14 Preferred (quiz.) *50o. Dec. 31 *Holders of rec. Dec. 20 Early & Daniel. corn.(guar.) *14 Dec. 31 "Holders of rec. Dec. 20 Preferred (guar.) •8714c Jan. 1 *Holders of rec. Dee. 10 Eastern Mfg., pref. (guar.) *500. Jan. 2 "Holders of rec. Dec. 20 Eastern Steamship Lines. corn.(guar.) Jan. 2"Holders of rec. Dec. 20 First preferred (guar.) Jan. 2 *Holders of rec. Dec. 20 '8714c No-par preferred (guar.) Eastern UM.Investing, prior pref.(qu.)•$1.25 Jan. 2 *Holders of rec. Nov.28 $1.25 Jan, 2 Holders of rec. Nov.290 Eastman Kodak. corn.(guar.) 75c. Jan. 2 Holders of rec. Nov.292 Common (extra) 1)4 Jan. 2 Holders of rec. Nov.296 Preferred (guar.) Sc, Jan, 1 Holders of reo Dec. 10 (guar.) Ecuadorian Corp., corn. 3% Jan, 1 Holders of rec. Dec. 10 Preferred 154 Dec. 15 Holders of rec. Nov.29 Edison Bros. Stores, Inc., pref.(guar.)._ 370, Dec. 15 Holders of rec. Nov.29 El Dorado 011 Works(guar.)_ 51.50 Jan. 1 Holders of rec. Dec. 154 Electric Auto-Lite, common iquar.) 134 Jan, 1 Holder, of rec. Dec. lba (guar.) Preferred Electric Controller & Mfg.. corn.(guar.) 51.25 Jan. 1 Holders of rec. Dec. 19 Electric Stor. Battery, corn. & pret.(q11) 51.25 Jan. 2 Holders of rec. Dec. 96 Jan. 15 "Holders of rec. Jan. 8 Ely & Walker Dry Goods, 1st pref ese Jan. 15 *Holders of rec. Jan. 8 Second preferred Emerson Bromo Seltzer cl. A & B (qu.). *50c Jan. 2"Holder of rec. Dec. 15 •50c. Jan. 2 *Holders of ree. Dec. 15 Preferred (guar.) 250. Dec. 15 Holders of reo. Dec. 1 Employers Group Association Jan. 1 Holders of rec. Dec. 186 $1.25 (qua?.).. corn. Endicott-Johnson Corp., 114 Jan. 1 Holders of reo Dec. 186 Preferred (guar.) Equitable Mtge. & Title Guarantee.... •2% Dec. 31 *Holders of rec. Dec. 1 *74 Dec. 81 *Holders of rec. Dec. 1 Extra 023.40 Jan. 2 Holders of reo. Dec. 15a Equitable Office Bldg..corn.(quiz.) 14 Jan. 2 Holders of rec. Dec. 15 Preferred (guar.) 750. Jan. 2 Holders of rec. Dec. 15 Equity Investors Corp.. pref. (guar.) Jan. 1 "Holders of ree. Dec. 28 *2 Erskine Danforth Corp., pref. (quiz.) Dee. 20 "Holders of rec. Nov. 30 '1340 Exeter Oil clam A (guar.) 400. Dec. 31 Holders of roe. Dec. 124 Fairbanks. Morse & Co.. corn.(guar.).50e Dec. 27 Holders of rec. Dec. 12 Famous Players Canadian Corp.(guar.) •50o. Feb. I Fashion Co..corn Dec. 16 6234c Jan. 1 Faultless Rubber, common (guar.) 234 Dec. 15 ,quay.).... common Co., & Fear (Fred) •1yi Jan. 1 "Holders of ree. Dec. 8 Federal Bake Shop. prof. (guar.) 14( Dec. 15 Holders of rec. Nov.250 Federal Mining & smelt.. Peet.(qua?.) "30e. Jan. 2 "Holders of reo. Dee. 15 Federal Mogul Corp (qua?.) 20o Jan. 2 Holders of reo. Dec. 176 Federal Motor Truck (guar.) 25c Jan. 2 Holders of reo. Dec. lba Federal Screw Works(guar.) Dec. 15 'Holders of rec. Dec. 5 "2 Federal Terra Cotta, corn.(gnu.) Dec. 15 *Holders of reo. Dec. 5 "2 Common (extra) 2 Holders of rec. Dec. 1 Jan, 14 Shoe (qU.) Pf. Sta.. Curme Felts"& Dec. 24 *Holders of reo. Dec. 15 *51 Ferro Enameling, class A (guar.) 160. Dec. 29 Holders of rec. Dec. lba Fifth Avenue Bus Securities(guar.) • Innen SVPiPM. Inc prof ir (guar.)._ •174• lee. 15 •11,,Iderd of rec Dec. 1 50. Jan. 2 Holders of rec. Dec. 18 Fit American Corp.(guar.)-. 14 Dec. 15 Holders of rec. Dec. 1 Ftrstbrook Boxes, Ltd., prof.(quiz.) 14c. Dec. 15 Holders of coup. No. 1 First Custodian Shares, corn.(guar.) rr1,4 Dec. 80 *Holders of rec. Dec. 20 First State Pawners Society (guar.) Holders 01 rec. Dec. 170 134 Jan, Florshelm Shoe, pref. (qua?.) 250. Dec. 1 Holders of rec. Nov.290 Follansbee Bros.. corn, (guar.) Holders of rec. Nov.29 13.4 Dec. 1 Preferred (guar.) Dec. 1 *Holders of rec. Dec. 10 Food Mach.Corp.,634% pref.(quiz.).. •51 860. Dec. 1 Holders of rec. Dec. 5 Foote-Burt Co.(guar.) 600. Dec. 2 Holders of rec. Doe. 1 Ford Motor of Canada, el. A & B 'Holders of rec Dee. 15 •bo, Jan. Formica Insulation, corn (guar.) Holders of reo. Dec. 126 50c. Jan. Foster Wheeler Corp.,corn.(guar.) Holders of rec. Dec. 12a Jan. 51.75 Preferred (guar.). Holders of rec. Jan. 81 25a. Feb. I Foundation Co. of Canada corn.,(guar.) •1yi Dec. 1 *Holders of ero. Nov.28 Foundation Inv. Co., pref.(guar.) of rec. Dec. 5 "Holders 1 Dee, •1 Franklin Railway Supply (guar.) Dec. 15 Nov. 30 to 33.4 Dec. 1 French (Fred. F.) Invest., Prof Dec. 2 *Holders of rec. Dec. 9 'Ii Frick Co., Inc.. common s$1 Dec. 2 "Holders of reo. Dec. 8 Common (extra) "Holders of rec. Dec. 20 "75e. Jan. . Preferred (owe.) Holders of ree. Dec. 106 Fuller(Georire A.)Co.,partio.pr.Df.(eln.) 114 Jan. Holders of roe. Doe. 106 ls Jan. Panic.second pref.(guar.) Holders of ren. Dec. ba $1.25 Dec. 1 Gamewell Corp..corn,(guar.) Holders of reo. Dec. 5 1 Deo. 4 1 Preferred (guar.) *Holders of rec. Dec. 20 •400. Jan, Gardner Denver Co. corn. (guar.) lea. 31 Holders of ree. Jan. 20 •I Preferred (guar.; *1134 Feb. 1 *Holders of reo. Jan. 20 Preferred (guar.) 30c. Jan. 2 Holders of rec. Dee. 15 Garlock Packing, corn.(guar.) 14 Jan. 1 Holders of rec. Doe. 190 (qu.).. ore. General Amer. Invest.. 6% Jan. 1 Holders of rec. Dec. 13a General Amer. Tank Car, coin. (guar.). 51 Jan. 1 Holoers of see. Dec 136 el Stock di, blend (guar.) lino. 15 Holders of rec. Dec. la 75c. General Asphalt. common (guar.) General Candy,class A (acct.accum.der) •325o Dec. 15 "Holders of rec. Nov. 26 40c. Jan. 24 Holders of rec. Dec. 19a General Electric (guar.) 15c. Jan. 24 Holders of rec. Dec. 190 Special stock (guar.) 1 4 Jan. 2 Holders of reo Dec. lba General Mills, pref. (guar.) Feb. 2 Holders of rec. Jan. ba $1.25 (guar.) pref. General Motors, $5 624c Jan. 2 Holders of reo Dec 160 General Printing Ink. Cora.(guar.) 51.50 Jan. 2 Holders of reo. Dec. 164 Preferred (guar.) Doe. 31 Holders of rec. Dec. 20 General Pub.Service, com.(In corn.stk.) f3 $1.375 Feb. 2 Holders of rec. Jan. 9 $5.50 preferred (guar.) $1.50 Feb. 2 Holders of reg. Jan. 9 26 preferred (guar.) 51.25 Jan, 1 Holders of ree. Deo. 10a General Railway Signal. corn.(guar.). 14 Jan. 1 Holders of rec. Dec. 10a Preferred (guar.) Jan. 2 Holders of reo. Dec. 18a $1.50 General Steel Castings, pref. (guar.)._ *14 Dec. 31 *Holders of rec. Dec. 20 General Tire & Rubber. prof.(qua?.) $1.75 Dec. 16 Holders of rec. Dec. 5 Giant Portland Cement, preferred "65e. Apr. 1 *Holders of rec. Mar.20 Gibson Art, common (guar.) Jan, 2 Holder, of roe. Dee. 8 51 Gillette Safety Razor, corn. (guar.) Dec. 1 *Holders of rec. Dec. 1. •8740 Pf.(qu.) Corp., Firma. & Globe Discount Globe Grain & Milling, corn.(guar.)._ •50c. Jan. 2 *Holders of rec. Dec. 20 •434e Jan. 2 "Holders of rec. Dec. 20 First preferred (guar.) •50c. Jan. 2 *Holders of rec. Dec. 20 Second preferred (qua?.) Gold Dust Corp., $5 pref. (guar.)._ 51.50 Dec. 31 Holders of rec. Dec 17a (k) Jan. 1 'Holders of rec. Dee. 3 (qua?.) Bras. Goldblatt 14 Jan. 2 Holders of rec. Dec 10a Goodrich (B. F.) Co.. 7% prof. ((111.)-Goodyear Textile Mills. Pref.(guar.).- •1,4 Jan. 2 *Holders of rec. Dec. 20 r (nu Jan, 1 Holders of reo Dec la 14 pf 1st Readier .00,1v ear Tire & Goodyear Tire & Rub. of Calif., Pf.(ntl.) •$1.75 Jan. 2 *Holders of ree. Dee. 20 Jan. 2 Holders of rec. Deo. 19 2 Goulds Pumps, Inc., corn.(guar.) 14 Jan. 2 Holders of rec. Dec. 19 Preferred (guar.) Grand Rapids Varnish. corn. (guar.)._ "250. Dec. 3 *Holders of rec. Dec. 20 Grand (F. W.)-Sliver Stores, Inc. II Dec. 30 Holders of rec. Dec. 4a Common (In stock) 750. Dec. 31 Holders of reo. Dec. 152 Granite City Steel (guar.) 25c. Jan. 1 Holders of rec. Dec. 12a Grant(W. T.) Co.(guar.) *25c. Jan. 2'Holders of roe. Dec. 15 Graymur Corp.(guar.)(No. 1) Jan. 2 "Holders of reo. Dec. 18 •50er. Corti Processes Gray •50.2 Jan. 2 *Holders of reo. Dec 18 Extra 1% Dec. 81 Holders of rec. Deo. 15 Greit Lakes Towing, corn. (guar.) 154 Dec. 31 Holders of rec. Dec. 15 Preferred (guar.) 51 Dec. 29 Holders of rec. Dec. ba Great Northern Iron Ore Properties 50c. Dec. 29 Holders of rec. Dec. ba Extra Great Western Elec. Chem.. 1st pt.(qu.)•51.50 Jan. 1 "Holders of rec. Dec. 20 14 Jan. 2 Holders of ree. Dec. 156 Great Western Sugar, pref.(guar.) Greenfield Tap & Die Corp..6% Pf.(qu.) 114 Jan. 2 Holders of rec. Dec. 15 Jan. 2 Holders of rec. Dec. 15 2 8% preferred (guar.) Grier(S. M.)Stores, Inc., pref. (quiz.). 13.4 Dec. 15 Holders of roe Dec. 1 Mar. 1 "Holders of rec. Feb. 20 •50c. Gruen Watch, common (guar.) *14 Feb. 1 *Holders of rec. Jan. 20 Preferred (guar.) '$33.4 3834 Name Of Company. [Vou 121. FINANCIAL CHRONICLE Per When Cent. Payable. Books Closest. Days Inclusive. Name of Company. Per When Cent. Payable Books Closed, Days Inclusive. Miscellaneous (Continued). Miscellaneous (Continued). Gulf 011 Corp.(quar.) Lunkenhelmer Co., corn.(quar.) 5374c Jan. 1 'Holders of rec. Dec. 20 134•3730 Dec. 15 *Holders of rec. Dec. 5 •14 Jan 1'31 Gulf States Steel, 1st cony. pref.(guar.) 114 Jan. 2 Holders of rec. Dec. 15a Preferred (quar.) Gurd (Chas.) & Co., corn.(quar.) Lupton(D.) Sons Co., pref.(quar.)50e Jan. 2 Holders of rec. Dec. 15 •14 Jan. 1 Preferred (quar.) 114 Jan. 2 Holders of rec. Dec. 15 M-A-C Plan. Inc. of Rhode Island, pref. 30c Dee, 15 Holders of rec. Dec. 8 Habtrshaw Cable & Wire(quer.) 100 Jan. 2 Holders of rec. Dec. la Mack Trucks. Inc.. corn.(quar.) $1 Dee. 31 Holders of rec. Dec. 150. Hahn Dept. Stores, 6 VZ% pref.(qual.). 134 Jan. 2 Holders of rec. Dec. 220 Macy (R. H.)& Co.(qua!,) 50c Feb. 16 Holders of rec. Jan. 230 Hall(C. M.) Lamp (quar,) Stock dividend •10e. Dec. 16 *Holders of rec. Dec. 1 5 Feb. 16 Holders of rec. Jan. 230 Hamilton United Theatre, Ltd.(qual.). '134 Dec. 31 *Holders of rec. Nov. 29 Madison Mortgage,8% 1st pref.(quar.) .2 Jan. 2 *Holders of rec. Dec. 20 Hamilton Watch. corn.(monthly) 7% lot preferred (quar.) 15c. Dec. 31 Holders of rec. Dec. 100 •13/ Jan. 2 "Holders of ree. Dec. 20 7% 2d preferred (qua!,) Hammermill Paper.6% Pref.(guar.)... *14 Jan. 2 *Holders of rec. Dec. 20 '134 Jan. 2 *Ifoldera of rec. Dec. 20 Hanes (I'. H.) knitting pref (guar.)._ •1 34 Jan. 1 •Holciers of rec. Dec. 20 Maitor Car Corp., pref. (guar.) '134 Doe. 31 Holders of rec. Dec. 24 Hanna (M. A.) Co.. pref. (quar.) $1.75 Dec. 20 Holders of rec. Dec. ba Manischewitz (B.) Co., pref. (quar.)._ '154 Jan. 1 Harbison-Walker Behalf., pref (quar.)_ 1 Si Jan. 20 Holders of rec. Jan. 10a Mauer Consol. Mfg., corn. (quar.) .75e Jan. I *Holders of rec. Dec. 15 Common (extra) Harnischfeger Corp.. pref.(quar.) "I% Jan. 1 *Holders of rec. Dec. 15 *25c. Jan. 1 "Holders of rec. Dec. 15 Marine Midland Corp.(quar,) Hazel Atlas Glass (quar.) *50c. Jan. 2 'holders of ree. Dec. 15 30c. Dec. 31 Holders of roe. Dec. la Marlin-Rockwell Extra *25c. Jan. 2 *Holders of rec. Dec. 15 Corp., corn.(quar.)..,. 50c. Jan. 2 Holders of rec. Dec. 200 Common (special) Hearst Conga Publications, corn.(qu.). "434c Dec. 15 "Holders of rec. Dee. 1 52 Jan. 2 Holders of rec. Dec. 200. Mathison Alkali. corn. (guar.) Class A (quar.) •$1.75 Dee. 15 *Holders of rec. Dee. 1 50c. Jan. 2 Holders of rec. Dec. 120. Preferred (quar.) "25c. Dec. 15 Mloklers of rec. Nov. 15 Heels Mining (guar.) 154 Jan. 2 Holders of rec. Dec. 12a $1.25 Jan. 2 Holders of rec. Dec. Ila Mayflower Associates (quar.) HeImo (George W.) Co., corn. (quar.) •50c. Dec. 15 'Holders of rec. Dec. 3 Stock dividend Common (extra) $2 Jan. 2 Holders of rec. Dee. 110 *el Jan. 15 *Holders of rec. Dec. 30 14 Jan. 2 Holders of rec. Dec. Ila May Oil Burner, pref. B (guar.) Preferred (quar.) "174c Jan. 1 *Holders of roe. Dec. 15 Hercules Powder, corn. (guar.) 75c. Dec. 24 Holders of rec. Dec. 12a McC,11-Frontenac 011 (quar.) 15c. Dec. 15 Holders of rec. Nov. 15 ree Dee. 19 Preferred Spencer, of (Guar.) 2.5e Dec. 21, Bartlett & Co.(mthlY) Hibbard. 134 Jan. 15 Holders of rec. Dec. 31 Holland Furnace. corn.(quar.) 6234c Jan, 2 Holders of rec. Dec. 150 McKeesport Tin Plate, COM.(quar.)___. 51 Jan, 2 Holders of rec. Dec. 150 Common (extra) Common (extra) 250. Jan. 2 Holders of rec. Dec. 150. 500. Jan, 2 Holders of rec. Dec. 150 McKesson & Robbins, Ltd., com.(qu.)._ Hollinger Consol. Gold Mines Sc. Dec. 31 Holders of rec. Dec d16 25c Dec. 15 Holders of rec. Dec. ba Preferred (quar.) 87 4c Dee. 15 Holders of rec. Dec. 5a Extra 5c. Dee. 31 Holders of rec. Dec 416 McLellan Stores. pref. (quar.) Holly Oil (quar.) "25e. Dec. 31 *Holders of rec. Dec. 15 134 Jan. 2 Holders of rec. Dec. 20a Mercantile Discount Corp., pr. A (quar.) "50c. Jan. 2 *Holders of rec. Dec. 15 Honolulu 011 Corp.(quar.) *50c. Dec. 15 *Holders of rec. Dec. 5 Merit Corp. pref.(guar.) Hudson Motor Car (quar.) 2 Jan. 2 Holder, of rec. Dee. 17 75e. Jan. 2 Holders of rec. Dec. lla Mergenthaler Linotype (quar.) Humble 011,k Refining (quar.) $1.50 Dec. 31 Holders of rec. Dec. 30 50e. Jan. 1 Holders of roe. Dec. 2 Mesta Machine (qual.) Extra •50c. Jan. 1 'Holders of rec. Dec. 15 50c. Jan, 1 Holders of rec. Dec. 2 Metro-Goldwyn Pictures, pref. (quar.)... 47 Huron & Erie Mtge.(qual.) Dec. 15 Hollers of rec. Nov. 29s .$2 Jan. 2 *Holders of rec. Dec. 15 Metropolitan Paving Brick, corn.(extra) Hydro-Elec. Securities Corp. (quar.).__ 50c Dec. 20 Holders of rec. Dec. 5 50c. Dec. 16 llolders of rec. Nov. 15 d Preferred (quar.) 14 Jan. 1 Dec. 16 to Dec. 31 Hygrade Lamp, owe.(guar.). "2.5e. Jan. 2 *Holders of rec. Dee. 10 Mexican Petroleu, corn.(qua!) 3 Common (extra) Jan. 20 Holders of rec. Dec. 3I0 "51 Jan. 2 *Holders of me Dec. 10 Preferred (quar.) 2 Jan. 20 Holders of rec. Dee 310 Preferred ((Oar.) "134 Jan. 2 *Holders of rec. Dec. 10 Midland Grocery Co., prof *3 Ideal Financing Assn.. A (quar.) '1234c Jan. 2 "Holders of rec. Dec 15 Jan. 1 'Holders of rec. Dec. 20 Midland Royalty Corp., rp., pref. (quar.) Preferred (quar.) •50c. Dec. 15 'Holders of rec. Dec. 4 Jan. 2 *Holders of rec. Dec. 15 .$2 Midvale Co. 51 Convertible preferred (quar.) *50e. Jan. 2 *Holders of rec. Dee. 15 Jan. 1 Holders of rec. Dee. 13 Miller & Hart, Inc., pref.(quar.) "874c Jan. 1 *Holders of rec. Dec. 15 Illinois Brick (quar.) •30c. Jan. 15 "Holders of ree. Jan. 3 Miller (I.) & Sons. common (qual.)__._ 50c, Jan. 2 Holders of rec. Dec. 20 Quarterly •313e. Apr. 15 "Holders of rec. Apr. 3 Mills Factors Corp., el. A & B (guar.)._ "75e. Jan. 2 'Holders of rec. Dee. Quarterly •300. July 15 *Holders of rec. July 3 20 Minnesota Val. Can.. pref. (quar,) •51.75 Feb. I •HOIllell of rec. Jan. 20 Quarterly •30c. Oct. 15 'Holders of rec. Oct. 3 Mitchell (J. S.) & Co., pref. (guar.)._ 134 Jan. 2 Holders of rec. Dec. 16 Imperial Sugar common •51.75 Jan. 1 *Holders of rec. Dec. 20 Mock, Judson, Voehringer Co., pf.(qu.) 13/ Jan. 2 Holders of ree. Dee. Preferred (quar.) •$1.75 Jan. 1 *Holders of rec. Dee. 20 15 Moloney Electric, corn. A (extra) 84c Dee. 31 Holders of rec. Dec. 3 $1 Imperial Tobacco of Canada,ord (qu.) Dec. 15 Holders of rec. Dec. 1 Monighan Mfg., class A (qual.) •450. Jan. 1 'Holders of rec. Dec. Impervious Varnish (Guar.) •50c Dec. 81 *Holders of rec. Sept.20 "1374e Jan. 1 *Holders of rec. Dec. 20 Monroe Chemical, pref. (quar.) Industrial Finance Corp. 15 Monsanto Chemical Works (guar.) 3114c Jan. 2 Holders of rec. Dec. 100 Common (payable In common nook). 124 Feb. 1 Hold,of rec. Ave. 183P Stock dividend e13.4 Jan. 2 Holders of roc. Dec. 100 Industrial Rayon (qual.)(No. 1) $1 Jan. 1 Holders of ree. Dec. I80. Montgomery Ward & Jan. Co., I cl. A "51.75 Dec. 90 (qu.).. of rec. 3 Jan. 2 Holders Ingersoll-Rand Co., preferred *Holders of rec. Dee. 20 14 Dec. 15 Holders of rec. Nov. 30 Ineuranshares Ctfs., Inc.(guar.) 15c. Dec. 15 Holders of reo. Nov.29a Montreal Cottons, corn.(quar.) 14 Dec. 15 Holders of rec. Nov. 30 Preferred (qual.) 25c. Dec. 24 Holders of rec. Dec. 100 Interlake Iron Corp.(quar,) (qual.) Montreal Loan & 75e. Mtge. Dec. 202 15 Holders of rec. Nov. 30 $1.50 Jan. 10 Holders of rec. Dee. Internat. Business Machines (quar.) $1.10 Dec. 15 Hollers of rec. Nov. 220 e5 Stock dividend Jan. 10 Holders of rec. Dec. 20a Morrell (John) & Co.(quar.) 250. Jan. 2 Holders of rec. Dee. 15 Internat. Cement, cons.(qual.) 11 Dec. 31 Holders of rec. Dec. Ila Morristown Securities, corn. (rIllar.) Preferred 24 Jan. 2 Holders of reo. Deo. 15 8734e. Jan. 2 Holders of rec. Dec. 20a International Equities, class A (quar.) 25c. Dec. 31 Holders of rec. Dec. la Motor Products Corp., corn. (quar.) International Nickel of Canada(quar.)_ •50c. Jan. 2 'Holders of rec. Deo. 20 Internat. Petroleum bearer ells. (Guar.). Mountain Producers Corp.(guar.) 25e. Dec. 15 Hold, of coup. No. 27 40e. Jan. 2 Holders of rec. Dee. 15a Mount Royal Hotel, pref 2 Dec. 20 Holders of rec. Dec. 10 Reristered shares (guar.) 250. Dec. 15 Dec. 1 to Dee, 15 65e. Dec. 15 Holders of rec. Nov.27 Dec. 15 Holders of rec. Dec. 5a Internat. Proprietartes, Ltd., cl. A (qu.) Muskogee Co., corn,(No. 1) $2 Mrs ye(rT. Ee& 15c. Dee. lb Holders of rec. Nov.27 Class A (partlepating dividend) profeedqua) corn.(guar.).- 50e. Dec:31 Holders of rec. Dec. 15a International Salt (quer.) 75c Jan. 2 Holders of rec. Dee. 15a 134 Dec. 31 Holders of rec. Dec. 15a (quar.) International Shoe, corn,(quar.)____ 75c Jan. 1 Holders of rec. Dee, 150 National Battery. pref. (qual.) 55e. Jan. 2 Holders ot rec. Dec. 170 •50c Jan. 1 "Holders of rec. Dec. 15 National Biscuit. cow ((mar.) Preferred (monthly) 70e. Jan. 15 Holders If rec. Dec. 190 National Bond & Share Corp *50c Feb. 1 "Holders of rec. Jan. 15 25c. Dec. 15 Holden; of ree. Dee. 1 Preferred (monthly) National Breweries, corn, (qual.) *50e Mar. 1 *Holders of rec. Feb. 14 40c, Jan, 2 Holders of rec. Dec. 15 Preferred (monthly) .50c Apr. 1 *Holders of rec. Mar. 14 Preferred (monthly) Preferred (guar.) 43c. Jan, 2 Holders of rec. Dee, 15 *50c. May 1 'Holders of rec. Apr. 15 National Brick, pref. (guar.) Preferred (monthly) 14 Dec. 15 Holders of ree. Nov.29 •15i Dee. 31 *Holders •50c. June 1 *Holders of rec. May 15 National Casket, pref.(qual.) Preferred (monthly) of ree. Dee. 15 14 Jan. 1 Holders of rec. Dec. 120 National Casualty (Detroit) (quar.) •30e. Dee. 15 *Holders of roe. Nov.28 Internat. Silver. pref. (qual.) National Dairy Products, corn.(quar.) International Tea Store. Ltd. 65e. Jan. 2 Holders of rec. Dee. 30 Preferred A & 13 (quar.) 41/12 Jan. 12 Holders of ree. Dee. 12 •1 Jan. 2 *Holders of roe. Dec. 3 Amer. dep. rats. for ord. reg. shs National Lead, corn. (guar.) "25c. Jan. 1 *Holders of rec. Dec. 15 Interstate Bakeries, corn.(guar.) 134 Doe. 31 Holders of rec. Doe. 120. Preferred A (quar.) • 51.625 Jan. 1 *Fielders of rec. Deo. 15 14 Dec. 15 Holders of rec. Nov.28a Preferred (guar.) Preferred B (guar.) 14 Jan. 31 Holders of rec. Jan. 160 Interstate Equities, A (qual.) '8734c Jan. 2 *Holders of rec. Dee. 20 Nat. Mfg & Stores, class A (quar.) *2 Jan. 2 'Holders of reo. Dee. 15 Jan. 2 "Holders of rec. Dec. 15 Intertype Corp., 1st pref Fir,t preferred (quar.) a•3 •131 Jan. 2 'Holders of rec. Doe. 15 Jan. 2 "Holders of rec. Dec. 15 Second preferred *25c. Jan. 1 National Oxygen, corn. (quar.) 15c. Dec. 15 Holders of rec. Dee. 10 Investment Fund of N. J.(quar.) Class A (qua!,) Investors Corp.(11. I.) cony.lg.(guar.). "31.50 Jan. 2 *Holders of rec. Dee. 20 '5834c Jan. 1 National Short Term. Seeur."51.50 Jan. 2 *Holders of rec. Dec. 20 Second preferred (quar.) Dee. 15 Holders of ree. Nov. 30 Common A (payable in stock) •25c. Jan. 2 *Holders of rec. Dec. 15 Irving Air Chute (quar 13 750. Jan. 2 Holders of ree. Dee. 19 National Standard Co.(quar.) Ivanhoe Food,Inc., pref.(quar.) '8714c Jan. 2 'Holders of rec. Dee. 20 50c. Jan. 2 Holders of rec. Dec. 17 75c. Jan. 15 Holders of rec. Jan. 2a National Steel Car Corp. (qual.) Jewel Tea, corn. (quar.) 50c. Jan. 2 Holders of roe. Dec. 1 $1 Dec. 15 Holders of rec. Dec. is National Sugar Refining (quar.) Common (extra) .25 e0 Jan. 2 Holders of rec. Dee. 16a $22 155 75c. Jan. 15 Holders of rec. Dec.d24a National Surety (guar.) Johns-Manville Corp., corn. (qual.).._. Jan, 1 Holders of rec. Dec. 130 14 Jan. 1 Holders of rec. Dec. Ila National Tea, corn. (quar.) Preferred (qual.) Dee, 15 Holders of rec. Nov. 29 (quar.) National Transit 24 Dec. rec. 'Holders of •3013. Jan. 2 (Qual.) Bros. of Canada,corn. Jones 40, Jan. 1 Holders of rec. Deo. 15a 14 Jan. 1 fielders of rec. Dec. 12a Nelsner Bros. inc., common.(quar.) Jones & Laughlin Steel. pref (guar.)._ Neptune Meter, A. & B., (qual.) 50c. Dec. 15 Holders of rec. Dee. 1 Kalamazoo Veg. Parchment (quar.).. ',5c Dec. 31 •Holeers of rec. Dec 22 Nevada Consolidated Copper Co. mu.). 250. Doe. 31 Holders of rec. Dee. 120 *50c. Dee. 15 "Holders of rec. Nov.29 Rats Drug (guar.) Newberry (J. J.) Co., common (guar.).- •2734c Jan. 1 *Holders of ree. flee. 18 1% Jan, 2 Holders of rec. Dee, 10 Kaufmann Dept. Stores, pref. (quar.) New England Grain Products,57 Pf.(11I) "31.75 Jan. 2 *Holders of roe. Dec. 20 50c. Dec. 31 Holders of rec. Dec419 Kaynee Co..common (quar.) New Haven Clock, com.(quar.) 250 Jan. 1 Holders of rec. Dec. 24 124c Dec. 31 Holders of rec. Dee419 Common (extra) New York Investors, Inc., 1st pref Jan. 15 Ho,ders of rec. Jan. 5 3 14 Dec. 31 Holders of rec. Dee.d19 Preferred (quar.) New York Transit Co. (qual.) 40c Jan. 15 Holders of roe. Dec. 23 Dee, ree. 15 Keith (Geo. E.) Co., 1st pref. (quar.)_ _ CI% Jan. 2 *Holders of New York Transportation (qual.) *50c Dec. 29 *Ilolders of rec. Dee. 15 Kellogg (Spencer) & Sons, Inc (quar.). _ 200. Dec. 31 Holders of rec. Dec 15 10e Jan. 15 Holders of rec. Dec. 24 50c. Jan. 2 Holders of rec. Dec. 193 Niagara Share Corp.. corn. (quar.) Kelsey Hayes Wheel Corp., corn.(guar.) Preferred (quar.) $1.50 Jan. 2 Holders of roe. Dec. 20 50c Jan. 2 Holders of ree. Dec. 5a Ressecott Copper Corp.(qual.) Nichols Copper Co. (quar.) .433/c Dee. 31 'Holders of roe. Dec. 20 25c Jan. 2 Holders of roe. Deo. 26 Key Boller Equip. (quar.) Niles Ex-xB raem _ ent-Pond Co. corn.(quar.)...., Dec. 31 •II(riders of rec. Dee. 20 •10c Dec. 24 *Holders of rec. Dec. le K. W. Battery Co.(quar.) •25c Dec. 31 *Herders of rec. Dec. 20 •15e Dec. 24 'Holders of rec. Dec. 19 Extra 624c Jan. 1 Holders of rect. Dee. 12a NoblItt Sparks Indus.. corn,(guar.).- •75c Jan. 1 *Holders of rec. Dec. 20 Kfzeleerly-Clark Corp.. corn.(quar.) Common (pay. in corn. stock) 4114 Jan, 1 *Holders of rec. Dec. 20 14 Jan. 1 Holders of roe. Dee. 12 Preferred (guar.) 25c Jan. 2 Holders of rec. Dec. 150. North American Provision. pref. (qual.) •lIt Jan. 1 *Holders of rec. Dee. 10 HieneY (G. R.) Co., corn. (guar.) North Central Texas Oil. pref.(qual.) .52112. 5 Jan. 2 Holders of rec. Dec. 10 •25o. Jan. 2 *Holders of rec. Dec. 20 Klein (D. Emil). corn. (quar.) Northern Discount (qual.) '250e, Jan. 1 *Holders of rec. Dec. 15 Kroger Grocery & Baking, 1st pfd.(qu) '134 Jan. 1 *Holders of roe. Dec. 20 Jan. 2 Holders of roe. Dee. 15 52 Jan. 2 Holders of rec. Dec. 240 Northern Pipe Line $1 Kuppenheimer (B) & Co.. corn Northland Greyhound Lines, corn •90c. Jan. 1 *Holders of rec. Dec. 20 1 *Holders of rec. Dee. 20 •75e. Jan Laboratory Products (qual.) Novadel-Agene Corp., corn.(quar.)_ $1 Jan. 2 Holders of rec. Deo. 15 •e3 Jan. 15 'Holders of rec. Deo. 20 Stock dividend Common (extra) 25e. Jan. 2 Holders of reo. Dee. 15 50c. Jan. 1 /folders of rec. Dee. 120 Lane Bryant, Inc., corn. (qual.) 14 Jan. 2 Holders of roe. Dee. 15 Preferred (quar.) 30c. Dee. 15 Holders of rec. Dec. 1 Lake Shore Mines. Ltd.(guar.) •150. Dec. 15 *Holders of rec. Deo. 12 2 Holders of rec. Dec. 17a Oahu By. & Land (monthly) $2 Jan Lambert Co.(quar.). Ohio Elec. Mfg., corn.(quar.) •40e. Dec. 15 'Holders of rec. Dee. 10 $2.50 Jan. 2 Holders of rec. Dec. 15 Landed Bank & Loan (quar.) Ohio Finance, common (qual.) *50c. Jan. I "Holders of rec. Dec. 10 Dec. 31 Holders of rec. Dec. 10 $1 Land Title Bldg. Corp.(Phila.) Common Jan. 1 *Holders of rec. Dec. 10 o (payable in co m mon stock) _ "874c Jan. 1 Holders of rec. Dee. 15 Leath & Co., pref. (qual.) Ohio il(quar.) 50c. Doe. 15 Holders of rec. Nov. 18a •15c. Dec. 23 Holders of rec. Dec. 10, Lee & Cady Co.(le ar.) 6% preferred (qual.) '134 Dee. 15 "Holders of roe. Nov. 15 25e. Feb. 2 Holders of rec. Jan. 14a Lehigh Portland Cement,corn.(guar.).Jan. 42 Dec. 16 to Jan. 1 14 Jan. 2 Holders of rec. Dee. 13a Ohio Seamless Tube, prof. (guar.) Preferred (quar.) 75c. Jan. 2 holders of roe. Dec. Ila OH Royalty Invest. pref.(monthly) •10e. Dec. 15 *Holders of rec. Nov. 29 Lehigh Valley Coal Corp., pref.(guar.). Omnibus Corp., pref.(qual.) Jan. 2 Holden/ of rec. Dec. 150 $2 90c, Dee. 31 Dec. 12 to Dec. 31 Lehigh Valley Coal Sales (qual.) Oneida Community, corn. (qual.) 50c, Dec. 16 Holders of rec. Dec. 4 *25c. Deo, 15 *Holders of reo. Nov.29 Lerner Stores Corp (qual.) Preferred (attar.) •4334c Dec. 15 'Holders of rec. Nov. 29 ' 35c. Dec. 31 Holders of rec. Dec. 11 Leasing's, Inc. (guar.) Onomea Sugar (monthly) Jan. 1 Holders of rec. Dec. 19 "20c. Dec. 20 *Holders of ree. Dec. 10 Libby McNeil & Libby. $8 pref.(No. 1)- $3 Ontario Silknit. pref. (quar.) 17 preferred Dee. 15 'holders of rec. Dee. 1 $3.50 Jan. 1 Holders of rec. Dec. 19 Liggett & Myers Tob.pref (quar.) 1% Jan. 1 Holders of rec. Dec. 10a Orange Crush, Ltd., pref. A (guar.).- •14 Jan. 1 *Holders of rec. Dee. 15 Otis Elevator, pref.(quar.) Lull Tulip Cup, COM.(guar.) "374e Dec. 15 'Holders of rec. Dec. 1 .14 Jan. 15 Holders of rec. Dec. 31a Otis Steel, preferred (quar.) Preferred (quar.) "14 Dec. 31 'Holders of rec. Dec. 1 1X Jan. 1 Holders of rec. Dec. 19a Limestone Products, 7% pref. (quar.) •624c Jan. 1 'Holders of ree. Dec. 15 Owens-IIIInols Glass, pref. (quar.) Jan. 1 holders of rec. Dec. 16 Pacific Commercial Co 7% preferred (guar.) .624e Apr. 1 'Holders of reo. Mar. 15 $0 7 10 c. 5 Dec. 31 Holders of reo. Dee. 15 Lindsay Light, pref. (guar.) Pacific Southwest Disc., el. A & B (qu.) •10c. Dec. 15 *Holders of rec. Dec. 1 •174c Dec. 15 'Holders of rec. Dec. 10 Liquid Carbonic (qual.) Package Feb. 1 "Holders of rec. Jan. 20 •51 Dee. 15 "Holder, of roe. Nov.20 COM.(extra) •$1 I.oew's. Inc., common (qual.) 750. Dec. 31 Holders of rec. Dec. 131 Tubes, Ltd.. co. corn. (qu.). $1.25 Jan. 2 Holders of rec. Dee. 20 Page-Hersheyse P Preferred Common (extra) ka M R(quar.) Dec. 31 Holders of rec. Dee, 131 chiner 1% Jan. 2 Holders of rec. Dec. 20 $1 Its rec. Dee. Loose 1% Iles filseult pre/. (oliar.) of Holders Paratene Co'. Inc., corn.(quar.) 14 Jan. 1 Dec. 27 Holders of rec. Dee. 17 31 Lord & Taylor, common (qual.) 2% Jan. 2 Holders of rec. Dec. 17a Paramount Publix Corp.. COM (quer).- $1 Dec. 27 Holders of roe. Dee. 5a Lorillard (P) Co., pref. (quar.) 14 Jan. 2 Helder.; of rec. Dec. 15a Penick & Ford. Ltd., corn. (quar.) 250. Dec. 15 Holders of rec. Dec. la Loudon Packing (guar) Common (extra) •750. Jan. 1 "Holders of roe. Dee. 15 50e. Dec. 15 Holders of rec. Dec. its Louisiana Nay.,k Fish Dec. 20 Preferred (quit.) •88 Jan. 1 Holders of rec. Dee. 150 DEC. 13 1930.] Name of Company. Per When Cent. Payable. Books Closed. Days Inclustre. Miscellaneous (Continued). •250. Jan. 2 *Holders of rec. Dec. 22 Parke, Davis & Co.(quar.) *35c. Jan. 2 *Holders of rec. Dec. 22 Special 75e. Dec. 31 Holders of rec. Dec. 2012 Penney (J. C.) Co., corn.(qua?.) 1( Dec. 31 Holders of rec. Dec. 20a Preferred (quar.) Jan. 2 'Holders of rec. Dec. 20 "1M (qua?.) Prof. Corp.. Penn-Federal Dec. 15 *Holders of roe. Dec. 6 *V Penn-Mex Fuel Co Pennsylvania Glass Sand, pref.(quar.) "$1.75 Jan. 2 *Holders of rec. Dec. 15 •$1.75 Dec. 31 *Holders of rec. Dec. 20 Peoples Coll. Corp.,common *51.75 Dec. 31 *Holders of rec. Dec. 20 7% preferred Dec. 31 *Holders of rec. Dec. 20 *82 8% preferred 250. Jan. 2 Holders of roe. Dec. 812 Peoples Drug Stores, Inc., corn.(qua?.)_ 194 Dec. 15 Holders of rec. Dec. la Preferred (quar.) *50c. Jan. 1 *Holders of rec. Dec. 20 Perfect Circle Co.(quar.) 3734e Jan, 1 Holders of rec. Dec. lla Pet Milk Co.. corn. (quar.) 134 Jan. 1 Holders of rec. Dec. 11 Preferred (quar.) Petroleum Landowners Corp.(monthly) "25e. Dec. 15 "Holders of rec. Nov.30 50e. Jan. 2 Holders of rec. Dec. 1312 Phelps Dodge Corp. (Quar.). 500 Jan. 2 Holders of rec Dec. 16a Phillips Petroleum, corn. (quar.) 500. Jan. 2 Holders of rec. Dec. 15 Pie Bakeries of America, class A (quar.)_ 134 Jan. 2 Holders of rec. Dec. 15 Preferred ((War.) *50c Dec. 31 *Holder of rec. Dec. 10 Pittsburgh Plate Glass (quar.) Pittsburgh Steel Foundry. prof. (qua?.) •1% Jan. 2 *Holders of rec. Dec. 19 "1 Si Jan. 20 *Holders of rec Dec. 31 Plymouth Cordage (qua?.) Port Alfred Pulp .47 Paper. pref.(quar.)-- '134 liec. 15 'Holders of rec. Dec. 3 Porto Rican Amer. Toy., class A (qua 8734c Jan. 10 Holders of rec. Dec. 20a Powdrell & Alexander, Inc.. prof (qua?.) '194 Jan. 1 'Holders of rec. Dee. 15 50c. Dec. 31 Holders of roe. Nov. 291 Prairie Oil & Gas (quar.) 75e. Dec. 31 Holders of rec. Nov. 297 Prarie Pipe Line (guar.) 50e Dec. 31 Holders of rec. Nov. 29a Extra *1234c Jan. 2 *Holders of rec. Dec. 15 Pressed Metals of Amer.(quar.) Pressed Steel Car, pref. (quar.) 154 Dec. 31 Holders of rec. Dec. la 50c Jan. 2 Holders of roe. Dec. 15 Price Bros.. Ltd., corn.(quar.) 194 Jan. 2 Holders of rec. Dee. 15 Preferred (quar.) 114 Dec. 15 Holders of rec. Nov. 25a Procter & Gamble. 5% pref.(quar.) Producers OR Royalty (monthly) •10c Dec. 15 *Holders of roe. Nov. 30 25c Dee. 15 Hoiders of rec. Nov. 15a Public Investing, common (qua?.) Common (extra) 20c Dec. 15 Holders of rec. Nov. 15a •75e Jan. 1 *Holders of rec. Dee. 10 $3 preferred (No. 1)(quar.) Pure 011 Co., 5%% pref. (quar.) 13X Jan. 2 Holders of rec. Dec. 10 134 Jan, 2 Holders of rec. Dee. 10 6% preferred (quar.) 8% preferred (qua?.) , Jan. 2 Holders of rec. Dee. 10 2 Quaker Oats, corn. (quar.) Jan. 15 'Holders of rec. Dee. 31 *V Preferred (quar.) '114 Feb. 28 *Holders of rec. Feb. 2 Radio Corp. of America, pref. A (quar.)_ 8734c Jan. 1 Holders of rec. Dec. la Preferred B (quar.) $1.25 Jan. 1 Holders of rec. Dec. la Original preferred (annual) 35e Jan. 1 Holders of rec. Dee. la Railroad Shares Corp. (quar.) 1234c Dec. 15 Holders of rec. Nov. 25 Rapid Electrotype Co., corn.(quara_ •50e Dec. 15 *Holders of rec. Dec. 1 Raybestos-M anhattan, Inc. (quar.) 65e Dec. 15 Holders of rec. Nov. 291 Reeves (Daniel) Inc., common (guar.).- '37)40Dec. 15 'Holders of rec. Nov.29 (1%% preferred (quar.) '134 Dec. 15 *Holders of rec. Nov.29 Reliance Grain Co., Pref. (quar.) .194 Dec. 15 'Holders of rec. Nov. 29 *134 Jan. 1 *Holders of rec. Dee. 22 Reliance Mfg.(Ills.) pref.(guar.) Reliance Mfg,, Ohio,corn.(quar.) 50e Jan. 1 Holders of rec. Dee. 16 Remington-Rand, Inc., common (qu.)_ _ 40e Jan. 1 Holders of rec. Dee. 80 First preferred (qua?.) 134 Jan. 1 Holders of rec. Dec. 8a 2 Jan. 1 Holders of rec. I)ec. 8a Second preferred (guar.) 200 Jan. 2 Holders of rec. Dec. 10a Boo Motor Car (quar.) 75e Jan. 15 Holders of rec. Jan. 1 Republic Supply Co. (quan) 75e Apr. 15 Holders of rec. Apr. 1 Quarterly 75c July 15 Holders of rec. July 1 Quarterly 75e Oct. 15 Holders of roe. Oct. 1 Quarterly 750 Jan. 2 Holders of rec. Dec. 15 Research Inv. Corp.. pref (guar.) Retail Properties, Inc.. $3 pref. (quar.)_ *75c. Jan. 2 *Holders of rec. Dec. 10 Revere Copper & Brass, class A (quar.)_ "$1 •144 Feb. 1 'Holders of rec. Jan. 10 Preferred alliara 75e. Jan. 2 Holders of rec. Dec. 1812 Reynolds(R.J.) Tobacco, corn.(quar.)_ 750. Jan. 2 Holders of rec. Dee, 180 Common B (quar.) •550. Jan. 1 *Holders of rec. Dec. 13 RIles Kumler Co., rem.(quar.) SX Jan. 1 *Holders of rec. Dec. 13 Preferred (quar.) •50c Jan. 1 *Holders of rec. Dec. 20 Ross Gear & Tool, corn. (quar.) 25c. Jan. 2 Holders of rec Dec. 8a Royal Baking Powder, corn.(quar.) 134 Jan. 2 Holders of rec. Dec. 8a Preferred (quar.) Royalty Corp. of Amer., part. p1. (qu.)_ •300. Jan. 15 'Holders of res. Dee. 31 •15c. Jan. 15 "Holders of rec. Dee. 31 Participating urea (extra) 411 Dec. 15 "Holders of roe. Dec. 1 Ruberold Company (qua?.) '154 Dec. 15 *Holders of rec. Nov. 29 Ruddy (E. L.) Co., pref. (qua?.) .65e. Feb. 1 'Holders of rec. Jan. 15 Ruud Mfg.(qua?.) Dec. 23 *Holders of rec. Dec 10 Safety Car Heating & Lighting (quar.)-- '$2 $1.25 Jan. 1 Holders of roe. Dec. laa Safeway Stores, corn.(guar.) 134 Jan. 1 Holders of rec. Dec. 121 7% preferred (quar.) 134 Jan. 1 Holders of rec. Dec. 1212 6% preferred (quar.) 5046 Dec. 20 Dec. 10 to Deo. 21 Bt.Joseph Lead Co.(quar.) 25e nee. 20 Dec. 10 to Dee. 21 Extra 50c Mar. 20 Mar. 10 to Mar. 20 Quarterly 194 Jan. 2 Holders of rec. Dee 12 St. Maurice Valley Corp., pref.(quar.)__ 25e Jan. 1 Holders of rec. Dee. 10 St. Regis Paper, corn. (qua?.) 154 Jan. 1 Holders of rec Dee. 10 Preferred (quar.) "10e Jan. 2 *Holders of rec. Dec. 15 Salt Creek Consol. Oil (quar.) "20c Dec 15 *Holders of rec. Dec. 7 San Carlos Milling (monthly) 500. Jan. 1 Holders of rec. Dec. 15 Sangamo Electric Co., corn.(quara___ _ $1.75 Jan. 1 Holders of rec. Dec. 15 Preferred squarj_ Savage Arms Corp., and pref (quar.) '$1.50 Feb. 16 'Holders of rec. Feu. 2 Sebettler Drug, pref. A (monthly) ____* 11 2-3e Dee. 15 *Holders of rec. Nov 29 50o. Dec. 15 Holders of rec. Nov.29 Schiff Company. common (qua?.) 134 Dec. 15 Holders of rec. Nov.29 Preferred (quar.) Schlesinger (B F )& Sons. prof. (qua?.). "154 Jan. 1 "Holders of rec. Dec. IS 2 Jan. 2 Holders of me Deradl2a Schulte Retail Stores, pref. (qua?.) •144 Jan. 1 'Holders of rec. Dec. 15 Schulze Baking. pref. (quar.) •75e. Jan. 1 'Holders of rec. Dec. 15 Convertible preferred (quar.) 35e. Dee. 31 Holders of rec. Dec. 17a Scott Paper, corn.(Quar.) e2 Dee. 31 Holders of rec. Dec. 17a Common (payable in stock) •50e. Jan. 1 *Holders of rec. Dec. 15 Scovill Manufacturing (qua?.) Feb. 1 *Holders of rec. Jan. 10 Seam Roebuck & Co.,stock dl,.(qu.)__ eel 'el May 1 'Holders of rec. Apr. 10 Stock dividends (quar.) 280. Dec. 15 Holders of coupon No. 1 Second Custodian Shares, corn. Mara__ Dec. 20 *Holders of rec. Nov.30 Security Invest. & Internist. Exchange__ "e2 12!4c Jan. 6 Holders of rec. Nov. 26 Segal Lock & Hardware (guar.) 250. Jan, 10 Holders of rec. Dec. 20a Shattuck (Frank G.) Co.(quar.) 50c. Jan. 10 Holders of rec. Dec. 20a Extra 144 Jan. 2 Holders of rec. Dec. 9a Shell Union 011, pref. (qua?.) 400. Dec. 31 Holders of rec. Dee. 15a Sherwin-Williams Co.of Can.,com.(qu 50. Dec. 31 Holders of rec. Dec. 15a Common (extra) Preferred (qua?.) 134 Dee. 31 Holders of rec. Dec. 15a Signal Royalties, class A & B (guar.) _ _ *50c. Dec. 15 "Holders of rec. Nov. 20 25c. Jan. 15 Holders of rec. Dec. 15a Sinclair Conseil. MCorp., coin. (qua?.).. 50c. Dee. 15 Holders of rec. Nov. 14a Skelly OIL corn. (quar.) 75c. Dec. 15 Holders of rec. Dee. 10 Southern Acid dr Sulphur, corn. (qua?.).. *50c. Dec. 31 *Holders of roe. Dec. 15 South Penn 011 (quar.) 35c. Jan. 2 Holders of rec. Dec. 12a South Porto Rico Sugar, corn. Mara__ 2 Jan. 2 Holders of rec. Dec. 12a Preferred (quar.).Dec. 31 Holders of rec. Dec. 15 81 South West Pa. Pipe Lines (Quar.) 50c Jan. 15 Holders of rec. Dee. 31a Spalding (A. G.) & Bros., cons.(qua?.).._ '1(4 Jan. 1 *Holders of rec. Dec. 15a Spates, Chalfant Co., pref. (guar.) 25e. Holders of rec. Dec. 131 Sparks-WIthington Co., corn.(quar.)__. 114 Dec. 15 Holders of rec. Dec. 8 Preferred (quar.)____ ---------•75e. Dec. 22 *Holders of rec. Dec. 16 Sparta Foundry (quar.) 25c. Dec. 30 Holders of rec. Dec. 10 Spencer Trask Fund (quar.) 30c. Jan. 2 Holders of rec. Dec. 8a Standard Brands, Inc., corn.(qua?.)____ 2 Holders of rec. Dec. 8a 81.75 Jan Preferred (Quar.) "500. Dec. 29 *Holders of roe. Dec. 10 Standard Cap 4r Seal (extra) Standard Coosa Thatcher, corn.(qu.)___ 'Soc. Jan. 1 *Holders of rec. Dec. 20 '154 Jan. 15 "Holders of rec. Jan. 15 7% preferred (Quar.) 6214c Dec. 15 Holders of rec. Nov. 150 Standard Oil (Calif.). corn. Mar.) f2 Dec. 15 Holders of rec. Nov. 15a Common (pay. in corn. stock) 234 Dec. 31 Holders of rec. Dec. 10a Standard Oil Export Corp.. pref '6214c Dec. 15 *Holders of rec. Nov. 15 Standard Oil(Indiana) (guar.) 50c. Dec. 15 Holders of roe. Nov. 22a Standard 011 (Kansas)(qua?.) •40c Dee. 31 "Holders of rec. Dec. 15 Standard Oil (Kentucky)(qua?.) "20e. Dec. 31 *Holders of ree. Dee, 15 Extra 623.4c Dec. 20 Nov. 30 to Dec. 20 Standard 011 (Nebraska)(qua?.) 3835 FINANCIAL CHRONICLE Name of Company. When Per Cent. Payable Books Closed. Days Inclusive. Miscellaneous (Continued). 25e. Dee. 15 Holders of res. Nov.150 Standard Oil (N. J.), $25 par (guar.).25e. Dec. 15 Holders of rec. Nov. 150 $25 par (extra) Dec. 15 Holders of rec. Nov. 150 1 8)00 par (quar.) Dec. 15 Holders of rec. Nov. 154 1 $100 par (extra) 40e. Dec. lb Holders of ree. Nov. 210 Standard Oil of N.Y.(guar.) •6234e Jan. 2 *Holders of rec. Dec. 12 Standard Oil (Ohio), corn.(quar.) Dec. 15 Holders of rec. Nov. 29 Stand. Royalties Wanetta, Pref.(Inthly.) 1 Dec. 15 Holders of rec. Nov.29 Stand. Royalties Wetumka, pfd.(mthly) 1 Dec. 15 Holders of rec. Nov. 29 Stand. Royalties Wew ka, pfd. (mthly.) 1 Dec 15 Holders of rec. Nov. 29 Stand. Royalties Wichita, pfd.(nthlY.)- 1 50e. Dec. 30 Holders of rec. Dec. 18a Starrett (L. S.) Co., corn.(quar.) •114 Dec. 30 'Holders of rec. Dec. 18 Preferred (qua?.) •750. Jan. I "Holders of rec. Dec. 15 Starrett Ce.. prof. (quar.) Jan. 2 'Holders of rec. Dec. 20 State Theatre (Boston). pref. (quar.)._ _ *2 Steel Co. of Canada, corn. & pref. (qu.) 4394e Feb. 2 Holders of rec. Jan. 7 194 Jan. 2 Holders of rec. Dec. 15 Stein (A.1 & Co., preferred (quar.) Stock Exchange Secur., Inc., el. A (qu.) *3734c Jan. 1 'Holders of rec. Dec. 15 Jan. 15 Holden) of rec. Dec. 170 $1 Stone & Webster. Inc. (qua?.) Strawbridge & Clothier, 7% pref.(quar.) "1 14 Jan. 1 *Ilolders of roe. Dec. 15 *250. Dec. 22'Holders of rec. Dec. 10 Stroock (S.) & Co. (qua?.) 250. Dec. 15 Holders of rec. Nov. 250 Sun Oil. corn.(quar.) Dec. 15 Holders of rec. Nov. 25a 19 Common (payable in corn, stock) Sunset McKee Salesbook, class A (guar.) *37 Sic Dec. 15 *Holders of rec. Dec. 4 "25e. Dec. 15 *Holders of rec. Dec. 4 Class B (quar.) Superior Portland Cement, el. A (mthly.) '273.40 Jan. 1 *Holders of rec. Dec. 23 Supertest Petrol.Corp., corn.& ord.(qu) 20c. Jan. 1 Holders of rec. Dec. 13 50c Jan. 1 Holders of rec. Dec. 13 Common and ordinary (extra) 134 Jan, 1 Holders of rec. Dec. 13 Preferred A (quar.) 3734c Jan. 1 Holders of rec. Dec. 13 Preferred B (quar.) 50c. Jan. 1 Dec. 11 to Jae. 8 Swift di Co. (quar.) 2c. Dee. 20 Holders of rec. Dec. 5 Sylvanite Gold Mines, Ltd 25e. Jan. 1 Holders of rec. Dec. 10 Taggart Corp., eon). (qua?.) $1.75 Jan. 1 Holders of rec. Dec. 10 Preferred (qua?.) 50e. Jan. 1 Holders of rec. Dec. 10 Class A (quar.) 'Sc. Dec. 15 *Holders of rec. Dec. 10 Tennant Finance, common (quar.) •87Sic Dec. 15 *Holders of rec. Dec. 10 Preferred (quar.) 25e. Dec. 15 Holders of rec. Nov.290 Tennessee Copper & Chemical (quar.)-Tennessee Products Corp., corn.(mar.) •25c Jan. 10 *Holders of rec. Dec. 31 •25e Apr, 10 *Holders of roe Mar. 31 C,om mon ((Marl 75e. Jan. 1 Holders of rec. Dec. 50 Texas Corp. (guar.) Dec. 15 Holders of roe. Dec. la Si Texas Gulf Sulphur (quar.) 250. Dec. 31 Holders of rec. Dee. 10 Texon Oil & Land (quar.) Dec. 31 Holders of rec. Dec. 10 $1 Extra 40e. Jan. 2 Holders of rec. Dec. 200 Thatcher Manufacturing, corn.(qua?.).. •134 Dee. 15 *Holders of rec. Dec. 10 Threw Shovel, pref. (guar.) Thompson-Starrett Co., pref.(qua?.)... 873.4c Jan. 1 'folders of rec. Dec. Ila Tide Water Associated Oil, pref.(puss.). 1 14 Jan. 2 Holders of roe. Dec. 1212 200. Dec. 31 Holders of rec. Dec. 12a Tide Water Oil, corn. (guar.) 20e. Feb. 16 Holders of rec. Jan. 23a Tobacco Products, class A (guar.) 150. Feb. 16 Holders of rec. Jan. 23a Class A (extra) ear Dec. 20 *Holders of rec. Dee. 6 (qua?.) Todd Shipyards 75e. Jan. 2 Holders of rec. Dec. 12 Torrington Co. (quar.) 25e. Jan. 2 Holders of rec. Dec. 12 Extra Traung Label & Lithograph, el. A (qu.).'3714c Dec. 15 *Holders of rec. Dec.6 1 13-4 Jan. 1 Holders of rec. Dec. 15a Tel-Continental Corp.. 6% pref. (qu.)__ Jan. 1 Holders of rec. Dec. 15 Trl-Utllities Corp., common (quar.)__-- 30 Jan, 1 Holders of rec. Dec. 15 Common (payable In common stock)-- JT 75e. Jan. 1 Holders of rec. Dec. 15 $3 preferred (quar.) 6214e Jan, 2 Holders of rec. Dec. 100 Trice Products Corp.(guar.) 30e. Jan. 15 Holders of rec. Dee. 28a Truscon Steel, coin.(guar.) 18 Mar. 10 Holders of rec. Jan. 50 Corn.(payable in corn.stock) 3 Dec. 15 Nov. 30 to Dee. 15 Tudor City Eight Unit, Inc., pref .500. Dec. 16 *Holders of rec. Dec. 4 Turner Stores Corp.(qua?.) 40c. Jan. 15 Holders of rec. Dec. 310 Ulen & Co. corn. (guar.) Elliott Fisher Co..corn.(qu.) $1.25 Dec. 31 Holders of ree. Dec. 120 Underwood' 134 Doe. 31 Holders of rec. Dec. 120 Preferred (qua?.) 650. Jan. 1 Holders of rec. Dee. 4a Union Carbide & Carbon (quar.) •250. Dec. 3 *Holders of Teo. Dec. 20 Union Twist Drill, common (quar.) '1 44 Dec. 3 *Holders of rec. Dec. 20 Preferred (quar.) Union Utilities, Inc., class A (quar.).... •50c. Jan. 1 *Holders of rec. Dec. 20 750. Jan. 1 Holders of rec. Dec. 100 United Aircraft & Transp., pref. (quar.) United Artists Theatre Circuit, pf.(qua •134 Dec. 1 *Holders of roe. Dec. 1 50c. Mar. I Holders of rec. Feb. 16a United Biscuit of America (qua?.) 134 Feb. 1 Holders of rec. Jan. 16a Preferred ((mar.) United Business Publishers. Prof.(quar.) *1 34 Jan. 1 'Holders of rec. Dee. 20 *250. Dec. 1 "Holders of rec. Nov. 30 United Cap Cod Cranberry (extra) 250. Jan. 1 Holders of rec. Dec.d13a United Carbon, corn. (quar.) r334 Jan. 1 *Holders of rec. Doe. 15 Preferred 134 Jan. 2 Holders of rec. Dee. 1212 Milted Dyewood Corp., pref.(guar.)._ 40c. Dec. 24 Holders of rec. Dec. 12 United Elastic Corp. (quar.) Si Jan. 5 Holders of rec. Dec. 60 United Fruit (qua?.) United Founders Corp.,corn.(stk. diva_ 1-70 eh Jan. 2 Holders of rec. Dee. 3 United Piece Dye Works pref. (attar.) _. 191 Jan2'31 Holders of me Dee. 200 6294c Dec. 15 Holders of rec. Nov. 250 United Stores Corp., pref •$2.50 Jan. 2'Holders of rec. Dec. 20 U.S. Gauge, corn "$1.75 Jan. 2 *Holders of roe. Dec. 20 Preferred *40e. Dec. 31 *Holders of rec. Dec. 15 U. S. Gypsum, corn.(qua?.) .500. Dec. 31 "Holders of rec. Dec. 15 Common (extra) *134 Dec. 31 'Holders of rec. Dec. 15 Preferred (guar.) 154 Jan. 2 Holders of rec. Dec. 1011 U.S. Leather, prior pref.(quar.) *223.4c Jan. 2'Holders of rec. Doe. 10 U.S.& Overseas Corp 234 Jan.! 20 Holders of rec. Dee. 310 U. B. Pipe & Foundry. coin. (Cluar.)...... 30e Jan. 20 Holders of rec. flee. 315 Fleet preferred (guar.) so Jan. 1 *Holders of rea. Deo. 20 U.S. playing Card (guar.) 75e. Dec 15 Holders of rec. Nov.140 U.S. Realty & Improvement United States Steel Corp., corn. (quar,).. 134 Dec. 30 Holders of rec. Dec. la Jan. 2 Holders of rec. Dec. 15a United States Tobacco, corn.(guar.)._ 21 144 Jan. 2 Holders of rec. Dec. 15a Preferred Mari "194 Dec. 31 'Holders of rec. Dec. 15 Universal Crane, pref.(quar.) •30e. Jan. 15 'Holders of rec. Dec. 80 Universal Trust Shares(No.1) •340. Jan. 15 *Holders of rec. Dec. 30 Extra Dec. 31 Holders of rec. Dec. 1211 $2 Utah Copper Co. (quar.) $1 Dee. 20 Holders of roe. Nov. 29 Vacuum Oil (guar.) 25e. Dee. 20 Holders of rec. Nov. 29 Extra Valvoline 011, corn. (guar.) 134 Dec. 17 Holders of rec. Dec. 130 2 Jan. 2 Holders of rec. Dec. 190 Preferred (quar.) +11 Dec. 31 *Holders of rec. Dec. 21 Vanadium Alloys Steel (guar.) riaa Jan. 1 Victor Monaghan Co., pref •600. Dec. 15 *Holders of rec. Nov. 30 Viking PUMP. Prof. fq• ar.) 234 Jan, 2 Holders of rec. Dee. 1511 Virginia Iron, Coal & Coke, pref Jan. 2 Holders of rec. Dec. 150 Prof.(div. due Jan.& July'29& '30)__ 10 50c. Jan. 2 Holders of rec. Dec. 15 Vogt Mfg.(quar.) •62140 Jan. 2 "Holders of roe. Dec. 2 Vortex Cup Co.. Class A Mara 50o. Jan. 2 Holders of rec. Des. 2 Common (quar.) 1 Jan, 20 Holders of ree. Jan. 54 Vulcan Detinning, cow. (quar.) 134 Jan. 20 Holders of roe. Jan. 50 Preferred (quar.) pref. (quar.)___ 134 Jan. 2 Holders of rec. Dec. 20 Corp., Electric Wagner .300. Dec. 30 *Holders of rec. Dee. 15 Wolff dr Bond, class 13 (quar.) 3734c Jan. 2 Holders of rec. Dec. 20a Waldorf System, corn. (qua?.) 20e. Jan, 2 Holders of rec. Dec. 20 Preferred (qua?.) Dec. 15 *Holders of rec. Dec. 1 •2 Walker Coal & Ice. pref. (quar.) Walker(Hiram)Gooderham & Worts(cm) 25e. Dec. 15 Holders of rec. Nov.26 50c. Dec. 15 Holders of rec. Dee. 50 Walworth Co., common (quar.) "75e. Dec. 31 *Holders of rec. Dec. 20 Preferred (qua?.) 134 Jan. 2 Holders of rec. Dec. 17a Ward Baking Corp..Pref.(quar.) 50e. Jan. 15 Holders of rec. Dec. 31 Warner Co.. common (guar.) 154 Jan. 1 Holders of rec. Dec. 15 First and second preferred (quar.)____ 750 Jan. 2 Holders of rec. Deo. 150 Warren Bros. Co., corn.(quar.) 75c. Jan. 2 Holders of rec. Dec. 150 Convertible pref.(qua?.) 250. Jan. 2 Holders of rec. Dec. 154 preferred First (guar.) 291-dc Jan. 2 Holders of rec. Dec. 154 Second preferred (quar.) 60e. Jan. 2 Holders of rec. Dec. 15a Warren Foundry & Pipe (quar.) Waukesha Motor Co., corn. (quar.)... *75c. Jan. 2 *Holders of rec. Dec. 15 Webster-Eisenlohr, Inc., pref. (guar.)._ 134 Jan. 2 Holders of rec. Dec. 204 •5c. Dec. 15'Holders of rec. Nov. 29 Wellington 011 (quar.) •5e. Dec. 15 *Holders of rec. Nov. 29 Extra 50o. Jan. 1 Holders of rec. Dec. 1511 Wesson 011 & Snowdrift, corn. (qua?.).. '1(4 Jan. 5 *Holders of rec. Dec. 26 West Coast Oil, pref. (qear.) 114 Jan. 2 Holders of rec. Dec. 15 West Point Mfg.(quar.) *30c. Dec. 15 *Holden of rec. Dec. 10 West Side Scour., Pante. Prof •234c Dec. 20101:folders of rec. Dec. 15 Western Exploration (quar.) 3836 Name of Company. Per When Cent. Payable. Books Closed. Days Inclusive. Miscellaneous (Concluded). Western Grocer. Preferred *34 Jan. 1 *Holders of rec. Dec. 20 Western Reserve Invest.6% pr. pf.(qu.) 11.50 Jan. 2 Holders of rec. Dec. 15 Westmoreland, Inc. (quar.) 300. Jan. 2 Holders of rec. Dec. 18 Extra 80c. Jan. 2 Holders of rec. Dec. 18 Weston Electrical Instrument. corn.(qu) 25c. Jan. 2 Holders of res. Dec. 19 Class A (quar.) 50e. Jan. 2 Holders of rec. Dee. 19 Weyenberg Shoe Mtg.. pref. (quar.)-*153 Dec. 15 *Holders of rec. Dee. 5 Wheatsworth, Inc..common (quar.) 25c. Jan. 2 Holders of rec. Dec. 20 Common (extra) 25c. Jan. 2 Holders of rec. Dec. 20 Wheeling Steel Corp., class A (quar.)*2 Jan. 1 *Holders of rec. Dec. 12 Class B (guar.) *24 Jan. 1 *Holders of rec. Dec. 12 White Motor Co. (quar.) 50c. Dec. 31 Holders of rec. Dec. 12a White Motor Securities, pref.(quar.) 15 Deo. 31 Holders of rec. Dec. 12 White Rock Mineral Springs,corn.(qu.)_ 51 Jan. 2 Holders of rec. Dec. 19a First preferred (guar.) 1,3 Jan. 2 Holders of rec. Dec. 19a Second preferred (guar.) 5 Jan. 2 Holders of rec. Dec. 190 Wilcox Rich Corp claw A (attar.) 6214c. Dee. 31 Holders of rec. Dec. 20a Will de Baumer Candle, pref.(quar.) 2 Jan. 2 Holders of rec. Dec. 15 Wilson & Co., pref h1H Jan. 2 Holders of rec. Dec. 12a Wisconsin Holding, class A & B (in stock) 5e10 Jan. 1 *Holders of rec. Dec. 15 Wood (Alan) Steel, pref. (quar.) 15.3 Jan. 1 Holders of rec. Dec. 10 Wool Growers Gen. Storage (annual) *310 Dec. 31 *Holders of rec. Dec. 31 Worthington Pump. dr Mach., pf. A (qu) 154 Jan. 2 Holders of rec. Dec. 10a Preferred A (acct. accumulated dive.) % Jan. 2 Holders of rec. Dec. 10a Preferred B (Oust.) 154 Jan. 2 Holders of rec. Dec. 10a Preferred B (acct. accumulated diva.) 5154 Jan. 2 Holders of rec. Dec. 100 Wrigley (Wm.)Jr. Co.(monthly) 250. Jan. 2 Holders of tee. Dec. 250 Monthly 25c. Feb. 2 Holders of ree. Jan. 20a Monthly 50c. Mar. 2 Holders of rec. Feb. 20a Monthly 2.50. Apr. 1 Holders of rec. Mar. 20a Wright-Hargreaves Mines (quar.) 5c. Jan. 2 Holders of rec. Nov.29 WurlItzer (Rudolph), corn. (monthly) *50c. Dec. 25 *Holders of rec. Dec. 24 Preferred (quar.) *154 Jan. 1 *Holders of rec. Dec. 20 Preferred (quar.) 5134 Apr. 1 *Holders of rec. Mar. 20 *134 July 1 *Holders of rec. June 20 Preferred (quar.) Yale & Towne Mfg.(guar.) 50c. fan. 2 11,,Iners of tee. Dee 100 Young (L. A.) Spring & Wire (guar.).75c. Jan. 2 Holders of rec. Dec. 15a Zonite Products Corp.(quar.) 25e. Dec. 10 Holders of rec. Dec. 2 •From unofficial sources. t The New York Stock Exchange has ruled that stock will not be quoted ex-dividend on this date and not until further notice. 3 The New York Curb Exchange Association has ruled that stock will not be quoted ex-dividend on this date and not until further notice. a Transfer books not closed for this dividend. b Compagnie Generale d'Electricite dividend is 29 and 3875-10,000 francs per oh. d Correction. e Payable in stock. f Payable in common stock. g Payable In scrip, h On account of accumulated dividends. J Payable in preferred stock. k Goldblatt Bros. dividend Is 3734c. cash or 14 %in stock. Molders of General Water Works Sr Elec. corn. A stock have right to apply dividend to purchase of corn. A stock at $20 per share. m Central States Elec. cony. pref. dividends payable as follows: Series of 1928, 3-32els of one share of cora, and series of 1929, 3-64ths of one share. If holders desire cash they must notify company on or before Dec. 15. n Central Public Service Corp. dividend will be paid in class A stock at rate of 1-40th share unless stockholder notifies company on or before Dec. 10 of his desire to take cash. o Corporation Securities Co.of Chic, dividend is payable in cash or common stock at rate of 3-200ths of a share. r General Gas & Elec. corn. A .fe B dividends are payable In class A stock at the rate of $5 per share unless written notice is received prior to Dec. 20 If the holders desire to receive cash. s Commercial Investment Trust cony. pref. dividend will be paid in common stock at rate of 1-52d oh. com, for each share of pref. unless stockholder notifies company on or before Dec. 1601 his desire to take cash. I Amer. Commonwealths Power class A and class B dividends are payable in class A stock at rate of 1-40th share for each share held. n Midland United Co. pref. dividend payable in cash or one-fortieth share common stock,at option of holder, company to be notified fifteen business days before Dec.24. r General Realty & Utilities dividend is payable in common stock at rate of 75-1000 oi a share or at option of holder, $1.50 in cash. w Less deduction for expenses of depositary. x Unless holders notify company of their desire to take cash. Utilities Power dr Light dividends will be paid as follows: Corn., 11-400th share corn, stock; class A, 13-400ths share class A stock; class B, 11-400ths share common stock. y Lone Star Gas dividend Is one share for each seven held. z Northern Discount dividend payable either 50c. cash or 40c, in common stock. Weekly Return of New York City Clearing House.Beginning with Mar. 311928, 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, DEC. 6 1930, Clearing House Members. *Capital. •Surplus andt Nd Demand Undivided Deposits Profits. Average, 6,000,000 15.045,800 63,467,000 Bank of N.Y.dr Tr. Co_ 22,250,000 53,928,200 246,994,000 Bk.of Manhattan Tr. Co 36,775,300 41,331,600 185,779.000 Bk. of Amer. Nat'l Ass'n National City Bank-- 110,000,000 e114,017,100 a1,025,810,000 21.000,000 44.039,700 223,125,000 Chem. Bk.& Trust Co__ 90.000,000 207,391,300 8967,476.000 Guaranty Trust Co 18.200.000 Chat.Ph.Nat.Bk.dar.Co 19,621,400 157,982,000 21.000,000 84,165,400 414.678.000 Cent. Han. Bk.& Tr. Co 15,000.000 35,358,600 179.937,000 Corn Exch. Bank Tr. Co. 10,000,000 112.282.500 254,552,000 First National Bank._ 50.000,000 85,182.900 Irving Trust Co 407,045,000 6,000,000 11,341,100 Continent'l Bk.& Tr. Co. 10,485.000 Chase National Bank_ 148,000.000 213.397,300 c1,461,646.000 500,000 3,823.800 24,329,000 Fifth Avenue Bank 25,000,000 87,280,600 d460.109,000 Bankers Trust Co 10,000.000 24,901,900 Title Guar.& Trust Co_ _ 35,247,000 10,000.000 11,435,600 Marine Midland Tr. Co_ 45,938.000 3,000,000 4,804,400 Lawyers Trust Co 17,502.000 12,500.000 36,081,200 189,823,000 New York Trust Co_ _ 7,000.000 9,711,800 50,591.000 Com'l Nat. Bk.& Tr. Co 2,000,000 2,568,800 Harriman Nat.Bk.& Tr. 29,724,000 Clearing Non-Members; City Bank Farm,Tr. Co_ Mech. Tr. Co., Bayonne Totals 10,000,000 500,000 13,698,200 905,600 4,460.000 3,332,000 Time Deposits Average. 18,003.000 54,042,000 57,776.000 208.541,000 28.405,000 111.083,000 38,598.000 70.524.000 39,867,000 30,150.000 56,464.000 435.000 200.858.000 2,182.000 64,346.000 1,760.000 5,155.000 1,958.000 43,967,000 3,632,000 6,294,000 5,222,000 632,725.300 1,232,310,800 6,460,031,000 1,047,262,000 *As per official reports National, Sept. 24 1930; State, Sept. 24 1930; trust companies. Sept. 24 1930. e As of Sept. 30 1930. f As of Nov. 17 1930. Includes deposits in foreign branches:(a)$316,856,000; (5) $154,254,000;(e) $150,498,000; (d) 160,092,000. Di
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