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1 financial
The
lituntrie
SATURDAY,DECEMBER 141929.
VOL. 129.
Einantial Thronicle
PUBLISHED WEEKLY
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WILLIAMiS. DANA COMPANY, Publishers,
•
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Published everyg Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager. William D. Riggs:
Yreas..ffilliam Dana Seibert;See., Herbert D.Seibert. Addressee of all,Office of Co.
The Financial Situation.
The feature in the financial markets this week
overShadowing all others has been the gold outflow.
This has reached unexpectedly large dimensions.
The Federal Reserve statement shows exports for
the week ending Wednesday night of $10,977,000„of
which $9,269,000 went to France and $1,341,000 to
Sweden. In addition, $6,000,000 more gold was earmarked for foreign account, making a combined loss
of nearly $17,000,000. But this comprises only a
part of the heavy export shipments of the metal.
In the two days since Wednesday further takings,
very heavy in amount, have been reported, two shipments for London alone, aggregating $21,000,000,
having been announced, these constituting the first
takings on British account since May 1928. Last
week, it will be recalled, an export of $5,005,000 to
Switzerland was reported, and for the month of
November the export movement of the metal was
reported by the New York Federal Reserve Bank at
$30,000,000, of which $14,500,000 went to France,
$5,010,000 to Poland, and $10,002,000 to Switzerland. Further large exports of the metal appear in
prospect, and on Thursday the stock market was
deeply disturbed by the heavy outflow and a severe
break in prices was caused thereby.
In very great measure the heavy outflow of the
metal is simply a rectification of the foreign exehanges after the recent collapse of the stock market,
and is normal and natural. For a period of nearly
two years the great speculation on the Stock Exchange, with the inordinately high interest rates to
which it led, acted to draw capital and funds to
New York from all parts of the world and held
foreign exchange rates at figures which served to
denude foreign centers of their supplies of the metal,
even to the danger point. The draft on foreign
stocks of the metal was a twofold one. In the first
place, the spectacular rise in Stock Exchange prices,
NO. 3364.
so long continued, acted as a lure and a bait, tempting foreign speculators and investors to take a part
in the speculation with the idea of sharing in the
certain profits which appeared in prospect; and, in
the second place, the high rates of interest prevailing
here as a result of the speculation acted as a magnet
for attracting floating supplies of capital and bankers' balances to this market. Now that the unbridled
speculation is a thing of the past, and that interest
rates have concurrently declined, the speculator has
withdrawn from our market, taking his capital and
his funds with him, while the drop in interest rates,
in turn, hassemoved the inducement for holding idle
capital and bankers' balances here, since better returns on the money can be obtained abroad. In
such a state of things the gold movement is inevitably reversed and the foreign exchanges are all
turning against New York, after having so long been
strongly in favor of this center.
The steady reduction in the discount rates of the
different European banks is a part of the same rectification process. This week the Bank of England
has further reduced its rate, this time cutting it to
5%. It will be recalled that on Oct. 31 the Bank
1
2% to 6%, and on
marked its rate down from 6/
Nov. 21 found it possible to make a further reduction to 5/
1
2%, which has now been followed by this
week's further step in lowering the rate to 5%. This
is one of the beneficial effects resulting from the
bursting of the speculative bubble on the Stock Exchange. At the same time, other European central
banks have also further lowered their discount rates,
one of these having been the Rigsbank. of Sweden,
1
2% to 5%, and
which on Thursday reduced from 5/
another instance being the reduction by the National
1
270—all
Bank of Austria on Monday from 8% to 7/
these coming on top of the long series of reductions
announced during the month of November.
The United States has an overabundance of the
metal, and there is nothing to be alarmed about in
the present heavy export shipments, provided the
movement is allowed to proceed in accord with economic law; that is, provided economic law is allowed
to have free play, undisturbed by extraneous influences of any kind. Unfortunately, our Federal Reserve Banks are again injecting themselves into the
situation, and it is the menace from that direction
that the stock market scents and which has been the
occasion for this week's renewed depression on the
Stock Exchange. Let the student take up the Federal Reserve statements of this week and see what
they reveal. Through their open market operations
the Reserve Banks are again pursuing the policy that
they pursued with such disastrous results in 1927.
They are again adding heavily to their holdings of
both United States Government securities and of
bankers' acceptances when there is not the slightest
3676
FINANCIAL CHRONICLE
occasion for so doing. The member banks are now
very rapidly reducing their borrowing at the Federal
Reserve Banks, but the latter are seeking to offset
this by adding to their holdings of Government
securities and to their holdings of acceptances. This
is done with a view to keeping about the same
amount of Reserve credit outstanding regardless of
the action of the member banks. The present week
member bank borrowing at the Reserve institutions
has been reduced in amount of over $103,000,000, the
discount holdings of the 12 Reserve Banks having
fallen from $872,310,000 Dec. 4 to $768,922,000
Dec. 11. This is as it should be. The banks now
lave little or no need of borrowing at this time,
inasmuch as brokers' loans, according to the Stock
Exchange monthly figures, have been reduced in
amount of over four billion dollars. Obviously Reserve credit should be reduced accordingly, and
if this were done there could never be the least
menace from an outflow of the metal, for if the
movement should proceed to extremes, economic law
would come in to work a natural cure. The money
market and the foreign exchanges would quickly
bring about the needed readjustment.
But it is evidently again Federal Reserve policy
to thrust out unneeded Reserve credit. This week,
as against the $103,000,000 reduction in member
bank borrowing, the holdings of Government securities have been increased in amount of $31,790,000,
these holdings having risen from $355,144,000 to
$386,934,000, and the purchases of acceptances have
simultaneously been enlarged in amount of $65,322,000. In other words, the acceptance holdings
and the Government securities holdings combined
have during the past week been expanded in the sum
of 07,112,000, at a time when the member banks
by reducing their borrowings have indicated a diminished need of Reserve credit in amount of over
$103,000,000.
These acceptance purchases and holdings of Government securities represent Reserve credit forced
out at the instance of the Reserve Banks themselves,
and therein lies the danger. What justification can
be urged for keeping, by the voluntary action of the
Reserve Banks themselves, the same amount of Reserve credit employed as before when spculative
loans, as just pointed out, have been reduced in
amount of over $4,000,000,000, and trade also is
declining even if as yet only in a moderate way,
thereby curtailing the demand for bank credit on
mercantile account. There can be no doubt that in
such a state of things and at such a time, the policy
of keeping huge amounts of unneeded Reserve credit
afloat serves to accelerate the outflow of the metal.
The gold movement is not permitted to have its
natural, normal influence by acting as a check upon
itself.
When, in 1927, the Reserve Banks embarked upon
their easy money policy and in pursuance therewith
increased their holdings of United 'States Government securities from $253,896,000 May 11 1927 to
$627,403,000 Jan. 4 1928, while at the same time
running up their holdings of acceptances from $183,217,000 June 22 1927 to $387,131,000 Jan.'4 1928, it
was done with the deliberate purpose, as now admitted, of forcing an export of gold on the benevolent theory that the extra gold would be of help to
Europe in easing its path to a resumption of gold
payments. Are we to assume that the Reserve Banks
are engaged in another attempt to force gold out of
[VOL. 129.
the country? We imagine the Reserve Banks, if
now charged with such a purpose, would vehemently
deny the allegation. And yet such is unquestionably
the working of the policy they are pursuing in keeping Reserve credit outstanding for which there is no
call in trade through large purchases of Government securities and bankers' acceptances.
As it happens, the huge outflow of the metal is
now exercising a disturbing effect. This week's renewed decline on the stock market, which, be it
remembered, is no longer in an inflated condition,
indicates how the financial markets are viewing the
matter. There can be no doubt that if this feeling
persists trade and industry are destined for further
recession, whereas what is needed is an injection
of confidence in the business world so that industrial
activity shall, as nearly as possible, be fully maintained and unemployment of the laboring population be kept down to a minimum. In this sense, Reserve policy is directly in conflict with the purpose
and endeavors of President Hoover in the numerous
conferences he has had with leaders in the industrial, agricultural,financial, and banking world, and
the plans he has set in motion for giving effect to
his endeavors. For this reason alone Federal Reserve policy should be changed, if for no other. Federal Reserve credit should only go out, and should
only remain out, in response to the needs of trade
as reflected by direct borrowing on the part of the
member banks. The open market operations of the
Federal Reserve Banks are a meddlesome interference with the natural functioning of the Federal
Reserve System and should be discontinued for the
benefit of all concerned. The fact that the holdings
of United States Government securities this week
are $386,934,000 against only $135,704,000 on Oct. 23,
and that the acceptance holdings at $321,840,000
compare with only $65,976,000 on July 10 tells
plainly the story of the meddlesome interference
that is going on. This is a repetition of what was
done in 1927. What would be most helpful now
would be the adoption of a hands off policy by the
Federal Reserve.
One of the incidental benefits arising from the
release of credit so long tied up in stock speculation
is the more favorable terms upon which government,
both Federal and municipal, is able to conduct its
borrowing. New York City on Wednesday disposed
2% corporate stock and serial
1
of $65,000,000 of 4/
bonds, and was able .to place the whole on an
interest basis of 4.351%. Last May the city offered
$52,000,000 of short-term corporate stock and then
felt constrained to make the coupon rate as high as
514%, and disposed of the issue at an interest cost
of 4.8065%. However, the city has not yet got back
to the point where, as was the case in 1927 and the
early portion of 1928, a coupon rate of only 4% sufficed, the city being able to realize a premium even
at that rate. As one instance of the kind, on May 11
1927 the city marketed $42,000,000 of 4% corporate
stock due in 1977 on an interest basis of only 3.938%,
and also placed $17,600,000 of 4% serial bonds on a
basis of 3.935%.
The Secretary of the Treasury the present week
also had marked success with his offering of $325,000,000 "or thereabouts" of nine months' certificates
2%, but wholly tax1
of indebtedness bearing only 3/
as well as the
surtaxes
the
of
free
t
exempt—tha is,
normal income tax imposed by the Federal Gov-
DEC. 14 1929.]
FINANCIAL CHRONICLE
ernment. Aggregate subscriptions reached $722,522,500, of which $351,640,500 were allotted. No
less satisfactory was the outcome of the Secretary's
offering of $100,000,000 of the new Treasury bills
bearing no interest, but sold on a discount basis.
The tenders for these bonds closed yesterday afternoon at 2 o'clock. This was the first offering of
bills on a discount basis, and the tenders aggregated
$223,901,000. The highest bid was 99.310, equal to
an interest basis of 234%, and the lowest bid accepted was 99.152, equivalent to 3%7
0. The total
accepted was $100,000,000, at an average price of
99.181. The experiment thus proved an unqualified
success.
This week's return of brokers' loans calls for little
comment. After the long series of decreases in these
loans that has been in progress since the panic, the
loans the present week show a slight increase, the
total having risen from $3,392,000,000 Dec. 4 to
$3,425,000,000 Dec. 11, at which figure, however,
comparison is with no less than $5,176,000,000 a
year ago on Dec. 12 1928. In this week's increase
the loans "for account of others" have not participated, the amount of these having further declined
from $1,921,000,000 to $1,909,000,000. On the other
hand, the loans made by the reporting member banks
in New York City for their own account have risen
from $792,000,000 to $806,000,000, and the loans
made for account of out-of-town banks have risen
from $680,000,000 to $710,000,000.
The character of the changes in the statements of
the Federal Reserve Banks themselves has already
been indicated in the remarks in the earlier portion
of this article. The discount holdings of the 12 Reserve institutions (which item reflects the borrowing on the part of the member banks) have been
reduced from $872,310,000 Dec. 4 to $768,922,000
Dec. 11. On the other hand, the acceptance holdings have been increased from $256,518,000 to $321,840,000 and the holding of Government securities
from $355,144,000 to $386,934,000. The final result
.is that the aggregate of Reserve credit outstanding,
as reflected by the total of bill and security holdings of all kinds, remains very nearly as large as a
week ago, the comparison being between $1,491,299,000 Dec. 11 and $1,502,670,000 Dec. 4.
The indicated yield of cotton from this year's crop,
based on the December estimate of the Department
of Agriculture, shows a slight reduction from the
November report. The loss is mainly due to the
smaller yield now indicated for Mississippi, Louisiana and Oklahoma, though the two Carolinas likewise contribute something to the reduction. On the
other hand, there is some increase in Georgia and
in some of the States of smaller production compared with the earlier report. The December estimate places the yield at 14,919,000 bales, which .is
90,000 bales less than that indicated a month earlier.
Production last year was 14,478,000 bales. Going
back 10 or a dozen years, there have been only two
years, 1925 and 1926, in which the cotton crop of
the United States has been larger than that now
indicated for this year, and the difference in favor
of this year, excepting 1928 alone, was very marked
for the greater part of that period.
The Department estimates production at 155.3
pounds per acre, which compares with 152.9 pounds
per acre last year. A month ago the indicated yield
3677
was placed at 154.1 pounds per acre. The Department now makes its revised estimate of the area
available this year for harvest and places it at
45,981,000 acres. Last year the area picked was
45,341,000 acres. The area abandoned this year was
3.3% of that in cultivation. For some of the States
of large production there is no change in the estimate of yield between the past two months. These
States include Texas, Arkansas and Alabama.
Production for Texas remains at 3,950,000 bales
compared with 5,106,000 bales harvested last year.
If the estimate for that State this year is correct,
less than 140,000 bales remain to be ginned to the
end of the present season, whereas a year ago ginnings from Texas from Dec. 1 to the end of the season footed up more than 700,000 bales. Last month
ginnings from Texas amounted to 673,000 bales, compared with 537,000 bales ginned in November 1928.
Total ginnings this year on the entire crop to Dec. 1
were 12,857,971 bales, against 12,560,154 bales a year
ago. Ginnings during November were 1,968,600
bales, compared with 2,397,700 in November last
year. The latest estimate for the crop this year
indicates additional ginnings of 2,161,000 bales to
the end of the season, whereas a year ago the ginnings were 1,918,000 bales to the close.
The stock market has had another bad turn this.
week. The tone was well maintained on Saturday
and Monday, with the course of prices, though somewhat irregular, yet, on the whole, higher. U. S. Steel
and other steel properties, along with the copper
shares, were all taken in hand and moved upward.
Monday afternoon somewhat of a reactionary tendency developed, but this seemed to be the result
mainly of profit taking sales, which are customary
and natural after a rise of several days in the market. On Tuesday a new demonstration of strength
was staged on the testimony given the day before
by Owen D. Young as President of the Radio Corp.
of America on the subject of the unification of communication services of all kinds, in the course of
Which he citedfacts and figures with reference to the
Radio Corporation and the International Tel. & Tel.,
which were given a favorable construction, and
under the influence of which substantial advances
were established in the stocks mentioned as well as a
number of others, such as American & Foreign
Power, American Can, General Electric, U. S. Steel,
the motor shares, as well as some others, though
there was, nevertheless, a considerable body of stocks
which recorded losses at the end of the day. On
Wednesday more or less irregularity was again in
evidence, with the losses and gains pretty nearly
evenly distributed, though with the market, on the
whole, displaying reactionary tendencies and with
nervousness decidedly in evidence.
On Thursday this nervousness became greatly intensified under the continued heavy outflow of gold,
and when it was announced that two shipments of
gold to London aggregating $21,000,000 had been
decided upon, the market suffered a bad break and
prices tumbled in violentfashion,the weakness permeating the entire shares list, with American Tel. &
Tel. down 91/
4,American & Foreign Power 10, American Can 81/
2, Anaconda down 3, Atchison 6%,U. S.
Steel 1034, New York Central 4, Auburn Auto 22,
General Electric 12, North American 10%, and so
on through almost the entire list. On Friday the
weakness was again in evidence, though as the day
3678
FINANCIAL CHRONICLE
[VOL. 129.
Indus. & Miscell.(Cone!.)—.
Indus. & Miscell. (Cont.)—
advanced some recovery ensued. Money continued Nat.
Schulte Retail Stores.
Air Transport.
to show pronounced ease, the call loan rate on the Nat. Bellas Hess pref.
Schulte Retail Stores pref.
Shubert Theatre.
North German Lloyd.
2% on every Oil
1
Stock Exchange ruling unchanged at 4/
Telautograph Corp.
Well Supply.
Trico Products.
Park Utah Consol. Mines.
day of the week.
United Electric Coal.
Pathe Exchange.
The volume of trading has been moderately large. Pet Milk.
U. S. Leather prior pref.
Van Raalte.
Terminal Coal pref.
On the New York Stock Exchange the sales at the Pitts.
White Sewing Machine pref.
Rhine Westphalia Elec. Power.
shares.
half-day session on Saturday were 3,002,560
At the full-day session on Monday they were
The steel shares held up fairly well. United States
5,018,050 shares; on Tuesday they were 3,647,480 Steel closed yesterday at 172 against 171% on Frishares; on Wednesday, 3,897,300 shares; on Thurs- day of last week; Youngstown Sheet & Tube closed
2
1
2; Bethlehem Steel at 94/
1
day,4,504,860 shares, and on. Friday 4,386,960 shares. at bid 106 against 107/
On the New York Curb Exchange,the sales on Satur- against 95, and Republic Iron & Steel at 77% against
day were 937,200 shares; on Monday they were 80. The motor stocks displayed greater strength
1,347,700 shares; on Tuesday, 940,000 shares; on than the rest of the list. General Motors closed yesWednesday, 892,900 shares; on Thursday, 1,145,400 terday at 41% against 40% on Friday of last week;
2
1
4 against 52%; Chrysler at 35/
Nash Motors at 541/
shares, and on Friday, 1,179,200 shares.
4 against 14%;
1
As a result of the break the latter part of the against 33%;Packard Motors at 16/
week prices are quite generally lower. United Air- Hudson Motor Car at 51% against 49%, and Hupp
8 on Fri- Motors at 21% against 19%. In the rubber group
2 against 451/
1
craft closed yesterday at 48/
day of last week; American Can at 118 against Goodyear Rubber & Tire closed yesterday at 71
2 against 721/
1
8; United States Industrial Alcohol at 138/
/
1223
4 on Friday of last week; B. F. Goodrich
/8 ex-div. at 48 against 467
8; United States Rubber at 28%
/
against 147; Commercial Solvents at 307
2against 54%.
1
against 32%; Corn Products at 94% against 98; against 29, and the preferred at 51/
/
8; Columbia
Shattuck & Co. at 42 against 407
Railroad stocks are lower. Pennsylvania RR.
8 against 38/
2 on Friday of
1
2; Brooklyn Union closed yesterday at 81% against 83/
1
Graphophone at 331/
Gas at 140 against 153%; North American at 95 last week; New York Central at 175/
2 against
1
8 178/
/
against 102%; American Water Works at 923
2; Erie RR. at 63 against 65%; Delaware &
1
against 105%; Electric Power & Light at 47 against Hudson at 1743
4 against 173; Baltimore & Ohio at
/8; Stand- 118% against 118; New Haven at 1137
47; Pacific Gas & Elec. at 52% against 567
/8 against
ard Gas & Elec. at 119% against 130%; Consolidated 113%; Union Pacific at 219% against 227; Southern
Gas of N. Y. at 98 against 103%; Columbia Gas & Pacific at 123 against 123; Missouri Pacific at 89%
Elec. at 74 against 80%; Public Service of N. J. at against 85; Kansas City Southern at 81 against
8 847
/
8 against 84; International Harvester at 817
/
787
8; St. Louis Southwestern at 63 against 66%;
/
8;
against 87%; Sears, Roebuck & Co. at 102% against St. Louis-San Francisco at 111/
2 against 1121/
1
2 against Missouri-Kansas-Texas at 47/
1
104%; Montgomery Ward & Co. at 60/
2 against 43%; Rock
1
8; Woolworth at 76 against 79%; Safeway Island at 118% against 122; Great Northern at 98
/
587
Stores at 119% against 126; Western Union Tele- against 101, and Northern Pacific at 93 against 94.
graph at 201 against 201%; Amer. Tel. & Tel. at
The oil shares have been slightly depressed.
2 against 230%, and Int. Tel. & Tel. at 76% Standard Oil of N. J. closed yesterday at 66 against
1
222/
67% on Friday of last week; Simms Petroleum at 26
against 77%.
8; Atlantic
/
Allied Chemical & Dye closed yesterday at 259 against 27; Skelly Oil at 33 against 337
8 against 42%; Pan American B at
against 279 on Friday of last week; Davison Chem- Refining at 401/
2 against 62; Phillips Petroleum at 38 against
1
2; E.I. du Pont de Nemours at 60/
1
ical at 30 against 32/
/8 against 43; 39%; Texas Corp. at 56% against 58%; Richfield
2; Radio Corp. at 447
1
118 against 122/
2 against 29%; Standard Oil of N. Y. at
1
General Electric at 235 against 254; National Cash Oil at 28/
8; International Nickel 34% against 35/
/
2,and Pure Oil at 231% against 2414.
1
2against 847
1
Register at 74/
2;
1
The copper group, after early strength, moved
2; A. M. Byers at 91 against 91/
1
at 31 against 33/
against
791
8; War- lower again the latter part of the week. Anaconda
/
8
/
Timken Roller Bearing at 777
8;
/
427
against
42%
2 against 78% on Friday of
1
Mack closed yesterday at 77/
ner Bros. Pictures at
2 against 6034;
1
&
Copper at 58/
Truck
Yellow
;
2
1
/
74
Kennecott
against
Coach
week;
last
Trucks at 75%
Copper at bid
Andes
33;
Johns-Manville
at
against
2
1
/
124
8;
/
117
2
1
/
31
at
against
Calumet
at 14%
8 34/
2 against 35; Inspiration Copper at 31 against
1
against 135; National Dairy Products at 501/
against 53%; National Bellas Hess at 13 against 31; Calumet & Arizona at 88 against 91; Granby
8 against 337
/
/
2; Associated Dry Goods at 337
1
14/
8; Consolidated Copper at 57 against 57; American
8 against 76%, and U. S.
Lambert Co. at 100 against 104; Texas Gulf Sulphur Smelting & Refining at 741/
2 against 58%, and Kolster Radio at 63/s Smelting & Refining at 361% against 39.
1
at 56/
. Just a few stocks have dropped to new
2
1
against 6/
European stock markets have been quiet and
low levels for the year. These are shown in the
irregular this week, with alternating periods of
following:
strength and depression that left all exchanges
STOCKS MAKING NEW LOWS FOR THE YEAR.
at the close yesterday somewhat lower than they
Railroads (Cont.)—
Railroada—
Int. Rys. of Central Amer. ctfs. Crex Carpet.
were a week ago. A bright spot, not only for London
Minn. St. Paul & S. S. Marie pre!. Cuba Cane Sugar pref.
Sugar.
-American
Cuban
but for Paris and Berlin as well, has been the unNorfolk Southern.
Cuban-American Sugar pref.
Seaboard Air Line.
lowering of the Bank of England discount
expected
Curtiss-Wright.
Wabash pref. B.
Eitingon-Schild pref.
Industrial and Miscellaneous—
rate
2 to 5%. Local troubles in
1
from 5/
Thursday
Eitingon-Schild common.
Abitibi Power & Paper.
prevented this decision of
pref.
Assn.
the
have
Park
markets
Fashion
several
American Beet Sugar.
Fashion Park Assn.common.
Blumenthal & Co. pref.
much effect. In London
the
exercising
Bank
from
Gotham Silk Hosiery pref.
Botany Consol. Mills class A.
Grant(W. T.).
it developed on the same day that losses in conButterick Co.
Hoe (R.) & Co.
Cavanagh-Dobbs.
nection with the Henry Horne fiasco will be huge,
Kaufmann Department Stores.
Celotex pref.
Kelly-Springfield Tire 8% pref.
Century Ribbon Mills pref.
and
the market, moreover, was still under the in
McCrory Stores class B.
Chickasha Cotton Oil.
DEC. 14 1929.]
FINANCIAL CHRONICLE
3679
fluence of an announcement by directors of the sold. Uncertainty over the political situation afRoyal Mail Steam Packet Co., Wednesday, that fected the Boerse Wednesday and stocks again
dividends would be omitted on both preference and turned weak after early firmness. Many rumors
ordinary shares. As the Royal Mail is the world's were circulated of political alignments against the
largest shipping combination, all shares in this Coalition Cabinet, and the position of the Governgroup were weak on the announcement. In Berlin ment was considered weak. Artificial silk shares
the market has been depressed by the unfavorable rallied to some extent, but the gains were not mainpolitical outlook and several sharp criticisms from tained. The atmosphere on the Boerse improved
high quarters of the Government's financial proced- markedly Thursday as the result of an optimistic
ure. The Paris market also has been affected to speech by the industrialist, Privy Councilor Duissome extent by political developments, but perhaps berg. Reichsbank shares were much sought and admore by a natural hesitation following the severe vanced 12 points. The improvement spread slowly
movements of recent weeks.
throughout the list, and was much aided by the reThe London Stock Exchange was firm at the open- duction in the Bank of England discount rate. The
ing Monday as week-end reports from New York better tone was maintained yesterday and prices
appeared favorable, but scattered liquidation soon again advanced.
developed and the market turned irregular. The
gilt-edged list was slightly easier. Royal Mail shares
An important step toward Unnited States memwere strong for a time, but the rally was not main- bership in the Permanent Court of International
tained. Tuesday's session at London was described Justice at The Hague was taken Monday, when Jay
as "dismal," with gilt-edged securities inactive and Pierrepont Moffat, Charge d'Affaires of the Amerilower, while most other sections of the market also can Legation at Berne, formally signed the three
drooped. Anglo-American favorites sold off with protocols involved in American entry. The action
the rest and there was no sign of support from any was taken at Geneva under the express authority
direction. The Royal Mail statement on Wednesday of President Hoover, who had declared in his mesproduced a sharp reaction in these and other ship- sage to Congress last week that such a step would
ping •Shares. Some improvement occurred, however, be taken. Before this nation becomes an active
among gilt-edged securities and a few of the inter- member of the Court, however, the protocols must
national stocks also made progress. The announce- be ratified by all adherents. The United States was
ment of the discount rate reduction Thursday stimu- the last of the great nations to sign the new protocols
lated the gilt-edged issues, and this tendency was recently prepared at Geneva, only the small States
aided by heavy gold shipments from New York. of Abyssinia, Albania and Lithuania having preRoyal Mail shares recovered slightly after a further viously failed to do so. It is believed that the signasevere drop, while the revelations of the Henry tures of these three countries will now be affixed
Horne losses caused a sharp recession in British very shortly. Ratification will then be sought by
Cement Products shares. International issues fol- the Parliaments or imperial councils of all member
lowed an uncertain trend. The London market nations, and only in the event of unanimous acceptturned downward as a whole yesterday, with gilt- ance of the protocols will the United States become
edged issues joining international stocks and others a member. It is already indicated that action on
in minor losses.
the matter by the United States Senate may be deThe Paris Bourse began the week with a brisk layed for a long time, as President Hoover will
show of strength, but this was succeeded in the probably allow considerable time to elapse before
middle of Monday's session by dullness and hesita- submitting the question to the Senate. There is
tion. Buying ceased and prices dropped off as every likelihood, however, that Senate action will
profit-taking developed. Trading was again slow be favorable, when taken, as the protocols were exTuesday, and the market was left largely to profes- pressly designed to overcome reservations previously
sional traders with the result that it fluctuated up- made by the Senate.
ward and downward in see-saw fashion. The public,
Three protocols were signed by Mr. Moffat in beaccording to Paris reports, preferred to await the half of this Government, of which the first was the
outcome of a struggle in the Chamber of Deputies original Court statute of 1920. The United States
between the Tardieu Government and the Left Oppo- is the 54th nation to attach its signature to this
sition. With Premier Tardieu's financial reforms document. The other documents now signed are
well received in the Chamber, prices on the Bourse the Root protocol for meeting the Senate's reservasteadied Wednesday and the selling of previous ses- tions to the Statute, and the protocol containing
sions ceased. Business, however, showed little im- amendments to the original statute. Both protocols
provement. Trading dropped off even further were drawn up last April by the Committee of InterThursday, both the public and professional traders national Jurists of which Elihu Root was a member,
refraining from buying and selling. Prices receded and they were adopted at a conference of World
slowly, but the losses were not important. The trend Court members in Geneva Sept. 14. The Root proat Paris was again easier in yesterday's session.
tocol makes American consent necessary before an
Little interest was manifested by investors and advisory opinion on questions in which America
speculators in the proceedings on the Berlin Boerse, has or claims an interest can be requested of the
Monday, and an exceedingly small volume of busi- World Court judges by the League of Nations.
ness was done in the session. A sharp downward Under this formula, the United States will particimovement took place in textile stocks -because of pate in the preliminary debates on such questions
apprehensions of reduced annual dividends, but the either directly or indirectly on an equal footing with
market otherwise was uninteresting. Tuesday's ses- the nations regularly represented in the League of
sion at Berlin was listless and depressed, with Nations Council or Assembly. It will remain for
Reichsbank shares almost the only exception to the the United States to devise the machinery of such
general weakness. Textile shares were again heavily participation. As an additional safeguard, more-
3680
FINANCIAL CHRONICLE
over, it is provided that if the Court finally gives
an advisory opinion from which the United States
dissents, the adhesion of this nation to the Court
- may terminate "without prejudice."
Announcement that the signature of the United
States to the documents was about to be attached
was made by the State Department in Washington
last Sunday. The Department made public at the
same time a letter from President Hoover to Secretary Stimson authorizing the necessary arrangements for the signature and enclosing full powers
for Mr. Moffat to act for the United States. This
letter was in reply to a lengthy communication from
Mr. Stimson to the President, dated Nov. 18, reviewing the efforts of the United States Government
toward the adjustment of international disputes
through judicial means, and ending with the recommendation that our diplomatic representatives in
Switzerland be authorized to sign the protocols.
In this letter, also made public last Sunday, Mr.
Stimson carefully reviews the implications of the
Senate reservations, and declares that in his opinion
the Court, by its procedure in the past, had already
safeguarded the United States with respect to rendering it amenable to an advisory opinion. The
procedure necessary under the new Protocol of
Adherence is reviewed in detail, and Mr. Stimson
adds: "It seems to me that the dangers which
seemed to inhere in the rendering of advisory opinions by the Court at the time the question was last
presented to this Government in 1926 have now been
entirely removed, both by the action of the Court
itself, and by the provisions of these new protocols.
The objections which caused the Senate reservations
have been met. Advisory opinions can no longer be
a matter of secret procedure but must follow the
forms and receive the safeguards of all formal court
proceedings in contentious cases." In a statement
made at Geneva Monday by Mr. Moffat, in behalf of
Secretary Stimson, the appreciation of the United
States Government was expressed to the members of
the Court who have signed the protocol of American
accession "for their friendly endeavors to meet the
objections set forth in the reservations of the United
States."
Intensive study of naval data has been undertaken
in Washington by the American delegates to the
five-power naval limitation conference which is to
begin in London Jan. 21 1930. Preparations also
were continued in London, Tokio, Paris and Rome
for the meeting, and conversations were carried on
among all the governments in an effort to settle as
many problems as possible before the actual conference gets under way. There was little to indicate
this week that the great problems of the Japanese
demand for a 70% ratio of American strength in
10,000 ton cruisers, and the Italian demand for
parity with France were nearer settlement. Official
circles in Paris were depicted in several dispatches
as none too optimistic regarding the outcome of the
conference. Most of the delegates to the conference
have already been selected by the respective Governments, and the Japanese representatives are due to
arrive in Washington early next week for preliminary discussions with American officials. It was
indicated in Rome reports dated Sunday that the
Italian delegation will be composed of Foreign Minister Grandi, Minister of the Navy Admiral Sirianni,
Admiral Acton, who participated in the Washington
[VOL. 129.
conference, and Ambassador Bordanaro, whose post
is at London. Paris dispatches of Wednesday stated
that Premier Tardieu, Foreign Minister Briand and
Marine Minister Leygues will probably represent
France.
The importance of the Japanese demands for a
higher ratio of cruiser strength than was accepted
by Tokio on battleships in the 1921 Washington
conference was indicated Tuesday by the appointment of William R. Castle, Jr., to be special Ambassador to Japan during the period of the conference
in London. It was made known at the White House
that Mr. Castle will return to his present duties
as Assistant Secretary of State when the armaments
conference ends. "Mr. Castle has had especial
familiarity with the factors which will enter into
the London discussions, and this was stressed with
the announcement of his nomination," a Washington report to the New York "Times" said. The appointment made an excellent impression in Tokio,
reports from that capital said. The step was viewed
as an indication of President Hoover's consideration of Japan's point of view and his desire to maintain close consultation with Japan through an
envoy intimately acquainted with his policy. Geneva
reports have indicated that the question of the conflict in dates of the League Council meeting and the
naval conference meeting has at last been resolved.
The naval meeting was inadvertently fixed for Jan.
21, notwithstanding previous selection of Jan. 20 as
the date for the League Council conference in
Geneva. Since the foreign ministers of the important European States will have to attend both meetings, a change was necessary, and it now appears
that the Italian suggestion for advancing the date
of the League meeting one week has been adopted.
The League Council, accordingly, will meet Jan. 13,
giving the members time to finish their discussions
before the naval conference begins.
Numerous official and unofficial discussions were
again carried on in Europe this week as necessary
preliminaries to the second conference of governments at The Hague, which is to meet Jan. 3 for
the purpose of settling remaining questions and
adopting the new Young plan of German reparations
payments. An international jurists' committee met
in Brussels Tuesday and took up the task of coordinating the reports of the various subcommittees
that have formulated operating sections of the plan.
This meeting is the final official gathering before
the second Hague conference. The jurists are to
draw up a set of international treaties which will
embody the new plan and which are to be adopted
at The Hague next month. As many disputatious
points were left unsettled by. the predecessor subcommittees on the Bank for International Settlements, deliveries in kind, and payments by nonGerman defeated States, it is believed the jurists'
committee also will find it necessary to refer portions of the prospective treaties back to the couference of governments. No public statements are
to be issued by the jurists, who expect to complete
their labors within two weeks. Jean Marx, one of
the Belgian delegates on the Reparations Commission, was chosen chairman of the jurists' gathering
at the initial session.
Much comment was caused over the last week-end
by the detailed statement in which Dr. Hjalmar
Schacht, President of the Reichsbank and head of
DEC. 14 1929.]
FINANCIAL CHRONICLE
3681
the German experts, protested against measures the developments at the first Hague meeting in
which he considers likely to change the intentions August and the subsequent inability of the Bankers'
of the plan and eventually endanger its success. Dr. Committee to incorporate German payments in their
Schacht rebuked the German Government for its trustee deed, it is assumed by observers that the
failure to deal with the internal financial and eco- question of the demands by Chancellor Snowden of
nomic situation, and also warned the reparations Britain for additional unconditional annuities is
powers against encroachments on the letter and still open. Although the demands were conceded in
spirit of the Young plan as it was drawn up at part at The Hague, it appeared afterward that the
Paris. The German Government was galvanized question of the larger unpostponable payments to
into immediate action by this statement and a re- Britain remained in doubt. In a Paris report of
form program was promptly placed before the Dec. 6 to the New York "Herald Tribune" it was
Reichstag. The Cabinet in Berlin issued a reply last remarked that the events of the past few weeks have
Saturday to Dr. Schacht, in which it was intimated revealed new obstacles to the adoption of the Young
that the Reichsbank President was motivated by plan and the formation of the Bank for International
political considerations. The German press, however, Settlements. "Some of these obstacles are now the
gave almost unanimous support to Dr. Schacht. In subject of energetic private conferences in London,
France these developments were followed with Paris and elsewhere between banking officials, and
amazement, and the belief was generally expressed few, if any, of them have yet been surmounted," the
that the Reichsbank head issued the statement to dispatch said. It was again declared in a Paris
report of Dec. 11 to the New York "Times" that an
further his own political ambitions.
Great uncertainty continues to prevail regarding extremely active exchange of notes and visits is
the settlement of the reparations problem in the being carried on among all the foreign ministries of
Eastern European countries. Small progress was Europe in an effort to reach some agreement before
made on this question at the recent meeting in Paris the second Hague conference. "Considerable progof representatives from the Balkan States. Ru- ress has been made during the past two weeks, parmania refused to accept a settlement suggested by ticularly between France and England," this report
the great powers unless the optants question between said, "but there remains the outstanding difficulty
Hungary and Rumania were included in the general of what is to be done about the situation between
settlement. Hungarian authorities declined reso- Hungary and those who have claims against her."
lutely to meet this demand, and a complete deadlock
has been the sequel. It was reported in a Budapest
A steadily mounting toll of marine and land
dispatch of Sunday to the New York "Times" that casualties was occasioned over the last week-end by
representatives of England, France and Italy were. winds of hurricane force that lashed the coasts of
making efforts to adjust this matter. A statement England, France, Holland and Spain. The storm
was issued by the Hungarian Premier, Count Beth- raged with only brief respites for more than four
len, in which it was charged that "the recent re- days, whipping the English Channel into fury and
quests of the powers" are an open breach of the sending numerous ships to the bottom with a loss
Treaty of Trianon. "Hungary's foreign policies must of life estimated at more than 150. Winds blew
consist of honest fulfillment of the peace treaties," through Channel ports in gusts that reached 108
Count Bethlen said. "No one can order us to accept miles an hour at times, piling up tempestuous seas
further tasks than are provided there." Further and playing havoc with shipping. Even the largest
indignation at the reparations demands made on liners were forced to heave to for hours at a time
Hungary was expressed in the Upper House in Buda- and wait out the worst of the winds, while smaller
pest Wednesday, and a resolution was adopted vessels sent out wireless calls for help by the dozens.
approving the Government's stand on the questions Sea and air traffic between England and France
of reparations and the optants. As against this, was completely suspended last Sunday. The winds
however, it was indicated in Prague Wednesday were accompanied by heavy rains which flooded the
that the Little Entente States of Czechoslovakia, Thames Valley and now threaten a repetition of the
Rumania and Yugoslavia had decided to make a disastrous floods of 1928 in London, when the
common declaration on the subject of Eastern repa- Thames overflowed the embankments and caused
rations at The Hague conference. "The Little En- great damage. In some of its upper reaches the
tente will refuse to sign the Young plan until Hun- river ran three miles wide this week, where normally
gary gives guarantees that it will carry out its the banks are only 300 feet apart. Many towns and
international obligations," a dispatch to the "Times" villages in the low-lying districts have been partly
said. The question at issue between Hungary and inundated. The worst of the flood is expected to
Rumania centers largely around the Rumanian con- reach the tidal section of the Thames next week,
tention that sums due to Hungarian optants for and as the full moon will then also cause unusually
seized lands must be set off against the amount due high tides there is much apprehension of further
from Hungary to Rumania as reparations. Bul- disastrous floods in the London area.
garia also is objecting to the arrangements suggested at Paris recently, and active discussions are
Political machinations in Poland caused a prompt
being carried on in London between British officials fall of the Warsaw Cabinet late last week, only a
and two Bulgarian Ministers who journeyed to the single day after the Sejm or Diet reassembled to
consider the budget and other Government measBritish capital for the purpose.
There were few developments this week to indicate ures. The opening of the Sejm was delayed more
the course of the important conversations now going than a month by incidents on Oct. 31, when Marshal
on among the larger Western European powers con- Joseph Pilsudski, Minister of War and dictator of
cerning the divisions of the German reparations pay- Poland, appeared in the Sejm building attended by
ments which is to be the subject of the discussion about 80 members of his famous "Colonel" group.
at the coming Hague conference. In the light of M. Daszynski, Marshal of the Sejm, refused to pro-
3682
FINANCIAL CHRONICLE
ceed with the session in the presence of the armed
officers,and a decree was finally issued by President
Moscicki postponing the meeting. When the Deputies reassembled Dec. 5, M. Daszynski referred
briefly to the occurrence that caused the delay and
then appealed to the Parliament to set to work
straightening out the country's finances and change
the Constitution to make it more workable. Following this opening address, Finance Minister
3fatuszewski made a short speech on the budget for
next year. A speaker for the Opposition then presented a motion of no-confidence against the Government, which other speakers for both the Right and
the Left opposition parties supported heartily, but
a vote was put off until the following day.
After a long debate on Dec. 6, in which Premier
Switalski and four of his Ministers participated,
the motion of lack of confidence was sustained by
the wide margin of 246 votes to 120. M. Switalski
thereupon conferred at length with Marshal Pilsudski, and at noon last Saturday he presented the
resignation of his Government to President 3foscicki. Conferences with leaders of the Sejm parties
were immediately begun by the President for the
formation of a new Cabinet. "President 31oscicki,"
a Warsaw dispatch of Dec. 7 to the New York
"Times" said, "to-day called on Marshal Pilsudski
whose decision will, of course, be final." The Cabinet crisis continued all this week, with reports from
German sources indicating that the delay was occasioned by serious illness of Marshal Pilsudski.
"Whatever the outcome of the crisis may be," a
dispatch to the "Times" said,"economic circles maintain that it is for the country's good that the suspense is ended at last.. The political uncertainty, a
state of no peace and no war between the Government and the Sejm, was considered worst of all,
worse than an avowed dictatorship or the weakest
Parliamentary Government would be. Now there
is hope at last that the prolonged crisis has passed."
A month of bargaining between the fifteen political parties represented in the new Czechoslovakian
Parliament elected at the end of October was concluded last Saturday, making possible the formation
of a Bourgeois-Socialist Cabinet under Premier
Franz Udrzal. The new Cabinet will consist of 12
Czechs, two Slovaks and two Germans. Dr.Edouard
Benes, who has been Foreign Minister ever since
the founding of the republic, will continue to hold
that post. The only new Ministers are Dr. Franz
Matousek, Trade; Jan Dostalek, Public Works;
Bohumir Pradac, Agriculture, and Dr. Ludwig,
Social Welfare. The Parliamentary representation
of the coalition, according to a Prague dispatch to
the New York "Times," comprises 46 Czech and 16
German Agrarians,25 members of the Clerical Czech
People's party, 14 National Democrats, and 12 members of the Czech Business party, wbo compose the
bourgeois bloc, as well as 43 Czech and 21 German
Social Democrats and 32 Czech National Socialists,
who make up the Socialist bloc. It is thus more of a
Socialist Government than the one which preceded
it, and for the first time since the founding of the
Czechoslovakian State contains German Social
Democrats.
An undercurrent of political unrest, long prevalent in Haiti, came suddenly to the surface last
week in the form of strikes in the customs offices,
[VoL. 129.
labor agitation in the cities of Port au Prince and
Cape Haytien, and finally in an encounter at Aux
Cayes between a marine patrol and a band of 1,500
Haitians from the interior. United States marine
forces, which have been in Haiti since 1915, quickly
mastered the situation and quiet conditions were
restored early this week. The encounter in Aux
Cayes was a bloody one, however, in which five
Haitians were killed and 20 wounded, while one
marine was hurt in a hand-to-hand struggle with
the leader of the band. The band of Haitians in
which these casualties occurred was encountered by
marines on the outskirts of Aux Cayes last Saturday, according to an Associated Press dispatch from
Port au Prince. The body of men, carrying clubs,
machetes and stones, demanded that they be permitted to enter the city to join strikers there, and
when told that the strike was over and the city back
at work, they demanded that two leaders enter it to
determine the facts. This was permitted, the report
continued, but when the leaders returned and confirmed the news that the strike was over the information was greeted with curses and jeers. The band
then "advanced on the marines, throwing stones and
surrounding the patrol." After firing three volleys
over the heads of the advancing men without effect,
the marines opened effective fire with machine guns
and automatic rifles, scattering the band in all
directions.
Reports of trouble in Haiti have been current for
several weeks, but they were not at first considered
of unusual importance. Starting with a few students, the unrest spread to colleges and professional
schools, according to Washington reports. In sympathy, employees in governments departments then
went on strike, and on one occasion clerks in the
Customs House at Port au Prince engaged in general disorders before walking out. The unrest, it
was explained, "took on a political character
through the encouragement of leaders who have been
opposed to the government of President Borno."
The failure of the latter for a long time to declare
himself out of the Presidential race was believed to
have contributed to the political phase of the situation, but he announced early last week that he
would not stand for re-election, receiving thereupon
the congratulations of the United States Department of State. With disorders assuming a more
threatening aspect, Colonel Richard Cutts, brigade
commander of United States Marine Corps forces
in Haiti, issued a proclamation on Dec. 4 declaring
martial law in force in Port an Prince and Cape
Hayden. Patrols of marines and of the Garde
d'Haiti, which is controlled by the marines, maintained order in these cities without trouble.
Cognizance of the serious situation in Haiti was
promptly taken by the Administration in Washington last week, and 500 marine reinforcements were
ordered dispatched from Norfolk, Va., to Port an
Prince, while the cruiser Galveston was ordered to
sail from Guantanamo to Jacmel. Secretary of
State Stimson issued a statement late Dec. 6 reviewing the developments, and it was made known
at the same time that President Hoover would send
a special message to Congress on the following day
concerning the relations Of the United States with
the West Indian republic. It was recalled, in connection with the message promised by Mr. Hoover,
that he had referred in his message to Congress on
Dec. 3 to the difficult situation in Haiti and sug-
DEC. 14 1929.]
FINANCIAL CHRONICLE
3683
One of the most confused and uncertain situagested the dispatch of a commission to that country
in all the recent history of China has been
tions
at
arrive
to
endeavor
an
in
to "study the matter
some more definite policy than at present." An occasioned in that country by a widespread and
Administration spokesman pointed out, according ever-growing revolt of military Provincial Goverto Washington dispatches, that the present Amer- nors against the Nanking Nationalist Government.
ican occupation of Haiti is by virtue of the Treaty The Nanking leaders, who organized the Kuominof 1915 between the United States and Haiti. The tang, swept northward from Canton three years ago
object of this treaty, as expressed in the preamble, and finally effected a degree of unification of the
is to remedy the condition of the Haitian revenues entire land. Chiang Kai-shek, as the chief military
and finances, to maintain the tranquillity of the figure of that advance, was made President of the
republic, and to carry out plans for the economic new regime at Nanking, and an able program of
reform was announced. Since the unification was
development and prosperity of the people.
President Hoover's message on the Haitian situa- effected, revolts against the central regime at Nantion was sent to Congress last Saturday. "I feel," king have been almost a weekly occurrence, but hereMr. Hoover said in this communication, "that it is tofore they have yielded to the methods of military
most desirable that the commission mentioned in force or pecuniary reward adopted by Nanking. In
my message of Dec. 3 be constituted and sent to the current movement many Provincial Lords, or
Haiti without delay and I, therefore, request the Tuchuns, appear to have combined against Nanking,
Congress to authorize the immediate sending of such and the result remains in doubt, although Nanking
a commission and to appropriate for this purpose forces at last reports seem to have won several sig$50,000. It is my intention to include one or two nificant victories. Military leaders have shifted
members from each House of Congress on this com- their allegiance in recent weeks with breath-taking
mission." The President also summarized; the de- speed. In a Shanghai cable of last Saturday to the
velopments in Haiti up to the time his message New York "Times" it was indicated, however, that
was prepared and he revealed that the American many of the leaders in the populous central provHigh Commissioner in Port au Prince had asked inces had joined in opposition to President Chiang
that additional marines be kept in readiness so that Kai-shek, and it was stated, moreover, that they
American lives can be protected. American repre- had requested the support of a Southern faction consentatives in Haiti were praised by the President ducting an attack against the Southern stronghold
as having shown great ability and devotion, with of Canton. The important Wuhan cities, 600 miles
signal results in improvement of the material con- up the Yangtze, were threatened and Nanking itself
dition of the people. "Yet our experience has re- was considered in danger. Loyal forces in Canton
vealed more clearly than was seen at first the diffi- were able to beat off the invaders in that area Wedculties of the problem," the message said, "and the nesday, and on Thursday it was reported that the
• entire situation should be reviewed in the light of drive against Nanking also had been halted. Govthis experience. Since the dispatch of my message ernment forces were next concentrated for defense
disturbances in Haiti emphasize the importance of of Hankow, while officials made great efforts
such an investigation and determination of national toward conciliation of the rebellious factions. The
fighting so far has not been considered decisive.
policies in the immediate future."
restored
throughrapidly
were
conditions
Foreigners in the interior Yangtze River cities
Quiet
out Haiti last Sunday. The cruiser "Galveston," were considered in great peril as the fighting dewith its regular marine detachment of 50 men, veloped, and steps for their protection were taken
arrived at Jacmel early on that day and found the by several governments. Seven American destroyers
city quiet. News of the prompt dispatch of marine and the United States cruiser "Pittsburgh" sailed
reinforcements from the United States was pub- from Manila Monday for Chinese ports. In London,
lished in the chief cities, and it was said this con- Foreign Secretary Arthur Henderson revealed on
tributed to the feeling of stability. "Under the mar- the same day that measures had been taken for the
tial law," an Associated Press report of Sunday said, immediate dispatch of naval reinforcements to Nan"there has been established no censorship in any king. He declared also that preparations had been
form on the press, and the usual flexible censorship made for evacuation of women and children from
of cable and telephone communications has not been the Chinese capital. Japanese vessels also proadded to. Three opposition papers have voluntarily ceeded up the Yangtze to protect foreign interests
suspended publication, although encouraged by and nationals. In the native section of Shanghai
Commander Cutts to continue." Subsequent reports military law was proclaimed as the result of an
also were satisfactory, indicating that orderly con- attempt by rebels to capture the Lunghwa arsenal.
ditions prevailed throughout the country, and Presi- A tight censorship on news from the interior was
dent Hoover therefore gave orders Tuesday that the quickly established by the Nationalist authorities,
500 marine reinforcements sent from Norfolk be and reports have accordingly been unreliable. Presidiverted to Guantanamo, where they will still be dent Chiang Kai-shek issued statements declaring
within easy distance of Haiti. This action also was that he will fight to his dying breath and adding
taken upon recommendations of American officials that the present crisis is a step which the revolution
in Port au Prince, who said there was no present must undergo to achieve success. The sole point
need for the reinforcements. The situation cleared on which the rebels were said to be in agreement,
further Wednesday, and officials ordered the re- however, was their demand for the removal of
lease of 98 political prisoners, including 26 who were Chiang from office.
arrested as instigators of the street demonstrations
As already stated, the Bank of England on Thurslast week. Reassuring statements were issued by
2%,the rate'
Haitian leaders, and it was urged that the martial day reduced its rate of discount from 51/
in
The
5%.
Rigsbank of
effect since Nov. 21, to
law be again lifted.
Sweden the same day also reduced from 5Y2% to 5%,
3684
FINANCIAL CHRONICLE
[Vol- 129.
the lower rate, however, not becoming effective until of the various items of the Bank's return for the past
Friday (Dec. 13). The Austrian National Bank on three years is shown below:
Monday marked its rate down from 8% to 7/
1
2%.
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Rates continue at 7% in Germany and Italy; at
for Week.
Dec. 7 1929. Dec. 7 1928. Dec. 7 1927.
5/
1
2% in Denmark, Norway and Spain; at 4/
1
2% in Assets-Retchsmarks.
Reichsmark:. Reichsmarks. Relchsmarks.
Inc. 4,301,000 2,244,633,000 2,852,142,000 1,861,022,000
Gold and bullion
Holland and Belgium, and at 3/
1
2% in France and Of which depos. abr'd_ Unchanged
140,788,000
85,626,000
77,248,000
Switzerland. In the London open market discounts Res've in for'n curs_ Inc. 1,581,000 399.027,000 177.970.000 '278,521,000
Bills of exch. dc checks.Dec. 119,893,000 2,886,785,000 2,101,369,000 2,392,236,000
for short bills yesterday were 4 13/16@47
/8% against Silver and other coin_ _Dec. 793,000 94,238,000 85,932.000 49,547,000
Notes on oth.Ger. bks.Inc. 8,146,000
11.361,000
16,009,000
15,846,000
4 13/16% on Friday of last week, and for long bills Advances
Dec. 107,647,000
57,082,000
57.325,000
42,303,000
4 13/16% against 43
Dec.
/
4(4)4 13/16% the previous Fri- Investments
4,000
92,558,000
92,339,000
93.430,000
Other assets
Dec 21.590,000 665,230,000 539,944,000 502,483.000
day. Money on call in London yesterday was 41/
8%. Liabilities—
Notes in circulation_ _Dec. 232,443,000 5,358.580,000 4.554,910.000 4,043.680,000
At Paris open market discounts remain at 3/
1
2%, 0th.
daily mat. oblig _Dec. 6,642,000 438,532,000 440,743,000 500,071,000
and in Switzerland at 314%.
Other liabilities
Inc. 3.160,000 329,420,000 272,850,000 325,456,000
The Bank of England rediscount rate was this
week reduced to 5% from 5% The latter rate
was in effect since Nov. 14 on which date it was
reduced from 6%. The Bank's return for the week
ended Dec. 11 shows a gain of £3,165,209 in gold
holdings, but as this was attended by an expansion
of £4,072,000 in circulation, reserves dropped £907,000. The Bank now holds £137,434,418 of gold in
comparison with £157,191,056 a year ago. Public
deposits increased £857,000 while other deposits fell
off £1,646,599. The latter consists of bankers accounts and other accounts which decreased £547,901
and £1,098,698 respectively. The reserve ratio is
31.23% compared with 31.86 last week and 37.90%
last year. An increase of £235,000 was shown in loans
on Government securities and a decrease of £55,385
in those on other securities. Other securities include
"discounts and advances" which dropped £795,001
and "securities" which rose £739,616. Below we
give a comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
Dee. 11.
Circulation
385.158.000
Public deposits
8,860,000
Other deposits
94,471,617
Bankers' accounts 58,072,562
Other accounts_ -- 36.399,055
Govt.securities60,663,855
Other securities_ _ 28,297,958
Disc't dc advances 8,827,805
Securities
19,470,351
Reserve notes dc coin 32,274,000
Coin and bullion_ -.137,434.418
Proportion of reserve
to liabilities
31.23%
Bank rate
6%
1928.
1927.
1926.
1925.
Dec. 12.
Dec. 14.
Dec. 15.
Dec. 16.
374,820.000 137,248.625 139,888,870 144,153,115
7,628,000 8.721,037 11,145,568 10,718.512
104,147,000 101,841,787 108,098,352 118,294,808
59,106,000 41,348.992 28.877.539 48.367,526
28.195,000 54,744,306 78,313.338 78,126,585
42.369,000 32.410.069 31,954,317 20,398,640
157,191.056 149,908,694 152,092,987 144,801,755
37.90%
%
29.31%
4%
20.81%
5%
15%%
5%
•On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time .€234,199.000 to the amount of Bank of England notes
outstanding.
The Bank of Germany in its statement for the
first week of December shows an increase in gold and
bullion of 4,301,000 marks, bringing the total of the
item up to 2,244,633,000 marks. Total gold in the
corresponding week last year amounted to 2,652,142,000 marks and two years ago were 1,861,022,000
marks. Bills of exchange and checks decreased 119,893,000 marks during the week while deposits
abroad remained unchanged. Notes in circulation
reveal a contraction of 232,443,000 marks, reducing
the total of the item to 5,358,580,000 marks, as
compared with 4,554,910,000 marks last year. Advances and other assets register decreases of 107,647,000 marks and 21,590,000 marks respectively.
An increase is shown in Reserve in foreign currency
of 1,561,000 marks and in notes on other German
banks of 8,146,000 marks, while investments show a
slight decline namely 4,000 marks. Silver and other
coin and other daily maturing obligations declined
793,000 marks and 6,642,000 marks, while other
liabilities increased 3,160,000 marks. A comparison
In its statement for the week ended Dec. 7, the
Bank of France reveals an increase of 323,154,721
francs in gold holdings. The total of gold now
amounts to 41,131,408,572 francs, the highest figure
ever recorded in the history of the Bank. Both credit
balances abroad and bills bought abroad show gains
of 61,000,000 francs and 38,000,000 francs respectively. French commercial bills discounted record a
large decline, namely 1,220,000,000 francs. A decrease appears in note circulation of 868,000,000
francs,reducing the total of the item to 67,290,947,680 francs which compares with 61,826,066,435 francs
of the corresponding week last year. Advances
against securities increased 198,000,000 francs while
creditor current accounts declined 948,000,000 francs.
Below we furnish a comparison of the various items
of the Bank's return for the past two weeks as well as
for the corresponding week last year:
BANK OF FRANC'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Dec. 7 1929, Nov. 30 1929, Dec. 8 1928.
Francs.
Francs.
Francs.
Francs.
Gold holdings —Inc. 323,154,721 41,131.408,572 40,808,253,851 31,638.805,210
Credit bal. abr'd_ _Inc. 81,000,000 7,167,846,540 7,106,848,540 14,094,864,537
French commercial
bills discounted_ Dec.1220,000.000 9.390,754,270 10,610,754.270 1.588,292.173
Bills bought abrd _Inc. 38,000,000 18,754.509,993 18.716,509,993 18,815.143,621
Adv. agt. secure_ _Inc. 198.000.000 2,669,1351,838 2.471,851,838 2.269,901,773
Note circulation_ _Dec. 868,000,000 67.290.947.680 68,158.047,680 61,828,066.435
Cred. curr. accts.. _Dec. 948,000,000 20,027,002,216 20,975,902,216 19,175,855.169
Money rates in the New York market were a shade
firmer this week than in previous sessions, notwithstanding the continued world-wide tendency of rates
to lower levels. The difference in New York was
scarcely noticeable, as it consisted chiefly of diminished offerings of call loans in the unofficial market
at concessions from official rates, and in a slight
tightening of time loans. As against this, the New
York market took due cognizance of the lowering
of the discount rates of both the Bank of England
and the Bank of Sweden this week from 5/
1
2 to 5%.
Note also was taken of the cut in the rediscount
rate of the Atlanta Federal Reserve Bank from 5 to
4/
1
2%, making the fifth American Reserve institution to establish the latter figure in the current
movement. Demand loans on the Stock Exchange
were quoted this week at 4/
1
2% for all transactions.
Slight concessions were made in the unofficial
"Street" market Tuesday, Wednesday and Thursday, with a little money available at times at 4%.
In the two previous weeks, outside loans were frequently offered as low as 3%.
Much interest was displayed in the Treasury offering of $325,000,000 31/
8% nine months' certificates.
Books were closed with great rapidity on this issue,
but subscriptions, nevertheless, totaled $722,552,500.
Brokers' loans this week reversed their downward
trend, an advance of $33,000,000 being reported for
the week ended Wednesday night in the statement
DEC. 141929.1
FINANCIAL CHRONICLE
3685
standing news of importance relating to sterling exchange this week is the reduction of the Bank of
an increase in the
England rate to 5% from 5
bank's gold holdings of £3,165,209, and two shipments
of gold on Thursday from New York to London aggregating $21,000,000. These gold shipments from
New York were made after the New York Federal
Reserve Bank's official report of the gold movement
for the week had been compiled. This is the first
outward movement of gold to London since May
1928. It is generally believed that these will be the
the
on
rates
loan
call
only
shipments at the present time. It is reported
the
with
detail
in
Dealing
Stock Exchange from day to day, all loans on every that the Bank of England arranged these shipments
day of the week have again been at 41/2%, this through the Midland Bank of London at a price
including renewals. Time money has continued dull, slightly above the open market rate for gold before
with the quoted rates for loans of all dates at 4%@ the Bank rate was cut. In this way the metal was
5% on every day of the week. Most transactions secured on a more favorable exchange basis than is
were of loans for 90 'days and four months at 5%. now possible. The "Wall Street Journal" said in
Dealings in commercial paper in the open market comment on the reduction in the Bank of England's
were very light. Rates for names of choice char- rate of rediscount: "Conditions in the domestic
acter maturing in four to six months have continued money market make it unlikely that the Federal
to rule at 5%, while names less well known have Reserve Bank of New York will follow the Bank of
4@51/2%, with New England mill England in reducing the rediscount rate, at least until
commanded 51/
after the year-end. Should the local bank rate be
paper quoted at 514%.
reduced to 4% now, it would be difficult to regard it
The market for prime bankers' acceptances has as other than an artificial move to ease credit further
been unusually active the present week. A goodly and assist the Bank of England in recouping some of
number of bills has been available and the supply its gold stock."
has been quickly absorbed, with the Federal Reserve
The reduction in the Bank of England rate had
account
its
own
on
both
purchaser
Bank an active
been hoped for by English business men and the
nts.
Prices
have
corresponde
foreign
its
for
and
advance in sterling exchange and gold exports to
remained unchanged. The posted rates of the London from New York have removed former dif8% bid ficulties in the way of reduction. The sharp imAmerican Acceptance Council continue at 41/
and 4% asked for bills running 30 days, and also for provement during the past two weeks in favor of
8% London in the sterling-franc rate and the consequent
/8% asked for 90 days; 41/
60 days;4% bid and 37
4% bid and cessation of the gold flow from London to Paris
3
bid and 4% asked for 120 days, and 4/
418% asked for 150 and 180 days. The Acceptance have also been contributing factors in the lowering
Council no longer gives the rates for call loans of the rate. The reduction to 5% brings the Bank
secured by acceptances, the rates varying widely. of England rate to the lowest level since Feb. 7
Open market rates for acceptances also remain the 1929, when the rate was raised from 43/2% to 532%.
same as follows:
Subsequently the rate was raised a full per cent
SPOT DELIVERY.
to 63/2% on Sept. 26, when continued gold exports
—120 Days—
—150 Days—
—180 Days—
Bid. Asked. had materially weakened the Bank of England's
Bid. Asked.
BM. Asked.
4
4)4 4x
4s4
4( 4H
Prime 41151b14 MIL
With the collapse of speculation on the
—30Days— position.
—60Days—
—90Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
New York stock market and the coincident easing
4
4
04
416
314
4
Prime OEMs bills
DAYS
of credit in New York, sterling began to strengthen
FOR DELIVERY WITHIN THIRTY
4d bid
Eligible member banks
by
414 bid with the result that the Bank rate was lowered
Eligible non-member banks
M% on Oct. 31 and by another M% on Nov. 21.
On Dec. 9 the Federal Reserve Bank of Atlanta In Monday's trading sterling exchange sold as high
'reduced its rediscount rate on all classes of paper as 4.881A,the highest point on the present movement.
of all maturities from 5% to 4y2%,effective Dec. 10. As noted above, the Bank of England shows an
There have been no other changes this week in the increase in gold holdings for the week ending Dec. 12
rediscount rates of the Federal Reserve Banks. The of £3,165,209, the total standing at £137,434,418.
following is the schedule of rates now in effect for This compares with £157,191,056 a year ago. The
the various classes of paper at the different Reserve increase in gold holdings does not include the aboveBanks:
mentioned $21,000,000 that is now being shipped
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES from New York.
The London gold holdings will
AND MATURITIES OF ELIGIBLE PAPER.
be further strengthened immediately by Australian
Rate its
shipments. The Commonwealth Bank of Australia
Date
Effect an
Previous
Federal Reserve Bank.
Established.
Dee. 13.
Rate.
recently decided to sell $20,000,000 in gold to the
Nov. 21 1929
414
5
Boston
Bank of England. On Saturday the Bank of England
Nov. 15 1929
414
5
New York
July 26 1928
5
4Si
Philadelphia
£364,377 in sovereigns from abroad, and
received
1928
1
Aug.
5
434
Cleveland
July 13 1928
5
434
Richmond
received £556,000 in sovereigns and
Monday
Dec.
10
1929
on
5
434
Atlanta
Nov.23 1929
414
5
Chicago
gold bars. On Tuesday the Bank
in
19
£18,899
1928
July
5
sold
414
St. Louis
May 14 1929
5
4Si
Minneapolis
May 6 1929
£244,800 in gold bars and received £2,644
5
4Si
bought
Kansas City
Mar. 2 1929
5
434
Dallas
Dec. 6 1929
434
5
in sovereigns. On Wednesday the Bank received
San Francisco
£1,010,800 in sovereigns, sold £5,118 in gold bars
Sterling exchange has been irregular but firm and and exported £22,000 in sovereigns. On Thursday
frequently in demand at rates close to the shipping the Bank sold £24,034 and bought £1,435 in gold
points for gold from New York to London. The out- bars. On Friday the Bank received £1,000,000 in
of the Federal Reserve Bank of New York. Of
prime interest to money brokers were the heavy gold
shipments of the week now ending. The report of
the New York Reserve Bank for the week ended
Wednesday night showed gold exports of $10,977,000,
and imports of $430,000, while gold held ear-marked
for foreign account increased $6,002,000. Vessels
sailing yesterday and to-day, however, will carry
further great amounts of gold, London alone taking
$21,000,000.
3686
FINANCIAL CHRONICLE
sovereigns from abroad, exported £2,000 in sovereigns, sold £18,872 in gold bars and bought £7,400
in bars.
At the Port of New York the gold movement for
the week Dec. 5-Dec. 11, inclusive, as reported by
the Federal Reserve Bank of New York, consisted of
imports of $430,000, of which $197,000 came from
Argentina and $233,000 chiefly from other Latin
American countries. Exports totaled $10,977,000, of
which $9,269,000 was shipped to France, $1,341,000
to Sweden,$139,000 to Mexico,$108,000 toGermany,
$60,000 to England, and $60,000 to Java. The Reserve Bank also reported an increase of $6,002,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York for
the week ended Dec. 11, as reported by the Federal
Reserve Bank of New York, was as follows:
[voL. 129.
4.83 1-16, and seven-day grain bills at 4.86 11-16.
Cotton and grain for payment closed at 4.87.
The Continental exchanges continue firm although
irregular and on balance fractionally easier than last
week. Bankers say that there has been heavy selling
of dollars in Paris, Berlin and other European markets. This sale of dollars would in itself be sufficient
to account for the firmer quotations for sterling and
the Continental currencies. French interests continue to withdraw balances from this side,transferring
them to London and Paris, a factor making for firmness in exchange on Paris. As noted above, the Federal Reserve Bank of New York accounts for a shipment of $9,269,000 gold to Paris and bankers say
that further shipments are in prospect. This is more
likely to be the case since the sterling-franc rate has
GOLD MOVEMENT AT NEW YORK DEC.5-DEC. 11, INCLUSIVE. moved more in favor of London and it would seem
that for the time being at least the Paris gold takings
Exports.
Imports.
$9,269,000 to France
8197,000from Argentina
in
London may come to an end. If sterling exchange
1,341,000 to Sweden
233,000 chiefly from other Latin
139,000 to Mexico
American countries
remains firm, especially with respect to the franc,
108,000 to Germany
the additional gold which seems likely to be imported
60,000 to England
60,000 to Java
into France between now and the year-end will doubt$10,977,000 total
less be drawn exclusively from New York. The rea• $430,000 total
sons for the constant repatriation of French capital
Na Change in Gold Earmarked for Foreign Account.
Increase 86,002,000
are various. The peasant is hoarding notes, since
Canadian exchange continues at a discount, though there is no gold coin current, and the only short-term
less unfavorable to Montreal than the rates prevailing Treasury paper subscribable is National Defense
for a long time until a week ago. On Saturday last bonds (paying 4% and running for two years). It is
7 of 1% discount; on alleged also that activity in business has demanded
Montreal funds were quoted 4
Monday, Tuesday and Wednesday at 15-16; on more funds for investment and working capital and
Thursday at 13-16 of 1%, and on Friday at 27-32 that householders want more money for daily exof 1% discount. The discount on Montreal funds is penses. Undoubtedly heavy taxation has exerted
largely due to the constantly growing unfavorable its influence, proof whereof lies in the Treasury's
commodity export balance in favor of the United large balances abroad and at home. More recently
States as against Canada and is due possibly in some events in Wall Street have caused a return tide of
degree to the fact that the Canadian banks•consider money to Paris. Much of the French Treasury balit unadvisable to attempt to correct the discrepancy ances, it is believed, will be withdrawn from London
through the shipment of gold from Ottawa Sir and New York on account of the decision of the
Charles Gordoii, President of the Bank of Montreal, French Government to set aside $280,000,000 for
said at a recent meeting of the shareholders of the public works projects. This is expected to produce
a substantial movement of gold to France. It is
bank:
"There never was a time in the history of Canada believed that the metal could be readily moved from
4,figuring the inwhen business as a whole has been at a higher peak New York with the franc at 3.933
than during the year under review or when the de-• terest rate at 33'j%. A rate of 3.93 15-16 or 3.94%
veloped resources of our wealth were more wide and would be needed, figuring the interest rate at 432%
varied than they are to-day, and never a time when to 5%. The Bank of France statement for the week
the earning power of our people was sustained in so ended Dec. 6 shows a further heavy increase in gold
many channels of production.
holding of 323,000,000 francs, bringing the total to
Referring to day-to-day rates, sterling exchange on 41,131,000,000 francs, which compares with 31,638,Saturday last was firm. Bankers' sight was 4.87% 000,000 francs a year ago. Present holdings are highQ4.87%, cable transfers 4.883@4.88 5-16. On est in the record of the. Bank. The Bank's ratio of
Monday sterling moved up sharply. The range was reserves is also at record high, standing at 47.10%,
4.87 23-32Q4.88 for bankers' sight and 4.88 5-16Q which compares with 39.06% a year ago and with
4.883/ for cable transfers. On Tuesday sterling con- the legal requirement of 35%.
German marks, though firm, have receded from the
tinued in demand. The range was 4.87 13-16Q
4.88 for bankers' sight and 4.88%@4.88 15-16 for higher levels of a week ago. Mark exchange is dull
cable transfers. On Wednesday the market eased in New York and bankers report heavy sales of doloff slightly. Bankers' sight was 4.87 11-16Q4.87 15-16 lars in the German centres. However, marks are
and cable transfers 4.88 3-16Q4.88 5-16. On Thurs- sufficiently firm to foreshadow the probability of an
day sterling continued to show a slightly easier tone. outward flow of gold from New York to.Berlin. An
The range was 4.87 17-32Q4.879 for bankers' sight element of firmness in exchange on Berlin is seen in
and 4.88 1-32Q4.883g for cable transfers. On Fri- the disposition to increase American loans to German
day there was further slight easing; the range was business. Now that the Bank of England has re4.873/
2@4.87% for bankers'sight and 4.88Q4.88 3-32 duced its discount rate, bankers are strongly of the
for cable transfers. Cluaing quotations on Friday opinion that the Reichsbank will yield to demands of
were 4.87% for demand and 4.88 1-16 for cable trans- business interests in Germany and reduce its official
fers. Commercial sight bills finished at 4.873/2, rate of rediscount.
The London check rate on Paris closed at 123.92
sixty-day bills at 4.83 1-16, ninety day bills at
4.81 3-16, documents for payments (60 days) at on Friday of this week, against 123.98 on Friday of
DEC. 14 1929.]
FINANCIAL CHRONICLE
last week. In New York sight bills on the French
center finished at 3.93%, against 3.93% on Friday
a week ago; cable transfers at 3.93%, against 3.937
4,
and commercial sight bills at 3.93X, against 3.93%.
Antwerp belgas finished at 13.993 for checks and
at 14.003/ for cable transfers, against 13.993/i and
2. Final quotations for Berlin marks were 23.94
14.003/
for checks and 23.95 for cable transfers, in comparison with 23.9414 and 23.953 a week earlier. Italian
% for bankers' sight bills and at
lire closed at 5.233
%
% and 5.235
% for cable transfers, against 5.233
5.235
on Friday of last week. Austrian schillings closed
4 on Friat 1434 on Friday of this week, against 141
Czechoslovakia
on
day of last week. Exchange
%, against 2.96%; on Bucharest at
finished at 2.963
4, against 0.6014; on Poland at 11.25, against
0.603
11.25, and on Finland at 2.52, against 2.52. Greek
4for checks and at 1.30% for
exchange closed at 1.301
4 and 1.303/8.
cable transfers, against 1.293
3687
26.82 and 26.84. Checks on Sweden closed at
26.963/i and cable transfers at 26.983/2, against
2 and 26.963/2; while checks on Norway finished
26.943/
at 26.79 and cable transfers at 26.81, against 26.803.
and 26.823'. Spanish pesetas closed at 13.84 for
checks and at 13.85 for cable transfers, which compares with 13.92 and 13.93 a week earlier.
The South American exchanges continue dull.
Sharp weakness has been displayed by Brazilian
milreis during the past few days. The decline has
been accompanied by reports from Brazil that official
support has been withdrawn, although no official
statement has been issued. However, apparently
much weight is given to the fact that the Bank of
Brazil, controlled by the Federal government, discontinued on Saturday the selling of exchange. This
action is interpreted to mean that President Luis
has been forced to abandon the stabilization plan and
efforts to maintain a stable rate for milreis. The
Exchange on the countries neutral during the war decline in the milreis is due largely to low coffee
is generally firm, the Scandinavian units showing prices in the New York market, together with the
especial firmness. The strongest of the neutral cur- decrease in coffee exports from Santos, giving
rencies is that of Sweden, which ruled this week Brazil an unfavorable trade balance. Bankers enteraround 26.98 for cable transfers, as compared with tain the opinion that there are grave possibilities of
dollar parity of 26.80. This is also the parity of the further decline in milreis. It is thought that President
Norwegian and Danish krone. Exchange on Norway Washington Luis will take every possible measure to
finished this week at 26.81 and exchange on Copen- save the stabilization scheme in some form rather
hagen at 26.84 for cable transfers. The Bank of than permit a resumption of speculation in milreis.
Sweden has reduced its rate of rediscount to 5% from The Argentine peso has been firmer. Argentina has
532%. As the Scandinavian countries are inclined been shipping gold steadily to New York and London.
to work in unison in economic matters, it would Argentina has shipped more than $10,000,000 in gold
seem probable that Denmark and Norway may also to New York since the beginning of October and
reduce their rediscount rates from 532% to 5%. As nearly $72,000,000 snice the first of the year. Arnoted above, the Federal Reserve Bank of New York gentina's gold stock has been reduced from $607,000,accounts for a shipment of $1,341,000 in gold to 000 on Dec. 31 1928 to about $496,000,000 on Sept.
Sweden. New York bankers are inclined to believe 30, the last official figure available. Industrial
the shipment to be in the nature of a special trans- strikes at the ports, the poor agricultural year, with a
action. Swedish crowns have been strong in this considerable decline in practically all classes of
market for some time, the highest rate quoted has exports and a constant increase in imports, have
been 27.00. It is generally estimated that a rate of been the chief factors in the weakness of the peso
27.01 to 27.02 is necessary in order to show even a in world markets. Argentine paper pesos closed
small profit and 27.04-5 is necessary for a substantial on Frday at 41.30 for checks, as compared with
gain on a gold transaction. It is possible, however, 41 3-16 on Friday of last week, and at 41.35 for cable
that the necessary foreign exchange transaction was transfers, against 4134. Brazilian milreis finished
made in Stockholm. In this case a greater profit at 11.47 for checks and at 11.50 for cable transfers,
could be shown, since there is a wider market for against 11.72 and 11.75. Chilean exchange closed
dollars at Stockholm than for crowns in New York. at 12 3-16 for checks and at 1234 for cable transfers,
Holland guilders continue firm although trading has against 12.15 and 12.20; Peru at 3.94 for checks
been dull. Spanish pesetas have been irregular and and at 3.95 for cable transfers, against 3.94 and
inclined to sag owing to speculative transactions, 3.95.
taking place generally in European markets. The
Spanish Government has announced that it will issue
The Far Eastern exchanges continue dull, with
on Jan. 1 a 350,000,000 gold peseta internal loan uncertainty greatly increased on account of the
in the form of 10-year 6% tax-free treasury bonds intensification of political and warring factors in
redeemable at par. Premier Primo de Rivera said China. The silver units are also easier owing to the
in a recent statement that the future of Spain is cloud- low prevailing prices of silver. Japanese yen are
less and the settlement of the acute question of the firm owing to the elimination of all uncertainties as
exchange rate necessitates only calm and serenity, to the removal of the gold embargo. It is thought
and that when the exchange rate is settled Spain will that any momentary fractional ease in the yen can
be considered one of the strongest and sanest of all be linked with the disturbance to Japanese business
nations financially.
arising from perplexing Chinese conditions. Closing
Bankers' sight on Amsterdam finished on Friday quotations for yen checks yesterday 48 15-16@493,
at 40.3314, against 40.233/ on Friday of last week; against 48%@493/8. Hongkong closed at 42%©
cable transfers at 40.3534, against 40.353, and com- 433/s, against 42%@43 1-16; Shanghai at 54%@
mercial sight bills at 40.293/2, against 40.29. Swiss 54 8, against 54%@55 1-16; Manila at 50, against
francs closed at 19.423/i for bankers' sight bills and at 50; Singapore at 56 7-16@)56%, against 56 7-16(4)
19.433' for cable transfers, in comparison with 19.43 56%;Bombay at 363/2, against 3632, and Calcutta at
and 19.44 a week earlier. Copenhagen checks fin- 363,against 363/2.
ished at 26.82 and cable transfers at 26.84, against
3688
FINANCIAL CHRONICLE
[Vol.. 129.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now •
The Outbreak in Haiti.
certifying daily to the Secretary of the Treasury the
outbreak of disorder in Haiti, coming
The
recent
buying rate for cable transfers in the different counsurprise to the whole country,
complete
as
it
did
as
a
tries of the world. We give below a record for the
President Hoover a painful
to
may
well
have
seemed
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE development. In his message to Congress, on Dec. 3,
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
Mr. Hoover had referred to the continued presence
DEC. 7 1929 TO DEC. 13 1929, INCLUSIVE.
of Marines in Nicaragua, Haiti and China, had deNoon Buying Rate for Cable Transfers to New York
clared that "in the large sense we do not wish to be
Country and Monetary
Value to United States Money.
Unit.
represented abroad in such manner," and had exDec. 7. Dec. 9. Dec. 10. Dec. 11. Dec. 12. Dee. 13.
II
$
$
EUROPE$
$
pressed the hope that the American forces in
$
Austria,schilling
.140629 .140614 .140632 .140830 .140627 .140601
Belgium, belga
.139982 .139075 .139995 .139987 .139967 .139937
Nicaragua and China might soon be materially reBulgaria, ley
.007232 .007240 .007222 .007227 .007227 .007222
Czechoslovakia, krone .029658 .029660 .029661 .029861 .029684 .029864
duced
in numbers. Regarding Haiti he said: "In
Denmark. krone
.268373 .268447 .268471 .268455 .268363 .268265
England, pound sterHaiti
we
have about 700 Marines, but it is a much
ling
4.882496 883288 4.883559 882187 4.880720 4.880067
Finland, markka
.025173 .025171 .025173 .025172 .025166 .025167
more
problem, the solution of which is still
difficult
France, franc
.039382 .039375 .039374 .039378 .039379 .039369
Germany, reichsmark .239505 .239487 .239501 .239462 .239415 .239415
approves, I shall dispatch a
Congress
If
obscure.
Greece, drachma
.012997 .013000 .012095 .013000 .012997 .012997
Holland, guilder
.403643 .403672 .403745 .403698 .403545 .403489
to
review and study the matter
commission
to
Haiti
.175051
.175035
Hungary, pengo
.175035 .175042 .175066 .175075
Italy, lira
.052383 .052360 .052382 .052380 .052349 .052352
in an endeavor to arrive at some more definite
Norway, krone
.268186 .268214 .288242 .268218 .268123 .268027
Poland,zloty
.112040 .112022 .112081 .112061 .112061 .111985
policy than at present." There is nothing in these
Portugal, escudo
045083 .045183 .045183 .045133 .045066 .045150
Rumania,leu
.005969 .005977 .005972 .005973 .005971 .005966
words to indicate anything save a friendly and
Spain, peseta
.138389 .138812 .139242 .138954 .139020 .138456
Sweden,krona
.289671 .269727 .269836 .289864 .269748 .269726
.194316
deeply interested attitude on the part of the PresiSwitzerland, franc__. .194353 .194370 .194360 .194354 .194318
Yugoslavia. dinar
.017703 .017711 .017705 .017702 .017698 .017705
ASIAdent toward the anomalous Haitian situation, yet
ChinaChefoo teal
.570416 .568333 .568541 .568125 .586458 .565625
within a few hours after the reading of his message
Hankow tadl
.562658 .561093 .561250 .580625 .559082 .558750
Shanghai, tael
.548410 .546785 .547053 .546250 .544785 .544285
a
revolt of dangerous proportions was reported to
Tientsha tael
.578541 .576668 .577500 .576250 .574791 .574375
Hong Kong dollar
.425535 .425714 .426180 .426428 .426785 .425803
have
broken out, the Marines had been obliged to use
Mexican dollar_ _
.395000 .394375 .394687 .394082 .394062 .393437
Tientsin or Pelyang
-.
arms, apparently in self-defense, some lives
their
dollar
.397083 .396250 .398250 .395418 .395418 .394583
Yuan dollar
.393750 .392916 .392916 .392083 .392083 .391250
had
been
lost and considerable damage done to
India, rupee
.363378 .363650 .363596 .363467 .363417 .363453
Japan, yen
.488700 .489109 .489178 .489409 .489525 .489334
property, and additional Marines and a cruiser were
Singapore (8.8.) dollar .581000 .561666 .581250 .581458 .561458 .561458
NORTH AMER.shortly on their way to aid in restoring order.
Canada. dollar
.990723 .990529 .990373 .990625 .991024 .991200
Cuba, peso
.999300 .099300 .999300 .999300 .999300 .999300
Mr. Hoover, of course, is in, no way personally
Mexico. peso
.480450 .480200 .479825 .470275 .479400 .479462
Newfoundland, dollar .988200 .987812 .987750 .988093 .988687 .988625
responsible for the present unhappy situation in
SOUTH AMER.Argentina. peso (gold) .938774 .939060 .940278 .042598 .939147 .939700
Brun, milreis
Haiti, and even partisan criticism can hardly in
.117230 .117327 .118372 .114037 .111933 .112118
Chile, peso
120883 .120800 .120875 .120889 .120880 .120883
.954273
Uruguay. peso
.959886 .962495 .961545 .980920 .957894
fairness urge that he ought, in the first few months
Colombia. peso
963900 983900 083000 963900 963600 .963900
of his Administration, to have gone exhaustively into
the situation and proposed such changes in the sysOwing to a marked disinclination on the part of
tem
of American control as would have removed any
two or three leading institutions among the New
causes
of complaint. Mr. Hoover inherited the
York Clearing House banks to keep up compiling
Haitian
problem from the Coolidge Administration,
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been which inherited it from the Harding Administration,
giving for so many years showing the shipments and to which it had been passed on by the Wilson regime.
receipts of currency to and froba the interior.
The present American occupation of Haiti dates
As the Sub-Treasury was taken over by the Fed- from 1915, when a treaty was concluded between the
eral Reserve Bank on Dec. 6 1920, it is also no longer
then Haitian Government for
possible to show the effect of Government operations United States and the
of remedying the condistated,
in the Clearing House institutions. The Federal the purpose, it was
peace in the
maintaining
finances,
tion
Haitian
of
Reserve Bank of New York was creditor at the Clearcountry, and facilitating the execution of plans for
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
the economic development of the country and the
AT CLEARING HOUSE.
social improvement of its people.
Aggregate
Saturday, Monday. Tuesday, Wednesdli, Thursday, Friday.
The ratification of the treaty by the Haitian
for Week.
Dec. 7. Dec. 9. Dec. 10. Dee. 11. Dee. 12. Dee. 13.
Senate
was not entirely voluntary. Following a
3
$
$
148.000.000 125.000.000 162,000.000 149.000.000 146.000.000 151.000.000 Cr. 881.000,000
violent outbreak in July 1915, in which President
Note -The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of Sam and some 200 political prisoners were killed,
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing an American naval force under Admiral Caperton
House institutions, as only the items payable In New York City are represented
the daily balances. The large volume of checks on institutions located outside of took control of Haiti and restored order. OpposiNew York are not accounted for In airiving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve tion in the Haitian Senate to the treaty with the
Bank for collection for the account of the local Clearing House banks.
United States which had shortly been proposed was
overcome,
as Admiral Caperton reported, "by exeramount
of
bulThe following table indicates the
cising military pressure at propitious moments in
lion in the principal European banks:
negotiations." On Nov.10 the Admiral was directed
Dec. 13 1928.
Dec. 11 1029.
Ranks of
by Josephus Daniels, Secretary of the Navy, to
Total.
Silver.
Gold.
Silver.
Total.
Gold.
arrange
with President Dartiguenave for a meeting
£
I
E
£
E
E
157,191,056
137,484.418157,191,056
England_ _ 137,434,418
of
the
Haitian
Cabinet, and to state, "on your own
253,110.442
d
329,051,288253,110.442
France a._ 329,051,268
d
994,600129,320,400
Gerrnany b 104,742,250 c994,600 105,736.8 *128.325.8
from all
Spain ___. 102,592,000 28,452,000131,044,000 102,359,000 28,021,000 130,380.000 authority," that "there is a strong demand
54,530,000
58,018,11 I
Italy
56,018,000 54,530,000
1,824,000 38,052,000 classes for immediate ratification and that treaty
37.293,000 36,228,
Nether!'ds 37.293,000
1,266,000 24,966,000
Nat. Belg_ 30,948,000 1,286,000 32.234,000 23,700.
Switzerl'd 22.450,000 1,105.000 23,555.000 18,759,000 1,900,000 20,659,000 will be ratified Thursday," and to express his con13,144,000
13,144,000
Sweden..,.. 13,367,000
13,367,000
491,000 10,091,000 fidence that "if the treaty fails of ratification ...
381,000 9,942,000 9,600,000
Denmark _ 9.581.000
8,182.000
Norway .. 8,151,000
8,151,000 8.182,000
my Government has the intention to retain control in
Total week 851.627.938 32.198.800883.828.536805,109,298 34,496,600839.05.89S
Prey. week 844.649.940 32.136.600878.786.54!804,700.098 34,463.600839,063.696 Haiti until the desired end is accomplished, and that
a These are the gold holdings of the Bank of France as reported in the new form it will forthwith proceed to the complete pacification
of statement. b Gold holdings of the Bank of Germany are exclusive. of gold held
abroad, the amount of which the persent year Is £2,481,300. c As of Oct. 7 1924. of Haiti so as
to insure internal tranquillity necesd Silver Is now reported at only a trifling sum.
DEC. 14 1929.]
FINANCIAL CHRONICLE
3689
sary to such development of the country and its the American policy has been from the beginning
industry as will afford relief to the starving popu- fundamentally wrong in that it has kept Haiti virtulation now unemployed." The Haitian Senate rati- ally under military government (a technical condified the treaty the next day, and ratification by the tion of martial law has prevailed there for long
periods although not actually applied in practice),
American Senate followed in May 1916.
Under the treaty the United States undertook to and that no serious effort has been made to encouraid in the development of agriculture and mineral age the development of civil government, with reguand commercial resources, and to place the finances lar and honest elections and the usual forms of
on a sound basis. A General Receiver, to be ap- legislative procedure. The fact that some 85% of
pointed by the President of Haiti upon the nomina- the population is classed as illiterate obviously puts
tion of the President of the United States, was a serious obstacle in the way of the development of
provided for "who shall collect, receive and apply self-government, but it is nevertheless insisted that
all customs duties on imports and exports," together the high percentage of illiteracy might have been
with a Financial Adviser, also nominated by the much reduced if a proper civil administration had
United States, "who shall devise an adequate sys- been set up and maintained, and that in any case
tem of public accounting, aid in increasing the reve- the 15% or so of the literate Haitians, constituting
nues and adjusting them to the expenses, inquire a kind of social aristocracy, ought by all means to
into the validity of the debts of the Republic, en- have been won over to friendliness for the 'United
lighten both Governments with reference to all States, since it is upon them, if the military control
eventual debts, recommend improved methods of col- is withdrawn, that the administration of the country
lecting and applying the revenues, and make such would chiefly fall. In the tangled mass of charges
other recommendations to the Minister of Finance as and counter-charges with which the Haitian quesmay be deemed necessary for the welfare and pros- tion is surrounded, the one thing regarding which
perity of Haiti." In addition to the usual provisions there appears to be no dispute is that the Haitian
for giving effect to the policy just indicated, the people, as far as they are articulate, appear to be
treaty further provided that "should the necessity hostile to the present form of American adminisoccur, the United States shall lend an efficient aid tration.
The insurrection that has just been put down was
for the preservation of Haitian independence and
the maintenance of a government adequate for the short-lived, and Mr. Hoover showed a conciliatory
protection of life, property and individual liberty." temper by refraining from any spectacular display
An armed constabulary, under the direction of offi- of naval or military force. A report on Friday
cers chosen from the American Marine Corps or the that the revolt was threatening to affect the neighboring State of Santo Domingo is to be taken with
Navy, was also constituted.
The political history of Haiti under the American reservations. The commission of inquiry which
occupation has been far from happy, and sporadic Mr. Hoover has recommended, however, and which
insurrections have several times occurred. Presi- it is to be hoped Congress will authorize withdent Dartiguenave, who was elected to succeed Presi- out delay, cannot be organized and set at work too
dent Sam, was recognized by the United States only soon. If the circumstantial allegations of abuse of
on condition that the treaty of 1915 should be rati- military authority and ill-treatment of the natives
fied. A "cacoa" revolt in 1919 was put down by which have been made public in the American press
American Marines, the leader of the revolt, Charle- from time to time for several years have any founmagne Peralte, being shot and killed by Marines in dation, the facts should be ascertained as quickly
the Haitian constabulary acting in disguise. A as possible and the abuses remedied once for all;
Senate investigating committee reported that 1,500 while if the allegations are groundless or essentially
persons were killed during the revolt. President so, the Marines and their officers should be cleared
Borno, who succeeded President Dartiguenave in of the blame which it has been endeavored to fasten
1922, was chosen by the Council of State, a body upon them. It would be regrettable if the people of
which, with the approval and support of the Ameri- Haiti, after fourteen years of American supervision,
can military authority in the country, has virtually must still be adjudged unfit for any important
displaced the Parliament, no parliamentary elec- measure of self-government, but if such is the case
tions having been held since 1917. President Borno the United States should know of it beyond any
has announced his intention to retire next April, reasonable possibility of debate. There is no quesand the Department of State at Washington is re- tion that American administration in Haiti has been
ported to have congratulated him upon that de- somewhat under a cloud, or that the continuance
cision, but the Council of State which will choose of military government in that country is deeply
his successor, if parliamentary elections are not re- resented in Central and South America, but the
stored, is a body which Borno himself appointed. situation itself is at the moment too confused to
The Department of State was reported on Thursday justify either a final judgment or the detailed formuas disclaiming any right on the part of the United lation of a new policy. It is to be hoped that Mr.
States under the treaty to supervise the election if Hoover may get his commission, and that the commission may lose no time in going to the bottom of
one is held.
in
policy
Haiti
American
has been the whole matter. There is every reason to believe
Criticism of
since
the
ever
outspoken
events
of 1915 that Mr. Hoover will act promptly once he has the
frequent and
present
its
States
status
United
there.
It facts in his possession.
gave the
under
American
that
administration
is conceded
Popular Liberty and Free Banking.
there has been marked improvement in public health,
Adverting again to the admirable article in the
in roads, and in commerce, and that the finances of
the country have been reorganized and competently "Saturday Evening Post" for Nov.9 on "The Branch
directed. Outbreaks of serious disorder have gradu- Banking Problem," by former Comptroller of the
ally lessened. It is urged, on the other hand, that Currency Henry M. Dawes, upon which we corn-
3690
FINANCIAL CHRONICLE
mented in our issue of Nov.23, we take the following
striking paragraphs: "We have had a banking system, to a wonderful degree, consistent with our form
of government, geographical conditions and the temperament of our people. This is a vital requisite of
banking. So far as its mechanical operation is concerned, it has, in recent years, to a degree never
before attained, possessed flexibility and the power
to expand and contract with the needs of commerce
—not to an ideal degree, but better than any other
system ever has. It has preserved local self-government in banking and has furnished as great co-ordination and efficiency as could be claimed for a
highly concentrated system." . . . "There are
three schols of banking which could be generally
described by the terms 'unit,' chain,' and 'branch.'
The unit and branch schools are in direct opposition
in theory and practice. The advocates of both are
opposed to chain banking. The tremendous increase
in chain banking and syndicate banking is generally
considered as a precursor of branch banking, and
as a method of getting control of unit institutions
with the intention of eventually consolidating them
into a branch system. This will be stoutly denied
by some of the organizers of these syndicates. However that may be, the element of centralized control
and absentee ownership is equally present in both,
and the broad issue is between the branch and syndicated banks and the co-ordinated unit system which
now operates through the Federal Reserve."
We think too much cannot be said in favor of the
preservation of the present "unit" system of banking. We have repeatedly urged it, and find in the
succinct and comprehensive article of Mr. Dawes a
stimulation to continue in our efforts. We are convinced, as is he, that these insidious changes in the
practice of banking are tending to rob the people of
their liberty. If the free issue of local credit is
ever stopped, by consolidation of huge banking
integers with hundreds of obedient branches
throughout the country, it is difficult to see how the
Government, for its own preservation, can fail to
institute and exercise control that will be little short
of actual governmental banking. In such an event,
nothing can prevent the issue from becoming political, with the consequent disruption of business,
and a prolonged contest over the membership of
Congress that will impinge upon the very principles
and structure of our republican institutions. In the
past, from other approaches, the changes have been
rung on the evils of "monopoly," but when the socalled monopoly holds in its grasp the free issue of
credit and its natural and free distribution at the
call of "business," initiative and enterprise in production will become enslaved to a Government that
is a tyrant over the individual and citizen.
If this be true, there is nothing in the present
outlook of industry and trade that so frowns upon
what we are perhaps too often pleased to delight
in as progress. It is a significant feature of the
period of "speculation" through which we have just
passed that there has been no political outcry over
the scarcity of "money." Nor has there been any
real dissatisfaction over the freedom of credit in
the great centers of banking. If anything, credit
has been too abundant--and from sources outside
banking has thrust itself into a peculiar and prolonged craze for "speculation" in stocks. This has
had little to do with practical banking—though the
easy money policy of the Federal Reserve Board
[Vol.. 129.
unquestionably contributed to growth of the mania
that raged like a fever to its ultimate collapse. On
the other hand, if we can imagine a governmental
control of actual banking so rigid as to prevent the
natural issue of credit through trade and industry,
we must at once perceive the fatal possibilities of
parent banks and branches directed by Federal
statutes and bureaucratic methods.
The time to prevent this is now, and the power
lies in the hands of the people. In saying this we
are not unmindful that the owners of stock in the
small bank have the right to sell their interests to a
"holding company" and thus contribute to the establishment of the chain or branch system. But these
stockholders are not the depositors at large, and it
is these citizens, by their fealty to the unit independent banks who can retard and possibly prevent
the growth of these new and dangerous systems. If,
as pointed out, they perceive the limitations placed
upon the free issue of local credit and the inevitable
throttling of initiative and enterprise (the unit bank
correspondent system being now in a flourishing
condition and entirely adequate and effective) they
may see it as a personal and public duty to stand
by their independent banks. Credit in its nature is
protean. Corporate credits in the form of stocks
and bonds have become a part of universal business.
But it is necessary, especially to the wellbeing of
the individual, merchant, and farmer, that banks
as fountains of credit exist and function according
to the needs of communities.
Much is made over the failure of small banks.
Investigation will show that conditions of war's
aftermath were the cause and not the nature of
these banks themselves, and only a portion of the
failures due to inherently bad management. No
justification lies in this for a radical change in the
banking system. To give up a free popular system
under which a country has enormously prospered
for a new system in which communities would be
forced to derive their business life from alien powers
in the hands of bureaucracy would be exchanging
life for death. All this is becoming well understood. But public opinion, the arbiter of destiny,
must make itself felt if this recent movement is to
be stayed.
There is one feature in the process that has not
been sufficiently stressed. States, counties, municipalities, school and road districts have funds of
their own. They employ local banking institutions
as their depositaries. Often extra security in the
form of bonds or bonded guaranty is required to
cover these deposits in addition to the strength of
the local depositary. Under the present unit correspondent system these funds are immediately and
directly available for local needs, but under a branch
banking system the return of these deposits depends
upon the option of the controlling powers; that is,
lies in the will of the parent bank and not in the will
of the local unit bank. In other words, the States,
counties and municipalities are placing their tax.
funds in alien hands outside their own jurisdiction
and subject to the general conduct of the parent
bank of which the branch is but a menial agency,
and they are doing this directly. Will the people
endorse this form of concentration, this plan of
centralization? It behooves them to think seriously
on this sequence. It behooves them to know that
they are thus lending their tax-power to tie their
own hands.
DEC. 14 1929.]
FINANCIAL CHRONICLE
3691
Gross and Net Earnings of United States Railroads
for the Month of October
ings alike, and improved results likewise for all the
different sections of the country and for all the leading groups therein, as well as nearly all the several
roads with only a few minor exceptions. And moreover, we added that it was many a long month since
it had been possible to make such a broad and unqualified statement as to the character of the exhibit.
The fact that the gains then recorded represented
in part a recovery of what the roads, speaking of them
collectively, had lost in the same month of 1927, did
not alter the significance of the showing, as it indicated in any event a marked change for the better
and furthermore was in sharp contrast with the experience in preceding months for a long time past.
As one reason for the improvement, we pointed out
that October 1928 had had a distinct advantage in
the circumstance that the month had contained only
four Sundays, whereas October 1927 had had five,
giving the roads an extra working day. This advantage, it is proper to say, was retained in October the
present year.
As to the other advantages enumerated as having
then been enjoyed, the point of importance is how
many of them existed and were retained the present
year. The country then was on a rising tide of activity and prosperity, which continued to swell and to
broaden all through 1929 until, it may be said, the
autumn of the current year, when a slight recession
occurred. The activity in 1928 found chief reflection
in.the iron and steel trade, in the automobile industry
and a greatly enlarged output of coal, and, as it
happened, there was also at that time an unusually
Inc.(+)or Dee.(—).
1928.
1929.
'
Month of October—
heavy movement of grain to market. This latter
241,451
+171 +0.07%
241.622
Miles of road (181 roads)___
—39,890,014 —1.61% was not repeated the present year, but instead a
3607,584,997 8617,475,011
Gross earnings
+2,293,358 +0.57%
403,249,056 400,955,698
Operating expenses
great shrinkage in the grain movement occurred, and
+1.43%
64.93%
66.36%
Ratio of expenses to earnings
this latter would appear to have been the most potent
$204,335,941 $216,519.313 —412.183,372 —5.63%
Net earnings
cause of the falling off in traffic and revenues the
In seeking to account for the poorer exhibit on this present year.
occasion, it is obvious that the panic in the stock marIn brief, there was a slight slackening of trade
ket could have played no part in reducing revenues, activity in October 1929 as compared with October
inasmuch as this did not develop until towards the 1928, and in addition there was a tremendous conclose of the month and time, of course, is needed to traction on Western roads in the movement of grain
reflect even partial effects on trade and business, to market from the primary shipping points. The
in
and therefore on the traffic and revenues of the coun- production of steel ingots in the United States
against
as
tons
4,511,650
at
estimated
is
1929
October
try's transportation lines. But at least one point
tons in October last year, showing a relaof difference between the comparisons for September 4,649,968
tively slight decrease, while the make of iron, accordand those for October deserve to be pointed out. ing to the figures of the "Iron Age" was actually
In September the disappointment followed because somewhat larger, being placed at 3,588,118 tons for
the relatively slight gains of the present year came October 1929, against 3,373,806 tons in October 1928,
after severe losses in two successive previous years, and comparing with only 2,784,112 tons in October
that is, 1927 and 1928. On the other hand, this 1927. Also the automobile output was a little, though
year's October losses come after very substantial not much, smaller, the production of motor vehicles
gains in 1928, marking an important difference. In a in the United States as reported to the Department
word, in October we are comparing with greatly im- of Commerce having been 379,942 for October 1929
proved results in the preceding year, whereas in Sep- as against 397,284 in October 1928, but comparing
production,
tember the exact reverse was the case and that is a with only 219,682 in October 1927. Coal
is
would
appear to
bituminous
concerned,
as
far
as
point which must be borne in mind in considering the
in the previous
as
the
same
substantially
been
have
slight setback witnessed the present year. In comyear and the statement is true also of the anthracite
menting upon the favorable showing made for the output. In October last year a great revival in the
month of October a year ago we were prompted to bituminous coal trade was a distinctive feature, the
say that at length we had a monthly exhibit of rail- product in that month aggregated 51,176,000 tons,
way earnings which was quite uniformly of a favorable which compared with only 43,827,000 tons in October
nature—a statement showing improved results over 1927. For October the present year, the bituminous
the same month of 1927 in gross earnings and net earn- output is estimated at 51,235,000 tons. The anthra-
In reviewing the earnings of United States railroads
for the month of September, we pointed out that
they had proved a distinct disappointment in the
relatively slight gains they disclosed as compared
with the corresponding month in 1928. Our tabulations now for the month of October are a still greater
disappointment in that they show an absolute decrease in earnings, both gross and net, as compared
with the same month the previous year, albeit the
falling off is relatively small. In this we are referring
to the grand totals of the revenues covering the entire
country. In the case of many separate roads and
systems, especially in the western half of the country,
the losses are quite heavy, making the disappointment still keener and calling for a study and analysis
of the results in order to arrive at the reason or reasons
for the unfavorable outcome. Our tabulations show
that the gross earnings for the month of October the
present year fell $9,890,014, or 1.61%, below the total
for October last year, and as this was attended by a
slight increase in expenses, namely $2,293,358 or
0.57%, the net earnings, before the deduction of the
taxes, show a diminution in the sum of $12,183,372,
or 5.63%. It should be added that October is the
first month of the current calendar year in which
either gross or net earnings have recorded any decrease from the figures of the preceding year. The
grand totals for the month this year and last are
shown in the table which follows:
3692
FINANCIAL CHRONICLE
[Vor. 129.
cite product is put at 8,332,000 tons in October 1929, son falls $136,649 behind in gross and $389,738 beas compared with 8,400,000 tons in October 1928.
hind in net. The Rock Island enlarged its gross by
Altogether these various statistics indicate only a $529,909 and its net by $435,625. The St. Louisslight falling off in railroad traffic as a whole and this San Francisco has added $499,833 to gross and
view finds confirmation in the statistics of carloading $58,644 to net; the Missouri Pacific $788,125 to gross
for the country as a whole. For the four weeks of and $598,762 to net. On the other hand, the Texas
October the Car Service Division of the American & Pacific, which in previous years by reason of the
Railway Association reports the loading of revenue oil developments in Northern Texas enjoyed really
freight at 4,677,375 cars, as against 4,703,882 cars, phenomenal gains, for October the present year has
in the four weeks of 1928, but comparing with only suffered a loss of $794,636 in gross and of $378,957
4,464,872 cars in the corresponding four weeks of in net. The International & Great Northern also
1927. These last mentioned figures cover railroad falls heavily behind, having lost $302,061 in gross
tonnage of every kind, of course, including grain, and $195,874 in net. The Missouri-Kansas-Texas
and in the grain movement a tremendous shrinkage shows $286,683 decrease in gross, but has converted
occurred.
this into an increase in net of $180,060.
The contrast between the relatively slight grain
Southern roads, too, are many of them again
movement the present year and the exceptionally doing poorly, unfavorable weather conditions being
heavy movement last year is one of the most note- in some instances responsible for this. The roads
worthy on record. Last year all the conditions running through and connecting with Florida are
favored a large grain movement. The present year, once more suffering contraction of their revenues,
on the other hand, virtually all the conditions were following a long series of decreases in preceding
adverse and served to retard the movement of grain years. Thus the Atlantic Coast Line shows $777,from the farm to the primary markets. In the North- 901 decrease in gross and $521,968 decrease in net,
west, moreover, the spring wheat crop suffered a following $258,043 decrease in gross with $397,087
partial failure and this played its part in reducing increase in net in October 1928 and $1,354,379
shipments to market. In addition there was a com- decrease in gross and $782,279 decrease in net in
paratively light export demand for wheat, besides October 1927. The Florida East Coast shows $120,which grain prices ruled very low, making farmers 356 decrease in gross and $194,890 decrease in
inclined to hold back their wheat. Furthermore the net, after $133,901 decrease in gross with $74,062
new Federal Farm Loan Board by its readiness to increase in net in October 1928, and $998,087 demake advances on grain under proper conditions at cline in gross and $495,376 decline in net in 1927;
relatively high prices encouraged farmers in the and the Seaboard Air Line is obliged to report
process of holding back the grain. An analysis of $367,685 decrease in gross and $378,631 in net,
the grain figures for the month is furnished in a following $51,424 decrease in gross and $15,549 deseparate paragraph further along in this article, but crease in net in 1928, and $580,090 shrinkage in'
as indicating the extent of the shrinkage which oc- gross and $146,866 in net in 1927. Numerous other
curred we may note here that for the four weeks instances of the same kind might be mentioned.
ended Oct. 27 the aggregate of the grain receipts at The Louisville & Nashville loses $650,192 in gross
the Western primary markets was only 74,025,000 and $663,416 in net, after $458,480 decrease in gross
bushels, as against no less than 122,847,000 bushels with $252,017 increase in net in 1928, and $7,381
in the corresponding four weeks of 1928.
increase in gross with $9,228 decrease in net in
This great contraction in the grain movement, October 1927. The Southern Ry. this time has
along with the low prices ruling for grain and the suffered with the rest and reports a loss of $282,957
reduced yield of spring wheat in the Northwest, all in gross and of $503,687 in net, lollowing $247,157
tending to lower the consuming capacity of the farm- gain in gross and $125,314 gain in net last year
ing population, while serving directly to diminish and $369,807 loss in gross and $101,885 loss in
railroad tonnage, must be accepted as explaining the net in 1927.
large and quite general losses in the earnings of
In the East the New England roads all give a
Western roads, more especially as comparison was, as good account of themselves, the New Haven, for
already noted, with exceptionally heavy receipts in instance, having enlarged its gross by $1,045,720
the corresponding period last year. In the North- and its net by $369,561. The great East and West
west we find the Milwaukee & St. Paul reporting trunk lines show somewhat irregular results. The
$1,289,471 decrease in gross and $1,095 566 decrease Pennsylvania RR. has bettered its gross of last
in net; the Great Northern $4,284,860 decrease in year by $2,630,641 and its net by $755,353. On
gross and $2,817,562 in net; the Northern Pacific the other hand, the New York Central shows only
$2,371,179 in gross and $2,014,197 in net; the "Soo" $588,707 gain in gross with $161,073 loss in net.
$1,564,960 in gross and $1,231,569 in net, with the This is for the Central itself. Including the various
Chicago & North Western and the various other roads auxiliary and controlled roads, the gain in gross is
in that part of the country also showing larger or reduced to $43,348 and the loss in net raised to
smaller decreases.
$1,179,738. The Baltimore & Ohio shows $317,542
As we pass further South in the Western half of increase in gross with $741,196 decrease in net
the country the comparisons get better, but numerous and the Erie has $82,602 gain in gross with $139,020
losses neverthless appear, some for quite considerable loss in net. The Lehigh Valley has lost $375,154 in
amounts. The Burlington & Quincy suffered a de- gross and $322,147 in net; the Delaware Lackawanna
crease of $705,556 in gross and of $239,629 in net. & Western $232,537 in gross and $78,893 in net,
The Union Pacific reports $254,965 loss in gross, with and the Delaware & Hudson reports $70,797 decrease
$201,936 gain in net, and the Southern Pacific in gross with $39,363 increase in net. In the fol$92,048 loss in gross with $236,704 gain in net. In lowing we show all changes for the separate roads
the Southwest the comparisons are quite good and a or systems for amounts in excess of $100,000, whether
number of substantial gains appear, though the Atchi- Increases or decreases, and in both gross and net:
DEC. 14 1929.]
FINANCIAL CiiitONICLE
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF OCTOBER 1929.
Decrease.
Increase. 1
Pennsylvania
690,273
$2,630,641'Reading
N Y N II & Hartford-- 1,045.720 Louisville dr Nashville
650,192
Missouri Pacific
788.125 Lehigh Valley
375.154
Norfolk 84 Western
367.685
700,314 Seaboard Air Line
New York Central (a).302.061
588.707 Internal Great Northern
Chicago R I & Gull' (2)529.909 Hocking Valley
295.366
St Louis-San Fran (3)....
499.833 Missouri-Kansas-Texas....
286.683
Wabash
282.957
381.203 Southern Railway
Baltimore & Ohio
317.542 Western Pacific
272.727
Boston & Maine
283.638 , Union Pacific (4)
254.965
Maine Central.
280,268 Chicago & North West-250,953
Yazoo & Miss Valley_
248,239 Del Lack & Western-232.537
Bangor & Aroostook---244.945 Duluth & Iron Range_-219.531
230.478 Illinois Central
N Y Chicago & St Louis_
207,071
Colorado & Southern (2)
193.009 Detroit Toledo 8z Ironton
203,456
Virginian
136,346 Chicago & Alton
192,857
Denver & Rio Or West134,777 Wheeling & Lake Erie189.597
Kansas City Southern__
131,151 Grand Trunk Western
157.287
Cline New On & Tex Pac
115.959 Norfolk & Southern
143.632
Minneapolis & St Louis....
141,081
$9,480.804 Detroit Or Hay & Milw_
Total (20 roads)
138.632
Decrease. Chicago & East Illinois.
137.666
Great Northern
$4,284,860 Atch Topeka & 8 Fe (3)
136.649
Northern Pacific
2,371,179 St Louis Southwest (2)128,405
Minn St Paul & S 8 M.... 1,564.960 Florida East Coast
120.356
Chic Milw St Paul & Pac 1.289,471 Nashv Chatt & St Louis
109,369
Texas & Pacific
794,636 Pittsburgh & West Va.109,074
Atlantic Coast Line
777.901 N Y Ontario & Western_
109,054
Chicago Burl & Quincy705.556
Michigan Central
661.768
Total (45 roads)
$19,155.601
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase of $43,348.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF OCTOBER 1929.
Increase.
Decrease.
Norfolk & Western
$989,808 Atlantic Coast Line
521,968
Pennsylvania
755,353 Southern Railway
503.687
Missouri Pacific
598,762 Reading
446,900
Chicago R I & Gulf (2)435,625 Pere Marquette
427,278
NYNH & Hartford.....
369.561 Atch Topeka & S Fe (3)
389.738
ElginJoliet & Eastern-291,348 Texas Sc Pacific
378.957
Los Angeles & Salt Lake
378.631
259,720 Seaboard Air Line
Southern Pacific (2).......
236.704 Western Pacific
336,604
UnionPacific (4)
322.147
201,936 Lehigh Valley
Maine Central
310,115
191,382 C C 0 & St Louis
Missouri-Kansas-Texas.180,060 Hocking Valley
261.409
Denver & Rio Or West.._
148,950 Chicago Burl & Quincy_
239,629
Bangor & Aroostook- _-133,733 Detroit Toledo & Ironton
203,432
Can Pac Lines in Maine_
121.764 Florida East Coast
194,890
Boston & Maine
114,026 Internat Sf Great North_
194,874
Colorado & Southern (2)
106,899 Wheeling & Lake Erie-188.435
Duluth 8z Iron Range-182.641
Total (22 roads)
$5,135,631 Chicago & East Illinois...
176,928
Decrease. StLouis Southwest (2)..
172.278
Great Northern
$2.817,562 New York Central (al-.
161,073
Northern Pacific
2,014,197 Grand Trunk Western-157.063
Minn St Paul & 5 B M.- 1,231,569 Minneapolis & St Louis.
155,945
Chic Milw St Paul & Pac 1,095,566 Erie(3)
139,020
- Michigan Central
764.089 Pittsburgh & West Va-135,389
Baltimore & Ohio
741,196 N Y Chicago & St Louis
117,304
Louisville & Nashville663,416 Charleston SC West Car...
102.786
Illinois Central
632.465
Chesapeake& Ohio
Total (39 roads)
588.702
$17,447.883
a These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four." &c., the result is a decrease of $1,179,738.
When the roads are arranged in groups or geographical divisions, according to location, the showing is in accord with the explanations already made.
In the Eastern District we find an increase in gross
with a decrease in net and with the New England
region standing alone in showing an improvement in
gross and net alike. The Southern region has lost
heavily in both gross and net, though the Pocahontas
region in the Southern District shows a moderate improvement in both gross and net. In the Western
District the Northwestern region stands out prominently for the extent of its loss in both gross and
net. 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.
Gross Earning
District and Region.
1928.
Inc.(+) or Dec.(-).
1929.
Meath of October.
$
$
8
Eastern District%
New England region (10 roads).- 26,734,792 24,873,433 +1,861,359 +7.46
-672,540 -0 93
Great Lakes region (34 roads)._ _107,756.492 108,429,032
Central Eastern region (28 roads)135,238,236 133,994,339 +1.243,897 +0.92
Total(72 roads)
Southern DistrictSouthern region (30 roads)
Pocahontas region (4 roads)
269,729,520 267,298,804
68,475,264
26,253.538
70,778,341
25,441,317
+2,432,716
+0.91
-2,303,077
+812.221
-3.26
+3.19
94,728,802 96,219,658 -1,490,856 -1.56
Total(34 roads)
Western DistrictNorthwestern region (18 roads)._ 75,449,389 86,126,725 -10,677,356 -12.40
-434.758 -0.40
Central Western reg'n (24 roads)110.677,385 111,112,143
+280,240 +0.51
Southwestern region (33 roads)-. 58,1199,921 56,719,681
243,126,675 253,958,549 -10,831,874 -4.26
Total(75 roads)
Total all districts (181 roads)_607,384,997 617,475,011 -9,890,014 -1.61
Net Earning
District and Region.
1929.
1928.
Inc.(+) Of Dec.(-).
Month of Oct. -Mileage8
$
2
Eastern Distrkt- 1929 1928.
%
+989,425 +12.39
New England reten 7.332 7,333 8,073,820 7.984,395
Great Lakes region 24,834 24,869 31,171.683 33.516.773 -2,345.090 -7.00
central East. reg'n 27,315 27,266 42,279,003 43,689,163 -1,409.260 -3.23
59,481 59,468 82,425.406 85,190,331 -2,764,925 -3.25
Total
Southern DififiCi40,126 40,102 18,175,007 21,341,039 -3,166.032 -14.83
Southern region
+434,946 +4.05
Pocahontas region 5,638 5,633 11,170,777 10,735,831
45,764 45.735 29,345,784 32,078,870 -2,731,086 -8.52
Total
Western DistrictNorthwest. region 48,938 48,911 27,723,136 35,348,064 -7,624.928 -12.15
+636.057 +1.58
Central West.reg'n 52,631 52,359 44.704.756 44.068,699
+301,510 +1.51
Southwestern reg'n 34,808 34,978 20,136,859 19,835,349
Total
136.377 136,248 92,564,751 09,252,112 -6.687,361 -6.71
Total all districts_241.622 241.451 204,335,941 216,519,313 -12,183,372 -5.83
3693
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region -This region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg;
W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth
Southern Region.-Thle region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Regton.-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region -This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louts to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As already indicated, Western roads in October the
present year suffered a heavy contraction of their
grain traffic as compared to the same month a year
ago. It is proper to state, however, that the movement last year was of very exceptional proportions,
the wheat receipts in particular being heavy. This
year in October, while the volume of corn and oats
moved was substantially larger than a year ago, the
movement of wheat, barley and rye was on a greatly
reduced scale. In other words, the receipts of wheat
at the Western primary markets for the four weeks
ended Oct. 27 1929 were only 34,503,000 bushels, as
against 78,280,000 bushels in the corresponding four
weeks of 1928; the receipts of corn 17,053,000 bushels,
as compared with 11,191,000 bushels; the receipts of
oats 14,510,000 bushels, as compared with 12,611,000
bushels; of barley 4,964,000 bushels, as against 14,784,000, and the receipts of rye 2,995,000, against
5,981,000 bushels. For the five cereals, combined,
the receipts at the Western primary markets for the
four weeks of Oct. 29 were no more than 74,025,000
bushels, as against 122,847,000 bushels last year.
The details of the Western grain movement in our
usual form are set out in the subjoined table:
WESTERN FLOUR AND GRAIN RECEIPTS.
Corn,
Oats.
Barley.
Wheat.
4 Wks.End. Flour,
(bush.)
(bush.)
(bush.)
Oct. 27.
(bush.)
(bbls.)
Chicago673,000
1929.... 1,028,000 1,409,000 8,145,000 3,966,000
1928 __ 1.137,000 4,161.000 3.076.000 3.191.000 2,185,000
Milwaukee762,000 1,913,000 1.173,000
259,000
1029......209,000
807.000 1,922,000
1928...... 264,000
628.000
237,000
EL Louts-269,000
1929
566.000 2,482.000 1,801,000 1.232,000
435,000
1928..__ 518,000 5,202.000 1,716,000 1,86.000
Toledo411.000
88.000
211.000
l029..,._1,012.000
40,000
85.000
520.000
1928
1,038,000
Detroit35.000
48,000
5,000
1929
64.000
50,000
114,000
65,000
1928.....201,000
Peoria572.000
208,000
1929
157,000 2,252,000
167,000
513,000
1928
261,000
240.000
235,000 1,681,000
Duluth889,000
9,465,000
200,000 1,499.000
1929 2,000
505,000 5.899,000
1928 _
29.547.000
Minneapolis1929
5.018.000
660,000 2,624,000 1,406,000
1928 -23,674,000
285,000 2,260.000 3,939,000
Kansas City-'1929.
453,000
16,000 5,950,000 1.356.000
1928
6,999,000 1,083,000
486.000
Oma a &Indfanapolts-1929 _
2,568,000 2,675,000 1,418,000
6,000
3,701,000 2,210,000 1,542,000
1928 Stour OW201,003
592,000
1929
446,000
18,000
340,000
522,000
1928 303,000
38,000
St. Joseph459,000
1929......1,229,000
69.000
6,000
1.064.000
402,000
1928 218,000
Wichita133,000
141,000
1.334,000
1929 1,517,000
44,000
1928
69.000
Total all
1929
1,986,000 34,503.000 17,053,000 14,510,000 4,964,000
1928.... 2,159,000 78,280,000 11,191,000 12,611,000 14,784,000
Rye.
(bush.)
1,014,000
1,605,000
.54.000
484,000
64,000
42,000
221.000
7.000
4,000
48,000
4.000
3,000
886.000
2,412,000
705.000
1,355,000
32,000
3.000
1.000
2,995,000
5,981,000
The Western livestock movement, too, was on a
reduced scale as compared with October last year.
At Chicago the receipts comprised only 20,634 carloads, as against 21,668 carloads in October 1928; at
Kansas City 11,217 carloads, as against 11,713 carloads, though at Omaha the receipts were 8,702 carloads, against 8,162 ears.
3694
FINANCIAL CHRONICLE
Coming now to the cotton movement in the South,
this was somewhat smaller than in the month a year
ago. Gross shipments overland in October the present year aggregated 84,965 bales, as against 91,536
bales in 1928; 61,212 bales in 1927; 253,309 bales in
1926; 266,354 bales in 1925, and 214,250 bales in 1924.
The receipts at the Southern outports during October
1929 were 2,314,730 bales, against 2,421,886 bales in
October 1928, and 1,764,018 bales in 1927.
RESULTS FOR EARLIER YEARS.
As already explained, while for October 1929 our
tabulations show $9,890,014 loss in gross and 812,183,372 loss in net for the railroads of the United
States as a whole, this comes after very notable improvement in October 1928 when our tabulations
registered no less than $36,755,850 gain in gross and
$35,437,734 gain in net. On the other hand this
improvement in part was a recovery of losses sustained in October 1927, when the roads fell $23,440,266 behind in gross and $13,364,491 behind in
net as compared with 1926. Carrying the comparisons further back we find that the 1927 decreases
followed increases in 1926 not materially different
from the 1927 losses, the 1926 gains having been
$18,043,581 in gross and $13,361,419 in net. In
the year before, too, that is 1925, the record was
one of increases in gross and net alike-318,585,008
in gross and $12,054,757 in the net; this was notwithstanding the heavy losses then suffered by the
anthracite carriers on account of the strike then
carried on in the anthracite regions, but at least,
as far as the gross earnings are concerned, the 1925
gain was little more than a recovery of the loss sustained in October 1924, a year when industrial activity was at a low ebb because of the then pending
Presidential election. In other words, in October
1924 there was a loss in gross of $15,135,757 as compared with 1923. In the net, there was no falling
off in October 1924, but rather an improvement in
the considerable sum of $26,209,836, due to the great
curtailment of operating expenses then effected as
a result of increasing efficiency of operations.
As a matter of fact, improvement in net results
has been a distinctive feature of the returns in virtually all the years (barring only 1927 and 1929)
since the abandonment of Government operations and
the return of the roads to private control, just as in
the period preceding net results had been growing
steadily worse, year by year. In October 1923 our
compilations showed 837,248,224 gain in gross, and
$20,895,378 gain in net. It is true that if we go back
still another year, to 1922, we find that gross earnings then increased only $13,074,292, following a
tremendous loss in the year preceding (1921), when
trade was extremely depressed, and this was attended
by an augmentation in expenses of $30,758,244,
leaving, therefore, an actual loss in the net for the
month in that year of $17,683,952. On the other
hand, however, the fact should not escape attention
that in October 1921 a 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
[VoL. 129.
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 this remark. The roads had then just been favored with
a new advance in rates, calculated to add $125,000,000 a month to their gross earnings, and accordingly
our tabulations then showed an increase in gross
earnings in amount of $130,570,938, or 25.94%; but
unfortunately, $115,634,417 of this was consumed
by augmented expenses, leaving only $14,936,521
gain in the net earnings, or 14.49%. This growth
in the expenses had added significance in view of
the huge rise in operating costs in preceding years.
Thus in October 1919 our tables showed $18,942,496
increase in gross, accompanied by $21,136,161 increase in expenses, leaving actually $2,193,665 loss
in net. In October 1918, owing to the first great
advance in passenger and freight rates made by the
Director-General of Railroads under Government
control, gross earnings registered a gain in the
large sum of $106,956,817, or 28.30%, but expenses
moved up in amount of $122,450,404, or 47.97%—
causing a loss in net of $15,493,587, or 12.63%. In
October 1917 the situation was much the same. The
gross at that time increased $43,937,332, but expenses ran up in amount of $50,267,176, leaving net
smaller by $6,329,844. In the following we furnish
a summary of the October comparisons of gross and
net for each year back to 1906. For 1910, 1909 and
1908 we use the Inter-State Commerce totals, but
for the preceding years we give the results just as
registered by our own tables each year —a portion
of the railroad mileage of the country being then
unrepresented in the totals because of the refusal
at that time of some of the roads to report monthly
figures for publication.
. Net Earnings.
Gross Earnings.
Year.
Year
Given.
Inc.(+)or
Year
Preceding. Dec. (—).
Year
Given.
Year
Preceding.
Inc.(+)or
Dec. (—).
Oct.
$
i
$
$
$
$
1906_ 143,336.728 128,494,525 +14.842.203 51,685,226 46.826,357 +4,858,869
1907.154,309,199 141,032,238 +13,276,961 46,983,606 50,847,903 —3,864,297
1908.232,230,451 250,426,583 —18,106,132 88,534,455 83,368,002 +5,176,453
1909.261,117,144 232,556,223 +28,560,921 104.163,774 88,803,236 +15,360,538
1910.263,464,605 260,821,546 +2,643,059 93,612.224 104,101,228 —10.489,004
1911.260,482,221 259,111.859 +1,370.362 93.836,492 91,725,725 +2,101,767
1912 _ 293,738.091 258,473,408 +35,264.683 108,046.804 93.224,776 +14,282.028
1913.299,195,006 300,476,017 —1.281.011 97,700.506 110,811,359 —13.110.853
1914.269,325.262 298,060,118-28,740.856 87,666,694 95,674.714 —8,014.020
1915 _ 311.179.375 274,091.434 +37,087,941 119,325,551 89,244.989 +30,f79.862
1916.345,790,899 310.740313 +35.050,786 130,861,148 110,063,024 +11,798,120
1917.389,017.309 345,079,933 +43,937,332 125.244,540 131,574,384 —6,329,844
1918.484.824,750 377,867,933 + 106956817 107,088.318 122,581,905 —15,493,587
1919 _ 508,023.854 489.081,358 +18.942,496 104,003,198 106,196,863 —2.193.664
1920.633.852,568 503,281.630 + 130570938 117.998,825 103,062,304 +14,936,521
1921.534,332,833 640,255.263 —105922430 137,928,640 115,397,560 +22,531,080
1922 _ 545,759,206 532,684.914 +13.074,292 120,216.296 139,900,248 —17,683,952
1923.586.328.886 549,080,662 +37.248,224 141.922,971 121,027.593 +20,895,378
1924.571.405.130 586,540,887 —15,135,757 168,750,421 142,540,585 +26.209,836
1926. 590,161.040571,576.038 +18,585,008 180,695,428 168,640,671 +12,054.757
1920. 604,052,017 586,008.436 +18,043,581 193,990,813 180,629,394 +13,361,419
1927 _ 582.542.179 605,982.445 —23,440,266 180,919,048 194,283,539 —13,364,491
1928 - 616,710,737 579,954.887 +36,755.850 216,522,015 181,084,281 +35,437,734
1929.607,584,997 617,475.011 —9.890.014 204.335,941 216.519.313 —12,183,372
Note.—In 1906 the number of roads included for the month of October was 91; In
1907. 88; In 1908 the returns were based on 231,721 miles In 1909 on 238,955 miles
In 1910 on 241.214
in 1911 on 236,291 miles; in 1912 on 237,217 miles: in 1913
on 243,690 miles: In 1914 on 244,917 miles: in 1915 on 248,072 miles; in 1916 on
246,683 miles; in 1917 on 247.048 miles; in 1918 on 230,184 miles; in 1919 on 232,192
miles; in 1920 on 231,429 miles: in 1921 on 235,228 miles; in 1022 on 233,872 miles:
In 1923 op 235.608 miles: In 1924 on 235,189 miles: in 1925 on 236,724 miles: In
1926 on 236,654 miles: In 1927 on 238,828 miles: In 1928 on 240,661 miles, and In
1929 on 241.622 miles.
DEC. 14 1929.]
3695
FINANCIAL CHRONICLE
The New Capital Flotations During the Month of November and for the
Eleven Months Ending with November
The panic on the Stock Exchange played havoc with
financing of every description, and, accordingly, there is
little to say in regard to the new capital flotations during
November beyond noting that the aggregate of the new
Issues brought out was extremely small. With values on
the Stock Exchange shrinking at a frightful rate, the time
was obviously highly unpropitious for the offering of new
securities, and bankers and investment houses hence confined themselves to the bringing out of issues previously
arranged for or to receiving subscriptions on offerings
previously announced; indeed, in not a few instances rights
to subscribe were entirely withdrawn because the drop in
prices on the Stock Exchange had deprived them of any
value and in other cases the dates of the subscriptions were
deferred in order to give those to whom they were offered
more time in which to raise the cash required to make the
Shrinkage in the municipal bond awards which for the
month the present year were only $84,092,716, as against
$171,281,282 in the corresponding month of last year accounts
for a part of the falling off. As to this diminution, however, in municipal financing it deserves to be noted that the
amount last year included $55,000,000 of bonds placed by
the City of New York. The present year New York City
had to defer its financing until December, $65,000,000 of
new bonds having been disposed of this very week. The
City had originally advertised for bids for $60,000,000 of
new bonds to be opened on October 30, but was obliged to
postpone the sale until the present week on account of the
panic in the stock market.
The tendency to make bond issues and preferred stocks
palatable by according to the purchaser rights to acquire
common stock is noted again in November, although in this
month applying entirely to offerings of relatively small
subscription payments.
Our tabulations, as always, include the stock, bond, and size. There were only two offerings of $1,000,000, or more,
note issues by corporations, by holding, investment and trad- in November with provisions of this nature. These issues
ing companies of one kind or another, and by States and were:
municipalities, foreign and domestic, and also farm loan ISSUES FLOATED IN NOVEMBER WITH CONVERTIBLE FEATURES OR CARRYING SUBSCRIPTION RIGHTS
emissions. The grand total of the offerings of securities
OR WARRANTS.
1 1934, convertible into
under these various heads during November aggregated no $3.000.000 Glenn L. Martin Co. cony. 6s Nov.
stock at rate of 50 shares for each $1,000 of
common
of
shares
haie
notes at any time prior to maturity or earlier redemption.
more than $297,369,025, which, with the single exception
Merchants Finance Corp. (Calif.) cony. 63is A Nov. 1 1944.
1,000.000
of August 1928, is the smallest total for any month
convertible into common stock at any time (except during. 3
days immediately prior to date upon which same may be called
of any year since that for July 1923. In sharp conshares to 8 shares of
rneabasiinginj
foo
for redoenmErion)
notes.
ch
ck
trast the new offerings in October, when the total had
Investment Trusts played only a very minor part in the
already begun to dwindle because of Stock Exchange concapital flotations during November. This is in sharp
new
ditions, footed up $877,617,670, while in September, when all
with the state of things in previous months when
contrast
records of monthly totals for new capital Issues were broken,
were conspicuously prominent in emitting new securithe new flotations mounted to $1,614,744,164. In August the they
trusts and holding and trading comnew offerings footed up $868,424,671; in July they were ties. As investment
so sharply from new financing of
differ
obviously
panies
$939,885,041 and in June $789,707,377. In May the new
again made computations to
have
we
descriptions
other
financing was also of very exceptional magnitude aggregatthe grand totals of the new
to
contributions
their
indicate
ing no less than $1,511,714,703, several offerings of huge size
even though the amount this
month,
the
issues
for
capital
having in that month swelled the total to unexampled dimenis quite insignificant. It is desirable also to have the
sions (the most prominent of these having been the offering time
respect complete for the eleven months since
of $101,660,500 of new common stock by the United States record in that
inclusion of the November figures. In our
the
by
1
Jan.
Steel Corporation to its shareholders at $140 per share,
of the corporate financing given at length
analysis
detailed
Involving $142,324,700; the offering of $108,250,550 Anaform these security offerings by
tabular
in
each
month
conda Copper Mining stock at $55 per share of $50, and
and trading companies are
holding
and
trusts
Investment
representing therefore $119,075,605, and $219,000,000 Ameri"Miscellaneous." For the
designation
the
under
grouped
of
a
result
all of
can Tel. & Tel. cony, debentures), as
total of $202,131,309 of
grand
a
of
out
month of November,
which the financing was brought to a figure that had never
$33,893,400 conforeign,
and
domestic
financing,
previously been even closely approached up to that time. corporate
miscellaneous, and
as
classed
thus
corporations
of
sisted
In April the total of the new financing footed up $816,329,711.
find that only $3,435,000 of this comprised financing
In March the total was $1,047,473,452; in February $1,019,- we
by investment trusts and holding and trading comdone
431,752, and in January $1,065,575,103. In December 1928
On the other hand, out of a total of $9,620,613,679
panies.
or
far in excess of
the offerings aggregated $1,178,659,551,
of new corporate issues brought out during the eleven
any previous monthly total prior to that time.
of the present year ending with November, $3,459,No foreign government issues of any kind were floated months
consisted of corporations classified as "Miscel344,878
in the New York market during November this year, and
laneous," and out of this latter no less than $2,443,418,380
In fact only a single foreign corporate issue, for less than comprised issues brought out by investment trusts and hold$25,000,000. The total of the corporate issues, including the ing companies. In the following we show the figures for
foreign corporate issue referred to, was no more than each of the eleven months separately and also indicate what
$202,131,309, which compares with $760,629,487 of corporate portion of the financing by these investment trusts and
bonds and notes and
Issues, foreign and domestic, in November last year. But holding companies was in the shape of
stock
of
issues:
portion
consisted
what
though the corporate issues were so heavily reduced they
FINANCING BY INVESTMENT TRUSTS AND TRADING AND HOLDING
retained the same characteristics as in all preceding months,
COMPANIES DURING FIRST ELEVEN MONTHS OF 1929
that is the preponderating portion of the whole consisted of
Grand
Long Term
Short Term
Total.
Stocks.
1929.
Bonds et Notes. Bonds & Notes.
stock, as distinguished from bond and note issues. The
$
the
for
$
financing
month
corporate
$
$
total of the domestic
265,645.500
256.645.500
January
9,000.000
197,314,050
175.814,050
February
this
and
only
of
$177,092,970
21.500,000
than
more
aggregated no
149.963,088
102,963.088
March
47.000.000
99.756.500
98.256,500
1,500,000
$51,260,000 consisted of bonds and notes, while $122,673,570 April
90.356.200
90.356.200
May
85.8.53.724
76,853,724
9.000.000
comprised common stock issues and $4,050,400 consisted of June
222,011.290
201.761.290
preferred stock.
The grand total of new financing of all kinds for the
month, including municipal bond awards, at $297,369,025
compares with $963,043,269 for November of last year.
July
August
September
October
November
20,250,000
4,000,000
2,250.000
481.735,612
640,897.100
199,200,316
3,435,000
485.735.612
643,147.100
200.200.316
3,435,000
1000.003 132.327,918,380
2,443,418,380
1,000.000
9114.500.000
a Includes 126,000.000 Canadian. b Includes 11.925,000 Canadian.
3696
FINANCIAL CHRONICLE
Before going into our analysis of the corporate flotations
during November, it is to be noted that, in addition to the
announcements made during October of the withdrawal or
'extension of the date of subscription rights, additional
cases of extension of rights appeared during November.
There were also several instances of proposed financing
being deferred for the present in view of the existing unfavorable conditions. These included proposed stock offerings by American Founders Corp., Quincy Mining Co. and
Powdrell & Alexander, Inc. and an offering of debentures
by First Cincinnati Corp. Among the additional issues on
which the subscription dates have been extended are: TransAmerica Corp. capital stock, extended from Jan. 4 1930 to
Mach 15 1930; Bucyrus-Erie Co. common stock, extended
from Dec. 2 to Dec. 30; Exide Securities Co. capital stock,
extended from Dec. 16 to Jan. 15 1930; Monroe Chemical
Co. common stock, extended from Nov. 14 to Jan. 14 1930;
Pacific Associates, Inc., extended from Nov. p to Jan. 5
1930, and Northwest Bancorporation common stock, extended from Nov. 15 to Dec. 16.
The offering of 400,000 units of Federal Neon System,
Inc., comprising one share of class A stock and one share
of common stock at $25 per unit, which was publicly advertised during November has been withdrawn from sale and
consequently does not appear among our November
flotations.
FURTHER FEATURES OF NOVEMBER FINANCING.
[Vou 129.
Toll Co. (Sweden) American certificates representing participating debentures, priced at $23 per certificate.
The largest individual corporate issue during November
was $35,669,900 New York Central RR. Co. capital stock,
offered at par ($1OO). There were two other railroad offerings of interest, namely: $20,000,000 New York Chicago &
St. Louis RR. Co. 3-year 6s, Oct. 1 1932, priced at par, and
$8,000,000 Minneapolis St. Paul & Sault Ste. Marie RR. Co.
1st ref. 5/
1
2s B, 1978, issued at 97/
1
2, to yield 5.65%.
Industrial and miscellaneous financing was featured by
the following: 600,000 shares Home Insurance Co. (New
York) capital stock (par $10) offered at $35 per share,
involving $21,000,000; 249,737 shares Grigsby-Grunow Co.
common stock, offered at $40 per share, involving $9,989,480;
64,000 shares J. I. Case Co.common stock (par $100), offered
at $150 per share, involving $9,600,000, and 103,333 shares
General Asphalt Co. common stock, offered at $50 per share,
aggregating $5,166,650.
The public utility group included only one offering of
impressive size, namely: $21,177,200 Detroit Edison Co.
capital stock, offered at par ($100).
There were two offerings of securities during November
which we have not included in our totals of new financing.
One of these was $3,500,000 Postal Telegraph & Cable Corp.
coll. trust 5s, 1978, which did not represent new financing
by the company. The other offering was $28,500,000 Middle
West Preferred & Common Stock Syndicate serial discount
notes excluded because the issue was for the purpose of
financing deferred payments on certain subscriptions for
Middle West Utilities Co. stock, which was taken into our
total of new capital flotations during the month of September. See page 3700.
The following is a complete summary of the new financing—corporate, State and city, foreign government, as well
as farm loan issues—for November and for the 11 months
ending with November:
Going further into the details of the corporate offerings
during November, we find that industrial and miscellaneous
financing dominated the corporate group, though in less
degree than in October. In that month the industrial and
miscellaneous issues aggregated $597,678,219, or close to 80%
of the corporate total of $757,254,097, while in November SUMMARY OF CORPORATE, FOREIGN GOVERNMENT. FARM LOAN
AND MUNICIPAL FINANCING.
such issues declined to $109,838,794, or little more than 50%
of the corporate aggregate of $202,131,309. Railroad offer1929.
,....
ings at $65,783,820 for November show an increase over
New Capital Refunding.
Total.
MONTH OF NOVEMBER—
October's total of $57,220,000. Public utility financing
8
$
$
Corporate:
Domestic—
totaled only $26,508,695 during November as against $102,Long-term bonds and notes
8.620,000
9.200,000
17.820,000
31,840,000
1,600.000
Short term
33,440.000
355,878 reported for October.
4.059,400
Preferred stocks
4.059.400
118,135,320
Common stocks
4,538,250 122,673,570
Total corporate offerings, foreign and domestic, during
Canadian—
Long-term bonds and notes
November were, as already stated, $202,131,309, and of this
Mort term
Preferred stocks
amount stock issues, all domestic, accounted for $126,732,970
Common stocks
Other foreign—
long-term bonds and notes, including $24,138,339 foreign,
24.138,339
Long-term bonds and notes
24.138.339
Short term
aggregated only $41,958,339, while short-term bonds and
Preferred stocks
Common stocks
notes, all domestic, amounted to $33,440,000. The refunding
corporate
186.793.059
15,338,250 202,131,309
portion was $15,338,250, or about 7/
1
2% of the total. In ForeignTotal
Government
Loan Issues
October the amount for refunding was $33,088,000, or only Farm
War Finance Corporation
927.988
83,164,728
States, Counties, Cities. dre...
84,092,716
about 5% of the total. In September it was $306,592,000, or Municipal,
Canadian
600,000
9,200,000
8,600,000
United States Possessions
1,945,000
1,045,000
about 20%; in August, $25,045,000, or less than 4%; in
Grand total
280,502,787
16,866,238 297,369,025
July, $59,291,141, or not quite 7%; in June, only $16,222,217,
11 MONTHS ENDED NOV. 30—
or less than 3%; in May, on the other hand, the refunding Corporate:
Domestic—
portion was no less than $390,847,640, or nearly 30% of the
Long-term bonds and notes
1 788,092,340 489,409,260 2,277,501.600
Short term
185,562,700
45,537,509 231,100,200
total. This established May as the largest month on record
Preferred stocks
1,497,577,661 177,681,54f 1,675,259,201
Common stocks
,238,138,840 578,805,552 4,816.944,392
in respect to amount raised for refunding. In April the
Canadian—
Long-term bonds and notes
255,550,000
255,550,000
amount for refunding was $134,171,779, or over 18% of the
Short term
Preferred stocks
10,400,000
10,400.000
total; in March it was only $58,327,000, or about 6%V° of the
Common stocks
18,163,900
18,163,000
Other foreign—
18.5,398.339
2.000,000 187.398,339
Long-term bonds and notes
total; in February the refunding portion took $122,393,350,
1.617,283
Short term
10,432.717
12.050,000
Preferred stocks
103.837,200
or over 13% of the total, while in January the amount for
103.837,200
Common stocks
32,408,847
32,408,847
this purpose was $142,547,192, or nearly 15% of the total.
Total corporate
8 316,747.110 1,303,866.569 9,620,613,679
Foreign Government
68,250,000
68,250,000
In November 1928 the refunding portion was $58,574,220, Farm
Loan issues
War Finance Corporation
or less than 8% of the total. There were no large refunding Municipal,
States, Counties. Cities, &c._ 1,122,120,903
11,377,049 1,133,498,042
Canadian
38,212,000
9,600,000
47,812,000
issues during November 4929.
United States Possessions
4,340,000
4,340.000
The total of $15,338,250 raised for refunding in November
Grand total
9.549,670.103 1.324.343,618 10874 513721
(1929) comprised $9,200,000 new long-term to refund existIn the elaborate and comprehensive tables on the succeeding long-term; $1,200,000 new short-term to refund existing ing pages we
compare the foregoing figures for 1929 with the
long-term; $400,000 new short-term to refund existing short- corresponding figures for the four years preceding, thus
term; $4.417.250 new stock to retire existing long-term affording a five-year comparison. We also furnish a deobligations, and $121,000 new stock to replace existing tailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
stock.
of corporations.
There were no foreign government or farm loan offerFollowing the full•page tables we give complete details
ings, and only one foreign corporate issue during November. of the new
capital flotations during November, including
This was for $24,138,339, consisting of 1,049,493 Kreuger & every issue of any kind brought out in that month.
•D[ict
['CUT ti
arloimotmo rIVIDNVNIA
THE MONTH OF NOVEMBER FOR FIVE YEARS.
MENT, FARM LOAN AND MUNICIPAL FINANCING FOR
SUMMARY OF CORPORATE, FOREIGN GOVERN
1925.
1926.
1927.
Total.
1928.
New Capital. Refunding.
Total.
1929.
New Capital. Refunding.
Total.
Refunding.
Capital.
New
MONTH OF NOVEMBER.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
00
169,787.0
4.900.000
00
164,887.0
Corporate-145.999.000 176,632.000 322,631.000
12.415.000
156.851.000 200.240.000 357,091.000
475.000
11.940.000
8.495.000 249.034,000
21,839.000
Domestic240.539.000
600.000
17.820.000
21,239,000
9.200.000
14.240.000
0
8.620.000
43.075,000
14.240,00
0
5,000.000
0
21.665,00
38.075,00
1.600.000
0
Long-term bonds and notes_
38.581.50
20,065.000
1,000.000
37.581,500
33.440.000
69.887.750
1.600.000
4.633.800
31.840.000
65.253.950
300,000 106.862,885
106,562,885
3.529.000 142.897.588
Short term
139.368.588
4,059.400
86,232.925 140.227.222
53.994,297
41.756.692
4.059.400
41,756,692
Preferred stocks
42,686.220 289.745.399
247.059.179
4,538,250 122.673.570
20
118.135,3
stocks
280.000
Common
280,000
3.225.000
1,816.000
1,409.000
5.000.000
78.000
Canadian5.000.000
78.000
250.000
Long-term bonds and notes_
250.000
3,270.000
3,270,000
Short term
Preferre ri stocks
36,600.000
36.600 000
Comm, stocks
46.500,000
46.500.000
5.000.000 119.300.000
.500,000
114.300.000
37.600.000
,500,000
2,264.000
Other F _reign35.336.000
24.138.339
2.500.000
2,500,000
24.138.339
0
22,500.00
Long-term bonds and notes_
0
22.500.00
term
2.600.000
Short
2,600.000
6.284,000
6.284.000
14.437.500
Preferred stocks
10,675,000 376,239.885
14.437.500
330.693.797 264,542.925 595.236,722 365,564,885
403.364.642 214,189,800 617.554.442
Common stocks
1,600,000 138.100.000
58.574.220 760.629.487
24.240.000 136,500.000
67
702.055.2
0
09
24.240.00
202.131.3
0
0
35,800,00
15,338.25
0
59
6,000.000
186,793.0
35,800.00
15.000.000
6.000,000
Total corporate
3,750.000
15.000.000
3.750.000
500,000
500.000
0
nt
15.000.00
Governme
Foreign
15,000.000
66.926,289
894,100
66.032,189
2
71.074.22
Farm Loan issues
2
1.896.000
69.178.22
6
101.528.33
4,401.900
2,275,000
97.126.436
ion
2,275.000
1.131.500 171,281.282
4,000.000
170.149.782
War Finance Corporat
84.092.716
4.000.000
927.088
14,690.000
83,164.728
750,000
14.690.000
1.132.500
750,000
329.500
1,132.500
Municipal, States, Cities &c
9.200.000
329.500
2.800.000
600.000
8,600.000
2,800.000
4
590.291.17
0
Canadian
15.444.10
74
1,945,000
574,847.0
44
698.630.4
25
_
1.945.000
266.438,9
ns___
19
78
Possessio
432.191.5
772.872.7
00
78
218.591.7
States
554.281.0
United
59.705.720 963,043.269
903.337,549
16,866,238 297.369.025
2150.502.787
Grand total
OF NOVEMBER FOR FIVE YEARS.
ATE ISSUES IN THE UNITED STATES FOR THE MONTH
CHARACTER AND GROUPING OF NEW CORPOR
1925.
1926.
1927.
Total.
1928.
New Capital. Refunding.
Total.
AVAV.
.
Refunding
Capital.
New
Total.
Refunding.
Capital.
New
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
MONTH OF NOVEMBER.
6,320,000
6,320,000
19256.000 17,821,000 62,485,00
4,665.000
$
11,356,000
i
62,885.000
11.356,000
$
400,000
3
57,800.00€
57,800.000
8,000.00(
30,967,000 117,280,000
Long Term Bonds and Notes86,313.000
8.000,000
28,800,000
69,993,50( 130,957,500 200,961,000
1,500.000
77.875.000
27.300,000
5,750,900
26,500,000
,100
72,124
8,334,000
18.166,000
500.00(
Railroads
0
0
75,000,00
64,422,50
1,560.000
500.000
10.577,50f
13,800,00(
1,560.000
1,586,800
1.780,000
12,213,200
Public utilities copper, .!‘c
1.780,000
9,500,001
1.900,000
0,500,00(
1,399,00(
1,900.000
coal,
1.399,000
Iron. steel,
500,000
500.00(
24,500,000
900,000
23,600.000
8,875.000
Equipment manufacturers
1.500.000
7.375,000
70,868,001
5,213,000
1.500,000
6.5.655,000
s
1.500,000
12.500,000
accessorie
557.300
0
11.942.700
123.500,00
0
and
24,638,331
Motors
2,875,000 120,625,00
4,000,001
24.638.339
65,647,000
4.000,00(
ring_
2.100,000
15,500,000
63.547.000
15.500,000
40.330.000
300.000
Other Industrial & manufactu
40,030,000
27,131,00C
860.000
26,266,00(
61,360,000
600,000
60.760,000
Oil
7,820.000
1.200,000
400.000
6,620.000
400,000
&c
1.100,000
Land, buildings,
1,100.004'
20,000,000
12.875.000
20,000,00(
12.875,030
32.225.000
1,750.000
Rubber
30,475.00(
60,300,00(
5.588,000
54,712.00(
51,400,00(
00
9,264.000
206.387,0
4,900.000
49.136.00(
00
Shipping
1,000.000
1,000,000
176.632.000 369,411,000 201,487,0
192,779,001
272.560,00; 207,056,000 479.616,001
Miscellaneous
10,7511,000 201,634,001
280.875,000
41,958,331
9.200.000
32,758.33€
Total
2,500,00(
4.000,000
300,000
3.500.00'
3,700,000
16,000.000
Short Term Bonds and NotesP0.000,000
16,000,00(
4,150,000
2.).000.000
1,200,000
4.150.000
1,200,000
6,100,000
1.600,000
A
4,500.000
Railroads
1.450.000
400,000
1.050.000
Public utilities
&c
Iron, steel, coal. copper,
4,000.000
4.000,000
1,501,000
600.000
Equipment manufacturers
901.000
1.750.000
1,7450,000
350,000
350,005
Motors and accessories
3.500,000
600.000
3,500.000
rin
600,000
manufactu
and
988.000
industrial
Other
988,000
4.340,000
4.340,001,
4,325.000
4.325.00C
011
6.990.000
1,200.000
7,500,000
5,790,00C
7.500,000
Land, buildings. &c
2,500.000
2.615.000
9,500.000
175.000
2.440,000
3,428,000
78.000
Rubber
3.350,00C
1.500.000
1.500.00(
11,140,00(
19.915,000
475,000
11,110,000
19.440.000
Shipping
1,500.00€
21.917,000
678.000
1,500,00(
21.239,000
16.740,001
2,500,000
14,240.00(
Miscellaneous
21,915,000
1,600,000
20.315.000
33,440.000
1,600,00(
31.840.000
10,000,000
Total
10,000.000
2.940,000
54,560,795
5.300,000
''.940,001
49.260,795
29,048.347
37,743,82C
Stocks-29,018,347
937,500
47,371,092
37.783,821
1.000.000
937,500
,
46,371,092
67,875,92
1,150,000
4
400.000
60.725,92
Railroads
24,558,691
400,000
5
1,010.000
21,558,60
1.010.000
10.700,001
200,000
10.500.000
utilities
Public
300,000
300,000
oke
copper,
Iron, steel, coal,
18.521.700
18.521,700
18,129.43h
3.440.700
34.002,000
14.588,73.1.000.000
Equipment manufacturers
310.00C
33,002.000
19,256.640
22,419,500
3I0,000
922,00C
21,497.50f
19,256,640
'
0
97,873.631
5
25.820.52
accessories
107,467.77
72.053.111
5
and
86,232,92
22,951,205
Motors
21,234,850
1,050,000
4.200.000
22.951,205
4,200,000
1,050,000
84,115,550
4.000,000
9,750,000
80.115.55f
5.286,651
Other industrial and manufacturing
9,750,000
4,538.250
11 258,850
10,235,000
7-18,401
11,2.58,850
10,235,000
8,060.00C
500,000
8.060.000
4,449,200
500.000
Oil
1,200.000
4,419,200
1.200,000
etc
Land, buildings.
42.836.250
42,836.250
12,07E,000
12,740,600
12.075,000
Rubber
12.740.600
21 no" nnn
2,711.800
30,297.200
11.601.001 148.250,912.
5,300.000 149,937.885
130.646.94/.
144.637,885
Shipping
31,393,40C
203.908,722
5
87,232,92
7
31,393.401
116.675,79
4.633.800 121.1 vo
116,564,642
MisctIlaneous
46,215,220 447.060,487
400,865,267
4,538.25( 126.732,970
6,320,000
6,320,000
122,194.720
27.821,000
13.156,000
Total
14,665,000
6,000,000 121,445,795
16.706.000
115,445,795
16,796,000
57,800.00C
0
30.967,000 162,328,347
57.800,00
0
Total131.3(31,347
65,783,82
30.937,5130
8,000,000
1,500,000
2 131.967.501 252.482,092
57,783.32€
120,514,59
29.437,500
4
0
151.850.92
26.900,00
8.500,90r
,
2
8,334.000
1)3,350.0
18,566,000
Railroads
26,508,695
2,600.000
400,000
7O.000.000
26,108,695
61.422.500
10,577,500
2,600.000
21.500,000
1,780,000
I 786,800
22.713.20C
1,780,000
Public utilities
2,200,000
9,500.000
2.200,000
9.500.00(
1.399,000
1,399.000
Iron. steel, coal, copper. 8,:c
0
500.000
47.021,70
900.000
0
46,121.70
'
500,000
18,129,43
0
rers
44.378,00
3.440.700
manufactu
3,100.000
14,688.73'
41,278,000
Equipnient
310,000
0
0
20.756,64
9.5.037,50
310.00E
6,135.000
20.756,610
88.902.501
1
26,377.820 110,723,63
84.345,811
24,109,850 206,857.925 230,967,7750
51.089.54,
Motors and accessories
8,200.000
67,297,000
51,089,54
2,100,000
0
65,197,00
8.200,000
0
99.615.55
51.068,00
'int
4,000,000
manufacttu
and
300,000
95.615.551
0
5,286,65(
50,768,00
Other industrial
4,538,251
0
10,235.000
42.729,8.5
7.18.1 01
865,000
0
10,235.000
41,864.85
0
500,000
73,745.00
600,000
73.145 00(
500.000
19,259,200
011
9.100.000
2,400.000
16.859,200
9,100,000
1.100,000
1.100,000
Land, buildings, &c
58,326,250
22,590,000
175.000
2,500.000
58.151,250
20.000,000
48,393.600
12,075,900
1,828.000
12,075,000
Rubber
46,565,600
0
94,809.00
8.299,80(1
85
0
376.239.8
2.
86.509.20
10.675.000
13,861'7,000 210,790,94
365,564,885
196,922,948
Shipping
32,893,400
330.693.797 264.542.925 595,236,722
33.89:1,-10(
403.364.642 211.189.800 1i17.554.44 2
58.574,220 760.620.48;
Miscellaneous
.7
701.05%20
.:wt
02.l31
15.338,250
1,
185.793.05
Total corporate securities
arIDINOUHO
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM
LOAN AND MUNICIPAL FINANCING FOR THE ELEVEN
MONTHS ENDED NOV. 30 FOR FIVE YEARS.
11 MOS. ENDED NOV. 30
1929.
1928.
1927.
1926.
New Capital. Refunding.
Corporate—
Total.
New Capital. Refunding.
1925.
Total.
New Capital. Refunding.
Total.
Domestic—
New Capital. Refunding.
Total.
2
$
$
New Capital. Refunding.
2
Total.
2
Long-term bonds and notes_ 1.788.092.340 489.409.26
$
$
0
$
2.277.501.
1,964.479.
600
2
950 980.923,900 2.945.403,850 2,647.430.240 1.287.533.960
$
Short term
$
2
3,934.964.200 2.205,410.530 617.121,970 2,822,532.
185.562.700
$
45,537.500 231.100,200
184.344.800
500
49.973.800
1.990.723.
875
Preferred stocks
234.318,60
401,780,92
0
200.660.300
5 2.392.504,800
72.625.200 273,285.500
1.497.577.661 177,681,540 1.675.254201
236,153.795
39,013,900 275,167,695
944,987,534
0 1,191,101,8.34
183.358,750
Common stocks
84.055,000
678.135,975 157,514.100 835,650.075
267,413,75
4.238.138.840 578,805,552 4.816.944.392 1.307.917.400 248,114,30
0
462,460,20
0
23,716,000 486,176,200 546,088,322
249.533.365 1.557,450.765
Canadian-38,i33,200 584.821.522
558.072,384
68,946,100 627,018,484
545.193.880
98,802,800 643.996,680 480,496.939
Long-term bonds and notes.. 255.550.000
51.608.299 532.105,238
255,550.00
0
105.380.000
68.792.000 174.172.000
Short term
194.002.500
49.808,500 243.811,000
134,622.000
62,508.000 197,130.000
250.000
61,995,000
20.000
Preferred stocks
10.050.000
2,000.000
72.045.000
2.000.000
10.400.000
1,250,000
10.400.000
78.000
24.500.000
1,328.000
26.000.000
19,600.000
50.500.000
Common stocks
2,500.000
4.270.000
22.100.000
4.270.000
18.16.3.900
4,000,000
18.163.900
8,613.400
4,000.000
1,000.000
Other Foreign—
8,613.400
2,600.000
1,980.000
3.600.000
1.980.000
990.000
990,000
Long-term bonds and notes_ 185.398.339
2,600,000
2.600.000
2.000,000 187.398.339
458.387.500
55.282.500 513.670.000
Short term
438.088.00
0
23.787.000
461.875.00
1.617.283
0
10.432,717
310.474,00
0
12.050.000
15,815.000 326,289.000 260.134000
10.000.000
10.000.000
Preferred stocks
46.500.000
260.135,000
4,500.000
103.837,200
51.000.000
19.000.000
103,837.200
6.000,000
14.030.000
25,000.000
56,500.000
14.030.000
Common stocks
56,500.000
32.408.847
47,740.000
32.408,847
60.201.750
47.740.000
23.000.000
60,201.750
16.367.125
23.000.000
16,367.125
Total corporate
36,480.740
3,419,300
8,316.747.110 1.303.866.569 4620.613.679 5,083.092,334 1,676.619.
39.900.040
2.925,00.
2,925,000
865 6.759.712.199 4.787.506,524 1.664.714.8606,452.221,384
Foreign Government
68.250,000
4.043,775.145 866,474,970 4,870.250.115 3,625.822.886 593,927,42
68,250.000
534,581.5137 100,538.413 635.120.000
Farm Loan issues
670.078.300
310
39,500.000 709.578.300
433.759,000
32,873.000 466,632,000 540,781,000 104,600,0040 4.219.750.
55.850.000
War Finance Corporation
55.850.000
86.825.000
645,381.000
92.800.000 179.625.000
91.125.000
40,200,000
131,325,000 125.097.100
Municipal, States, Cities, &c._ , 1.122.120.993
19.527,900
144,625,00
0
11,377.049 1.133.498.042 1.230.814.606
34.541.109 1,265.355.715 1.366.177.169
Canadian
32.380,5251.398.557.694 1.201.256.858
38.212.000
9.600.000
47.812.000
18,922,382 1.220,179,240 1,195,544.005
35.052.750
3.000.000
38.052,750
United States Po
46,106.340 1,241,650,345
81.787.000
ions-___
45.969.000
127.756.00
4.340.000
0
60,792,000
4.340.000
49,000.000 109.792.000
6.161.500
38,658.000
6.161.500
96,797,000 135,455.000
10.718.000
Grand total
10.718.000
10.422.500
9.549.670.103 1.324.843.618 10874 513721 6.945.552.777 1.814.699.
10.422.500
7.715.000
7,715.000
387 8.760.252.164 7.003.091.993 1.875.364.385 8.878.456.378 5.801.130.
503 1.007.470.352 6.808.600.855 5.533.617.991 860.958.664 6.394.576.
655
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES
IN THE UNITED STATES FOR THE ELEVEN MONTHS ENDED
NOV. 30 FOR FIVE YEARS.
1929.
1928.
11 MOS.ENDED NOV.30
1927.
1926.
New Capital. Refunding.
Total.
1925.
New Capital. Refunding. I
Total.
New Capital. Refunding.
Long Term Bonds and Notes
Total.
New Capital. Refunding.
Total.
-2
New Capital. Refunding.
$
Total.
$
Railroads
2
2
$
355,147,240 189,413.760 545,261.000
2
$
$
219,518.500 206,691.500 426.210.000
$
2
Public utilities
$
364.266.990 329,557,510 693,824.500
$
$
643.204.500 257,284,000 860.484500
284,581,000
52,092,000 336,673,000 314,137,500 124,453,00
849.230,100 546,810.700 1.396.040.800 1.031.418.910
Iron, steel, coal. copper, &c
438,590,50
0
661.164.59
0
1,692.583.
123,513.500
500
968,508,33
3.186.500 126.700.000
0 314,924.170 1,283,432,50(1 756,359,400 151.347,100 907,706,500
104.006.400
70,695.600 174.702.000
Equipment manufacturers
90.842.500
0
80,582,500 171.425.000
1.850.000
139,797.000
1,850.000
43,518,000
183.31400
7.215.000
0
92,450,000
7.215.000
Motors and accessories
18,346,000 110.796,000
20,655.000
20.655.000
150.000
8,579,000
150.000
13,000.000
21,579.000
5.020,000
10.856,000
780.000
5,800.000
Other industrial & manufacturing__ 260.941.339
52.220.000
10,856,000
130.000
52,350.000
66,000,000
2.075.000 263.016.339
262.891.400 111.749.600 374.641.0(10
66,000 000
78,050,000
Oil
350,000
427 692.900
73.400.000
87.070.800 514.763.700
170.984,000
15.416.000 186.400,000
262.277.000
77 806,000 340.083,000 195,396,800
43,253.000
31.747.000
75.000.000
Land, buildings. &c
42,963.700 238.360.500
257.859.400
54:540.600 312.400.000
320.645.100
5.129.000 325,774.100
69,362.200 140,587.800 209,950,000
555.442.0.50
90.270.000
71,924.100
645.712.05
Rubber
21,475,900
0
485.453.00
93.400.000
0
34.680.000
520.133.00
1.000.090
0
564,321,000
1.000.000
25,823,000
590,144,00
1.300.000
0
600.694,30
1.300.000
Shipping
0
10.000.000
37.053.000 637.747.300
60,000.000
8.100.000
70.000,000
6.000.000 14,100,000
6,750,000
6.754003
34.500,000
Miscellaneous
25.166.000
34.500.000
419.000
382.805 000
25.585.000
12.005.000 395.710.000
20.950.000
5.054000
480.371.000
26,000,000
46.254.000 526.625.000
3.659.775
4.315.225
513.946.040
7.975.000
52.984.160 566.930.500
Total
256.989.000
22,036.000 279,025,000
2.229.040,678 491,409,260 2.720,449.93i. 2.528.247.450 1.104,998.
154,826.00
0
11.527.000 166.353.000
400 3.633.245.850 3.279,520.740 1,361,129.460 4.640,650,200 2.648.114.
Short Term Bonds and Notes—
530 694,886,9703.342,951.500 2.312.853,875 411,830,925 2.72.1.684.
Railroads
800
21.500,000
5,360.000
26,860.000
12.500.000
17,000.000
29.500.000
Public utilities
19.500.000
650.000
40,876.283
20.150.000
41.713.717
6.500,000
82,590.000
16,000,000
94,032.000
22,500,000
17,600.000 111.632.000
24.500,000
Iron, steel, coal, copper. &c
400.000
68.650.800
24,900.000
53,009,200 -121.660,000
720.000
5,780.000
85.953.100
6.500,000
13,396,900
99,350,000
400.000
115.020.00
0
Equipment manufacturers
31.280,003 146.300,000
400.000
2.300,000
2,300.000
6,175,000
6,175,000
21.465,000
Motors and accessories
2,500,000
1.200.000
23,965.000
500.000
1,200.000
•
500,000
4.200.000
750,000
1,154000
4.950.000
Other industrial and manufacturing
4,400,000
1,150,000
16.750.000
4.400,000
16,110,000
16.750.000
200,000
5,153,900
16.310,000
2,488,100
7,642,000
Oil
16,575.000
4,950,000
2.000.000
21,525.000
45,351.000
2.000,000
6,6.50.000
6,505,800
52,001,000
10.694,200
21,693.750
17,200.000
Land. buildings, &c
37,850,000
21.693,750
12,350.000
70.130.200
50.200.000
1,200.000
16.023.500
71,330,200
7,408.000
32.838,100
23,431,500
1,441,500
19.000,000
34.279.600
Rubber
52,200,000
36,412.500
71,200,000
1,666,000
38,078.500
25,397.000
875,000
26,272,000
23.540,000
Shipping
23,540.000
•
32,250,000
32,250,000
Miscellaneous
125,000
2.500.000
34,703.500
2.625,000
1.916,500
500,000
36.620.000
37.965.000
500,000
12.300,000
37.965.000
82.147,000
12.500.000
2,000.000
64.147.000
Total
25.144.195
562,000
187,179,983
25.706,195
55.970.217 243,150,200
20.590,000
175.000
193.594,800
20.765.000
49,973.800 243,568.600
Stocks—
249.160.300
77,125,200 326,285,500
254403,795
45,091,900 304,495,695 259,458,750
Railroads
86,555,000
346,013.75
0
111,891.520
111.891.520
52.597,650 139,954,700 192.552.350
Public utilities
91.103.487
84.036.700 175,145,187
1,220.129.674 205.306.590 1.425.436.264
20.240,000
771.166.407 154.978,598 926.145.005
20,240,000
Iron. steel, coal. copper. &c
-------609.042,178
16,218,230
47.869,500
148,689,880 351,020,200 499.710 080
656,911,67
8
442.285,24
4
12,727,900
78.317.995
455,013,144 460,500,20
20,916,900
16,218.2
430-28,362,54111 488,862,704
99,234.805
Equipment manufacturers
6,019,250
568.947
6.019,250
-10.925,000
568.947
8,617,200
49,542,200
1,920,000
15.077,500
1.920.000
Motors and accessories
15 077.500
80.941,555
5.511.852
5,628,500
86.453.407
31,568.926
5,628,500
33.447.267
1,040,000
70.016.193
Other industrial and manufacturing 88:1.150.218
1.040,000
---36,013.790
90.923.220
46,985.650
974.073.438
---------479,172.536 102.404.060 581,576,596
46.985,650
105.921,721
Oil
3,391,389 109,313.110
222.942.34
36.913,7090-66,099,656 289.041.990
213.876,612
63,204,330
187,882.22
277.080.94
4
13.122,575
2
112.741.73
201,004,79
0
9
4.000.0(10
198,235.80
8
116.741.73
Land, buildings. &c
18.917.700 217,153.508
0
19.048.200
1.964.300
116.964.030
21,012.500
127,301,99
408
500
117.372.53
0
89,032,925
0
84.533.283
216,334,915
1.346.000
56,933,428
85.879.283
Rubber
40,504.910
52.153,700
97,438,338
100,000
88.963.534
52.253.700
25.270,000 114.233.531
53,756,480
29.087.975
53,756.480
8,542.400
29,164.750
37.630.375
Shipping
120.000
29.284,750
2.701.675
23.178.000
2,701.675
4,214,537
23.178.000
20.400.855
4,214,537
14.985.000
20.100.8.55
800,000
Miscellaneous
15.785,000
3,012,172.478
14.842,4003.027.014,878
699.742.727
7,445.120
51.057.740
750.800.46
7,445,120
7
218,895.86
4
26.390.050
245.285.914
Total
167.037.195
3.045,500 170.082.695
4900.524443 756.487,092 4657.013.540 2.361.250,084 521.647,66
147.988.500
4445,000 151.433.500
5 2,882,897,741 1,258,825,484 226,460,200 1,485,285.684 1.096,256,
Total—
820 126,546.100 1,222,802,920 1,053,510,261
Railroads
95,541,499
1.149.051,
760
489,238.760 194.773.760 684.012.520
284,616,150 363.646,200 648,262,350
Public utilities
474,875,477 414,244.210 889,119,687
1,864.210.457 504.304.307 2,368.514,764 1.714.428,507
311.321,000
68,092,000 379.413.00
719.389,2982,433,817.805 1,703,111.888 762.043.290
0 124,853.000 479,708,734]
Iron. steel, coal, copper, &c
2,471,155.178 1.496,746,674 341,048,970 1,837,795,6440 1 354.855.73
272.923.330 359.986.700 632.910.080
182,724.395
91
331,879.60
612.500
4
274.136.89
210,989,60
Equipment manufacturers
5
0 1.542,869,204
99.161.750
80,582,500 179,744,250
2.418.947
186.897,000
2.418.947
52,135.200 239.032.200
9,135.000
128.992.500
20,846,000 149,838,501]
9.135,000
Motors and accessories
21.855.000
21.854000
81.591.555
14.207,500
5.511.8.52
87,103,407
13,000,000
40,788.926
27.207,500
13.046.000
39.977,267
80.766.11.3
Other industrial and manufacturing 1.160.841.557
13.046.001]
93,533.790
130,000
93,663,790
129,095,65
92.998,220
0
1.253.839.
200,000
777
129,295,65
747.217,83
183,971,72
0
216,641,76
6
1
0
963,859.596
3,741,389 187.713.114]
Oil
667.210,240 158.120.450 824330.690
386.860.612
495,510,224
78,620,330 465,484942
97,578.575 593.088,799 415,326,358
162.500.530
46.441.200 208,941,730
61,881,400
Land, buildings. &c
477,207,75
314.757,60
E
0
68.854.900
383.612,50
507.739.330
0
212.687,690 237.028.725 449.716.415 147,857,528 114.180,810
6.737.500 514.476.8.30
672,813.433
93,057.500 765.870.933
Rubber
262.033.33E
574.019,200
36,446.000 610.465.200
89,963,534
643,474,480
25.270.000 115.233.534
26.698,000 674172,480 653.399,050
30.387,975
8,542.400
37.173,0041 690.572.051]
38.930,375
Shipping
12,701.675
60.000,00()
72,701,675
31.278,000
43.214,537
6.000.000
37.278.000
43.214,537
20,400.855
49,485,000
mism4
800,000
20.400,855
,
50,285.00(
25.291.000
neous
2,919,000
3.429.680.978
28,210.000
21.450,000
29,663,9003.459,344.878 1.218.078727
5,050.000
26,500.000
23,604,895
97,311,7101,315,390,467
4,315.225
27,020.121]
794,988,904
81,374.510 876.363,414
Total corporate securities
419,170.390
25.643,500 474,813.890 323,404,500
8.316.747.110 1.303.866.569 9.620.613.679 5.083.092.334 1.676.619.8656.759.7
15.147.000 338.551.501]
12.199
--- 4,787,506.524 1.664.714,8606.452.221.384 4.003,775.145 866.474.97
0 4.870.250.115 3,625,822.886 593.927.4244,219.750.311]
0
3699
FINANCIAL CHRONICLE
DEC. 14 19291
DETAILS OF NEW CAPITAL FLOTATIONS DURING NOVEMBER 1929.
THAN FIVE YEARS).
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER
Purpose of Issue.
Amount.
To Yield
About.
Price.
Railroads8,000,000 Reimburse treasury for acquiring
bonds pledged as collateral_ _ _ _
97
Public Utilities500,000 Acquisitions; capital expenditures_
98
Other Industrial & mfg.24,138,339 Acquisitions and additions
(1,049,493 ctfs.)
5.65
100
300,000 General corporate purposes
100
Dillon.
Minneapolis St Paul & Sault Ste. Marie RR. Co. 1st Ref. Mtge.53.(s B., 1978. Offered by
Read & Co.; National City Co.; Lane, Piper & Jaffray. Inc.; First Minneapolis Co., and First
St. Paul Co.
carries 2 warrants (detachable after
6.25 Texas Consumers Water Co. 1st M. 6s A, 1939. (Each bond
1 1930,
Oct. 1 1930] as follows: (1) a warrant to receive during the period of 90 days beginning Oct.
bonds, and (2) a
five shares of Trans-Mississippi Utilities Corp. common stock for each $1,000 ofTrans-Mtssissippi
of
shares
ten
1931,
15
Feb.
before
or
on
and
1930
1
Oct.
after
purchase
warrant to
&
Corp. common stock for each $1,000 of bonds at 815 per share.). Offered by Metcalf, Cowgill
Co., Inc., Chicago.
Offered by company to
Kreuger & Toll Co.(Sweden) American Ctfs. representing Partic. Debs.
Co.;
holders of American Ctfs. representing Partic. Debs. Underwritten by Lee, Higginson &
Read & Co.; Clark,
Dillon,
Co.;
&
Bros.
Brown
Guaranty Co. of N. Y.; National City Co.;
Dodge & Co., and The Union Trust Co. of Pittsburgh.
stock purchase
6.00 Electric Products Co. Deb. 6s, 1931-39. (Each debenture carries a non-detachable
20 shares of
warrant entitling holder to purchase at any time before expiration date of such warrant
common stock at $50 per share.). Offered by Central National Co., Cleveland.
Co.
Minneapolis
First
and
Co.,
Paul
St.
First
6.50 (A. J.) Krank Co. Deb. 65s A, 1931-44. Offered by
23
200,000 Acquisitions, additions, &c
Company and Issue, and by Whom Offered.
24,638,339
Land, Buildings, &c.
50,000 Improvements to property
Real estate mortgage
Finance sale of property
Provide funds for loan purposes_ _
Improvements to property
Finance construction of building
100
100
100
100
100
250,000 Retire existing debt; improvemls_
3,900,000 Acquire land; construct hotel
300,000 Refunding
100
96
100
105,000
75,000
100,000
130,000
115,000
1940-49. Offered by Balllargeon,
6.00 Corporation of the Catholic Bishop of Seattle 1st M. 65,
Winslow & Co.
Guaranty Trust Co. of Detroit.
6.00 Del Rio Apts. (Detroit) Guar. 1st M. 6s, 1931-39. Offered by
Co., Detroit.
6.00 (Edward J.) Fox (Detroit) lot M. 6s, 1939. Offered by Union Trust
Hibernia Sec. Co., Inc., New Orl.
6.00 Hibernia Mtge. Co., Inc. 1st Coll. Tr. 6s E, 1932-35. Offered by by Union Trust Co. Detroit.
Offered
1939.
6s,
M.
lot
(Mich.)
Club
Meadow
Brook
Country
6.00
by Hibernia Securities Co., Inc.,
6.00 Medico Bldg. Corp. (New Orleans) 1st M. 6s, 1930-41. Offered
New Orleans.
Co.. Detroit.
Trust
Union
by
Offered
1939.
Gs,
M.
lot
Co.
Land
6.00 Metropolitan
Greenebaum Sons Investment Co.
7.00 (The) Park Plaza (St. Louis) 1st M. 6k4s A 1941. Offered by
by Lafayette-South Side Bank &
Offered
1930-39.
5515,
M.
1st
Colo.)
Regis
College
(Denver.
5.50
Trust Co., St. Louis.
Offered by Mercantile-Commerce
5.50 Sc. Vincent's Hospital (Indianapolis) 1st M. 5515, 1930-39.
Co., St. Louis.
Offered by First Wisconsin Co..
1934-43.
5.50 School Sisters of Notre Dame (Muse.) 1st M. 551s B.
and Paine, Webber & Co., Milwaukee.
by Garard Tr. Co.. Chicago.
Offered
1932-41.
6s
M.
1st
6.00 Sixty-Ninth & Crandon Apts.(Chicago)
6.00 Syndicate Properties, Inc. lot M. 6s, 1939. Offered by Union Trust Co., Detroit.
by The Guarantee Title
Offered
1931-39.
6s,
M.
1st
Kans.)
(Liberal,
Hotel
(The)
Wheatland
6.00
& Trust Co., Wichita, Kans.
100
700,000 Real estate mortgage
100
750,000 Finance construction of building
100
935,000 Finance construction of apartm'ts_
300,000 Improvements to property
110,000 Finance construction of hotel
100
100
100
7,820,000
Miscellaneous1,000,000 Fund current borrowings
to Oct. 28
6.50 Merchants Finance Corp. (Calif.) Cony. 651s A. 1944. (Convertible from Nov. 1 1929 common
1944 at option of holder into common stock on basis ranging from 15 shares to 8 shares ofG. Rath
Ilosard
and
Co.,
California
Securities
stock for each $1,000 of notes.). Offered by
Company, Los Angeles.
100
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Railroads20,000,000 Acq. stk. of Wheeling & L. E. Ry _
99
100
99;5
500,000 Refunding; other corp. purposes
200,00
Company and Issue, and by Whom Offered.
Co. of
6.00 New York Chicago & St. Louis RR. Co. 3-Year 6s, Oct. 1 1932. Offered by Guaranty
N. Y.; Lee, Iligginson & Co.; Harris, Forbes & Co., and Dillon, Read & Co.
100
Public Utilities600,000 Acquisitions
150,000 Retire debt of subsidiary,impts.,&c
To Yield
About.
Price.
Acquisitions; capital expenditures_
7.03 Canadian American Public Service Corp. (Del.) 1-Year Coll. Trust 6s, Aug. 15 1930. Offered
by Hambleton & Co., Inc., N. Y.;
6.00 Municipal Telephone & Utilities Co. 1st Lien Coll. Trust Cony. 6s, Oct. 1 1930. (Each bond
carries common stock purchase warrants entitling holder to purchase class A common stock at 525
Per share in ratio of 40 shares for each $1,000 of bonds held to and including Oct. 1 1930.) Offered
by Municipal Utility Investment Co., Kansas City, Mo.
Nov. I
6.52 Republic Service Corp. 1-Year Cony. 6s, Dec. 1 1930. (Convertible at any time on or before of $92,
1930 at option of holder into 151 Lien Coll. Trust Series A 5% Bonds at a conversion price
the dif.'3rence to be settled in cash.) Offered by Baker, Young & Co., Boston.
Texas Consumers Water Co. 6% Notes, Sept. 1 1930-Feb. 15 1931. Offered by Metcalf, Cowgill
& Co., Inc., Chicago.
6.50
1,450.000
Other Industrial & mfg.500,000 General corporate purposes
100
3,000,000 Complete new plant; wkg. capital_
97
7.00 Industrial Brownhoist Corp. 3-Year Cony. 75. Nov. 1 1932. (Convertible at any time before maturity into common stock at $20 per share.) Offered by Harris, Small & Co.. Detroit.
6.70 The Glenn L. Martin Co. Cony, Os, Nov. 1 1934. (Convertible into common stock at rate of 50 shares
fordeach
o.any time prior to maturity or earlier redemption.) Offered by Otis & Co.
cat
,notes
of
Trust
re by Iluszagh, Musson
&
6.50 Broadway
Chicago.y&Lawrnce Block (Chicago) 1st M.630,Nov.15 1931. Offered
Co.,
Co. and First National
Detroit
by
Offered
1932.
30
6.00 Comstock Investrtent Co. lot M. 6s, Nov.
Co. of Detroit, Inc.
5.75 Market Street National Bank (Phila.) 1st Guaranteed 534's, A, Nov. 1 1934. Offered by Philadelphia Co. for Guaranteeing Mortgages.
6.00 Mortgage Investment Corp. 1st Coll. Trust 6s, Nov. 1 1930-34. Offered by Bank of Commerce &
Trusts, Richmond, Va.
Guaranteed 1st M. 5;58, Oct. 1 1934. Offered by New York Title &
i rk Ave..(o
ge N.:N Y. y
City)
5.50 975 Pa
Mortgage
6.00 Notting First Mortgage Corp. 1st Coll. Trust 6s. BB, Nov. 1 1930-34. Offered by Frederick E.
Notting & Co., Inc., Richmond, Va.
3,500,000
Land. Buildings, &c.
675,000 Real estate mortgage
100
1,200,000 Refunding
100
3,500,000 Finance construction of building. _
100
90,000 Provide funds for loan purposes_ _ _
100
100
1,425,000 Real estate mortgage
100
100,000 Provide funds for loan purposes
6,990,000
Miscellaneous500,000 General corporate purposes
1,000,000 Fund current borrowings
7.00 Argent Financial Corp. Secured (Skis, April 15 1930-31. Offered by company.
6.00 Farmer & Ochs Co. of N. Y. 5-Year Coll. Trust 65, B, Nov. 1 1934. Offered by Stein Brut' &
Boyce, Baltimore.
100
1,500,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
(a) Amount Price
To Yield
Involved. per Share. About.
Railroads1,761,600 Capital expenditures
35,669,900 Improvements, expansion, &c_ _
5
2,113,920 60
35,669,900 100 (par)
51
Company and Issue and by Whom Offered.
Bangor & Aroostook RR. Common stock. Offered by company to stockholders.
New York Central RR. Co. capital stock. Offered by company to stockholders,
37,783,820
Public Utilities*30.000 shs Acquisitions
375,000
1251
330.000 20
*16,500 sits New equipment, extensions, &c_
21,177,200 100 (par)
21,177,200 Retire floating debt
375,000 25
•15,000 sits Retire debt of subsidy;'mots., &c_
*153,433s1ss Extensions; construction
2,301,495
15
Associated Telephone Utilities, Inc.. Common stock. Offered by F. N. Kneeland
& Co., Inc., Chicago.
Bridgeport Gas Light Co. capital stock. Offered by company to stockholders.
Detroit Edison Co. capital stock. Offered by company to stockholders.
!Municipal Telephone & Utilities Co. Class A common stock. Offered by Municipal
Utility Investment Co., Kansas City, Mo.
Providence Gas Co. capital stock. Offered by company to stockholders.
24,558,695
Motors and Accessories*20,000 shs Finance increased production
Other Industrial & mfg.250,00 Working capital
capital; other corp. purl).
Working
(1.400,000
112,500 Working capital
2,250 eh
Working capital
310,000
1534
Van Blerck Motors, Inc., capital stock.
Offered by Frear & Co.. New York.
Boss mfg. Co.(Kewanee, Ill.) Common stock. Offered by company to stockholderS.
(J. I.) Case Co. Common stock. Offered by company to stockholders.
Chamberlain Corp.(Waterloo, Iowa) Cony. Class A stock. (Convertible into Common
stock share for share at any time up to 5 days before redemption date.) Offered by
Studebaker Securities Co., Chicago; Harry H. Polk & Co., Des Moines, and Commercial National Co., Waterloo, Iowa.
281,250 5 ohs. A and 1 sh.
corn. for 5125 to Chamberlain Corp. (Waterloo, Iowa) Common stock. Offered by Studebaker Securities Co., Chicago; Harry H.Polk & Co., Des Moines, and Commercial National Co.,
Waterloo, Iowa.
412,500 165
0,600,000 15()
3700
Par or nu
of Shares.
FINANCIAL CHRONICLE
(a) Amount Price
To Yield
Involved. per Share. About.
Purpose of Issue.
Other Indus. & Mfg.(Con.)—
*30,000 shs Additional capital
*10,215 abs Expansion
*249,737shs Acquisitions; other corp. purposes_
360,000 General corporate purposes
'14.000 abs General corporate purposes
Oil—
*103,333shs Retire bonds & pref. stock, &c._ _ _
$20,000shs Development of business
1,500,000
663,975
•109,980shs Devel. of real est. holdings, &c
Dow Chemical Co. Common stock. Offered by company
Dry Ice Holding Corp. (N. Y.) capital stock. Offered to stockholders.
by company to stockholders;
underwritten.
9,989,480 40
Grigsby-Grunow Co. Common stock. Offered by company to
stockholders; underwritten.
Tex-O-Kan Flour Mills Co. 7% Cum. Pref. stock. (Each and
rant to purchase on or before Jan. 1 1932four shares ofcommon carries a detachable warstock at $12H per share.)
504,000 1 sh. Pref. and 4
Offered by Mercantile Securities Corp., Dallas. Texas.
abs. corn. for Tex-O-Kaa Flour Mills Co. Common stock.
Offered by Mercantile Securities Corp.,
$140.
Dallas, Texas.
22,951,205
5,166,650
120,000
50
6
Miscellaneous—
1,000,000 Additional capital
*107,780shs
6,000,000
500,000
200,000
*8,000shs
*17,0005125
3 shs.Pref.& 1 silo{ Paramount Investment Corp. 73% Cum. Prof.
stock. Offered by Lawrence & Co.,
Class A for $40.
Los Angeles.
Paramount Investment Corp. Class A Common stock. Offered
by Lawrence & Co.,
Los Angeles.
50,000 100
6.00 Garfield Realty Co. 6% Prof. stock. Offered by the Peoples
State Bank, Indianapolis.
4.449,200
1,000,000
10 (par)
1,200.000
150,000
3,000,000
40
50 (par)
25
Connecticut General Life Insurance Co. Capital Stock.
Offered by company to
stockholders.
Equitable Casualty & Surety Co. Capital Stock. Offered
Field Investment Corp. (Minneapolis) 7% Cum. Prof. by company to stockholders.
Stock. Offered by company.
First Cincinnati Corp. Class A Non-Voting Stock.
Offered to stockholders of First
Investment & Securities Corp., Cincinnati.
Provide funds for invest. Purposes 125,000 25
First Cincinnati Corp. Class B Voting Stock. Purchased
by First Investment &
Securities Corp., Cincinnati.
Provide funds for invest. purposes _
310,000
4
First Cincinnati Corp. Warrants. (To subscribe for 77,500
shares
of class A stock at $25
per share, goodfor 5 years). Purchased by First Investment
& Securities Corp., Cinch
Expansion, general corp. purp_ _ _ _
3,233,400 30
(W. T.) Grant Co. (Del.) Common Stock. Offered
by company to stockholders;
underwritten.
Expansion of activities
21,000,000 35
Home Insurance Co.(N. Y.) Capital Stock. Offered by
company to stockholders.
Additional capital
500,000
_ _ _ Independence Fire Insurance Co. Capital Stock.
5 (Par)
Offered by company to stockholders.
Working capital
{ 280,000 1 sh. pref. dr 1 sh.1 Mutual System Corp. 6% Cum. Pref. Offered
by
Calumet
Investment Co., Seattle.
Working capital
corn. for $35. f Mutual System Corp. Common stock. Offered
by Calumet Investment Co., Seattle,
Working capital
595,000 35
Thrift Foundation, Inc. Common Stock. Offered by Colfax
Phillips, Inc., N. Y.
31.393,400
300,000 Additional capital
150,000 Fund contracts, other corp. purp_ _
•120,000shs Provide funds for invest. purPosen '5,000shs
General Asphalt Co. Common stock. Offered by company
to stockholders.
McNabb Oil & Refining Co. Class A Common stock.
Offered by It. W. Blackett,
Inc., Denver.
4.399,200
_
50.000 Finance purchase of houses
77,500wrts
Company and Issue, and by Whom Offered.
50
65
5,286,650
Land, Buildings. &c.—
3,299,400 Devel. of real est. holdings,
[VOL. 129.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. (a) Amount Price
To Yield
of Shares.
Involved. per Share. About
$
28,500,000
Company and Issue, and by Whom Offered.
$
28,500,000 —
%
5-6 Middle West Preferred dt Common Stock Syndicate Serial Discount
Notes, due monthly Dec. 20 1929 to Aug.
Offered by Hill Joiner & Co.,
20 1930.
3,000,000
3.000,000 Market to yld. 5.40 Postal Telegraph & Cable Corp.Inc.
Coll. Tr. 5s, 1953. Offered by National City Co.
.:1 Kiln Ann
•Shares of no par value.
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 pr.ces.
to Part of this offering represents stock acquired from individuals.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. expected.
On the other hand the exportable surplus of
Friday Night, December 13 1929.
Argentine is in some cases estimated at only 100,000,
000
The main feature of trade just now is the retail holiday bushels or less.
If that is even approximately correct it
business. It has been favored by seasonable weather, al- would seem that
the American export business in wheat
though in this section temperatures have risen noticeably must before long increase
and perhaps materially. Corn
within the last 24 hours. For the most part, however, has declined, but only
very moderately, for December deweather conditions have been favorable for the usual Christ- liveries have been small and
December ends the week
mas trade. In fact the retail trade is said to be the best in practically unchanged. Other
months have dropped 1%
two months. Snows and rains and cold weather have tended to 2 cents, or in other words have
not been greatly influenced
to stimulate business in footwear, including of course rubber. by the depression in wheat.
Latterly the weather in the
But the returns of the wholesale and jobbing trade have made corn belt has not been favorable
for moving the crop. Moreno very satisfactory showing of late and the tendency is to- over, it is pointed out that hogs
and cattle are selling at
wards a still further decrease as the time for taking inven- prices high enough to stimulat
e feeding demand for the
tories draws near. The general tendency of commodity farm, though the total amount
of live stock is smaller than
prices has been lower. The coal trade is naturally stimu- last year. Rye has dropped
about as much as wheat under
lated by the wintry weather. There is a strike in the soft the influence of a decline in
that grain especially as rye is
coal region. Some falling off is noticed in carloadings. still ignored by exporters. Carlot
deliveries are authorized
There is more or less curtailment in the cotton textile in- by to-morrow and thereafter.
That told. Oats declined a
dustry, but it would seem that it is at times somewhat ex- couple of cents, but have have
shown relative steadiness
aggerated. Raw cotton has declined a quarter of a cent, for the most part and it
seems would have advanced but
owing partly to the fact that the government estimate on the for the decline in other grain.
Sugar has advanced 7 to
9th inst. of 14,919,000 bales was larger than had been ex- 11 points under the stimulus of
a better demand from
pected. It was only 90,000 bales under the previous months' refiners who held aloof for a
time. From now on purchases
estimate of 15,009,000 bales. The report caused a good deal must it seems be made moreove
r for the most part from the
of selling for a time, but later prices steadied under a falling Cuban Single Selling Agency, the
supply of uncontrolled
off in offerings and a steady trade demand. From present sugar according to report having
largely given out. Prompt
appearances the technical position of cotton is rather strong. Cuban raws have advance
d accordingly to 2 1-16c. c. &
f., a
There is an investigation of cotton exchanges being conducted rise of X°.for the week.
Trade houses and Wall Street have
by a committee of the United States Senate. It has a tend- been good buyers of January
and March sugar and Decemency to interfere with cotton trading. A suggestion that the ber notices have been
promptly stopped. Rio coffee has
Farm Board increase the loans on cotton, if necessary, one dropped over a cent owing
largely to declining rates of excent a pound at a time up to a maximum of 20 cents is criti- change in Rio and Santos.
Santos coffee has fallen over
cized as uneconomic. Of course it would tend to stimulate 1% cents under the
baneful effect of depressed exchange
cotton raising and in the end do the South more harm than and rumors afloat at one
time that the Brazilian government
good. Certainly the tendency would be to reduce prices. would abandon attempt
s to stabilize prices. Later in the
They are now three cents lower than a year ago.
week there was greater steadiness
from the fact that the
Wheat has declined 7 cents owing to a disappointing ex- market had become
speculatively short here. There was
port demand and to the fact that for the time being Argentine considerable covering.
The
with its crop deficiency has been discounted. The visible however, are not regarded financial conditions in Brazil,
as at all satisfactory. The imsupply moreover is not decreasing as rapidly as had been pression is that Brazil
needs further financial assistance.
DEC. 14 1929.1
FINANCIAL CHRONICLE
3701
Rubber declined slightly on the December delivery, but 493, an increase of 7% over the corresponding period last
ends unchanged for the week on other months. Rubber year. The S. S. Kresge Co's sales for November were
has been a narrow trading affair with current statistics to $14,021,371, an increase of 7.5% over November 1928.
all appearance a bar to any marked advance,at this time. Sales for the 11 months of this year were $132,069,096, au
Rubber is plentiful enough and at this time consumers are increase of 7.8% over the corresponding period last year:
not apt to be large buyers. Hides have been declining in a Some 175 woolen mills have agreed not to cut prices.
The weather has been colder here most of the week, and
small market. The shoe production according to the last
it began to snow on the morning of the 11th inst., hut
report, however, was the largest on record.
November chain and mail order sales show a normal gain proved to be only a passing flurry. It became very cold
inst. was 13
if allowance is made for new stores. Some of the older mail at night. The temperature here on the 11th
order concerns show an increase in November of 193 % degrees at 9 p. m.after touching 35 at 8.20 a. m. At Boston
38 to 42;
as compared with the same month last year while for 11 it was 14 to 22; Chicago, 32 to 36; Cincinnati,
42 to
Kansas
26;
City,
to
20
Detroit,
to
28
32;
Cleveland,
Novemmonths the increase is 27.7%. Chain store sales in
ber increased 13.4% over last year and for 11 months 15%. 52; Milwaukee, 30 to 34; St. Paul, 20 to 26; Montreal, zero
Chain and mail order stores combined increased in November to 4 above; Omaha, 32 to 36; Philadelphia, 30 to 36; Port16% over last year, and for 11 months 20%. Copper has land, Me., 10 to 20;!'Portland, Ore., 38 to 44; San Francisco,
been for the most part quiet and there is some reduction in 54 to 60; Seattle, 36 to 42; St. Louis, 52 to 68; Winnipeg,
the output in the Far Northwest. There is a fair demand 6 below to 12 above. New York State and New England
for wearing apparel. Luxuries, take them for all and all, had cold weather on the 12th inst. and snow fell here for a
sell less readily than they did a year ago. The Pacific time. At Albany it was zero; at Syracuse only 3 above; at
Coast has had welcomed rains in its northern and central Owl's Head, N. Y., on the northern edge of the Adirondack
sections and they have had a tendency to help trade, though Mountains 30 below zero. Boston reported 7 above zero;
more rain is needed. At the end of the week the feeling in South Merrimac, N. H., 12 below; Springfield, Vt., 26
the steel trade is described as rather more cheerful. There below; and South Londerderry, Vt., 30 below. At South
is an impression that trade will improve in the new year now Merrimac, N. H. the cold was so severe that schools were
so near at hand. A fair business is reported in rails and cars ordered closed. At Quebec it was 8 below; the ice bridge
and also in structural and implement steel. Prices as a rule between the Island of Orleans and the mainland formed a
have shown little or no change. In pig iron the trade has fortnight earlier than usual.
On the 12th inst. Chicago had 32 to 42; Cincinnati, 36 to
been light and under the influence of competition prices it is
64; Cleveland, 28 to 52; Kansas City, 40 to 46; Milwaukee,
understood have now and then been shaded.
Cotton goods have sold with some difficulty unless prices 30 to 40; Minneapolis, 26 to 34; Montreal, 4 below to 2
were eased. Some print cloths have been reduced it is said above; Omaha, 32 to 36; Philadelphia , 18 to 32; Portland,
Mc. in certain quarters while in others old prices have been Me., 6 to 20; San Francisco, 56 to 64; Seattle, 36 to 40; St.
maintained. Fine goods have been in fair demand. Lead- Louis, 56 to 68; Washington, 26 to 28; Winnipeg, 12 to 24.
ing denims have been reduced to 15c. on 28-inch, 2.20 yard To-day it was mild here with temperatures 36 to 43 degrees
white back and to 19Mc. on 36-inch white back for January- and it began to rain to-night. The forecast was for rain
March delivery. These are the lowest prices quoted for to-night and to-morrow and warmer to-night.
many months past. Seasonal lines of finished cottons were
in fair demand, and washed goods for the spring trade have Bank of America, N. A., on Influence on Business of
sold very well. In woolens and worsteds there has been only
Stock Market Break—Part of Slowing Down Ate
a moderate trade. A large majority of men's wear mills
tributed to Feeling of Caution.
have decided to maintain listed prices on all re-orders and
Appraising the influence upon business of the recent
new business for the spring of 1930. Broad silks were stock market break, The Bank of America N. A., in its curquiet. Raw silk was dull and lower.
rent review of conditions issued on Monday, declares that
The stock market during the week has been irregular. On
there are indications that early predictions of its
already
the 12th inst. prices declined with brokers' loans showing an
effect were overdrawn. "Unquestionably so drastic a
was
It
$33,000,000
weeks.
increase for the first time in eight
liquidation in the securities markets could not take place
which was no great matter, but to some seemed a hint that
without widespread reflection in all basic lines of industry,
speculative rather than investment buying had to a large
and,
more immediately, in the retail trade of the country,"
degree brought about the recent rise in prices. Gold exports the
holds. "A part of the recent slowing down in
bank
also counted against the market. The Bank of England rate
activity is evidently to be attributed to a feelcommercial
of discount marked down was M of 1% to 5M %. No reduction
ing
of
a desire to await developments before makcaution,
was made by the Federal Reserve Bank. Money remained
ing important commitments, and this reaction is in itself a
with
less
higher
rather
trading.
closed
stocks
at 43' %. To-day
Early in the day there were a good many declines. The trans- safeguard."
The review notes that a minor recession in business
actions aggregated 4,386,960 shares. Money remained at
activity
had been in progress for nearly two months before
gold
was shipped to England.
43 %. About $3,500,000 more
set in. The two main
The Reserve banks are putting new credits into the market liquidation in the stock market
in building operadecline
a
were
recession
in
factors
this
quarterly
fourth
income
taxes
the
are
Monday
due.
and next
had over-estimated
But for the time being the stock market is largely a pro- tions and the fact that manufacturers
the market for automobiles. Because of the wide ramifessional affair. Sterling exchange was steady.
of the building and automobile industries and befications
Mills manufacturing cotton duck are reported to be planning widespread curtailment of production during the early cause their activity had contributed so largely to the high
part of next year, starting probably about the middle of level of prosperity in recent years, the bank points out,
January. There is more or less curtailment at the cotton even a slight decline in operations of these industries has
mills of the Carolinas. Bradford, England cabled that far-reaching effects. The review continues:
"Present unsatisfactory conditions, however, are self-corrective. Acrather than accept wage reductions 1,300 operatives at Sadcording to a recent survey the decline in building operations has already
dleworth have decided to cease work. Czechoslovakia spin- served
to reduce the amount of empty space throughout the country. The
ning mills which use American cotton, after extended negotia- closing down of the automobile plants has kept the supply of unsold ears
tions, it is stated, finally succeed in making a price arrange- down to manageable proportions. In no industry are unsold stocks of
in the present situation."
ment which now binds the owners of 85% of Czech cotton goods large enough to be a serious consideration
will have to
adjustments
some
that
believes
bank
The
spindles. Automotives Industries said that a continuation
mainly
of the return to operating schedules by a number of factories, be made by those whose business has been supported
adds:
It
profits.
market
stock
on
dependent
trade
by
for
inventory,
and
shutdown
further widefollowing seasonal
"Purchases of luxuries and of high-priced goods and properties which
spread indication that next year holds good promise for the
were being paid for out of profits made in the stock market—in other
the
among
were
major
industry,
automobile
developments words, out of capital appreciation regarded as fixed income have naturally
in the automotive world during the last week. Automotive come to an end. This class of trade, however, although in the past few
a very appreciable increase, represents but a comexecutives who have been studying the situation with extreme years it has shown
paratively small proportion of the country's business. In basic lines,
care look for a return to normalcy early in the year and ex- while business is dull, very few cancellations are reported."
pect large buying to begin within the first three months of
Continuing its discussion of general business conditions,
1930.
bank says:
the
F. W. Woolworth & Co's sales for November amounted to
"Prospects are that the principal agricultural products will be marketed
$26,159,770, an increase of 6.1% over November 1928. at a reasonable profit if no serious artificial obstacles are interposed In
Sales for the 11 months of this year amounted to $258,880,- the way of the workings of the laws of supply and demand,
3702
FINANCIAL CHRONICLE
"Lower interest rates cannot fail to have a beneficial effect upon commercial projects. Money for short term commercial loans was available at
a relatively low rate during the past two years even in times of greatest
stringency in the collateral loan market. The high return which has been
demanded on long-term borrowings, however, naturally placed a definite
limit upon the carrying out of such larger projects as could not be expected to show results for a considerable period of time. An increase in
such undertakings is to be anticipated now. A tendency in this direction
is indicated in the advance in prices and consequent decline in yields of
high-grade investment bonds.
"The present low level of money rates will doubtless serve to stimulate
the movement of gold from this- country which is already in progress.
The outflow of gold, however, is not expected to stand in the way of a
resumption in foreign lending, which was interrupted by the rise in money
rates in this market."
Prediction for 1930 of Col. Leonard P. Ayres of
Cleveland Trust Co.
Col. Leonard P. Ayres, Vice-President of the Cleveland
Trust Co. of Cleveland, Ohio, in presenting his annual business forecast before the Cleveland Chamber of Commerce
on Dec. 10, stated, according to the Cleveland "Plain
Dealer," that the greatest single burden which American
business must bear this winter and during 1930 will be to
make good a shrinkage of $4,500,000,000 in brokers' loans
that took place in the last two months. This tremendous
figure represents the losses sustained in the recent stock market debacle, Col. Ayres pointed out. It must be paid from
savings accounts and bank deposits by unsuccessful market
speculators, he said, to match dollar for dollar the winnings
of the successful market speculators, says the "Plain Dealer,"
which gives as follows Col. Ayres's predictions for 1930:
Short term interest rates will probably have a downward trend as we
enter the early months of 1930, changing to a rising one before the close
of the year, with average levels well below those of 1929 but not below those
of 1927.
Production of automobiles and trucks in the United States and Canada
in 1930 will probably fall below that of 1929 by more than 500,000 but
not by more than 1,000,000 units.
The total value of building construction in 1930 will probably not differ
from that of 1929 by more than 5%.
Stock prices in the closing months of 1930 will probably be well above the
levels of the closing months of 1929, but still below the recent high levels.
Total output of iron and steel in 1930 will probably be distinctly less than
in 1929.
It seems unlikely that the cost of living will change much in 1930.
The average wholesale prices of non-agricultural commodities in 1930
will probably be less than in 1929 but not by more than 5%.
It is likely that there will be more unemployment in the early months
of 1930 than in the corresponding months of 1929, but with conditions improving as the year advances.
Average industrial wage rates will probably not differ in 1930 by more
than 3% from the 1929 average.
Costs of building will probably not change greatly in 1930. but the trend
Is likely to be a declining one.
The net profits of industrial corporations in 1930 will probably be distinctly less than in 1929.
The total of our tourist travel abroad will decline.
Col. Ayres summarized his conclusions as follows:
Summary—The year 1930 promises a poor start and a good finish for
business; more bond flotations and fewer bank mergers; more trust Investments and fewer investment trusts; renewed speculation with decreased
tribulation; reduced profit margins and fewer margin calls, neither so many
shocks to the nervous system nor so many warnings by the Reserve System
November Construction Record Shows Falling Off
—F. W. Dodge Corporation's Review of Building
and Engineering Activity in the 37 States East of
the Rocky Mountains.
During the month of November, construction contracts
were awarded to the extent of $391,012,500 in the 37 States
east of the Rocky Mountains, according to F. W. Dodge
Corp. These States include about 91% of the total construction volume of the country. The decline from the
October total ($445,642,300) was a little more than $54,000,000, or 12%. The decrease from the November 1928
total ($471,482,200) was about $80,004,000, or 17%. The
New York and Northern New Jersey District and the
Northwest were the only two districts showing increases
over the October 1929 and November 1928 records. The
November construction record brought the amount of new
building and engineering work started in the 37 States
since the first of this year up to $5,437,922,400 as,compared
with $6,195,529,800 for the corresponding period of last
year, the decrease being 12%. The Dodge Corp. adds:
[VOL. 129.
figure, when compared with the preceding month's record, represents a
noted increase of 60% and when compared with the total for November of
last year shows an increase of 24%. These increases were due largely to
increased construction in the commercial, public work and utilities, and
residential classes. Included in the month's construction record were the
following items of note: $69,217,400, or 41% of the total, for commercial buildings; $41,706,400, or 25%, for residential buildings; $25,402,300, or 15%, for public works and utilities; and $9,224,000, or 6%,
for hospitals and institutions.
The first eleven months' construction total for this district was
$1,352,084,700, as compared with $1,675,976,100 for the corresponding
period of last year, the drop being 19%.
Contemplated new work reported in New York State and Northern New
Jersey during the past month reached a total of $230,434,700. This total
represents a drop of 20% from the preceding month, but showed an
Increase of 16% over the November figure of last year.
The New England States.
The total volume of construction contracts let in the New England States
during November amounted to $24,147,900, as compared with $40,040,700
for October of this year and $30,638,100 for the corresponding month of
1928. Analysis of the November building record showed the following
active classes of work: $9,073,700, or 38% of all construction, for
residential 'buildings; $7,832,800, or 32%, for industrial buildings;
$3,057,500, or 13%, for commercial buildings, and $1,563,000, or 6%, for
educational construction.
New construction started in this district since the first of this year
amounted to $382,436,400, representing a loss of 17% when compared
with the same period of last year.
During the past month there was $29,409,600 worth of new work reported
In contemplation. This total compares with $37,632,300 for the preceding
month and $34,088,800 for the corresponding month of last year.
The Middle Atlantic States.
The Middle Atlantic States (Eastern Pennsylvania, Southern New Jersey,
Maryland, Delaware, District of Columbia and Virginia) had $41,363,000
In awarded contracts for new building and engineering work. The above
figure was 20% below the preceding month's record and a 24% loss was
recorded from the corresponding month of last year. The following were
the most prominent classes of work during the month: $13,992,100, or
34% of all construction, for residential buildings; $7,060,100, or 17%,
for educational buildings; $6,326,500, or 15%, for public works and
utilities, and $5,607,000, or 14%, for commercial construction.
Total contracts awarded for the first eleven months of this year amounted
to $650,110,400, which compares with $735,710,700, the amount contracted for during the corresponding period of last year.
New York reported as contemplated in the Middle Atlantic States for
November amounted to $81,561,100 as against $72,835,300 for the preceding
month, an increase of 12%, but when compared with the November total
of last year there was a drop of 53%.
The Pittsburgh District.
For the month of November the Pittsburgh District (Western Pennsylvania, West Virginia, Ohio and Kentucky) had $26,751,500 in contracts
awarded for new construction as compared with $77,619,300 for the
preceding month and $60,367,800 for the corresponding month of 1928.
Last month's building record included the following important classes of
work: $7,542,800, or 28% of all construction, for residential buildings;
$6,478,700, or 24%, for public works and utilities; $4,815,900, or 18%,
for commercial construction, and $3,239,300, or 12%, for industrial plants.
The November contract total brought the amount of new construction
started since the first of this year up to $658,203,500, representing a
slight decrease of 4% from the same period of 1928. The total for 1928
was $684,321,900.
Contemplated projects as reported during November in this district
amounted to $135,338,300. This 'total represents increases of 85% and
31% over the preceding and corresponding month's totals, respectively.
The Central West.
A total amount of $86,303,100 was contracted for in new building and
engineering work during November, in the Central West (Illinois, Indiana,
Iowa, Wisconsin, Southern Michigan, Missouri, Kansas, Oklahoma and
Nebraska). A comparison made shows that the above total was off 27%
from the preceding month and a 37% drop was recorded from the corresponding month's record for 1928. Among the types of building which
were most active in the month's total were the following: $30,299,800,
or 35% of all construction, for residential buildings; $20,631,100, or 24%,
for public works and utilities; $13,282,300, or 15%, for commercial
construction, and $7,194,800, or 8%, for industrial plants.
New construction started in the Central West during the past 11 months
has reached a total of $1,584,483,100, which represents a decrease of 13%
from the corresponding period of last year. The total for last year was
$1,814,315,400.
New work reported as contemplated last month in this district amounted
to $168,462,800 as compared with $218,614,300 for October of this year
and $349,695,900 for November of last year.
The Northwest.
New building and engineering work started last month in the Northwest
(Minnesota, the Dakotas, and Northern Michigan) reached a total of
$9,967,300. This figure was more than twice the amount contracted for
during the preceding month (an increase of 132%), and showed an increase
of 73% over the November figure of 1928. The following were the most
active classes in the November construction total: $4,423,400, or 44%
of all construction, for industrial buildings; $3,245,600, or 83%, for
public works and utilities; $1,056,200, or 11%, for residential buildings,
and $662,700, or 6%, for commercial construction.
The first 11 months' construction total for the Northwest was $87,037,600,
which shows a substantial increase of 15% over the corresponding period
of last year.
Contemplated new work as reported during November for this district
amounted to $18,137,500. This figure was 56% ahead of the amount
reported in October, and there was a still greater increase of 60% recorded
over the total for November of last year.
Analysis of the past month's building record showed the following active
classes of work: $113,522,800, or 29% of all construction, for residential
buildings; $101,769,200, or 26%, for commercial buildings; $72,361,100,
or 19%, for public works and utilities; and $39,673,900, or 10%, for
Industrial construction.
New work reported in the contemplated stage in the 37 Eastern States
The Southeastern States.
amounted to $720,301,000. This total represents a lose of 10% from
the amount reported in the preceding month and a drop of 28% from the
November construction contracts in the Southeastern States (the Camlint's, Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas, and
amount reported in November at 1928.
Louisiana) amounted to $22,194,100. A comparison made shows this
New York State and Northern New Jersey.
amount was off 82% from the preceding month's total, and a drop of 25%
Building and engineering contracts awarded during November in New was noted from the November total of 1928. Analysis of
November buildYork State and Northern New Jersey amounted to $167,847,400. The above lag record included the following active classes:
17,177,400, or 82% of
DEC. 14 1929.]
FINANCIAL CHRONICLE
all construction, for residential buildings; $5,403,800, or 24%, for public
works and utilities; $3,622,400, or 16%, for industrial plants, and
$2,528,800, or 11%, for commercial construction.
Total building and engineering Work started in this territory since the
first of this year has reached a sum of $517,237,800, representing a slight
decrease of 2% from the total for the corresponding period of last year.
New work contemplated during the past month in the Scattheastern States
amounted to $43,029,900. This figure shows a drop of 38% from the
amount contemplated in October of this year, but there was an increase
registered over the November total of 1928 amounting to 2%.
Texas.
The State of Texas had $12,938,200 in awarded contracts for new
building and engineering work during November. The above figure was 34%
less than •the total for the preceding month and there was a 33% decrease
from the total for November of last year. Included in last month's
building record were: $3,549,800, or 27% of all construction, for public
works and utilities; $2,697,600, or 21%, for commercial buildings;
$2,674,400, or 20%, for residential construction, and $1,588,900, or 12%,
for industrial plants.
During the past 11 months there was $205,728,900 in contracts awarded
for new construction. T:tis is a slight drop of 4% over the amount
contracted for during the first 11 months of 1928.
Contemplated projects as reported last month in this State reached a
total of $13,927,100 as compared with $31,027,700 for the preceding month
and $19,181,100 for the corresponding month of last year.
3703
two years resulted from good gains in the spring, sustained employment
during the summer and widespread advances in September. October marked
the fall peak of employment when factory workers numbered more than at
any time since November 1926.
The downward movement of November affected almost every industry
and locality in the State. New York City cut forces more than up-State.
Of the industry groups, the food, clothing and leather groups, which make
greater seasonal changes, suffered the heaviest reductions.
Metals Losing Widely.
Losses in most of the metals caused the metal group to record a bigger
drop than usual. Last year the group gained in November. The automobile
and parts factories continued to snake widespread severe cuts. General
losses occurred in silverware and jewelry, brass, copper and aluminum,
and sheet metal and hardware. Good gains in a few plants sent the railand
road equipment and repair shops upward as well as shipbuilding
instrument and appliance firms. All of the other metals moved downward
irregularly, some firms leading with large cuts.
Loading of Railroad Revenue Freight Still Declining.
Seasonal Slackening in Clothing and Food.
Widespread losses marked the end of the active season in the clothing
factories reported a
and allied industries. Only the silk and silk goods
goods, men's
good general gain. Large cuts occurred in all leather
food industries
and women's clothing, millinery and cotton goods. The
Only the
were somewhat duller this month than usual at this time of year.
the
meat and dairy producers increased help. Severe lay-offs marked
industries, only
canning, beverage and candy firms. Among the other
wood proglass firms, piano, other musical instrument and miscellaneous
goods makers
ducers, pulp and paper plants, and miscellaneous paper
reported general advances.
Loading of revenue freight for the week ended on Nov. 30
totaled 837,107 ears, the Car Service Division of the American
13-Month Calendar Adopted for 1930 by Sears-Roebuck'
Railway Association announced on Dec. 10. Owing to the
According to a Chicago dispatch, Dec. 10, to the New York
observance of Thanksgiving Day, this was a reduction of
a test of the 13-month calendar will be made by
"Times,"
the
for
total
113,173 ears under the preceding week. The
& Co. beginning Jan. 2. The dispatch states:
Roebuck
week of Nov. 30 was also a reduction of 63,449 cars under Sears,
its thousands of employees, will use the new
with
company,
This
reduca
was
likewise
It
the corresponding week in 1928.
its internal affairs for a year or more to determine its value
for
calendar
tion of 81,380 cars under the corresponding week in 1927, but in the business world.
in making this comparison, consideration must be given to
Sears, Roebuck & Co. thus joins the ranks of several hundred others
have adopted the 13-month calendar
the fact the same week two years ago did not contain a in the United States which already
by which to control their internal affairs. George K. Eastman is a
holiday, Thanksgiving Day having fallen in the previous leading
exponent of the new calendar.
week. Details are outlined as follows:
Adoption of the 13-month calendar will. necessitate a readjostment of
Miscellaneous freight loading for the week of Nov. 30 totaled 302,871
cars. 33,339 cars below the same week last year and 36,772 cars below the
corresponding week two years ago.
Loading of merchandise less than carload lot freight amounted to 219,949
cars, a reduction of 6,220 cars under the same week in 1928 and 36,632 cars
below the same week two years ago.
Coal loading amounted to 180,539 cars, an increase of 1.417 cars above
the same week in 1928 and 22,343 cars above the same week in 1927.
Forest products loading totaled 48,589 cars. 9.859 cars below the same
week in 1928 and 12,529 cars under the corresponding week in 1927.
Ore loading amounted to 9,438 cars, a decrease of 1,745 cars under the
same week in 1928 and 306 cars below the corresponding week two years ago.
Coke loading amounted to 11,258 cars, an increase of 1,048 cars above
the corresponding week last year and 2,227 cars over the same week two
years ago.
Grain and grain products loading for the week totaled 38,698 cars, a
reduction of 14,893 cars under the corresponding week last year and 11,242
cars under the same period in 1927. In the western districts alone, grain
and grain products loading amounted to 26,707 cars, a reduction of 9,052
cars under the same week in 1928.
Live stock loading totaled 25.765 cars, 142 cars above the same week
last year but 8,469 cars below the corresponding week in 1927. In the
Western Distr.cts alone, live stock loading amounted to 19.799 cars. an
increase of 605 cars compared with the same week in 1928.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1928. All districts also reported reductions under the same week in 1927 except the Pocahontas, which showed
an increase.
Loading of revenue freight in 1929, compared with the two previous
years, follows:
1927.
1928.
1929.
3.570.978 3.448,895 3,756,660
Four weeks in January
3.767,758 3,590,742 3,801.918
Four weeks in February
4,807,944 4.752,559 4,982,547
Five weeks in March
3.983.978 3.740,307 3,875,589
Four weeks in April
4,005,155 4.108,472
4.205,709
May
Four weeks in
4.924,115 4,995.854
5,260,571
Five weeks in June
3,913,761
4,153,220 3,944,041
Four weeks in July
5.348,407 5.367,206
5,590,853
Five weeks in August
4,370.747
4,538,575
4,470,541
September
Four weeks in
4,677,375 4.703,882 4,464.872
Four weeks in October
4,891,835 5.144,208 4,741,390
Five weeks in November
Total
49,448.796 48.072.852 48,379,016
New York State Factories Make General Employment
Reductions in November.
Widespread seasonal losses in November offset September
and October gains in employment in representative New
York State factories. November generally marks the first
the company's payrolls, but in no way will it interfere with external
business, an official declared.
He pointed out that their calendar will begin with the first Thursday
of 1930, and thus each fourth Thursday thereafter will be dated the 2nd.
Cleveland Federal Reserve Bank Finds Falling Off in
Activity of Seasonal Nature.
According to the Dec. 1 "Monthly Business Review"
of the Federal Reserve Bank of Cleveland "analysis of the
state of general business during October and early November
throughout the Fourth Cleveland District shows that, while
there has been a falling-off in activity in many lines from
the peak levels attained earlier in the year, much of it
was of a seasonal nature. Operations in most lines accordingly continue to compare favorably with those of a year
ago," says the Bank, which further comments as follows:
lower
Of the 19 indexes of Fourth District business only three were
building
in October than in the same month of 1928, these being residential
contracts, cement production and chain drug store sales. In addition to
(which
production
these, there was a decline in automobile passenger car
adversely affected steel output, especially in this District), tire production and in furniture store sales. All other major industries in October
were at least on a par with 1928.
Retail distribution continues in good volume. Department store sales
were 5.4% larger in October than a year ago and reports indicate that
November business has compared favorably with preceding years. Wholesale firms shows an increase in October and for the first ten months in all
lines except shoes.
Bituminous coal production in the District in October exceeded 1928 by
5.9% and for the first ten months of 1929, 14.1% more coal had been
produced than in the same period of 1928. Coal shipments at Lake Erie
ports so far this year, have been 15% larger than a year ago. Iron ore
receipts at Lake Erie ports were slightly ahead of 1928 in October, but
for the year-to-date have exceeded last year by 28%.
Net earnings of various concerns throughout the District were considerably higher in the third quarter than they were a year ago, but showed
a decline, partly seasonal, from the second quarter of this year.
General manufacturing concerns, except those directly dependent upon
the automobile industry for the bulk of their orders, are operating at
levels which are above last year. Textile factories are busy; makers of
men's and women's apparel are producing in good volume; shoe production
in October was the highest ever reported for that month; paper concerns
note some improvement; railway and electrical equipment factories are
busy and paint manufacturers have enjoyed a good year. Motor accessory
and machine tool plants are running on reduced schedules. Reports indicate that early November operations generally have shown no marked
changes, other than seasonal, from a year ago.
reduction in employment after the peak of fall production
Retail and wholesale trade is surveyed RS follows by
In October, according to Industrial Commissioner Frances
Perkins. Declines characterized November of the last three the Bank:
Retail Trade.
years but the curtailment was greater this year. The ComThe volume of retail distribution throughout the Fourth District was
missioner's survey, issued Dec. 9, continues:
"good" during October. Sales of 60 department stores showed an inThese statements and those following are based upon monthly reports crease from 1928 of 5.4%. The largest gains were reported in Pittsburgh,
to the Department of Labor from over 1500 factories in New York State. Akron, Cleveland and Toledo; Wheeling was the only city to report a
They represent the different industries located all over the State and em- smaller volume than a year ago.
ploy approximately one-third of all factory workers in the State.
For the first ten months, sales were 3.4% larger than they were last year
and here again, Wheeling is the only city showing a decline. Stocks of
Employment Above Last Two Years.
Two per cent more workers held factory jobs this November than in goods are generally lower this year. Accounts receivable for all stores
the same month for either 1928 or 1927. This improvement over the last were 11% larger than they were a year ago, but collections have also
3704
FINANCIAL CHRONICLE
shown a gain of 6.4% The percentage of credit sales to total sales during October was 65.0 this year, compared with 62.5 in 1928.
Chain grocery sales, on a unit basis, were 7.6% larger than last year.
Chain drug sales, however, were 0.5% less than in October 1928.
Wholesale Trade.
All reporting wholesale lines, except shoes, experienced an increase in sales
in October as compared with 1928. Wholesale groceries gained, 6.4;
drugs, 3.1; hardware, 1.9 and dry goods 0.6% while shoes declined 24%
Sales of all groups but shoes were larger than in September and also for
the first ten months of this year as compared with 1928.
Stocks were generally lower than they were last year and the accounts
receivable were lower in October, as compared with 1928 for all lines but
hardware which showed an increase of 1.5%. Larger collections were
reported by grocery and dry goods firms but declines were experienced by
shoes, hardware, and drugs. The percentage of collections during October
to accounts receivable on September 30 for the various lines were as follows (1928 figures in parenthesis); Dry goods, 4L7 (39.9); drugs, 79.3
(72.2) ; groceries, 76.7 (83.3); hardware, 43.5 (39.2); and shoes, 34.5
(36.4), which shows that collections on outstanding accounts were better
than they were a year ago for hardware, dry goods and drugs.
Review of the Building Situation in Illinois During
November and the Eleven Months.
The estimated value of building authorized by permits in
44 Illinois cities during November is $22,973,532. This is a
decrease of $7,792,065 from the October figure, which was
$30,765,597, representing a decline of 25.3%. Compared
with November a year ago, when the estimated cost of building amounted to $33,401,436, the decrease in November of
this year is $10,427,904, or 31.2%. Howard B. Myers, chief
of the Bureau of Labor Statistics and Research of the Illinois
Department of Labor, in announcing this under date of Dec.
10, adds:
[VOL. 129.
Statistics supplied by the Bureau follow:
TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS BASED ON
PERMITS ISSUED IN 44 ILLINOIS CITIES IN NOVEMBER 1929,
BY CITIES.
Total all cities
November 1929.
October 1929.
November 1928.
No. of Estimated No. of Estimated No. of Estimated
Melo.
Cost.
Mos.
Cost.
Bidgs.
Cost.
2,177 $22,973,532 3,529 $30,765,597 3,020 $33,401,436
Metropolitan area
1,350
Cities.
18,948,888 2.222
26,750,723 2,063
29,694,712
919 17,000,680 1,586
Metropolitan area, excluding Chicago_
431
1,948,208 636
23,937,030 1,458
20,793,600
2,813,693 605
8,901,112
Chicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Jollet
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
59
23
36
48
23
7
11
22
20
3
9
35
11
26
28
24
11
4
3
10
18
827
37
56
4
15
6
213,419
136,900
167,575
167,500
12,815
73,500
17,280
33,589
180,680
9,340
84,000
187,507
22,313
19,789
92,775
56,235
32,991
3,700
266,500
57.045
112,755
62
49
46
83
28
8
13
45
39
16
18
28
15
30
48
37
16
3
3
20
29
$4,024,644 1,307
21,640
254,050
5,575
87,300
19,100
78
84
5
22
19
1
I°
68
118
82
21
9
43
109
88,995
99,275
120,325
371,000
14,150
115,525
44,638
103,806
168,600
95,275
109,700
357,625
9,208
63,172
118,105
115,137
592,535
6,512
32,000
64,300
113,760
103
18
31
93
18
9
11
23
38
4
18
30
20
30
58
27
14
3
20
13
24
755,500
111,275
293,075
3,409,750
37.050
80,947
49,850
102,072
609,356
87,000
106,100
198,129
32.868
253,350
1,894,627
176,800
214,250
12,600
144,300
111,613
220.600
$4,014,874 957
53,706,724
92,644
124,874
8,750
127,500
29,300
4,000
145,050
339,315
255,385
113.818
286,060
30,050
390,700
115,185
50
62
4
9
8
1
18
61
62
74
17
7
38
53
57,803
256,507
15,200
353,500
53,400
1,000
56,880
121,400
162,230
241,735
53,700
190,000
108,100
106,767
9
84,100
Chicago reports a total of 919 buildings authorized during November.
61
559,210
whose cost is estimated at $17,000,680. This is a decrease of
$6,936,350
46
87,926
from the October total and $3.792,920 from November 1928. The
44
58,320
number
of buildings represented in the November 1929 figures are 667 fewer
14
18,335
than
4
13,500
In the preceding month and 539 fewer than in November a year
ago.
24
508,700
In the metropolitan area, outside Chicago, 6 of a total of 21 cities
79
report
644,239
increases in estimated cost of building authorized during November.
They
are Berwyn, Blue Island, Cicero, Highland Park, Lombard and
12
82,000
18
114,000
30,000
12
Wheaton.
81
415.275 102
605.730
88
224,800
Only 2, Blue Island and Wheaton, report an increase over November
a
25
88,725
55
44,130
101,210
22
year ago.
101
235.910 159
465,053
359,460 139
Outsidethe metropolitan area, 6 of a total of 22 cities report
112
326.418 135
441,044 102
416,378
increases
56
over October 1929. These increases are so substantial
221,296
123,054
528,041
96
91
as to overcome the
42
293,025 65
197,745
39
220,100
decreases in the other cities outside the metropolitan area and to
make this
group of communities as a whole show a slight increase over
October 1929, TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS BASED ON
and a greater increase over the figure for November 1928. The
6
PERMITS ISSUED IN 44 ILLINOIS CITIES FROM JANUARY
reporting increases over October 1929, are Aurora, Decatur, Joliet, cities
Moline,
THROUGH NOVEMBER 1929, BY CITIES.
Springfield and Waukegan. Compared with November
a year ago, 8
cities outside the metropolitan area report gains. These cities
are DanJan.-Nov. 1929.
Jan.-Nov. 1928.
ville, Decatur, Joliet, Moline, Ottawa, Peoria. Quincy and
Waukegan.
Cities.
Residential buildings for which permits were issued in 44 Illinois
No. of Estimated No. of Estimated
cities
during November 1929, number 509. They are to cost $6,558,059
Dittos.
Cost.
Bldos.
Cost.
and to
provide housekeeping accommodations for 903 families.
All of these items Total all cities_a
34,461 $286,919,570 40,887 5406,838,527
represent a decided drop from thefigures for October 1920. Non-residentia
l
buildings authorized during November of thLs year total 837 to
22,138 250,039,954 28,011 366,770,929
cost $15,- Metropolitan area
351,721. These figures also show a decline from those of October.
Addi- Chicago
16,201 208,404,315 19,997 304,011,533
tions, alterations, repairs and installations were authorized for
831 buildings and their estimated cost is $1,063,752, figures which again represent Metropolitan area, excluding Chleago
5,937 41,635,639 8,014 82.759,396
a large decrease from those of the previous month.
Berwyn
3,504,139 1,227
707
6,650,000
In Chicago permits were issued during November 1929 for 236
Blue Island
residen1,161,201
333
439
1,197,283
tial buildings to cost $4,184,800. providing housekeeping accommodatio
Cicero
3,419,968 518
555
3,612,785
ns
for 555 families. Non-residential buildings authorized in Chicago during
Evanston
7,795,800 990 12,507,175
720
Forest Park
256
974,804
295
1,346,055
November number 339, to cost $12,291,250. Additions, alterations,
reGlencoe
1,429,022
133
161
2,085,271
pairs and installations are to cost $524,630 in 344 buildings.
Glen Ellyn
131
868,335 266
1,465,873
In the metropolitan area outside Chicago, November permits were isHarvey
1.237,287 364
384
1,687,901
Highland Park
2,245,505
sued as follows: residential, 87 buildings, to cost $1,115,714, with house
310
371
2,902,577
Kenilworth
806,995
86
76
1,413,108
keeping accommodations for les families; non-residential, 208, to cost
La Grange
1,230,685 219
174
1,469,075
$635,053; additions,alterations,repairs,installations, 136,to cost
Lake Forest
195
2,471,839
240
2,139,276
$197.441.
Outside the metropolitan area, November permits were issued as follows:
Lombard
148
358,787 244
1,034,403
Maywood
296
1,080,451
447
2,500,055
residential, 186 buildings, to cost $1,257,545, providing housekeeping
Oak Park
5,507,495
515
8.986,815
805
accommodations for 240 families; non-residential, 290, to cost $2,425,418;
Park Ridge
1,808,798 473
320
2,834,345
additions, alterations, repairs, installations, 351, to cost $341,681.
River Forest
1,544,920
113
151
1,913,105
West Chicago
52
93,414
During the first 11 months of 1929, permits were issued in 42 Illinois
73
279,881
Wheaton
62
737,400
160
1,659,600
cities (Alton and Ottawa figures are omitted from this comparison because
Wilmette
1,670,354 269
218
2,725,738
complete data for 1928 are not available) for 34,461 buildings valued at
Winnetka
194
1,687,540
261
2,349,075
$286,919,570. These figures represent a decrease of 6,426 buildings and
12,323 536,879,616 12,876 $40,067,598
$119,918,957 in estimated cost from the totals for the first 11 months of Total outside metropolitan area_a
1928. From January through November 1929, Chicago issued permits for
Alton
928,045 (b)
536
(b)
16,201 buildings to cost $208,404,315. This is a decline from the figures
Aurora
2,219,392 844
801
2,848,881
Batavia
37
66.835
of the first 11 months of 1928.amounting to 3.796 buildings and $95,607,218
37
97,050
Bloomington
185
1,054,300
157
1,355,800
Lake Forest is the only community in the metropolitan area to show a gain
Canton
81
383,005
42
152,825
in the estimated cost of buildings authorized this year over that for the
Centralia
29
336,500
26
116,300
Danville
first 11 months of 1928.
221
1,111,476
232
862,848
Decatur
833
3,888,455 1,135
4,062,395
Outside the metropolitan area 6 cities-Canton, Centralia, Danville,
East St. Louis
1,146
2,070,021 1,057
2,650,616
Joliet, Moline and Rock Island-report gains for the first 11 months of
Elgin
765
1,318,820
970
2,283,831
1929 over the corresponding period of 1928.
Freeport
221
1,138,863
298
1,953,949
Granite City
96
83
Figures for the main classifications of building authorized in 42 compar443,300
684,700
Joliet
3,202,834
561
2,985,620
571
able cities from January through November 1929 are as follows: ResidenMoline
1,047
2,080,887
912
1,515,524
tial, 8,959 buildings, to cost $130,636,478, providing for 24,302 families;
Murphysboro
3
11,500
3
23,000
Ottawa
non-residential, 11,707 buildings, to cost $135,545,354; additions, altera(b)
168
617,700 (13)
Peoria
1,165
3,651,520
3,375,260 1,352
tions, repairs, installations, 13,795, to cost $20,737,738.
Quincy
320
829,250 357
1,263,757
In Chicago the reports for the main classifications of buildings authorRockford
4,951,392 1,766
5,035,852
1,597
ized during the first 11 months of 1929 are as follows: Residential, 4,357
Rock Island
1,459,514
2,848,037 1,098
1,486
Springfield
3,132,229 1,164
buildings, to cost $88,007,950, providing housekeeping accommodations
3,531,408
1,092
Waukegan
3,532,208
2,419,260
637
772
for 18,106 families; non-residential. 5,418, to cost $110,516,175: additions
alterations, repairs, installations, 6,426, to cost $9,880,190. Similar data
a Does not include figures for Alton and Ottawa.
for the metropolitan area outside Chicago are: residential, 1,656 buildings,
b Complete data for 1928 not available.
to cost $26,716,915, providing housekeeping dwellings for 2,808 families;
non-residential, 2,466, to cost $10.779,095: additions, alterations, repairs,
installations, 1,815, to cost $4,139,629. Outside the metropolitan area Decline in Building Operations in Atlanta Federal
figures for the first 11 months of 1929 are: residential, 2,946 buildings, to
Reserve District.
cost $15,911,613, providing housekeeping dwellings for 3,388 families:
The Federal Reserve Bank of Atlanta states that "the
non-residential, 3,823, to cost $14,250,084; additions, alterations, repairs,
Installations, 5,554, to cost $6,717,919.
volume of prospective building evidenced by building permits
FINANCIAL CHRONICLE
DEC. 14 1929.]
issued at twenty regularly reporting cities of the Sixth
Atlanta District for the construction of buildings within
their corporate limits decreased approximately one-third in
October compared with the month before, was less than
half the total for October a year ago, and was smaller than
had been reported for any month since December 1921."
In its "Monthly Review," Nov. 30, the Bank also says:
Pemiits issued in October at these twenty cities amounted to $3,814,858, a decrease of 33.1% compared with the total for September, and a
decline of 56.1% compared with the total for October 1928. Increases
over October a year ago were reported at Montgomery, Miami, Pensacola,
Alexandria and Nashville, and also at Miami Beach. Decreases were shown
at other reporting cities. The index number for the twenty cities for
October was 33.9, compared with 50.7 for September, and with 77.3 for
October 1928, based upon the monthly average for the three-year period
1923 to 1925 inclusive as represented by 100. Index numbers for Federal
Reserve Bank and Branch cities of the district are shown on the last page
of this Review.
The cumulative total of permits issued at these twenty cities during the
ten months of 1929 amounts to $66,811,114, a decrease of 26.3% compared
with the total of $90,707,657 for the corresponding period of 1928.
According to statistics compiled by the F. NV. Dodge Corporation, the
total volume of building and construction contracts awarded in the 37
states east of the Rocky Mountains during October amounted to $445,642,300, an increase of $240,000 over the September total, but smaller
by 25% than the volume reported for October 1928. In October $137,690,300, or 31% of all construction, was for residential buildings; $85,116,400, or 19%, was for public works and utilities; $67,732,600, or
15%, was for commercial buildings, and $60,863,700, or 14%, was for
Industrial plants. For the ten months of 1929 contract awards have
amounted to $5,046,909,900 a decrease of 12% compared with the total
of $5,724,047,600 for the same period of last year.
Contracts awarded in the sixth district during October amounted to
$17,433,760, showing a further decline compared with preceding months,
and a decrease of 51.7% compared with October 1928. Because of larger
totals reported for other months, however, the total of contract awards
in the sixth district for the ten months of the year show an increase of
5.7% over the same period of last year.
In the table are shown building permits issued in October at reporting
cities of the district, compared with the corresponding month a year ago.
Value.
Percentage
Change in
Value.
$30,150
428,991
54.285
143,198
284,000
352,100
34,885
93,341
106,605
4,750
549,760
947,196
55,287
45,380
104,375
64.155
364,547
78,005
220,940
11,500
116,878
279,040
23
592
100
229
381
290
114
117
330
14
47
398
869
55
182
60
227
83
369
14
251
262
$64,450
1,200,442
202,432
137,250
532,086
147,466
78,150
67,821
281,288
7,150
188.215
1,756,028
78.774
97,883
109,180
216,255
1,740,853
65,936
520,268
17,375
1,105,694
274,530
-53.2
-64.3
-73.2
+4.3
-46.6
+138.8
-55.4
+37.6
-62.1
-33.6
+192.1
-46.1
-29.8
-53.6
-4.4
-70.3
-79.1
+18.3
-57.5
-33.8
-89.4
+1.6
3,679 83,814,858
Total 20 cities
33.9
Index number
• Not included in totals or index numbers.
4,946
18,694,161
77.3
-56.1
October 1929.
Number
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
26
355
84
193
379
458
60
210
232
13
97
321
158
40
94
100
136
62
459
9
79
224
Value.
October 1928.
Number
3705
ago, and production of cotton yarn by reporting mills also increased over
both of those months, but output of cotton cloth was slightly less than
in October 1928. Output of coal in Alabama was slightly smaller, but in
Tennessee a little larger, than at the same time last year, and production
of pig iron in Alabama increased over September but was a little below
the level in October last year.
Details of conditions in retail and wholesale trade are
furnished as follows by the Bank:
Retail Trade.
in
Retail distribution of merchandise in the sixth district, as reflected
of
sales figures reported confidentially to the Federal Reserve Bank
Sixth
the
throughout
located
Atlanta by representative department stores
far this
District, increased seasonally in October to the highest level so
meryear, but were slightly less than in October a year ago. Stocks of
than
chandise increased over those a month earlier, but continued smaller
at the same time last year.
district inOctober sales by 42 reporting department stores in the
but five of
creased an average of 23.6% over those in September, all
correthese stores sharing in the seasonal increase. Compared with the
Chattanooga
sponding month a year ago, increases reported at Atlanta,
by
average
and Nashville were slightly more than offset in the district
cities, and
decreases reported from Birmingham, New Orleans and other
sales
total sales averaged one per cent less than in October 1928. Cumulative
Aalanta, but
from Jan. 1 through to Oct. 31 have been greater at
period
smaller at other reporting points, than during the corresponding is a
period
of last year, and the district average for this cumulative
Orleans
New
in
decrease of 1.6%. The strike of street railway operatives
of mercontinues to affect business adversely at that point. Stocks
larger than a month
chandise on hand at the end of October averaged 5.9%
ago. The
earlier, but were 3.4% smaller than at the same time a year
but less
rate of stock turnover was slightly more favorable for October,
last year.
for the ten months of the year, than in corresponding periods
2.6%
and
September,
Accounts receivable increased 8.8% in October over
and
over October 1928, and collections increased 23.1% over September,
were 1.9% larger than a year ago. The ratio of collections during October
firms
to accounts receivable and due at the beginning of the month for 32
last
was 32.8%; for Septerdber this ratio was 28.5%, and for October
accounts
year 33.1%. For October the ratio of collections against regular
installment
for 32 firms was 34.7%, and the ratio of collections against
accounts for 9 firms was 18.9%.
Wholesale Trade.
in
The volume of wholesale trade in the Sixth District as reflected
sales figures reported confidentially to the Federal Reserve Bank by 121
wholesale firms in eight different lines of trade inoreased seasonally in
October to the highest level in two years. Wholesale trade declines to the
low level for the year in midsummer and beginning in July increases to
the high peak for the year usually in October. The combined sales of all
reporting wholesale firms in October were 4.4% greater than in September,
over
and 2.8% larger than in October a year ago. Seasonal increases
September are shown in all of these lines of trade except dry goods,
of
and six of the lines showed increases over October last year, but sales
groceries and stationery were somewhat lower. Increases over the prein
shown
are
year,
last
month
ceding month, and over the corresponding
combined figures of stocks on hand, accounts receivable and collections,
as indicated in the table.
Oct. 1928.
Sept. 1929.
October 1929 Compared with+2.8
+ 4.4
Sales
+0.2
3.7
+
Stocks on hand
+5.3
+ 3.6
Accounts receivable
+4.0
+16.7
Collections
Seasonal Expansion in Trade in Dallas Federal Reserve
District During October-Heavy Rainfall Helps
Growing Crops-Building Operations.
The trade situation in the Dallas Federal Reserve District
reflected improvement during the month, says the December
Reserve Bank of
Seasonal Increases in Trade During October in Its Dis- 1 Monthly Business Review of the Federal
trict Indicated by Federal Reserve Bank of Atlanta. Dallas, which also has the following to say:
a further seaThe sales of department stores in larger cities evidenced
In its District summary the Federal Reserve Bank of
and were 2%
sonal increase of 17% as compared to the previous month
and
imtrade
in
increases
"seasonal
larger volume
that
in
was
Atlanta states
larger than in October 1928. Wholesale distribution
showed an increase
proved agricultural prospects are indicated in statistics for than in the previous month and some lines of trade
ago. Reports from some sections, however, indicate that
October compiled by this bank and received from various over a year
from
consumer demand is being reduced by reason of the smaller returns
30
Nov.
its
"Monthly
Review,"
in
buying
other sources." The Bank,
crops and that merchants are adhering more closely to conservative
new
a
policies. Debits to individual accounts at larger centers reached
goes on to say:
September and 8% above
The November 1 estimates by the United States Department of Agriculture indicate a cotton crop in the six states of the Sixth Federal Reserve District larger by 120,000 bales than was indicated by the October
estimates, and 26% greater than the 1928 crop in these states. November
estimates for some of the other principal crops also increased over those
for October, and most crops except white potatoes and fruits are larger
than those of last year.
Sales of merchandise at both retail and wholesale in this district during
October increased seasonally to the highest levels so far this year, which
is usual. Retail sales by 42 department stores increased an average of
23.6% over September but were 1% less than in October last year.
Sales by reporting wholesale firms in the district increased 4.4% in
October over September, and were at the highest level in two years. Debits
the district increaed 20.2%
to individual accounts at 26 reporting cities of
than in October 1928. Savings
over September and were 4.8% greater
year ago. Loans and indeposits declined and were 8.1% less than a
cities declined a
vestments of weekly reporting member banks in selected
9 and November 13,
October
between
dollars
little more than 10 million
Federal Reserve Bank of Atlanta
and discounts for member banks by the
holdings of government securities
declined slightly during this period, but
of all member banks in the
increased about 5.4 millions. Demand deposits
August, but time deposits decreased,
district increased in September over
year. Commercial failures
last
time
and both were less than at the same
compared with September
increased in number but decreased in liabilities
were less than for October last year.
and both the number and liabilities
contracts awarded in the
Building permits at 20 reporting cities, and
compared with preceding months,
district as a whole, declined in October
in October 1928. Building perand both were less than half as large as
lowest level reported for any
mits for the 20 reporting cities were at the
in the cotton-growing
month since December 1921. Consumption of cotton
was greater than a year
states increased in October over September and
high record in October, being 19% larger than in
those for October last year.
has shown
The commercial failure record in the Eleventh District which
a relatively favorable trend during the current year, while more unfavorable in October than in the previous month, continued to reflect an improvemonths
ment over the corresponding month last year. During the first ten
22%
of the current year, the number of defaults has shown a decline of
as compared to the same period in 1928 and the indebtedness involved
has fallen off 29%.
from
The daily average deposits of member battle in this District rose
to
$892,636,000 in September to $900,260,000 in October but continued
income.
agricultural
run below those of a year ago reflecting the reduced
While Federal Reserve Bank loans to member banks declined from $34,112,983 on September 30 to $25,825,752 on November 15, most of the
reduction occurred during the last four days of the period. Loans to
country banks have shown a steady decline since the middle of August
but those to banks in reserve cities have fluctuated widely and have remained at a level considerably higher than a year ago.
Construction activity reflected a substantial improvement in October,
the valuation of building permits issued at principal cities being 30%
larger than in the previous month and 17% greater than in the same
month last year. The production and shipment of cement, likewise, refleeted large increases over both periods. The production, shopments, and
new orders for lumber, while showing an improvement over the previous
month, were on a smaller scale than a year ago.
Regarding the beneficial effect on the growing crops of
heavy rains the Bank states:
The heavy general rainfall which relieved the drouthy conditions in
many sections and provided needed moisture for growing crops was an
important development in the Eleventh Federal Reserve District during
3706
FINANCIAL CHRONICLE
the past thirty days. The additional moisture greatly benefited that
portion of small grain crops already sown and will enable farmers to complete seeding operations and to proceed with preparation of the soil for
next year's crops. As a result of the additional moisture and favorable
temperatures prevailing during October some of the feed and minor crops
showed a higher prospective yield on November 1 than a month earlier.
It should be borne in mind, however, that, according to the November 1
report of the Department of Agriculture, the indicated yield of three of
the District's important crops-cotton, corn, and grain sorghums-is considerably below the 1928 production and is having the effect of greatly
reducing the farmer's income for the current year. The rains, likewise,
Improved the physical condition of the District's ranges and livestock but
the condition figure is still noticably below that of a year ago.
As to building operations in the Dallas Federal Reserve
District we quote the following from the Review:
Building.
A substantial increase over both the previous month and the same month
last year was shown in the valuation of building permits issued at principal cities in the Eleventh Dallas District in October. The valuation of
building permits issued at these centers aggregated $8,389,467 as against
$6,465,678 in September and $7,161,407 in October 1928. It will be
observed that five cities showed increases and seven cities showed decreases as compared to both the previous month and the same month last
year, while two cities reflected declines from September but increases as
compared to October 1928. A decline of 1.2% was shown in the total for
the ten months of the current year as compared to the same period of 1928.
BUILDING PERMITS.
October 1929.
October 1928.
No. Valuation No. Valuation
Amarillo
Austin
Beaumont_ _ _ _
Corpus Christi
Dallas
El Paso
Fort Worth
Galveston,.....
Houston
Port Arthur_
Ban Antonio
Shreveport_.
.
Waco
Wichita Falls_
Inc.
or
Dec.
September 1929.
No. Valuation
Inc.
Or
Dec.
[VOL. 120.
ending October 1929, showed an increase of 7% over the
same period of 1928. The Association's survey Dec. 10
continues:
The October production for all individual grades, excepting newsprint,
felts and building, bag and wrapping papers, registered an increase over
October 1928 output. Unmated book paper production showed an increase
of 20% over October 1928, writing 13%, hanging 11%, tissue 10% and
paperboard 9%. Production of wrapping paper decreased in October 1929,
as compared with October 1928, by 10%. bag Paper 5%,felts and building
paper 2% and newsprint less than 1%.
Shipments of all grades in October 1929, excepting felts and building, bag
and wrapping papers, increased over October 1928, the total shipment
being 7% above the total of last year.
Paperboard, wrapping, bag, tissue and hanging papers, registered decreases in inventory at the end of October 1929, as compared with September 1929. As compared with October 1928, paperboard, felts and
building and hanging papers, showed Increases in inventory. The total
stocks on hand for all grades was 2% below September 1929, and 2% below
that of October 1928.
Identical pulp mill reports for October 1929 indicated that the total production of all grades of pulp was 2% greater than October 1928.
During October 1929, 8% more bleached sulphite pulp, 8% more soda
pulp and 3% more kraft pulp was consumed by reporting mills than in
October 1928. The total shipments to outside markets of all grades of
pulp in October 1929 were 9% higher than the total for October 1928.
All grades of pulp, excepting news grade sulphite, bleached sulphite and
mitscherlich sulphite,showed decreases in inventory at the end of October,
as compared with the end of September 1929. As compared with October
1928, all grades excepting bleached sulphite, easy bleaching sulphite, and
kraft pulp, registered decreases in inventory.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF OCTOBER 1929.
70 8181.187
89
193,305
159
174,081
129
82,701
368 1,655,474
133
245.780
258 1,132.641
169
98,854
470 3,267,646
135
229,841
423 596,080
308
190,039
33 321,526
20.312
71
ca.c
caca.c.c
48 $96,446 +87.9
53
869,165 +162.0
Stocks on Hand
86
216,480 -10.7 102
220,083 -12.2
Grade.
Production,
Shipments,
End of Month.
181
313,800 -44.5 167
186,140 -8.5
Tons.
Tons.
Tons.
71
121,650 -32.0 78
282,245 -707
226
552,651 +199.6 303 768,367 +115.5
Newsprint
122,009
122,040
98
26,573
160.502 +53.1 111
264,977 -7.2
101.293
100,387
345
40,649
851,001 +33.1 231 1,411,397 -19.8 Book (uncoated)
Paperboard
238,738
242,310
205
59,815
105,286 -6.1 161
99,363
-.5
50.774
53,362
445 3,225.073 +1.3 530 1,622,669 +101.4 Wrapping
47,075
Bag
15.977
15,977
105
51,189 +349.0 165
5,053
213.665 +7.6 Writing
33,464
32,687
320
822,885 -27.8 376
39,064
806,040 -26.0 Tissue
14.693
304
14,997
433,304 -56.1 232
7,500
313,909 -39.5 Hanging
6,991
7,691
33
104,980 +206.3 40
4,636
119,110 +169.9 Felts and building
6,360
56
106,160 -80.9
6,287
2,762
27
88,548 -77.1 Other grades
29,598
29,405
16,572
Tntill_ _. _ 2.815.18.380.467 2.523 87.181.407 -4-171 2 578 58 MIR 1178 4-90
A
Total all grades
619.897
625.143
240.699
10 Months, 1929.
10 Months, 1928.
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE
Inc.
or
MONTH
OF
OCTOBER 1929.
No.
Valuation.
No.
Valuation.
Dec.
Amarillo
511
$1,592,575
Used During Shipped Dar- Storks on Hand
815
82,748,214
-42.1
Austin
Grade.
885
Production,
2,775.521
Month.
760
tno Month, End of Month.
2,275,396
+22.0
Beaumont
1,739
Tons.
2,390,487
Tons.
1.712
Tons.
Tons.
3,228,739
-26.0
Corpus Christi
733
1.920.659
812
4.945,803
-61.2 Groundwood
Dallas
2,996
79,900
8,712,857
91,761
3.199
57,695
7,027,344
+24.0
El Paso
Sulphite news grade_
1,142
42,077
37.221
2,961,253
812
6,422
1.435.448 +1063 Sulphite
Fort Worth
bleached
3,001
28,813
10,460,555
25.922
3,824
3,068
11,854,481
11.8 Sulphite easy
Galveston
bleaching
1,829
3,213
3,530,854
2,936
1,987
2.350.750
776
+50.2
Houston
Sulphite mitacherlich__
4.665
7,618
27,196,595
5,898
5,111
956
28,317,266
-4.0 Sulphate
Port Arthur
pulp
1,327
31,167
26,91/9
2.563,662
1,182
5,589
1,768,341
+45.0
San Antonio
3,663
25,443
16.753
14,398,450
3,420
3,928
13,057,339
+10.3 Soda pulp
Shreveport
2,643
62
3,197.439
_ __ 2,628
130
3,738,136
-14.5 Pulp, other grades...._
Waco
434
2,369,622
328
1,890,327
+25.4
Wichita Falls
Total, all grades......
218.293
207.490
380
26,390
955,539
78,564
521
1.449,681
34.1
Total
25.948 885,026.068 27,111 $86.087,265
1.2
Lumber Orders Continue Below Production.
Changes in Automobile Prices-New Models.
Lumber
orders received at 842 leading hardwood and softThe Buick Motor Co., a General Motors subsidiary, has
added from $25 to $75 on both Buick and Marquette cars. wood mills during the week ended Dec. 7 were 77% of current production, a figure at which they have been for the
The 1930 cars cost more; therefore the increase, it is stated.
previous two weeks, according to reports to the National
The new Cadillac 16-cylinder car will be shown for the
Lumber Manufacturers' Association. Shipments were 81%
first time at the National Automobile Show to be held in
of production, compared with shipments representing 92%
the Grand Central Palace beginning Jan. 4. It will be called
a week earlier. These mills gave total production as 352,the Cadillac V-16.
922,000 feet, while 833 mills a week earlier gave production
The Olds Motor Works, a division of the General Motors as 334,904,000
feet. Unfilled softwood orders at 518 mills
Corp., has increased prices of the Viking $100 on all models.
on Dec. 7 were the equivalent of 20 days' production, the
The addition of a convertible coupe on the Chrysler "70"
same equivalent reported by 499 mills a week earlier. Comchassis was announced to-day by J. W. Frazer, General pared with last year,
420 identical softwood mills reported
Sales Manager of the Chrysler Sales Corp. at Detroit. With production as 2%
less, shipments 18% less and orders 16%
this model now in production the line includes seven body less than for the same
week a year ago. For hardwoods,
styles. The new Chrysler is long and low and has the appear- 195 identical mills
reported production 8% less, shipments
ance of a roadster.
24% less and orders 38% less than for the week a year ago.
The Studebaker Corp. will start production this month
Lumber orders reported for the week ended Dec. 7 1929 by
on a new Erskine for introduction at the New York Auto- 648 softwood
mills totaled 247,056,000 feet, or 22% below
mobile Show on Jan. 4. The new car, known as the "Dy- the production of
the same mills. Shipments as reported
namic New Erskine," will be larger, and more powerful and for the same week were 252,163,000
feet, or 20% below prois priced under $1,000. Large body dimensions and a longer duction. Production
was 314,856,000 feet.
wheelbase of 114 inches will be adopted. There also will be a
Reports from 220 hardwood mills give new business as
new radiator design and smart line treatment emphasized 25,677,000
feet, or 33% below production. Shipments as
by a tri-lateral belt.
reported for the same week were 34,148,000 feet, or 10%
A. R. Erskine, President of the Studebaker Corp. said below
production. Production was 38,066,000 feet. The
that unsold cars in the hands of dealers in the United States Association'
s statement goes on to say:
were lower on Dec. 1 than at any time in more than five
Unfdled Orders.
years. Unsold cars at the factory, he said, were also lower
Reports from 518 softwood mills give unfilled orders of 945,236,000
feet
than at any time for more than four years.
on Dec. 7 1929, or the equivalent cf 20 days' production. This is
based
upon production of latest calendar year-300-day year-and may
- be com- pared with unfilled orders of 499 softwood mills on Nov. 30 1929,
of 993,The Paper and Pulp Industry in October.
572.000 feet, the equivalent of 20 days' production.
The
352
identical
softwood
mills report unfilled orders as 710.780,000
According to identical mill reports to the American Paper
on Dec. 7 1929, as compared with 825,921,000 feet for the same
week
and Pulp Association from members and co-operating organ- afeet,
year ago. Last week's production of 420 identical softwood
mills was
izations, paper production in October registered an increase 253.687,000 feet. and a year ago it was 259,043,000 feet; shipments
were
of 12%, as compared with September 1929, and an increase respectively 193.891,000 feet and 237.435,000:and orders received 191,615,000 feet and 228,398,000 feet. In the case of hardwoods, 195
identical
of 7% over October 1928. Paper production for ten months mills reported production
last week and a year ago 33,076,000 feet
and
35,934,000;shipments, 30,424,000 feet and 39,774,000, and orders 23,241,000 feet and 37,291,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that
new business for the 224 mills reporting for the week ended Dec. 7 totaled
131,044,000 feet, of which 37,034,000 feet was for domestic cargo delivery,
and 25,598,000 feet export. New business by rail amounted to 54,634,000
feet. Shipments totaled 133,972,000 feet, of which 47,712,000 feet moved
coastwise and intercoastal. and 26,744.000 feet export. Rail shipments
totaled 45,738,000 feet, and local deliveries 13,778,000 feet. Unshipped
orders totaled 592,409.000 feet, of which domestic cargo orders totaled
275,367,000 feet, foreign 179.302,000 feet and rail trade 137,740.000 feet.
Weekly capacity of these mills is 253,755.000 feet. For the 48 weeks ended
Nov. 30. 137 identical mills reported orders 0.9% over production, and
shipmen,s were .1% over production. The same mills showed an increase
in inventories of 1.3% on Nov. 30, as compared with Jan. 1.
1929, orders and shipments were 23.25% and 7.53%, respectively, below production, which amounted to 154,406,156
feet for that period. The Association's statement follows:
Southern Pine Reports.
Southern Pine Association reported from New Orleans that for
160 mills reporting, shipments were 12% below production, and orders
12% below production and about the same as shipments. New business
taken during the week amounted to 56.805,000 feet,(previous week 47.439.000 at 143 mills); shipments 56,742,000 feet, (previous week 62,076.000):
and production 64,739,000 feet, (previous week 56,419,000). The threeyear average production of these mills is 80.205,000 feet. Orders on hand
at the end of the week as reported by 120 mills were 147,504.000 feet. The
145 identical mills reported a decrease in production of 16%, and In new
business a decrease of 20% as compared with the same week, a year ago.
The Western Pine Manufacturers Association, of Portland. Ore., reported production from 73 mills as 8,547.000 feet, shipments 26,886.000
and new business 29,720,000 feet. Fifty-six identical mills reported production 17% more, and new business 5% more, than that reperted for the
same week of last year.
The California White and Sugar Pine Manufacturers Association. of
San Francisco, reported production from 16 mills as 14,073.000 feet,
shipments 9,780,000, and orders 10,221,000 feet. The same number of
mills reported a decrease of 9% in production, and of 38% in orders,
compared with 1928.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED DEC.7 1929 AND FOR 49 WEEKS
TO DATE.
The
Association.
Produclion
M Ft.
Shipmeats.
M Ft.
P. C.
of
Prod.
mm
Om
56,805
3,235,671
88
99
co•-t
.40 M..4
131,044
8,480.959
75
99
29,720
1,951,919
77
90
.m
.. Om
mW WO
10,221
1,269,288
73
92
2.672
374.662
177
105
TO mM
w. Mw
1.061
174,356
48
77
10,233
477.174
94
92
5,300
380,274
61
101
247,056
80
98 16,344,303
78
97
91
99
22,955
1,964.883
69
99
77
86
2,722
376.668
60
79
90
96
25,677
2.341,551
67
95
286,311 81
272,733
352,922
........-....-.,,... - .......-.,..
77
_._
56,742
64,739
3.267,843 3,266,555
West Coast Lumbermen's:
133,973
174,114
Week-224 mill reports
49 weeks-10.077 mill reports_ __ _ 8,602,174 8,446.625
Western Pine Manufacturers:
26,886
38.547
ib Week-73 mill rePorts
2,184,647 2,106,679
P 49 weeks-3,385 mill reports
California White & Sugar Pine:
14,073
9,780
Week-16 mill rePorts
P 49 weeks-1,263 mill reports
1,376,288 1,274,191
Northern Pine Manufacturers:
4,722
1,509
Week-9 mill reports
413,969
355,379
49 weeks-432 mill reports
No.Hemlock&Hardwood (softwoods)
1,152
2,231
Week-26 mill reports
196,487
227.317
49 weeks-I,974 mill reports
Northern Carolina Pine:
11,367
10,930
Week-125 mill rePorts
509,726
516,527
49 weeks-4,429 mill reports
California Redwood:
7,541
8,713
Week-15 mill reports
369,193
375,227
49 weeks-691 mill reports
Softwood total:
252,163
314,856
Weeks-648 mill reports
16,885,402 16,583,425
49 week-29,598 mill reports
Hardwood Manufacturers Inst.:
30,642
33,502
Week-194 mill reports
49 weeks-10,086 mill reports.. _ _ _ 1,982,952 1,956,503
Hardwood:
dr
Northern Hemlock
3,506
4,564
Week-26 mill reports
411,445
476,573
49 weeks-1,974 mill reports
Hardwoods total:
34,148
38,066
Week-220 mill reports
49 weeks-12,060 mill reports-._ 2,459,525 2,367,948
ee -
Orders
Af Ft.
- tw.on.se„
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS,
223 Mills report for week ended Nov. 30 1929.
(All mills reporting production, orders and shipments for last week.)
154,406,156 feet (100%)
Production
118,505.017 feet (23.25% under production)
Orders
142,771.963 feet( 7.53% under production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (307 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date.)
174,539,939 feet
Actual production week ended Nov. 30 1929
205,152,001 feet
production 48 weeks ended Nov. 30 1929
weekly
Average
206,188,321 feet
Average weekly production during 1928
212,258,400 feet
Average weekly production last three years
296,751,834 feet
x Weekly operating capacity
x Weekly operating capacity Is based on average hourly production for the twelve
operating
of
hours per
number
normal
the
last months preceding mill check and
week.
WEEKLY COMPARISON (IN FEET) FOR 223 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Nov. 9,
Nov. 16.
Nov. 23.
Nov. 30.
Week Ended154,406,156 182,190,887 169,941,448 180,156,000
Production
118,505.017 137,666.316 145.094,791 162,804,947
Orders
41,867,012 46.092,805 45.772,497 52,121,660
Rail
49,069,887 64,901,128 63,530,969
40,936.131
Domestic cargo
21,116,454 27,297,585 22,857,860 33,874,658
Export
13.276,660
11.563,306
15.206,039
14,585,420
Local
142,771,963 144,876,586 142,711.497 154,257.463
Shipments
57,299,912
50.842,255
52,639,622
44,084.217
Rail
54,022,123 45.015,423 53.966,550 49,608,033
Domestic cargo
30,080,203 32,015,502 26,339,386 34.072.858
Export
13,276,660
11.563,306
14,585,420 15,206,039
Local
598,574,770 624,949,716 638.477,056 640.763.020
Unfilled orders
130,009,425 133,453,623 141,109,754 147,669,359
Rail
286,753.968 300,498,336 298.113.046 289,606,496
Domestic cargo
181,811,377 190.997,757 199.254,256 203,487.165
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1928
and 1929 to date.)
Average 48
AVellIfe 48
Weeks Ended
Weeks Ended
Week Ended
Dec. 11958.
Nov.301929.
1929.
30
Nov.
P. C.
114,403,397
109.356,055
93.196.756
Production (feet)
of
117.459.176
107.939,676
75,982,078
Prod. Orders (feet)
117,593,658
109,501,695
86.000,160
Shipments (feet)
om
mv
Southern Pine:
Week-160 mill reports
F 49 weeks-7,347 mill reports
Grand total:
mill reports
Week-842
_... ___-_
_-.
.
._
DOMESTIC CARGO DISTRIBUTION WEEK ENDED NOV.25'29(115 Mills)
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reported production from nine mills as 1,509,000 feet. shipments 4,722.000
and new business 2,672,000. The same number of mills reported a decrease in production of 39% and in new business of 22% in comparison
with the corresponding week a year ago.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis,. reported production from 26 mills as 2,231.000 feet. shipments 1,152,000 and orders 1,061.000. Twenty-four identical mills
reported production 13% less and orders 52% less than for the same period
of last year.
The North Carolina Pine Association of Norfolk. VA., reported production from 125 mills as 10,930,000 feet, shipments 11,367,000 and new
business 10.233,000. Fifty-three identical mills reported production 17%
below, and new business 4% above, that reported for 1928.
The California Redwood Association of San Francisco reported production from 15 mills as 8,713,000 feet. shipments 7,541.000 and orders
5,300,000. The same number of mills reported an increase in production
of 17%. and a decrease in orders of 20%. when compared with the corresponding week a year ago.
Hardwood Reports.
The IIardwood Manufacturers Institute of Memphis, Tenn., reported
33.502.000 feet. shipments 30,642.000. and
as
mills
194
production from
new business 22,955,000. Reports from 171 identical mills showed a
decrease in production of 9% and a decrease in new business of 34% in
comparison with 1928.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 26 mills as 4,561.000 feet, shipments 3.506.000, and orders 2,722,000. Twenty-four identical mills
reported production 2% more, and orders 55% less, than for the same
week of last year.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 223 mills show that for the week ended Nov. 30
3707
FINANCIAL CHRONICLE
DEC. 14 1929.]
Orderson
Hand BeOrders
gin's Week
Nov. 23'29. Received,
Washington ,k Oregon
Feet.
Fret.
(97 Mills)95,664,297 18,166,359
California
136,890,022 21,304,156
Atlantic Coast
116.067
5,631,440
Miscellaneous
Cancellotions.
Shipmeats.
Willed
Orders
Week Ended
Nov. 2.3 '29.
Feet.
Feet.
Feet.
537,031 16,945,932 96,347,693
932,143 19.052.630 138.209,405
None 1,023.399 4.724.108
Total Wash. & Oregon 238,185,759 39,586,582 1,469,174 37.021,961 239,281.206
Brit. Cot. (18 MW:)
685.000
3,470.652
California
19,691.319 2,466,002
Atlantic Coast
1,125,090
7,924,784
MLneellaneous
None
145.000 4,019.652
None 3,C40.950 19,116.371
215,000 8.634,784
200.000
Total Brit. 'olumbia. 31.095,755 4.276,002
200,000 3,400,950 31,770,807
oni via VI Rft9 cR4
1 MCI 174 4(1 422 All 271 052015
Total domestic cargo. .Inn
Production Sales and Shipment of Cotton Cloth in
November.
Statistical reports of production, sales and shipments of
standard cotton cloths daring the month of November,
1929, were made public Dec. 9 by The Association of Cotton
Textile Merchants of New York. The figures cover a period
of five weeks. Production during the five weeks of November amounted to 345,146,000 yards, or at the rate of 69,029,000 yards per week. Shipments during November were
276,377,000 yards, equivalent to 80.1% of production.
Sales during the month were 222,911,000 yards, or 64.6%
of production. The survey also says:
Stocks on hand at the end of the month amounted to 431.426,000 yards,
representing an increase of 19.0% during the month.
Unfilled orders on Nov. 30 were 342.232,000 yards, representing a decrease of 13.5% during the month
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by twenty-three 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, 1929.
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 all
of the 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 five weeks.
NOVEMBER 1929 (FIVE WEEKS).
345,146,000 yards
Production was
222,911,000 yards
Sales were
64.6%
production
to
Ratio of sales
276.377.000 yards
Shipments were
80 1%
Ratio of shipments to production
362,657.000 yards
Stocks on hand Nov. 1 were
431.426.000 yards
Stocks on hand Nov. 30 were
increase 19.0%
Change in stocks
395,698.00(1 yards
Unfilled orders Nov. I were
Unfilled orders Nov. 30 were
342,232,000 yares
Change in unfilled orders
decrease
3708
FINANCIAL CHRONICLE
Cottonseed Oil Production During November.
On Dec. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand, and exports during the month of November 1929 and
1928:
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
State.
1791tpli StAtsa
1928.
205,213 174,110
37,665
36,358
317,973 285,852
66,882
58,363
267,394 260,647
184,258 175,108
577,154 470,433
131,004 194,783
253,944 269.565
107.933 131,816
231,678 198.602
979.563 1,289,908
49,818
43,528
1929.
1928.
1929,
1928.
160,958
27,181
172,726
33,293
234,420
129,134
313,206
100,236
154,873
94,010
126,994
713,247
32,612
119,661
27,649
188,551
29.727
196.606
107,029
253.139
116.633
160,105
96,548
123,271
820,730
30,858
45,446
10,647
146,345
33,702
33,571
60,192
271,104
31,219
102,926
14,516
105,760
286,431
17,336
54,562
8,811
97,534
28,874
64,515
68,196
221,293
78,292
109,786
35,433
78,200
481,972
12,670
3 410 479 3 589 073 2292890 2.270.507 1_159.195 1.340.138
Includes seed des royed at mills but not 41,606 tons and 21,972 tons on hand
Aug. 1 nor 40,286 tons and 36,046 tons reshipped for 1929 and 1928, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT, AND ON
HAND.
Item.
Totals for identical mills, all groups, for the month of October 1929,
compared with the same period in 1928, indicated a 3% increase in production. A decrease of 2% in billings is attributed to abnormal weather
conditions during October 1929.
October Activity.
(Linear Yardage of Combined Groups Adjusted to a 6-4 Basis.)
Production
10,733,771 yds.
Billings
Stock on hand
Value of billings
11,020,684 yds.
7,065,184 yda
$20,258,886
Received at Mills.
Crushed
On Hand at Mills
Aug. 1 to Nov. 30. Aug. 1 to Nov. 30.
Nov. 30.
1929.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other states
[VOL. 129.
Season.
On Hand
Aug. 1.
Produced
Shipped Outl
Aug.1-Nov.30 Aug.1-Nos,301
On Hand
Nov. 30.
Crude oil
1929-30 '19,181,886 706,517,179 644.042,8811 *124,002,306
1928-29
20,350,682 702,122.644 634,144,534 141,906,240
(Pounds)
Refined oil
1929-30 a338,619,933 532,009.951
a326,842,959
(Pounds)
1928-29 335,993,223 513.443.454
332,567.918
Cake and meal
1,020.296
1929-30
897.782
76,667
199,181
(tons)
1,014,626
1928-29
32,648
825,944,
161,330
Hulls
627.66
63,917
1929-30
529,1221
168.455
(tons)
1928-29
616,640
29,291
496,917;
149,014
Linters (running 1929-3
70,854
474,467
336,430'
208,891
bales)
1928-29
464,117
43,994
322,5541
185.557
Hull fiber
1929-30
24,627
23,574,
1,848
2,901
(600-lb. bales) 1928-29
23,408
2,775
3,114
23,0691
Grabbots, motes,
kc.
1929-30
17,949
8,453
11,5241
14,878
(500-1b. bales) 1928-29
16,641
1.903
9.4701
9,074
* Includes 4,021,958 and 12,028,550 pounds held by refining and manufacturing
establishments and 4,186,570 and 38,526,100 pounds in transit to refiners and
consumers Aug. 1 1929 and Nov. 30 1929 respectively.
a Includes 5,506,926 and 3,011.751 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments
and 9,727,216 and 10,276,770 pounds by transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1929 and Nov. 30 1929 respectively.
b Produced from 575,948,357 pounds of crude oil.
EXPORTS OF COTTON SEED PRODUCTS FOR THREE MONTHS
ENDING OCT. 31.
1929,
1928.
Oil crude, pounds
4,772,904
4,189,671
Refined, pounds
1,511,629
2,619,260
Cake and meal, tons of 2,000 pounds
67,880
82,971
Linters, running bales
27,535
22,842
Item-
Fur Credit Sales Drop $19,000,000 According to Presient of American Fur Merchants Association-Decrease of 13% in Five Years-330 Failures in 1929.
From the New York "Times" of Dec. 11, wo take the
following:
Credit sales by members of the American Fur Merchants' Association,
Inc., during 1929 will run about $19,000,000 under the average for the
past five years, Milton A. Herzig, retiring President, reported last night
at the annual membership meeting of that body at the Fur Merchants'
Club. This, he added, represents a decrease of 13% for the period.
Mr. Herzig further reported that, with the December sales estimated,
those for the current year would run about $8,000,000, or 6%, under
those for 1928. The respective totals he placed at $130,000,000 and $138.000,000. Average sales for the five years, 1925 to 1929, inclusive, were
$149.000,000. Members'credit sales last month were $4,163,000, the smallest volume for any month during the five-year period mentioned.
Mr. Herzig also brought out in his report that from Jan. 1 to Nov. 30
this year there had been 330 failures in the fur industry, of which 222
occurred in this city. The total liabilities were $12,093,251, of which
$9.023,308 was represented by local failures. Total "association liabilities," he explained, were $3,797,421. Compared with total 1929 liabilities
to Nov. 30, Mr. Herzig showed those for the same period last year to have
totaled 513,582,748. "Association liabilities" for the 1928 period were
$5,411,179. The ratio of losses to sales in the first 11 months of this year
was about 3%. against 4.2% for the same months of 1928.
Revised by-laws were voted on at the meeting the principal change
providing that three actuaries of the association in the future should establish the ratings of buyers of furs on credit in place of the 22 members
who formerly did this work.
J. H. Bleistein was elected President to succeed Mr. Herzig. Other
officers elected were A. N. Leventhal, Julius Morris and Louis A Cohen,
Vice-Presidents; Alfred Eisenbach, Treasurer, and Nathan Berlin, Secretary. Nine directors also were elected.
Activity of Wool Weaving Industry During October
The Wool Institute, Inc. reports under date of Dec. 6 that
the combined totals of the volume of production and billings
reported for October 1929 by the Menswear and Womenswear Mills increased in comparison with the totals for
September 1929. The Institute also says:
All groups with the exception of the Womenswear Worsted Mills reported increases in both production and billings; the increases in volume
shown by individual mills in that group being offset by the figures of
mills reporting decreases.
Stocks of menswear and womenswear woolen goods declined. Menswear and womenswear worsted stocks increased, and sombined stocks increased 1% above the September 30th total.
Tobacco Growers Counseled to Adopt Co-operative
Selling-Farm Board Cannot Assist Them as Individuals, Vice-Chairman Stone of Board Says.
Tobacco buying power is concentrated, and tobacco producers will never get what they are entitled to until they
concentrate their selling power, stated James C. Stone, ViceChairman of the Federal Farm Board, in response, Nov. 29,
to inquiries from tobacco growers of Kentucky and Tennessee as to how they can avail themselves of tile provisions of
the agricultural marketing act. The "United States Daily"
of Nov. 30 reports this, and adds:
Assistance of the Federal Farm Board, should the tobacco producers
decide to organize co-operative marketing associations, was pledged in
Mr. Stone's statement, which follows in full text:
As the time is drawing near to the opening of the tobacco markets of
Kentucky and Tennessee, many tobacco growers are writing me, as the
tobacco representative on the Federal Farm Board, asking how the tobacco
growers of that section can receive aid under the agricultural marketing
act recently passed by Congress.
Under the provisions of the law, the Federal Farm Board is directed to
work through co-operative marketing associations and other farmer-owned
and fartner-controlled organizations, which make it impossible for the
Board to deal directly with individual farmers. If the growers of tobacco
in Kentucky and Tennessee are satisfied with the selling system they have,
they need no aid, but if they are not satisfied, it will be necessary for
them to organize co-operative marketing associations under the terms and
provisions of the Capper-Volstead Act and the agricultural marketing act,
which will place them in a position Where the Farm Board can render
assistance.
It is my opinion that the farmer's principal trouble is lack of trading
power. The buyers of his commodity are now so organized that the buying
power of their group is concentrated into the hands of a few, and tobacco
producers will never get what they are entitled to until they concentrate
their selling power to meet the conditions already adopted by the buying
group. This can be done if the growers decide that they need a better
system of selling and will get together as business men and first agree
upon what they want, and then fight to get it and then fight to keep it,
realizing that the organization is theirs and that it will not succeed unless
they, themselves, see to it that it is honestly and efficiently managed.
Ready to Assist.
Co-operative organizations are not price-fixing organizations but are
merchandising organizations, and no price should be asked by a co-operative
marketing association that is not primarily based upon the law of supply
and demand under existing conditions.
Whenever the tobacco producers of Kentucky and Tennessee feel that it is
In their interest to organize sound co-operative marketing associations the
Federal Farm Board stands ready to assist in every way it can because
the members of the Board are representing the agricultural interests of
this country and it is their duty to help all farmers who are willing to
help themselves.
Petroleum and Its Products-Further Recession in
Crude Output-Proration Plans Progress in California-Oklahoma City Pool Shows Heavy Increase.
Although further recessions occurred in crude petroleum
production for the week ending Dec. 7, the situation in Okla,
horna was not considered satisfactory. The Oklahoma City
pool recorded a daily gain of 16,850 barrels. Production
cuts in other Oklahoma fields offset the Oklahoma City pool
to some extent, but the State as a whole showed a daily average increase of 6,200 barrels. Figures for the entire country
indicate that average production for tho week ended Dec. 7
fell off 7,605 to 2,630,550 barrels daily. California figures
showed a decrease of 5,700 barrels daily. This is an indication that proration plans are achieving results in the flush
California fields, with the exception of Santa Fe Springs.
At this field the situation is complicated by the fact that several companies are reported to be evading their part in the
conservation movement.
A newly considered factor in the conservation movement
is the feeling of production companies toward their field
workers. Executives are anxious to devise some method
by which they may avoid the discharge of field men when
drilling operations are curtailed in observance of the Statewide conservation movement. Some companies are adopting the five-day week plan.
Despite the result of conservation in the United States,
the total new crude supply reached a daily average of 2,908,121 barrels for the week ended Dec. 7, as compared with
2,819,914 barrels daily in the previous week. This was due
to a sharp increase in imports of crude oil, amounting to almost 96,000 barrels more each day.
DEC. 14 1929.]
During the past week there have been no appreciable
changes in prices of crude petroleum at any of the country's
fields.
per Barrel at Wells.
Prices of Typical Crudes
(All gravities where A. P. I. degrees are not shown.)
$3.05 Smackover, Ark.. 24 and over
Bradford, Pa
1.75 Smackover, Ark., below 24
Corning. Ohio
1.35 Eldorado. Ark.. 34
Cabe11, W.Va
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
Midconthaent, Okla., 37
80 Artesia, N. M
Corsicana, Texas. heavy
.87 Santa Fe Springs, Calif., 23
Hutchinson, Texas, 35
1.00 Midway-Bunset, Calif.. 22
Luling, Texas
1.20 Huntington. Calif., 26
SpindletoP, Texas, grade A
1.05 Ventura, Calif., 30
Spindletop. Texas, below 25
.65 Petrone. Canada
Winkler. Texas
$.90
.75
1.14
.90
1.23
1.85
1.08
1.20
.so
1.09
1.18
1.90
REFINED PRODUCTS-EASTERN GASOLINE MARKETS QUIET
-PRICES UNCHANGED-BURNING OILS NOW QUITE ACTIVE-UPWARD TENDENCY SEEN-KEROSENE PRICES
STEADY-SHELL EASTERN PETROLEUM PRODUCTS ENTERS WASHINGTON, D. C., FIELD.
Eastern gasoline markets were quiet and unchanged during
this week, with demand down somewhat but nevertheless on
a normal basis, a drop being expected at this time of the year.
From reports current in the New York market there is a
possibility of slightly lower tank car prices after the first of
the year, but no definite indication of this has yet been forthcoming. Burning oils are holding the attention of the trade
at this time. This also is a seasonal move and had been more
or less expected. Prices have held firmly. Bunker "C"fuel
oil continues unchanged at $1.05 per barrel at both New York
and Boston. An extension of the present substantial movement of heating oils may lead to slight upward price movements, it is felt by marketers here.
Kerosene prices are unchanged, but the steady increase in
consumption indicates that the basic soundness of this division of the refined market may lead to higher quotations before or shortly after the turn of the year. A feature of the
marketing news of the week was the announcement on Dec.12
that the Shell Eastern Petroleum Products, Inc., has continued its invasive development of the eastern United States field
by taking over the sixty-five service stations of the Penn Oil
Co. in Washington, D. C., in addition to the company's
storage and terminal facilities.
Shell Eastern announced that it plans to supplement the
policies and service facilities of the Penn Oil Co. with the
enormous resources and facilities of the Shell organization.
It is significant in noting this latest move by Shell that during
the past two and one-half years it has had a capital aggregate
increase of more than $306,000,000, accruing from the sale
of securities, reserves and surplus earnings, with which to
finance its expansion program.
The only price change of note during the week was made on
Dec. 9 when kerosene was cut lc. per gallon to 12c. tank
wagon throughout Ohio by the Standard Oil Co. of Ohio.
Dec. 9.-Reduction of 1 cent per gallon in tank wagon kerosene announced in Ohio by Standard 011 Co. of Ohio. New price is 12 cents per
gallon tank wagon.
,
Gasoline, U. S. Motor. Tankcar Lots. F.O.B. Refinery.
__$.074
Louisiana_
North
06M
$
N Y(Bayonne)8.0884@$.09 Arkansas
.0614
.0814 North Texas
0614 California
Wait Texas
07
Oklahoma
.071.5
export.
Angeles,
1.013
,09f
Chicago
.0944
0751 Gulf Coast. exoort .0814 Pennsylvania
New Orleans
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
3709
FINANCIAL CHRONICLE
Gasoline. Service Station, Tax Included.
3.18
Minneapolis
1 18 Cincinnati
New Orleans
16
Denver
.21
.188 Philadelphia
Detroit.22
.18
San Francisco
.20 Houston
24 Spokane
.15 Jacksonville
.179 St. Louis
Kansas City
15
$.182
195
.21
.215
205
.16
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
5.0754
8.0514 New Orleans
NY(Bayonne)$.0714#15.08 Chicago
.06M
0511 Los Angeles, export. .05.15 Tulsa
North Texas
. Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
1.75
3.85 Gulf Coast
New York(Bayonne)..$1.051Los Angeles
.55
.95 Chicago
2.00 New Orleans
Diesel.
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
1.00
5.031Tulaa
New York(Bayonne)1.05141Chicago
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED DEC. 7 1929. (BARRELS OF 42 GALLONS.)
Ertsfrfa.
P. C.
PotenMI Capaeily
Report.
Crude
Runs to
Stills.
P. C.
°Per.
of Total
Capes.
Report.
Gasoline
Stocks.
Oar and
Fuel Oil
Stocks.
100.0
East Coast
91.2
Appalachian
Indiana.1111nobi,Kentucky 98.6
88.6
Okla., Kansas, Missouri
90.3
Texas
95.1
Louisiana, Arkansas
92.9
Rocky Mountain
99.3
California
3,124,600
547,800
1,776,300
1,974,600
3,563,400
1,356,700
388.600
4,282,900
73.7
67.0
71.5
68.9
73.7
67.8
40.1
68.6
4,926,000
1,038,000
4.331.000
2,876,000
5,971,000
1,880,000
1,902.000
14,377,000
8,255,000
819,000
3.714.000
3,624.000
13,709.000
4,683,000
990,000
109,111,000
95.2
17,014,900
2,430,700
17,750,500
2,535.800
2.794,300
077 Ann
69.4
37,301.000
144.905.000
72.5 x36,208.000
146,457,000
Total week Nov.30....
Daily average
Total week Nov.23....
Daily average
Texas Gulf Coast
95.1
10,675,000
5,047.000
3.928.000
1.1144.000
7g7
California.
in
x Revised. Due to add don of 70,000 barrels of gasoline stokesthe
Present Bureau
Note.-All crude runs to stills and stocks figures follow exactlyall grades of fuel oil
of Mines definitions. In California, stocks of heavy crude and
runs to stills
are included under the heading "Gas and Fuel 011 Stocks." Crude oil
Include both foreign and domestic crude.
99.4
lean
76.3
Crude Oil in United States Slightly Lower.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended Dec. 7 1929 was 2,630,550 barrels, as compared with 2,638,200 barrels for the preceding week, a
decrease of 7,650 barrels. Compared with the output for
the week ended Dec.8 1928 of 2,520,850 barrels per day, the
current figure represents an increase of 109,700 barrels daily.
The daily production east of California for the week ended
Dec. 7 1929 was 1,931,850 barrels, as compared with
1,933,700 barrels for the preceding week, a decrease of 1,850
barrels. The following are estimates of daily average gross
production by districts for the weeks stated below:
DAILY AVERAGE PRODUCTION.
(Figures in barrels)
Dec. 7 '29. Nov. 30'29. No's. 23'29. Dec. 8'28.
1Veek Ended705,300
643.050
648,900
655,100
Oklahoma
97,950
110,650
109,800
109,750
Kansas
62,600
102,600
101,300
100,750
Panhandle Texas
89,650
89.300
89,550
90,250
North Texas
55,000
56,850
65,350
56,050
West Central Texas
338,300
357,250
357,050
350,350
West Texas
22,2.50
17.350
17,550
18,250
East Central Texas
30,950
74,650
72,950
72,100
Southwest Texas
37,750
36.450
37.400
38,600
North Louisiana
83,950
63,950
63,000
62.800
Arkansas
109,500
148,350
142,400
140,800
Coastal Texas
22,900
23,300
23,550
24,050
Coastal L011180018
109,450
118,900
120,000
122.100
Eastern (not incl. Michigan)
2,550
15,000
15,500
16,300
Michigan
50,900
52,500
54,750
50,900
Wyoming
10,950
10,500
10,550
10,500
Montana
6,900
5,100
5,650
5.250
Colorado
4,400
8,000
7,450
7.950
New Mexico
679,600
699,500
704,500
698,700
California
2,630,550 2.638.200 2,633,250 2,520,850
Total
inent
The estimated daily average gross production for the Mid-Cont
field, including Oklahoma, Kansas, Panhandle, North, West Central,
Arkansas,
West, East Central and Southwest Texas, North Louisiana and
for the week ended Dec. 7 1929 was 1,554,000 barrels, as compared with
1,553,850 barrels for the preceding week, an increase of 150 barrels. The
heavy oil,
Mid-Continent production, excluding Smackover (Arkansas)
increase of
was 1,510,250 barrels, as compared with 1,509,500 barrels, an
750 barrels.
for the
The production figure of certain pools in the various districts
of 42 gallons,
current week, compared with the previous week, in barrels
follow:
-Week Ended-Week EndedDee. 7. Nov. 30.
Southwest TexasDec.7. Nov. 30.
Oklahoma9.350 9,100
Laredo
District
21,050 21,400
Allen Dome
10,700 10,800
3,950 4,200 Luling
Asher
32,200
31,300
Flat
Salt
25,700
23,650
Bowlegs
North Louisiana18,650 18,700
Bristow-Slick
4,800 4.800
17,600 17,500 HaynesvIlle
Burbank
5,500 5,500
10.850 9,550 Urania
Carr City
Arkansas7,600 7,600
Cromwell
5,650 5,250
Champagnolle
73,550
66,750
Earlsboro
.
5,800 5,800
Smackover (light)
,
Ea..d Seminole. 0
43,750 44,350
69,200 70,100 Smackover (heavy)
Little River
Texas
Coastal
13,800 14,700
Logan County
18,700 21,050
8,200 8,350 Barbers Hill
Maud
10,950 10,050
15,150 14,500 Hull
Mission
11,400 11,250
72,550 55,700 Pierce Junction
Oklahoma City
9,250 9,100
8,250 11,100 Raccoon Bend
Sasakwa
19,350 19,800
54.050 53,000 SpindletoD
St. Louis
12,200 11,700
9,100 9,350 Sugarland
Searight
6,850 6,400
25.400 24,200 West Columbia
Seminole
8,800 8,800
Tonkawa
Coastal LouisianaKataas---1,650 1,950
23,050 22,900 East Hackbcrry
Sedgerick County
2,100 2.800
Old Hackberry
Panhandle Texas6,200
7,000
Sulphur
Dome
9,850
10,100
County
Carson
4,350 4,500
Gray County
61,500 62,200 Vinton
IVyaminilHutchinson County__ 27,800 27,500
28,950 33,050
Salt Creek
North TexasMontanaArcher County
18,550 18,300
6,800 6,800
Sunburst
County
30,000
29,500
Wilbarger
West Ceniral Turas-CaliforniaBrown County
10,400 10,500
8.500 8,500
Shackelford County
9,400 9,500 Dominguez
33,000 38,000
Elwood-Goleta
West Texas42,000 42,000
Crane Si Upton Counties 45,150 44,350 Huntington Beach
23,000 23,000
Howard County
40.400 41,700 Inglewood
10,000 10,000
142,300 144,550 Kettleman Hills
Pecos County
105,000
Beach
Long
106.000
County
16,950
17,300
Reagan
73,500 72.500
Winkler County
95,400 99,050 Midway-Sun.set
Santa Fe Springs
167,500 100,000
Seal Beach
30,000 30,000
East Central Texas51,700 60,000
6,850 6,800 Ventura Avenue
Coralmum-Powell
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,503,400 barrels, or 95.2% of the 3,678,700
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Dec. 7 1929 report that the crude runs to stills for the week
show that these companies operated to 59.4% of their total
capacity. Figures published last week (V. 129, p. 3561)
show that companies aggregating 3,499,800 barrels or 95.1%
of the 3,678,700 barrel estimated daily potential refining
Changes Announced in Board of American Petroleum
capacity of all plants operating in the United States during
Institute.
that week, but which operated to only 72.5% of their total
M.Fuller (of the Richfield Oil Co.),
C.
that
is
It
announced
the
The
for
report
report.
capacity, contributed to that
Oscar Sutro (of the Standard Oil Co. of California), and
week ended Deo.7 1929,follows:
3710
FINANCIAL CHRONICLE
[VOL. 129.
W. M. Keck (of the Superior Oil Co.) have been elected
Daily average runs to stills of crude petroleum in October
directors of the American Petroleum Institute to succeed amounted to 2,851,000 barrels, a material increase over
E. L. Doheny (resigned), H. M.Storey (resigned) and David September, continues the "Bureau." Gasoline production
S. Ewing (deceased), respectively.
reached a new high level in October, when the daily average
amounted to 1,279,000 barrels. As expected, due to the
Crude Oil Output in United States in October at Lower approach of the winter season, the daily average indicated
Daily Average Rate than in Previous Month- domestic demand for gasoline dropped off from 1,140,000
Stocks of All Oils Increase-Gasoline Production barrels in September to 1,059,000 barrels in October. The
Higher.
latter figure, however, was 7% above October 1928. Exports
According to reports received by the Bureau of Mines, of gasoline were materially higher but stocks accumulated
Department of Commerce, the production of crude petroleum for the first time since March and amounted to 35,042,000
in the United States during October 1929, amounted to barrels on Oct. 31. At the current rate of total demand,
88,104,000 barrels. Although this figure represents an in- these stocks represent 28 days' supply as compared with
crease over the previous month in total quantity, it was a 26 days' supply on hand a month ago and 24 days' supply on
decline in daily average production of 67,000 barrels. The hand a year ago.
The refinery data of this report, compiled from schedules of 351 refineries
most important factor in the decrease in daily average pro- with
an aggregate daily recorded crude-oil capacity of 3,590,000 barrels,
duction in October was the decline in Oklahoma, or, more cover, as far as the Bureau is able to determine, all operations during
October.
These refineries were operated at 79% of their rec rded capacity,
specifically, in the Seminole district. The decrease in this
given above, as compared with 347 refineries, operating at 80% of their
field in October amounted to about 50,000 barrels per day, capacity
in September.
which was more than double the increase in daily average
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
production of the Oklahoma City pool. Production in Cali- (Including wax, coke and asphalt In thousands of barrels of 42 U. S. gallons.)
fornia, the leading producing State, registered a slight
Sept.
Oct.
Jan.-Oct. Jan.-Oct.
Oct.
1929.
1928.
1928.d
1929.
1928.d
decline in October, the result of a larger decline at Santa Fe
Springs. Daily average production in Texas continued to
New Supplyproduction:
decline, although at a much reduced rate. The daily aver- Domestic
87,269
79,751 847,103 745,858
88,104
Crude petroleum
2,842
2,909
2,573
2,787
2,445
Daily
average
age output in the West Texas fields was,,lower, but the Gulf
3,731
43,310
4,912
4,574
34,628
Natural gasoline
253
245
284
2,571
2,317
Coast district registered a material increase in production
Hensel
as new production from Refugio and from the new deep sand
93,280
92,096
83,727 892.984 782,803
Total production
3,009
3,070
2,701
2,937
2,567
Daily average
at Barbers Hill and other fields made itself felt. Of particu- Imports:
5,788
6,953
6,703
68,493
86,052
lar interest during the month was the increase in output Crude petroleum
3,842
2,725
771
24,045
10.088
Relined products
recorded by many of the producing States east of the Missis102,088 101,774
91.201 985,522 858,921
Total new supply all olis
sippi, particularly the gain in Pennsylvania.
3,313
Daily average
3,392
2,942
3,242
2,816
Increased runs to stills and the decline in production east Increase in stocks, all olls
3,369
5,355
39
67,586
18,815
of California were reflected in crude stocks east of California,
Demandwhich fell from 386,662,000 barrels on Oct. 1 to 384,502,000 Total demand
99,319
96,419
91.162 917,938 842,108
Daily average
2,781
3,204
3,214
2,941
3,020
barrels on Oct. 31. This decline of 2,160,000 barrels was Exports:
e
Crude petroleum
21,705
15,748
2,869
1,988
2.015
the largest withdrawal from these stocks since July 1926.
Refined products
13,940
8,555
10,271 113,163 114,745
82,510
85,876
78,878 783,068 711,615
Stocks of both light and heavy crudes in California continued Domestic demand
Daily average
2,333
2,544
2,576
2,662
2,863
to increase in October but at a reduced rate as compared Excess of daily average domestic production over domestic
with September. Although the increase in stocks of crude demand
234
157
361
347
2)7
petroleum for the country as a whole was materially lower
Stocks (End of Month)in October, the increase in stocks of refined oils was more Crude petroleum:
Pipe-line. tank-farm, and
Gin double the September increase, consequently total
refinery:
East of Callfornia_d
384,502 386,862 374,640 384,502 374,640
stocks of all oils continued to increase and amounted to
153,117 150,443 113,709 153,117 113,709
California.'
680,790,000 barrels on Oct. 31, adds the "Bureau," which
537,819 537,105 488,349 537,619 488,349
Total crude
402
490
490
861
402
Natural gasoline at plants_
goes on to say:
With the exception of the Oklahoma City pool, all of the flush producing
areas of the country reported material decreases in output in October. In
the Seminole area the decline was particularly severe, the daily average
production fell from 405,000 barrels in September to 355,000 barrels in
October. A further decline in output in the Winkler field was the chief
cause of a decrease in the daily average production of the West Texas
district during October of 9,000 barrels. Indications that the Santa Fe
Springs field had reached its peak were evidenced in the October statistics
which recorded a 13,000-barrel decline in daily average production from
September following a very slight recession in September as compared with
August. Efforts to retard the development of the Oklahoma City pool
in October were fairly successful but the daily average output was nearly
double the September average.
Stocks of crude petroleum in the Seminole field increased in October and
amounted to 18,577,000 barrels on Oct. 31.
Of particular interest from the standpoint of wells was the drop in total
new initial production in the West Texas area of from 274,400 barrel in
September to 55,400 barrels in October, both from approximately the
same number of wells. That the development at Santa Fe Springs was
slowing down in October was indicated by the number of completions, 11,
as compared with 28 the previous month.
September 1929.
October 1929.
Total.
DaUy Ater.
Total.
DaUyAver.
355,000 12,138,000
Seminole,
1 11,004,000
St. Louis, etc_ J
41,000
663,000
Oklahoma City 1,280,000
367,000 11,279,000
West Texas..... 11,369,000
163,000 5,098,000
Long Beach a.. 5,046,000
288,001 R 497 onn
Santa Fe f4Pr_a 8.320.000
a From American Petroleum Institute.
October 1928.
Total.
DailyAver.
405,000 110170000
13,910,000
22,000
376,000 10,861,000
170.000 5,987,000
281 non 1.118.000
328,000
126,000
350,060
193.000
28.00
STOCKS AT SEMINOLE,ST. LOUIS, dcc.(BARRELS OF 42 U. B. GALLONS).
Oct. 311929.
Sept. 30 1929. Oct. 31 1928.6
525,000
18,052,000
556,000
17,985,000
436,000
17,449,000
Total stocks
18.577,000
b Includes stocks at Seminole only.
18,541,000
17,885,000
Producers' stocks
Tank-farm stocks
RECORD OF WELT,FI. ocTonrre. 1490. o9
Completions.
Oil.
Seminole
108
St. Louis. Ac
West Texas
46
Long Beach
12
Santa Fe Borings
11
C From "011 & Gas Journal.**
Gas.
Dry.
Total Initial Ayer. initial Drilling
Oct.
Production Production
31.
(Barrels). (Barrels).
6
24
109,900
1,000
295
0
35
3
55,400
10,900
20.000
1,200
900
1.800
282
66
179
139,655
125,207
142,681
125,207
Grand total stocks all oils_ 680,790 677,421 613,958 680,790 613,958
211
209
225
212
222
Days' suPPIY.a
Bunker oil (Included above In
4,558
44.098
4,424
4.540
lornestie demand)
42,803
d 1923 figures are final and include roducers' stocks. e Includes shipments to
Alaska, Hawaii and Porto Rico. I Includes fuel o 1 in California. g Grand total
stocks all oils divided by daily average total demand.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALS.).
October 1929.
Total.
Daily Av.
September 1929.
Total.
Daily Ai.
Jan.-Oct.
1929.
Jan.-Oct.
1928.
Field94,700 27,802,000 25,944,000
Appalaellian___ 3,201,000 103,300 2,839,000
4,200 1,324,000 1,431,000
125,000
4,300
Lima-Indiana. 134.000
17,000 3,589,000
510,000
16.300
435,000
Michigan
505,000
601,000
20,000 6,065,000 8,227,000
111.-S. W. Ind_
642,000
20,700
Mid-Continent 49,175,000 1.586,30050,112.000 1,670,400 492,345,000 458,183,000
Gulf Coast.... 5,209,000 168,000 4,659,000 155,300 45,069,000 38,676,000
77,300 21,800,000 h24,548,000
Rocky Mtn
75,400 2,319,000
2,338,000
California
26,900,000 867,700 26,104,000 870,11.10 249,019,000 190,934,000
U. S. total
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
142,681
Refined products
88,104,000 2,842,000 87,269,000 2,909,000 847,103,000 745,858,000
StateArkansas
1,971,000
California
26,900,000
Colorado
168,000
Illinois
565,000
Indiana:
82,000
Southwestern
77,000
5,000
Northeastern
Kansas
3,677,000
Kentucky
810,000
Louisiana
1,893,000
Gulf Coast
694,000
Rest of State 1,199,000
Michigan
505,000
282,000
Montana
New Mexico
241,000
New York
289,000
Dhlo:
596,000
Cent. tc East
487,000
Northweat'n.
129,000
Dklahoma:
20,669,000
OsageCounty 1,214,000
Rest of State 19,455.00f
Pennsylvania
1,121,000
Tennessee
2,00C
Tex=
28,174,00f
Gulf Coast
4,115,000
Rest of State 21,839,000
West Virginia_
512,000
Wyoming:
1,667,000
Salt Creek
992,000
Rest of State
675,000
63,600 1,953.000
867,700 26,104,000
182,000
5,400
531,000
18.200
75,000
2,600
70,000
2,500
5.000
100
118,600 3,959,000
722,000
28,100
81,100 1,780,000
22,400
638,000
38,700 1,144,000
510,000
16,300
255.000
8,400
7,800
218,000
282,000
9,300
541,000
19,300
421,000
15,100
120,000
4,200
666,700 21,372,000
39,200 1,178,000
827,500 20,194,000
36,200
959,000
100
1,000
844,300 25,707,000
145,600 4,023,000
698,700 21.684,000
16,500
454,000
53,800 1,668,000
32,000
972,000
21,800
694,000
65,100 21,395,000 28,952,000
870,100249,010,000 190,434,000
6.100 1,981,000 2,340,000
17,700 5,308.000 5,440,000
2,500
812,000
864,000
2,3)0
757,000
787,000
200
55,000
77,000
132,000 35,965,000 32,801,000
24,100 6.340,000 6.154,000
59,300 18,799,000 18,414,000
21,200 6,041,000 5,854,000
38,100 11,758,000 12,560,000
17,000 3,580,000
435,000
8,500 2,703.000 3,349,000
7,200 1,203.000
748,000
9,400 2,767,000 2,087,000
18,000 5,834,000 5,955,000
14,000 4,385,000 4,801,000
4,000 1,269,000 1,354,000
712,400 214,450.000205,057,000
39,300 12,653,000 18,849,000
673.100 201,806,000 88,208,000
32,000 9,642,000 8,278,000
18,000
41,000
856,900 248,796,000 213,615,000
134,100 39,028,000 32,822,000
722,800 209,768,000 180,793,000
15.200 4,670,000 4,783,000
55,500 16.003,000 18.105,000
32,400 9.486,000 11,958,000
23.100 8,517,000 6,149,000
Classification by Grarttu (approx.)
',Ight crude...9,183 000
200
509 000 2 617 000 763 443 000 668 501 000
4 nolonn
'000,,u,n 10540non
TrAvy emiao
'
2.0470AA
554,
78,
0,anonn
'
,
,
,nq
, .,
,Ann
oclUdes 6,000 barrels for Alaska Ana Utah.
3711
FINANCIAL CHRONICLE
DEC. 14 1929.]
(Bbls.)
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES
Sept. 30
1929.
Oct. 31
192(.
THE UNITED STATES
STOCKS HELD BY REFINING COMPANIES IN
OCT. 31 1929.
Oct. 31
1928.
Gasoline.
(In Barrels)
At Refineries (and in coastwise transit thereto)
Reported by location of storage:
East coast-Domestic
Foreign
Appalachian
Indiana, Illinois, Kentucky,&c
Oklahoma, Kansas, and Missouri
Texas-Inland
Gulf coast.-Domeetio
Foreign
Arkansas and inland Louisiana
Louisiana Gulf Coast-Domestic
Foreign
Rocky Mountain
8,91..000 8,899,000
4,007,000 3.748,000
2,8 .u,000 2,803,000
2.859.001 2,8 9,000
5,305,000 5,369,000
1,798,000 1,745.000
10,144,000 10,438.000
557,000
615,000
1,183,000 1,347,000
4,122.000 4,384,000
1,574,000 1,663,000
1,426,000 1,343,000
8,235,000
3,686,000
2,131,000
2,931,000
5,329.000
1,712,000
7,663,000
158,000
936,000
4,220,000
1,031,000
1,774,000
East COMt
Appalachian
Indiana, Illinois, Kentucky, &c.._
Oklahoma, Kansas. Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
44,863.000 45,105,000 39,806,000
Total east of California
Elsewhere than at RefineriesDomestic-Reported by field of origin:
4,888,000 5,573,000
Appalachian-N. Y., Pa., W. Va., Gross 4,890,000 4,555,000 5,270,000
4,572,000
Net
Eastern and Central Ohio
986,000
905,000
947.000
Gross
Kentucky
834,000
764,000
805,000
Net
1,517,000
715,000
656,000
Gross
Lima-Indiana
529.000 1,335,000
470.000
Net
'Gross 11,064,000 11,004,000 12,107,000
Illinois-8, W. Indiana
10,363,000 10,302,000 11,440,000
Net
Gross 268,994,000 270,512,000 250,331,000
PanKan..
-Okla..
Mid-Continent
257,611,000 238,241,000
256,147,000
Net
handle, Cent., North le West Texas
Gross 25,402,000 25,958,000 29,037,000
Northern Louisiana and Arkaneas
21,762,000 22,252,000 26,072,000
Net
Grose 21.137,000 21,180,000 19,237,000
Gulf coast
20,684,000 20,637,000 18,753,000
Net
Gross 24,781,000 24,850,000 26,031,000
Rocky Mountain
24,721,000 24,791.000 25,991,000
Net
Total
Total Sept. 30 1929
Texas Gulf coast
Louisiana Gulf coast
344,819,000
Total pipe-line & tank-farm stocksf Gross 357,871,000 360.012,000 327,936,000
!Net 339,524.000 341,441,000
'
east of California
52,000
45,000
71,000
Foreign crude petroleum on Atlantic Coast.155,000
71,000
44,000
Foreign crude petroleum on Gulf Coast
207,000
116,000
115.000
Total
Total Sept. 30 1929
Texas Gulf coast
Louisiana Gulf Coast
344,181,000 345,673,000 319,221,000
40,321,000 40,989,000 48,728.000
42,041,000 40,433.000 16,684,000
111,076,000 110,010,000 97,025,000
Producers' Stocks (not Incl. above approx.)East of California
California
6,450.000
316.000
6,250,000
694,000
6,691,000
i Not available.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce)
Daily As
Total.
Daily As.
Import
1,043,000
From Mexico
From Venezuela .... 3,023,000
From Colombia.... 1,591,000
From other c000tr's 109,000
•
Total imports... 5,766,000
JanuaryOctober
1929.
September 1929.
October 1929.
Total.
33,700 1,604,000
97,500 4,395,000
51,300 845,000
3,500 109,000
186,000 6,953,000
JanuaryOctober
1928.
53,500 11.243,000 14,331,000
146,500 44,269,000 38.932,000
28.200 10,504,000 10,287,000
3.600 2,477,000 2,502,000
231.8
88,493,000 66,052.000
ExportsDomestic crude oil:
2,428,000
To Canada
To other countr's 441,000
Shipments
Foreign crude oil._
78,300 1,782,000
14,200 208,000
59,400 18,370,000 12,803,000
6,900 3,328.000 2,938,000
4,000
7.000
1,000
2 RA0 MO
92,500 1.988.000
66.300 21,705,000 15,746,000
Tn.'eorrtnrta
September 1929.
October 1929.
Total.
Daily Av.
888E888
6..i'cic
•
0
.._.
.. .......,c,..
3,143,000
Appalachian
193,000
Lima-Indiana _
505,000
Michigan
581,000
Ind
W.
III. & S.
Mid-Continent 51,129,000
5,162,000
Gulf Coast
Rocky Mtn.., 2,408,000
Total.
Jan.-Oct.
1929.
Daily Av.
Jan.-Oct.
1928.
96,800 27,940,000 27,197,000
2,004,000
7,800 2,016,000 1,235,000
233,000
436,000
17,000 3,589,000
510,000
29,900 7,069,000 6,981,000
897,000
48,304,000 1,610,100 480,184,000 441,302.000
42,657,000 37,920.000
4,396,000 148,5
66,500 22,670,000 25,919,000
1,993,000
Deliveries and
63.121,0002,036.100 59,237.000 1,974,600 586,125,000 540,970,000
exports
60,983,000 1,967,200 57,639.000 1,921,300 570,844.000 529,982,000
Deliveries
7.003,000 233,400 68,637.000 65,928.000
Fern petrorm 5,767,000 186.000
Deliveries of domestic &for.
000
68.750.000 2.153,200 64.642.000 2,154,700639,481,000595,910,
natrnialtrn
NUMBER OF WELLS COMPLETED.c
011
Gas
Dry
October
1929.
September
1929.
October
1928.
Jan.-Oct.
1929.
Jan.-Oct.
1928.
1,535
262
702
1,440
240
880
1,206
284
595
13,051
2,284
6,550
10,269
2,240
5,852
18,361
21,885
2,085
2,360
2,499
California office of A. P. I.
•
c From "011 & Gas Journal and
THROUGH PANAMA CANAL TO
SHIPMENTS OF CALIFORNIA OIL
STATES (BARRELS).
EASTERN PORTS IN UNITED
October
1928.
Jan.-Oct.
1929.
Jan.-Oct.
1928.
1,299,000 2,154.000
Crude oil
Refined products:
Gasoline
Tops
Kerosene
Gas oil
Fuel oil
Lubricants
Asphalt
Total refined products
8,865.000 k38,717.000
8,021,000
33,222,000
3,982.000
1,295,000
8,864,000 k40,646,000
1,386,000 10,986,000
716.000 12,275,000
7,589,000
1.813.000
89,000
Coke Asphalt
(Tons) (Tons)
Oth.Finished Unfinished
Oils
Products
(BE,.)
(fibIs.)
86,000
2,400
47,700
3,700
14,500
26,900
5.600
40,600
105,000
56,000
143,000
35,000
17,000
65,000
77,000
189.000
8,311,000
1,606,000
4,326,000
2,205,000
13,040,000
14,740,000
1,690,000
110.048,000
189.094,000 672,100 227,400
687,000
45,965,000
183,714.000 648.500 230,500
6,922.000 253,300 14,500
31,225,000 56,200 21,600
682,000
7.000
62.000
43,375,000
11,494,000
14.399,000
85,663,000 24,800
19,782,000 5,200
16,218,000 66,200
7,690,000 99,500
7,195,000 269,200
31,225,000 56,200
21.321,000 110,100
40,900
RELATION OF PRODUCTION TO CAPACITY.
Nov. 1928.1 Nov. 1929. Oct. 1929. Sept. 1929. Aug.1929.
Month
12 months ended
2,299,000 2,050,000 1,601,000 19,375,000 13,604,000
339,000
80,000
1,000
126,000
54,000
491,000 658,000 283,000 2,876,000 1.972,000
843,000
101,000
3,000 128,000
28,000
260.000
171.000
4,000
9,000
12,000
24,000
24,000
4,000
2,000
2,000
2,886,000 2.722.000 2.100.000 22.674.000 17,043.000
86.1%
68.2%
81.8%
67.5%
77.0%
67.3%
66.6%
66.8%
77.4%
74.1%
from reports for November
The statistics above presented are comp led
have been
from all manufacturing plants except two for which estimates
included in lieu of actual returns.
FINISHED PORTLAND
PRODUCTION, SHIPMENTS AND STOCKS OF
AND 1929.
CEMENT. BY DISTRICTS. IN OCTOBER 1928
(In Thousands of Barrels.)
Eastern Pa., N..1. & Md
New York and Maine
Ohio, Western Ps. & W. Va
Michigan
Wig., Ill., Ind. & Ky
Va., Tenn., Ala., Ga., Fla. & La_
Eastern Mo., Is., Minn. & S. D.
Western hie., Neb., Kans., Okla.
and Arkansas b
Texas
Colo.,Mont.,ITtah,Wyo.& Ida.b
California
Oregon & Washington
Stocks at End
of Month.
1929.
1928.
1929.
1928.
2,932
738
1.197
667
1,219
1,025
742
4,251
1,339
2,439
1,355
1,629
1,683
1,972
4,024
1,107
2,580
1,636
1,869
1.557
1.876
1,150
424
398
757
372
1,009
665
453
989
448
15.068 14.036 11,951 11,205 17,769
18,213
1928.
Totals
Shipments.
Production.
District.
1929.
3,338
962
1,587
1,409
1,973
1,413
1,283
2,956
848
1,537
1,228
1,760
1,085
1,344
3,153
725
1,133
811
1,272
1,350
777
884
529
238
1,173
279
1,176
661
120
1,091
230
788
726
523
451
119
145'
1,103 1,038
217
305
PORTLAND
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED
Barrels).
CEMENT, BY MONTHS, IN 1928 AND 1929. (In Thousands of
Total
October September
1929.
1929.
35,042,000
Further Drop in Output and Shipments of Portland
Cement-Inventories Higher.
The Portland cement industry in Nov. 1929, produced
14,036,000 barrels, shipped 11,205,000 barrels from the mills,
and had in stock at the end of the month 18,213,000 barrels,
according to the United States Bureau of Mines, Department
of Commerce. The production of Portland cement in Nov.
1929, showed a decrease of 6.8% and shipments a decrease
of 6.2%, as compared with Nov. 1928. Portland cement
stocks at the mills were 2.5% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants at the close of
Nov. 1929, and of 159 plants at the close of Nov. 1928. In
addition to the capacity of the new plants which began
operating during the 12 months ended Nov. 30 1929, the
estimates include increased capacity due to extensions and
improvements at old plants during the period.
PETROLEUM, EXCLUSIVE OF
INDICATED DELIVERIES OF CRUDE
CONSUMERS(BARRELS).
CALIFORNIA GRADES. TO DOMESTIC
Domestic Petrol.
by Fields of
Origin.
2,729,000
1,132,000
751.000
378,000
1,857,000
96,000
184.000
894.000
1,144,000 8,664.000
957,00e
261,000
931,000 3,811,000
795,000 5.196,000
1,557,000 15,250.000
740.000 13,445.000
334,000 1,394.000
3,103.000
transferred to unfinished
Approximately 2,500,000 barrels gas oil and fuel oil
oils. k East of California. 1 Includes 3,167,000 barrels tops.
Total refinery, pipe-line, and tank-farm
367,949,000
stocks of domestic and foreign crude 384,502,000 386,662.000
petroleum east of California
Classification by Gravity (Approximate)East of California:
Light crude (24 deg. and above)
Heavy crude (below 24 dog.)
California-Light (20 deg. and above)
Heavy (including fuel)
Lubricants.
4,512,000
995,000
4,333,000
2,782,000
4,880,000
1,598,000
1,717,000
14,225,000
Was
(Us.)
East coast
Appalachian
Ind., III.. Kentucky, ace...Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Gas dk
Fuel Otis.
Kerosene.
Mona.
Production.
, Shipments.
Mocks at End
of Month.
1928.
1929.
1928.
1929.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
9,768
8,797
10.223
13,468
17,308
17.497
17,474
18,759
17,884
17,533
15,068
12,189
9,881
8,522
9,969
13,750
16,151
16,803
17,281
18,585
17,223
16,731
14,036
6,541
6,583
10,135
13,307
18,986
18,421
19,901
21,970
20,460
19,836
11,951
6.384
5.707
5,448
10,113
13,325
16.706
18,949
20.295
23,052
19,950
18,695
11,205
25,116
27,349
27,445
27,627
25,984
25.029
22,580
19,374
16,799
14.579
17,769
22,918
Totals
175,968
1929.
26,797
29,870
29,724
30,151
29,624
27,457
24,525
20,056
17,325
a15,381
18,213
175.455
a Revised. b The inclusion of Wyoming begins with April 1929; of Idaho with.
June 1929; of Arkansas with September 1929.
3712
FINANCIAL CHRONICLE
[Vol,. 129.
Rail bookings have been augmented by 23,000 tons placed by the Atlantic
Coast Line with the Bethelehem Steel Co. and 5,100 tons by the Elgin
Joliet & Eastern with the Illinois Steel Co.
Structural steel lettings were in good volume for the season, totaling
35,000 tons. New inquiries, at 31,000 tons, include 19,000 tons for New
York subway work. The contract for 55,000 tons for the Empire State
Building, New York, is due to be awarded within a few days. Evidence
of progress on public utility programs is seen in inquiries for a number of
structural projects, among them a 3,000-ton addition to a Chicago district
Copper for domestic account was quiet, although inquiry showed slight power station. Fabricated steel awards in metropolitan New
York in
Improvement. Zinc prices were slightly lower but this failed to arouse November totaled 44,000 tons, compared with 27,500 tons
in the same
buying interest. Dullness in tin showed that traders here are paying little month last year.
attention to reports from the other side on the latest move for restricting
Demand for ship steel continues to expand. W. R. Grace & Co. will
production.
build one to four vessels, taking 6,000 tons of steel each. About 5,000 tons
Sales of copper during the week indicated that consumers continued in of plates will be required for nine oil barges awarded to the Bethlehem Shiptheir policy of restricting purchases to a minimum. All business booked building Corp. The Tidewater Oil Co. has placed two 13,000
-ton tank
for domestic account, which amounted to but several hundred tons a day, ships with the Sun Shipbuilding Co. and the Standard Shipping
Co. will
was placed at 18 cents, delivered in Connecticut. Demand was mostly for award contracts for four tankers.
nearby copper, yet more than one lot sold for January shipment.
Mills making a diversified line of products have been faring better than
Lead was again the high spot from the standpoint of total volume of busi- those more largely dependent on the automobile industry. Bookings of
ness done. Sales approached the 6,000-ton mark, which is more than an railroad steel, structural steel, tin plate and ship steel help to
explain the
average week's business. With production curtailed in more than one Steel Corporation's gain in unfilled tonnage in November. Shipments
direction and consumption holding at a good level, the market appears to averaged 40,000 tons a day and bookings 41,000 to 42.000 tons, and
the
be in a firm position. Prices held at 6.25 cents, New York, and 6.10 cents. net gain for the month was 38,783 tons.
St. Louis. From present indications, shipments of lead to consumers in
The railroads, in addition to placing equipment and rails, are in the
December will amount to approximately 50,000 tons.
market for plates, shapes and bars. The Norfolk & Western and the
&Zinc sold during the week at prices ranging from 5.80 cents to 6 cents per Chesapeake & Ohio are each inquiring for 2,500 tons.
pound. with offerings at the inside figure noted at the close. Despite the
Tin plate specifications are improving and the mills of the leading prodecline in prices, demand from consumers remains sub-normal. The market ducer are now running at 80% of capacity. This rate contrasts sharply
for tin was extremely quiet throughout the week.
with 50% operations in the sheet industry and 20 to 40% output by strip
mills.
Pig iron demand continues to lag, but more interest is being shown in
Slight Gain in Unfilled Orders of United States Steel first quarter requirements
both by the automotive industry and other
Corporation.
consuming lines.
The "Iron Age" composite prices remain unchanged, pig iron at $18.29
Unfilled orders on the books of the subsidiaries of the a gross ton and finished steel at 2.362c.a lb., as the following table shows
United States Steel Corp. as of Nov. 30 1929 were 4,125,345,
Finished Steel.
Pig Iron.
Dec. 10 1929, 2.3820. a Lb.
Dec. 10 1929, 918.29 a Gross Ton.
tons. This figure compares with 4,086,562 tons at Oct. 31 One week
2.362c. One week ago
ago
818.29
2 3620. One month ago
1929 and 3,643,000 tons on Nov. 30 1928. Below are shown One month ago
18.38
One year ago
2.3910. One year ago
18.59
the monthly figures for the past six years. Figures for 10-year pre-war average
1.6890. 10-year pre-war average
15.72
Based
on steel bars, beams,tank plates.
Based on average of basic iron at Valley
earlier dates may be found in the "Chronicle" of April 17 wire, rails,
black pipe and black sheets, furnace and foundry irons at Chicago.
These products make 87% of the United Philadelphia, Buffalo, Valley and Bir1926, page 2126.
States output of finished steel.
mingham.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION
Lou.
High.
High.
Low.
1929_2.412c. Apr. 2 2.3620. Oct. 29 1929-$18.71 May 14 818.25 Aug. 27
End of Month. 1929.1928.
1925.
1024.
January
4,109,487 4,275,647 3.800,177 4,882,739 5.037.323 4.798,429 1928_-2.391c. Dec. 11 2.314e. Jan. 3 1928___ 18.59 Nov. 27 17.04 July 24
4,144,3414,398,189 3,597,119 4,616,822 5,284,771 4,912,901 1927-2.453e, Jan. 4 2.293c. Oct. 25 1927-- 19.71 Jan. 4 17.54 Nov.
February
4 410,718 4,335,206 3,553,140 4,379,935 4,863,504 4,782,807 1926-2.453c. Jan. 5 2.403c. May 18 1926___ 21.54 Jan. 5 19.46 July 13
March
925-2.560e. Jan. 6 2.396e. Aug. 18 1925___ 22.50 Jan. 13 18.96 July 7
4,427,763 3.872,133 3,456,132 3,867,976 4,446,568 4,208,447
April
4,304,167 3,416,822 3,050,941 3,649,250 4,049,800 3,628,089
May
Effects of a further decline in iron and steel production
4 256,910 3,637,009 3,053,246 3,478,642 3,710,458 3,262,505
June
4,088,177 3,570.927 3,142,014 3,602,522 3.539,467 3,187,072 this week to about 63%, or the lowest level in
July
two years,
3,658,211 3,624,043 3,196,037 3,542,335 3,512,803 3,289,577
August
September
3,902,581 3,698,368 3,148,113 3,593,509 3,717,297 3,473,780 are mitigated by a number of favorable factors, says the
October
4,086,562 3,751,030 3,341,040 3,683,661 4,109,183 3,525,270
November_ _ _ _4,125,345 3,643,000 3,454,444 3,807,447 4,581,780 4,031,969 "Iron Trade Review" in its current issue. Among them are
December
3,976,712 3,972,874 3,960,969 5,033,364 4,186,776 a mild revival of demand
from the automotive industry,
Lead Sales High-Copper Trading Quiet, but Market
Holds on I8-Cent Basis.
Transactions in non-ferrous metals in the past week
were confined chiefly to lead, sales of that metal being well
above the average for a single week's business, "Engineering
& Mining Journal" reports, adding:
Further Decline in Steel Output-Sentiment Improved
-Renewed Interest in Pig Iron Reported-Prices
Unchanged.
Sentiment in the iron and steel industry has improved,
according to the "Iron Age" of Dec. 12 in its current weekly
review. December will be a poor month both in shipments
and production, but this fact is not causing concern, since
most consumers are reducing their stocks to a minimum
preparatory to taking inventory and the price situation holds
no incentive for forward buying, continues the "Age," which
goes on to say:
What has impressed the trade is the reassuring manner in which business
has reacted to the stock market crash. Apprehension regarding possibilities has given way to manifest satisfaction with what has actually
occurred in recent weeks. Railroad orders, shipbuidling contracts, steel
fabricating work and specifications from farm equipment makers have
been in consistently good volume, apparently unaffected by Wall Street
deflation.
Among some of the miscellaneous consumers also there have been evidences of a good rate of activity. Wire rope makers are feeling the stimulus
of larger demands from public utilities. Hardware manufacturers and
steel barrel makers have increased their specifications. Chicago reports
crane and shovel builders busy, with books well filled for four months.
Nowhere are there signs of a general paralysis of trade such as developed
after other stock market panics.
Not the least among encouraging factors is a betterment in demand for
automobile steel. Motor car builders have placed a fair amount of bar
sheet and strip business in new orders, specifications against contracts
or releases of suspended shipments, and two of the larger manufacturers
have put out inquiries for their first quarter requirements in steel bars.
Although it will probably be some time after the first of the year before
the motor car industry gets back to fair operations, production of new
models in the low-priced class is slowly increasing. With returning confidence, the automobile trade is surveying prospects for 1930, and, while
estimates of the year's output are still conservative, they range from
4,000,000 to 4,500.000 vehicles.
The scrap trade at Chicago.and Pittsburgh shares the better feeling
manifest among steel producers. A mill purchase of 10,000 tons of heavy
melting scrap at the former centre was followed by advances of 25c. to
50c. a ton in prices paid on dealers' trades. Prices at Pittsburgh also
are pointing toward greater strength.
Steel ingot production has undergone little change since a week ago.
the output of Steel Corp. and Bethlehem plants remains at 68% of capacity.
District operations have increased in Alabama to 85%, but appear to
have receded at Buffalo and Youngstown, where production is irregular,
probably not averaging much more than 40%. The Chicago and Pittsburgh district rates are unchanged at 65%. With the approach of Christmas,output is expected to contract further, since year-end mill suspensions
are likely to be longer than usual.
Railroad equipment business includes a purchase of 1285 feright cars
by the Missouri Pacific, supplementing that road's order for 1,000 cars a
week ago. The Van Sweringen lines are expected to enter the market in
a week or two for 13,000 cars.
renewed interest in pig iron, contemplation of important
road-building projects in the Middle West, heavier specifications for tin plate at Pittsburgh and plates and shapes at
Chicago, and a modest increase in the unfilled tonnage of
the United States Steel Corp., adds the "Review," further
stating:
These developments augur more for the first quarter than for the immediate situation, but they contribute toward a confident attitude. There
are indications that iron and steel operating rates will continue substantially as at present until Christmas. The holiday shutdown this year
probably will be more complete than usual. Meanwhile, the price situation will have crystallized, and by the second or third week of January it
is believed the usual first-quarter pickup will be gathering momentum.
As in iron and steel, sentiment in the automotive industry has passed the
low point. December shipments of pig iron and finished steel to Detroit
are exceeding November's Ford, preparing to build 2,500,000 cars in
1930-70% of them in the first half-is releasing material held up six weeks
ago and is making fresh commitments. As a result, some sheet and strip
capacity at Youngstown has been put on. Hudson-Essex, Chevrolet,
Chrysler and Willys-Overland also have been back in the steel market.
Pig iron inquiry has expanded nothbly and sales moderately in the past
week, inquiry being marked by the number of melters apparently feeling
out the market. Among them are General Electric and Westinghouse.
Pig iron prices apparently approach a determination; small sales for first
quarter have been made at current quotations, but there has been no tonnage test. Continuing the drastic retrenchment of November, when the
net loss in active stacks was 28, three merchant stacks have been banked
this week.
On the strength of specifications for January shipment, tin plate mills at
Pittsburgh have increased production to 75%. Plate and shape mills at
Chicago have also gone to a 75% rate,following releases from the Milwaukee
manufacturer of welded pipe and heavier specifying by carbuilders. Iowa's
1930 roadbuilding program requires 22,000 tons of reinforcing steel, with
Minnesota and Indiana promising a like tonnage combined, and Illinois
also probably a large buyer. A small portion of these requirements already
has been placed. Iron and steel scrap prices continue in delicate balance,
indicating that liquidation is well completed.
Heightened interest of pig iron consumers in their first-quarter requirements lacks a counterpart in semi-finished and finished steel, even though
producers generally have opened books and extended current prices. Contracting has been discouraged, for one thing, by the exceptionally large
carryover. In some products, notably sheets, it Is more difficult than several weeks ago to obtain concessions on spot shipments. Fourth-quarter
profits ofsteelmakers undoubtedly have been reduced not only by curtailed
volume but also by more frequent roll-changing.
Canadian National Railways is placing 3,400 freight cars with two Canadian builders. Great Northern has ordered 200 flat cars. The Milwaukee
has additional inquiry out for 1,450 cars. An estimate of freight cars
pending is 21,000, not including requirements of the Chesapeake & Ohio,
Pere Marquette and Hocking Valley, believed to approximate 10,000 cars.
Chicago mills expect to book 100,000 tons of rails within 45 days. Nickel
Plate tonnage is due shortly. The Burlington railroad has bought 21 locomotives, with new inquiry embracing 48 for the Canadian National, 10 for
the St. Louis-Southwestern, 15 for the Milwaukee, 15 for the Chicago Great
Western and 9 for the Bessemer & Lake Erie.
While the daily rate of pig iron production was being scaled down 8%
in November,the more flexible open-hearth furances and bessemer convert-
DEC. 14 1929.]
FINANCIAL CHRONICLE
ars were being dropped at the rate of 20%. November ingot output at
135,116 gross tons daily was the lowest since December, 1927. It compared
with 167,098 tons in October and 164,109 tons last November. The total
of 3,513,025 tons for November brought the 1929 figure for 11 months to
51,268,079 tons. This was 1,402,894 tons more than in all 1928.the previous record.
An increase of 38.783 tons, or 1%, in the unfilled tonnage of the Steel
Corporation Nov.30 reflects heavy railroad bookings and curtailment of
production. Unfilled orders total 4,125.345 tons, or 450.000 tons more
than a year ago.
Steelmaking operations at Chicago and Pittsburgh are at 65%. Youngstown independents are under 50% and Steel Corporation plants there at
60 to 70%. Nineteen open-hearth furnaces out of 37,or three more than
on Dec. 1, are active at Buffalo. Steel Corporation subsidiaries are at
65% this week and independents 62.
A decline in eastern Pennsylvarda foundry iron has dropped the "Iron
Trade Review" composite of 14 leading iron and steel products 2 cents, to
$35.95, a new low for the year.
Ingot production of the United States Steel Corp. is now
down to 65% of theoretical capacity, compared with 68%
in the preceding week and 70% two weeks ago, states the
"Wall Street Journal" of Dee. 10. Independent steel companies are running at about 62% on the average, against
better than 65% a week ago and 68% two weeks ago.
For the entire industry the average is about 63%%, contrasted with
67% in the previous week and 69% two weeks ago.
In this week last year, the operations of the Steel Corporation came down
nearly 2%, to 82%, while independents reduced 3% to 82%. and the
average for the industry was down 234% to 82%•
The "American Metal Market" this week says:
3713
The total production of soft coal during the present calendar year to
Nov. 30 (approximately 283 working days) amounts to 479,156,000 net
tons. Figures for corresponding periods in other recent years are given
below:
519,449,000 net tons
449,335.000 net tons I 1926
1928
469,539.000 net tons
476,193,000 net tons11925
1927
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended Nov. 23 amounted
to 10,972,000 net tons. This is an increase of 425.000 tons over the
output in the preceding week, when working time was curtailed by the
partial observance of the Armistice Day holiday. The following table
apportions the tonnage by States and gives comparable figures for other
recent years.
Estimated Weekly Production of Coal by States (Net Tons).
Nov. 1923
1Veek Ended
Nov. 23'29 Nov. 1629 Nov. 2428 Nov. 2627 Avoe.a
State409,000
311,000
345.000
280,000
326.000
Alabama
28,000
31,000
34,000
43,000
49.000
Arkansas
236,000
126,000
275,000
264,000
279,000
Colorado
1,327,000 1,087,000 1,284.000 1,194,000 1,571,000
Illinois
536,000
327.000
353,000
328,000
386,000
Indiana
128,000
53,000
92,000
85,000
110,000
Iowa
102,000
62,000
54,000
d
d
Kansas
724,000
753.000
930,000
940,000
842,000
Kentucky-Eastern
218,000
300.000
323,000
267,000
308,000
Western
35,000
48.000
65,000
54.000
44,000
Maryland
26,000
17.000
3,000
16,000
16,000
Michigan
73,000
89,000
63,000
73,000
85.000
Missouri
83,000
82,000
85,000
71,000
84,000
Montana
62,000
62,000
58,000
64,000
67.000
New Mexico
35,000
71,000
64,000
50,000
57,000
North Dakota
764,000
147,000
448,000
493.000
531,000
Ohio
72.000
85,000
76,000
89,000
91,000
Oklahoma
2,795,000 2,714,000 2,815,000 2,160,000 2,993,000
Pennsylvania (bit.)
117.000
89,000
110,000
119.000
120,000
Tennessee
29,000
22,000
20,000
12,000
15,000
Texas
112,000
122.000
125,000
143,000
143,000
Utah
217,000
212,000
277,000
274,000
254,000
Virginia
72,000
69,000
48,000
47,000
51,000
Washington
1,304,000
W. Virginia--Southern.b 2,025,000 2,100,000 2,106.000 1,626,000
743,000
565.000
755,000
729,000
730,000
Northern.c
184.000
165,000
169,000
149,000
175,000
Wyoming
5,000
7,000
3,000
56,000
62,000
Other States
In the late months of each year the U. S. Steel Corp's statement of
unfilled obligations is helped by the annual buying movement, deliveries
extending over about half of the new year. This year there was early
buying of rails. Last year steel conditions were very good and rail buying
was not early. October and November showing a net aecrease of 25,368
Total bituminous coal_ .10,972.000 10,547,000 10,982,000 8,795.000 10.878,000
tons in unfilled obligations.
1,373,000 1,330,000 1,920,000 1,277,000 1.896.000
Pennsylvania anthracite
This year, with conditions poor and rail buying early and somewhat
heavier than last year, the two months showed an unfilled tonnage increase
12,345,000 11,877.000 12,902,000 10,072,000 12,774,000
Total all coal
of 222,764 tons, 183.981 tons in October and 38,783 tons in November. In
a Average weekly rate for entire month. b Includes operations on the N.lc. W.
the B. & 0. c Rest
lines other than rails there undoubtedly was a net decrease in both months. C. & O., Virginian, K. dz. M., and Charleston Division of States."
"Other
Rogers Brown & of State, including Panhandle. d Kansas included in
With reference to the iron market,
Crocker Bros., Inc., writing under date of Dec. 12, say:
Each week that passes brings improved confidence to the iron and steel
trade. It cannot be denied that uncertainty has accentuated the slowing
up usual at this season of the year but the impression is general that the
new year will usher in improved business. Pig iron prices, not having
been "inflated," have been subject to little or no readjustment due to the
sudden drop in securities. Since there is little to be looked for in the way
of an advance to stimulate future buying, the increased interest for first
quarter delivery can only mean actual requirements: that is, low stocks
and material needed for orders in hand.
The terra alloy market has been quiet. Most consumers have now
covered their ferro silicon requirements. Contracts for fern, manganese
have also been placed, but there is still a large tonnage to be purchased.
Interest is also being shown in fluor spar for first half delivery.
There is nothing new to report in connection with the coke market.
Metallurgical coke is well contracted for. The demand for domestic fuel
fluctuates inversely with the temperature.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Nov. 30 is estimated at 1,438,000 net tons. Despite the fact that all
mines were closed down on Thanksgiving Day, production for the week
shows an increase of 65,000 tons over the output in the six-day week of
Nov. 23. Cumulative production of anthracite for 1929, including the
week ended Nov. 30 amounts to 68,982,000 net tons in comparison with
70,544,000 tons during the corresponding period in 1928.
Estimated Producion of Pennsylvania Anthracite (Net Tons).
1928
1929-Cal. Year
Cal. Year
to Date.a
Week.
Dale.
to
Week.
EndedWeek
66.996,000
1,723,000
66,171.000
1,330,000
Nov. 16
68,916.000
1,920,000
67.544,000
1,373,000
Nov. 23_13
70,544,000
1,628,000
68.982,000
1,438,000
Nov.30_c
a Minus one day's production first week in January to equalize number of days
in the two years. b Rev sed. c Subject to revision.
BEEHIVE COKE.
beehive coke for the country as a whole during
The total production of
Decrease in Bituminous Coal Output Due to Thanks- the week ended Nov. 30 1929 is estimated at 84,200 net tons. This corn..
pares with 85,200 tons in the preceding week and 85,900 tons in the week
giving Holiday-Anthracite Production Higher.
ended Dec. 1 1928.
According to the United States Bureau of Mines, DeEstimated Production of Beehive Coke (Net Tons).
1928
1929
Week Ended
partment of Commerce, the output of bituminous coal
to
to
Nov. 30 Nov. 23 Dec. 1
Date.a
Date.
1928.
1929.c
1929.
Bertonfor the week ended Nov. 30 1929 was below that for the
5,087,100
3.406,000
73,700
73,400
72,400
Virginia_
Ohio, and West
366.000
350,200
6.300
preceding week, owing to the observance of the Thanks- Pa.,
7,900
Georgia, Ky., Tenn., and Va___ 7,900
214.500
238,600
5,900
giving holiday, but slightly exceeded that for the week Colorado, Utah and Washington_ 3,900 3,900
5,675,900 3.986,500
85,900
Pennsylvania
85,200
of
anthracite
84,200
Production
total
United
States
1928.
1
Dec.
ended
13,939
19.846
14,033 14,200 14,317
Daily average
was 65,000 net tons ahead of the week ended Nov. 23 1929, a Minus one days' production first week in January to equalize number of days
Revised.
c
revision.
but was 190,000 tons below the figure for the corresponding n the two years. b Subject to
week last year. The output for the week under review
was as follows: Bituminous coal, 9,993,000 net tons; Bituminous Coal Industry During Coming Year DePennsylvania anthracite, 1,438,000 tons, and beehive coke,
pendent on Activity of Coal Consuming Industries
84,200 tons. This compares with 9,906,000 tons of bituC. E. Bockus at United States Chamber of
Says
minous coal, 1,628,000 tons of Pennsylvania anthracite, and
Conference.
Commerce
85,900 tons of beehive coke produced in the week ended
In Washington on Dec. 5 of industrial
the
conference
At
of
bituminous coal,
Dee. 1 1928, and 10,972,000 tons
under the auspices of the Chamber
held
groups,
trade
and
and
anthracite
tons
85,200
Pennsylvania
of
tons
1,373,000
States, a statement on the
United
the
of
Commerce
of
1929.
Nov.
23
ended
week
of beehive coke in the
C. E. Bockus, PresiFor the calendar year ended Nov. 30 1929 the production bituminous coal industry was made by
. . . Mr. Bockus
Association.
the
Coal
National
of
dent
comnet
tons,
as
479,156,000
totaled
coal
of bituminous
mining induspared with 449,335,000 tons in the corresponding period stated that it is self evident that bituminous
.
Production
must
.
.
stocks.
for
produce
anthracite
Pennsylvania
amounted
tries
cannot
of
output
while
year,
last
to 68,982,000 tons as against 70,544,000 tons in the week wait on orders, whether for domestic or industrial fuel
consumers must have so much, and have no use for more,
ended Dec. 1 1928. The Bureau's statement follows:
hence the market cannot be stimulated greatly by price
COAL.
BITUMINOUS
The total production of soft coal during the week ended Nov. 30 1929, reductions." The statement of Mr. Bockus follows:
including lignite and coal coked at the mines, Is estimated at 9.993,000
Thus far in 1929 the output of bituminous coal has been about 80 milweek. The decrease,
net tons, as against 10,972,000 tons in the preceding
lion tons above the figures for the same period of the preceding year and
current
Thanksgiving
The
holiday.
the
to
duo
was
8.9%.
or
tons,
979,000
indicates a production for the calendar year 1930 of about 530 million
year ago.
rate of weekly output closely approximates that of a
tons. On the whole the tendency has been towards a slightly better finanIncl. Coal Coked. cial showing for this year as compared with last, due to economies in
(Net
Tons),
Coal
Bituminous
of
Production
States
United
Estimated
1928
1929
production cost, not increased realization. The bituminous industry is one
Cal, Year
Cal. Year
of small units in comparison with the total. There are now some 5,000
to Date.a
Week.
to Date.
Week.
Week Ended428,447,000 companies, of which, however, only 1,300 produce over 50,000 per year,
10,924,000
458,191.000
10.547,000
Nov. 16
1,582,000
1,917.000
1,689,000
1,850.000
accounting for about 90% of the total output. The largest
Daily average
439,429,000 this 1,300
10.982.000
469.163,000
10,972.000
Nov. 23
1,588,000 company produces less than 5% of the total.
1,830,000
1,692.000
1,829.000
Daily average,_.demand in the past has been so high as at the rate
449,335,000
maximum
9,906,000
Actual
479,156.000
9.993,000
Nov. 30.13
1,593,000 of 730 million tons a year, hence that capacity had to be maintained as
1,905,000
1.696,000
Daily average.-- 1,922,000
days
of
Insurance against disaster. With that in mind it will be seen that there is
a Minus one day's production first week in January to equalize number
as approxiIn the two years. b Subject to revision. Thanksgiving Day weighted
little foundation for the attacks on the industry for excessive overdevelop.
mately 0.2 of a working day.
3714
FINANCIAL CHRONICLE
ment. To protect the public properly the mines must operate
under a
condition that in ordinary times, and especially in seasons
when demand
is low, shows a large amount of unused capacity.
It is self-evident that bituminous mining companies can not
produce for
stocks. There is little opportunity for storage at the mine.
Production must wait on orders, whether for domestic or industrial
fuel
consumers must have so much and have no use for more; hence the
market
can not be stimulated greatly by price reductions.
The degree of activity of the industry during the coming year
will
deper.d almost entinly on the degree of activity in coal-consumi
ng industries.
An increased production of bituminous coal can only result from
(a)
growth of coal-consuming industries; (b) replacement of other fuels,
and
(c) increase in export trade.
Over (a) the mining industry itself has no control and only slight
indirect influence.
As to (b), so far as general business activity of the country is concerned, expansion of coal consumption at expense of other fuels would have
little importance.
As to (e), in expansion of export coal trade lies hope of some Increase
In bituminous mine activity. American mines are handicapped
by distance from ports of export. The United States Shipping Board has equipped
boats and stabilized water rates, and made exceptional and
expensive
efforts to be helpful. If American producers are to compete in overseas
markets with producers of other countries, the oost of moving coal from
[voL. 129.
mine to port must be reduced. If rates can be reduced
without falling
below reasonMily profitable returns to. the railroads, overseas
exports can
be increased and incidentally railroad tonnage at the same time.
Owing to large number of bituminous mining companies, it is
difficult
to get any statement as to their aggregate expenditures for
1930. Moreover, many companies have not yet fully formulated their
plans for new
d.ivelopment.
One hundred and sixty-five companies have stated that they are planning
unusual expenditures for replacements or betterments to the
amount of
over $44,000,000. This represents only a small percentage of the companies
in the industry, but just how much that figure would be
increased by
including the remaining companies can not be determined.
The competitive situation within the industry has been such that the realization
has
been low. If a slightly better price for the product could be
obtained,
the purchasing power of the industry would be increased and expenditures
for replacements and betterments in various lines would immdiately
reflect
this increased earning power.
The production of bituminous coal in this country is highly
developed.
The cost of operation has decreased and large expenditures for the
mechanization of mines are being incurred to secure a still further
reduction.
Industry can depend upon the efficient producers of bituminous
coal to
continue in the future as they have in the past to furnish necessary
industrial fuel in any quantity at prices lower than those prevailing
in competitive industrial countries.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 11, made public by the Federal
Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows a decrease for the week of
$103,400,000 in holdings of discounted bills and increases of
$65,300,000 in holdings of bills bought in open market and
of $31,800,000 in United States securities. Member bank
reserve deposits declined $4,000,000, Government deposits,
$22,000,000, cash reserves $28,900,000 and Federal Reserve
note circulation $20,200,000. Total bills and securities were
$11,400,000 below the amount reported a week ago. After
noting these facts, the Federal Reserve Board proceeds as
follows:
000,000, the total of these loans on Dec. 11 1929 standing
at $3,425,000,000 as compared with $3,392,000,000 on
Dec. 4 1929 and with $5,176,000,000 on Dec. 12 1928. The
high record for these loans was reached on Oct. 2 1929 when
the total stood at $6,804,000,000. This is the first time
since Oct. 16 1929 that these loans have increased.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Dec. 111929. Dec. 4 1929. Dec. 12 1928.
Loans and investments—total
7,909,000,000 8,035.000,000 7,057,000,000
Loans—total
On securities
All other
5,967,000,000 6,047,000,000 5,252,000,000
3,023,000,000 3,073,000,000 2,685,000,000
2,944,000,000 2,974,000,000 2,586,000,000
1,943,000,000 1,989,000,000 1,805,000,000
Holdings of discounted bills increased 324,900,000 at the Federal
Reserve Investments—total
Bank of New York and declined $39,700.000 at Chicago, 326.000.000
at
Philadelphia, $12,400,000 at San Francisco, 310,900.000 at Kansas
U. S. Government securities
City
1105,000,000 1,127,000,000 1,085,000.000
and $9,100.000 at Minneapolis. The System's holdings of bills bought
Other securities
838,000,000 862,000,000 720,000,000
In
open market increased 365.300,000, of United States bonds
$13,000.000, Reserve with Federal Reserve Bank_
788,000,000 785,000,000 779,000,000
Treasury notes $10,000,000 and Treasury certificates
Cash in vault
$8.800.000.
72,000,000
65,000,000
63,000,000
The principal changes In Federal Reserve note circulation for the week
Include decreases of 325,100.000 at the Federal Reserve Bank of New York, Net demand deposits
5 773,000,000 5,783,000,000 5,294,000,000
Time
deposits
1 212,000,000 1,246,000,000 1,192,000,000
$4,400,000at Chicago and 33,000,000 at Atlanta,and increases of$7,000,000
Government deposits
8,000,000
10,000,000
1.000,000
at Philadelphia and 36,600.000 at Cleveland.
Due from banks
88,000,000 104,000,000 101,000,000
The statement in full, in comparison with the preceding Due to banks
910,000,000 1,012,000,000 957.000,000
week and with the corresponding date last year, will be found Borrowings from Federal Reserve Bank_
on subsequent pages—namely, pages 3764 and 3765. A Loans on securities to brokers and dealers 66,000,000 34,000,000 220,000,000
For own account
806,000,000 792,000,000
summary of the principal assets and liabilities of the Reserve
For account of out-of-town banks.— 710,000,000 680,000,000 1,045,000,000
1,794,000,000
For account of others
1,909,000,000 1,921,000,000 2,337,000.000
banks, together with changes during the week and the year
Total
3,425,000,000 3,392,000,000 5,176.000,000
ended Dec. 11 is as follows:
Increase (+) or Decrease (—)
On demand
2,991,000,000 2,945,000,000 4,601,000,000
During
On time
433,000,000 447,000,000 575,000,000
Dec. 11 1929.
Week.
Year.
$
Chicago.
$
$
Total reserves
3,101,867.000 —28,881,000 +364,014,000 Loans and investments—total
2,032,000,000 2,063,000,000 2,089,000,000
Gold reserves
2,964.148,000 —28,818,000 +337,173,000
Loans—total
1,638,000,000 1,664,000,000 1,637,000,000
Total bills and securities
1,491,299,000 --I1,371,000 --271,298,000
On securities
949,000,000 970.000,000 800,000,000
Bills discounted, total
768,221,000 —103,388,000 —259,430,000
All other
689,000,000 694,000,000 747,000,000
Secured by U. S. Govt. obliga'ns_ 398,729,000 —26,203,000 —252,066,000
Other bills discounted
370.193,000 —77,185.000
—7,364,000 Investments—total
394,000,000 398,000,000 452,000,000
Bills bought In open market
321,840,000 +63,322,000 —172,483,000
U. S. Government securities
158,000,000 164,000,000 198,000,000
Other securities
236,000,000 234,000,000 255,000,000
U.S. Government securities, total- 386,934,000 +31,790,000 +151,427,000
Bonds
50.971,000 +13,016,000
—2,526,000 Reserve with Federal Reserve Bank.— 178,000,000 186,000,000 188,000,000
Treasury notes
193,374,000 +9,961,000
+77,201,000 Cash in vault
17,000,000
16,000,000
20,000,000
Certificates of Indebtedness
142,589,000 +8.813,000
+76,752,000
Net demand
1,268,000,000 1,287,000,000 1,282,000,000
Federal Reserve notes in circulation 1,018,314,000 —20,156,000 + 104,594,000 Time depositsdeposits
627,000,000 620,000,000 684,000,000
Government deposits
2,000,000
2,000,000
Total deposits
2,425,693.000 —26,990,000
—40,274,000
Members' reserve deposits
2,396,984,000 —4,017,000
Due
from
—11,983,000
banks
127,000,000
136,000,000
153,000,000
Government deposits
3,310,000 —22,036,000
—26,414.000 Due to banks
297,000,000 315,000,000 334,000,000
Borrowings from Federal Reserve Bank_ 19,000,000
52.000,000
84,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week have increased $33,-
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board repecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Dec. 4:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Dec. 4 shows decreases for the
week of
$211,000,000 in loans and investments, $176,000,000 in net demand
de-.
DEC. 14 1929.]
FINANCIAL CHRONICLE
3715
Columbia hydro-electric generating stations will be almost doubled by
developments contemplating additions of 946,000 horsepower at a cost of
$110.000,000. The program to be undertaken by the Bell Telephone Co.
of Canada in Ontario and Quebec Provinces will involve an 11% increase
In present facilities and an expenditure of $30,000,000. Tee Canadian
National Railways will spend $20,000,000 for new equipment, and the
British Empire Steel Corporation plans the electrification of all its coal
mines. The power plant now under construction at Glace Bay, Nova
Scotia, costing $1,000,000. Building permits issued in Montreal to the
end of November represent a valuation of$44.500,000 and Winnipeg per mits
during the same period total $10,700,000. Both figures are larger than the
totals for the eleventh month period of last year. The Dominion Board on
Tariff and Taxation continued hearings during the week on the iron and
steel schedule. Consideration was given to pipes, tubes, wire, springs
and chains, also to the various kinds of machinery, notably agricultural and
mining machinery and to farm implements. The wholesale price index
for the November records a further falling 95.8 as compared with 96.7
recorded in October. Declines extended to grain, live-stock, meats, cotton
fabrics, lead and silver. Advances were registered by domestic coal, white
pine, copper, eggs and fish. The geqeral trade situation in Quebec and the
Maritime Provinces appears satisfactory. In Ontario and the west business
Is fair.Winnipeg reports a scarcity of canned refugee beans and corn and
peaches. Distribution by the Manitoba Farm Co-operative Association
of over $500,000 to members is a favorable num. Trade Commissioner
+1,247,000,000
—160,000.000
17,538,000,000
Loans—total
Harvey E. Sweetser at Toronto reports the announcement on Dec. 3 of
tubes as the result of
+607.000,000 reduction averaging about 3% in prices for tires and
7,839,000,000
On securities
Canada
9,649,000,000 —160,000,000 +640,000,000 the decline in crude rubber prices. One company manufacturing in
All other
is reported to be increasing its output by 1.000 tires daily. The $30,000.000
—295,000,000
—51,000,000
Light.
5,604,000,000
Beauharnots
the
of
Investments—total
issue of 6% collateral trust sinking fund bonds
been very
—53,000,000 —223,000,000 Heat and Power Corp., Ltd.,offered on Dec. 4,Is reported to have
U. S. Government securities_ _ 2.755,000.000
—72,000,000 largely subscribed in Canada.
+2,000,000
2,849,000,000
Other securities
CHINA.
+44,000.000
+22,000,000
Reserve with Federal Res've banks 1.766,000,000
—8.000.000
Disturbed conditions in various regions serve to discourage the general
—4,000,000
261,000,000
Cash In vault
business outlook. A large area north of the Yangtze River in North
13,714.000,000 —176,000,000 +203.000.000 China seems to be involved, South China is restless, and with delayed
Net demand deposits
—38.000,000 —109,000.000
6,722,000,000
Time deposits
not bright.
+15.000,000 settlement of the Manchurian controversy, trade prospects are
—17,000,000
33,000.000
Government deposits
Traffic ,on both the Peking-Hangkow and Tientsin-Pukow railways is
—41,000,000 interrupted, and the only route open between Peking and Shanghai is
+60,000.000
1,150,000,000
Due4rom banks
+98,000,000 —189,000,000 via Tientsin or Tsingtao by sea. The Pekin-Mukden R3-. is functioning
2,900,000,000
Due to banks
disturbed con—23,000,000 —205000,000 normally. Shanghai trade is also feeling the effects of
Borrowings from Fed. Res. banks_ 580,000,000
ditions. Conditions in Honan and Hopei Provinces, which were preloan
the
Beginning with the statement of Jan. 9 1929,
viously reported improved, are again unsettled as a result of threatened
figures exclude "Acceptances of other banks and bills of disturbances. Some Shanghai silk filatures have suspended operations
because of the general depression in the silk trade, and between 6,000
exchange or drafts sold with endorsement," and include all and
7,000 Chinese silk workers are thus unemployed. Other plans are
real estate mortgages and mortgage loans held by the banks; still operating, with curtailed production, but they expect to close during
upon Manpreviously acceptances of other banks and bills sold with December and may not reopen until March. Adverse effects increasingly
import trade because of the Sino-Soviet situation are
endorsement were included with loans, and some of the churia's
are being
projects
development
evident. In addition, all major economic
banks included mortgages in investments. Loans secured by held in abeyance. Declared exports from Dairen to the United States
with $240,000 in November
U.S. Government obligations are no longer shown separately, during November totaled 3335,000, compared
of last year. Principal items in November shipments include: Bean
only the total of loans on securities being given. Further- cake meal, 6,180,000 pounds, valued at $122,000; sheeps' wool. 405,000
more, borrowings at the Federal Reserve are not now sub- pounds, valued at 8102,000; soya bean oil, 1,333,000 pounds, valued at
pounds, $20,000. Shipments from Mukden
divided to show the amount secured by U. S. Government $81,000; bean cake, 100,000November
aggregated $70,500, against $82.000
to the United States during
obligations and those secured by commercial paper, only a in that month last year. Principal items shipped in November include:
and bristles, 27,000 pounds,
also
have
figures
The
given.
$44,000,
at
Horse hair, 71,000 pounds, valued
lump total of the two being
been revised to exclude a bank in the San Francisco district, valued at $26,000.
DENMARK.
with loans and investments of $135,000,000 on Jan. 2, which
There were no marked changes in the Danish situation during November.
recently merged with a non-member bank.
The commercial outlook is promising and business conditions remain
generally satisfactory. Steady improvement over last year is noted in
the principal industries and in only a few branches may the activity be
characterized as weak. The high activity in building is causing some
Summary of Conditions in World Markets, According fear that over-expansion may result. Shipping is well occupied. The
continues with increased production, heavy
to Cablegrams and Other Reports to the Depart- favorable trend in agriculture
exports and satisfactory prices. Unemployment, although much lower
ment of Commerce.
than for the past several years, is slowly increasing due to seasonal causes
estimated at 32,000 compared with
The Departmentof Commerce at Washington releases for and at the close of November was
a month ago. Increasing easiness prevails in the money market.
publication Dec. 14, the following summary of market con- 28,000
As the discount rates have beenlowered in some of the principal money
in
ditions abroad, based on advices by cable and radio:
centres of the world, it is expected that a reduction will scon be made
has
the official Danish discount rate. Turnover on the bourse of late
ARGENTINA.
been small but quotations have been relatively firm. The official wholeLess pessimism was in evidence although business for the week ended sale price index for October was 150, a drop of one point, while the quarcorn
and
continues
wheat
outlook
The
of
yield
dull.
be
to
continued
Dec.6
terly cost of living index for the third quarter declined frcra 173 to 172.
to be excellent, although it will be some time yet before the crop will be Foreign trade remains above the high level of 1928 for both imports and
out of danger. The President has issued a dec.ee, dated Dec. 5,authorizing exports. Compared with the month of September, however, imports
the Banco de La Nacion to effect discount opeeations with the Caja de during October rose to 176,000,000 crowns from 188.000,000 crowns, while
Conversion up to a maximum of 200.000,000 paper pesos. This is favorably exports including re-exports declined from 154.000,000 crowns to 146.considered upon as a step towards improving the flexibility of the National 000,000 crowns.
currency credit. The National Government has authorized a bond issue
FINLAND.
amounting to 70,000,000 paper pesos, as a part of the"CreditoArgentino
Finnish industry is generally slack and unemployment increasing; cotton
to
pesos
amounting
and
458,000,000
by
issue
authorized
Intorno" bond
production has been curtailed, wool factories are running three days a
Law No. 1927. The Province of Buenos Aires without the formality of week, and the shoe industry is depressed. Both bankruptcies and prolicitation has authorized the issue of external loan bonds amounting to
tested bills are still on the increase. The stock exchange turnover declined,
60,000,000 gold pesos carrying 6i% interest and 1% annual cumul.
the index rose. The import and export price indexes declined,
although
issue
of
the
authorized
paving
bonds.
November
has
it
amortization; also
as well as foreign shipping. Wholesale business turnover increased slightly.
a
paper
pesos,
in26,000,000
to
considerable
amounted
liabilities
failure
That the financial crisis has been passed and the situation is improving
crease over the previous month, but this increase was due to the largo bank- is idicatO by the position of the joint-stock banks and the Bank of
ruptcies rather than to unfavorable business conditions. Internal taxation
Finland. Improvement would undoubtedly be more rapid if it were not
revenue during the first 11 months of this year increased 6,500,000 paper for
the depressing reaction of foreign markets on Finnish economic conprevious
year,
while
the
of
period
import
and
corresponding
the
pesos over
ditions. Despite the passing of the crisis, the money market continues
export duties declined 3,000,000 paper pesos.
tight and because of the marked need for cash there is a lively interest
in the possibility of securing foreign loans now because of lower rates in
AUSTRALIA.
America. Both imports and exports increased during October, with a
The terms offered coal miners last week have been rejected and the strike
substantial favorable trade balance resulting. Lumber sales at the end
of nine months duration continues unsettled. Both the Government and of
November were estimated at 1,125,000 standards (2,227,500,000 board
private business continue to reduce personnel, and production has been feet). The
plywood, chemical pulp and mechanical pulp markets are
the expenditure of Z1,visibly affected. The Federal Ministry proposes
normal and remain unchanged. Keen competition in the paper market
500,000 on road construction during the current fiscal year with a view has
n
slight decline. A tendency toward more normal financial
caused
sources of revenue are being considered
to relieving unemployment. Now
Federal deficit. Wool prices continue conditions is reflected in a marked increase in the note reserve, a decline
in an effort to reduce the estimated
in note circulation (which has grown considerably since the end of 1927)
steady except for the poorer selections.
to the level of July 1927 and a reduction of rediscounts and home 'cars
CANADA.
by the Bank of Finland to the lowest figure since January. The stock
$6.75 per ton has been appliei exchange index rose six points during October from 175, the lowest since
Effective from Dec. 1, a special rate of
Canadian railways to Ontario points. This is in October 1926; turnover declined to 15,000.000 marks from 18,200.000
to Alberta coal moved over
year for an experimental movement marks in September.
accordance with the plan approved last
INDIA.
years, the date of application having
between Jan. 15 and July 15 for three
All classes of piece goods are selling in smaller volume, particularly
the slack grain movement. Several
been advanced this year in response to
of
basis
the
on
contracts
in
1930
are in the market at present. During
offering
and
Calcutta,
are
buyers
few
retail
Canadian newsprint producers
construction contracts are projected for 1930, the past week the demand for hessiem has improved sonneshat but jute
$60 per ton. Some large
the week. The capacity of British Is still inactive at low price levels.
according to announcement made during
posits, $38,000,000 in time deposits, $17,000,000 in Government deposits
and $23,000,000 In borrowings from Federal Reserve banks.
Loans on securities show no change for the week, while all other loans
declined $160,000,000 at all reporting banks, $119,000,000 in the New
York district, $13,000,000 in the Chicago district, $7,000,000 in the Dallas
district and $6,000,000 each in the Philadelphia, Cleveland and Atlanta
districts, and increased $8.000,000 in the San Francisco' district.
Pii,Holdings of U. S. Government securities declined $39,000,000 Li the
New York district anti $53,000,000 at all reporting banks while holdings
of other securities increased $7,000,000 in the New York district and $2,000,000 at all reporting banks.
The principal changes for the week in borrowings from Federal Reserve
banks comprise decreases of $13,000,000 in the San Francisco district,
$9,000.000 in the Boston district, $7,000,000 in the Chicago district and
$6.000,000 in the Richmond district, and an increase of $10,000.000 in the
Philadelphia district.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
Dec. 4 1929, follows:
Increase (+) or Decrease (—)
Since
Dec. 5 1928.
Dec. 4 1929. Aou. 27 1929.
$
+952,000,000
—211,000,000
Loans and investments—total _ _ _ _23,142.060,000
3716
FINANCIAL CHRONICLE
JAPAN.
Paper and rayon industries have decided to curtail production. In view of
the business and industrial depression in Japan, it is anticipated that other
Industries will also restrict production. Bankers believe the year-end settlements will be made without difficulty. The stock market is weak.
[VOL. 129.
United 'States. The bill for the ratification of the agreement was introduced in the House on Dec. 5 by Representative Hawley and reported to the Senate on the same
day by Chairman Smoot of the Senate Finance Committee.
A favorable report on the bill was ordered by the House
Ways and Means Committee on Dec. 10, after the appearance before the Committee on that day of UnderSecretary of the Treasury Mills, who in recommending
ratification of the agreement, pointed out that it was
ratified by the French Parliament last July and said that
"it remains, therefor, for the Congress of the United States
to give its approval for this agreement to become effective."
In a "Times" dispatch :from Washington Dec. 5 it was
stated:
MEXICO.
Although basic conditions are improving, business remains spotty. A
subsidiary of an American telegraph and telephone company and the
Ericsson Telephone Co. are actively engaged in establishing new exchanges
and extending long distance lines. The Federal Highway Commission is
starting work on highways from Mexico City to Guadalajara and Oaxaca.
Mexico's purchasing power has been adversely affected by the estimated
reduced production of the corn, bean, winter vegetable and cotton crops.
However, Mexico produces a wide variety of agricultural articles, and the
remaining crops are reported in a generally satisfactory condition,with
favorable indications for an increased yield of certain export crops. The
average monthly petroleum production for the first nine months of 1929
was 3,654,500 barrels, August and September having the greatest output
with 4,090,607 barrels and 3,943,125 barrels, respectively. The Cia MexiThe amount of Frances indebtedness is fixed by the bill at $4.025,cana de Petroleo, "El Aguila," a Dutch Shell subsidiary, has become the
mostimportant producing company in Mexico and is responsible for approxi- 000,000. which is to be paid in 62 annual installments. Under the terms,
France will make payments of $30,000,000 the first two years following
mately 30% of the total output.
final ratification; $32,500,000 in each of the two succeeding years, and
NETHERLAND EAST INDIES.
$35,000,000 in the fifth year. The amount of the principal installment
The business situation remains unchanged and importers manifest interest due the sixth year will be $1.350,000, the subsequent annual installments
In special lines only. There is no improvement in the textile market and the increasing until in the sixty-second year of the debt-funding period the
general retail credit situation places an additional burden upon the larger Installment shall be $113,694,786.
Included in the total is the sum of $407,341,027, representing the value
Importers. Automotive trade is spotty but generally dull. Despite falling
produce prices, export trade continues in large volume. October rubber of surplus war material purchased by France from the United States.
exports amounted to 23,504 long tons, of which 4,697 were shipped from On the credit side the bill shows that since Dec. 15 1922 France has made
Java and Madura, 8,295 from Sumatra East Coast, and 10,515 from other payments in excess of $51,000,000.
The debt carries interest ranging from 1 to 334%,the minimum beginning
rubber producing districts.
in 1934 and running until 1940, when the rate begins to ascend. The
NEW ZEALAND.
bill provides that France may make payments in any United States obligaHoliday business in New Zealand is very active and sales of American
tions issued after April 6 1917.
specialties, electrical appliances, and novelties are enjoying active demand.
Recent rains have been very beneficial to rural sections, greatly imploring
the seasonal outlook. Wool sales to date have not been entirely satisWalter E. Edge Takes Up New Post as Ambassador to
factory from the growers' standpoint, because of lower prices for all
types
France.
as compared with last season. Reduced returns from the wool crop, however.
will be offset somewhat by increased returns from butter. Dominion flocks
Walter
E.
Edge
of
New
Jersey, who recently resigned as
have been increased by more than 2,600,000 head during 1929. bringing the
total up to 29,000,000 head. Automotive sales are easing somewhat, and United States Senator following his appointment as Ambasstocks are heavier, with large imports continuing. Building remains active sador to France, succeeding the late Myron T. Herrick,
throughout the Dominion, and many old structures are being replaced by
sailed on Dec.6 on the Ile de France to take up his new post.
modern buildings. Talking pictures have met with complete success.
The arrival of the new Ambassador at Paris was reported
NORWAY.
Both imports and exports remain well above the level for the past few in the cablegrams to the daily papers yesterday (Dee. 13).
years with the value of imports for the first 10 months of 1929 reaching The nomination of Mr. Edge as Ambassador was confirmed
890.800.000 crowns against 843,600,000 crowns in 1928 and exports totaling unanimously by
the Senate on Nov. 21.
633,400,000 crowns compared with 572,800,000 crowns for the previous
year. Industries are moderately well employed. The whaling catch so
far is much greater than last year, but as prices have not yet been fixed Signing By U. S. of Protocol of Adherence to Permanent
for the season the situation remains somewhat uncertain. There Is no
Court of International Justice—President Hoover's
improvement in shipping except for a slightly greater employment of small
Letter of Authorization—Secretary Stimson Resteamers in European trade. Canning of sardines was stopped in the last
week of November to avoid overproduction although fishing activity
views Action Toward Removal of Objectious to
generally is still affected by adverse weather conditions. The ship building
World Court.
industry is well occupied. There is strong demand for chemical pulp while
The signature of the United States to the protocol of
the paper market is rather dull. As a result of the unchanged situation in the
mechanical pulp market, production Is to be curtailed approximately 30% adherence to the World Court—the Permanent Court of
In 1930. The general banking situation showed no important changes International Justice—was affixed on Dec. 9 at Geneva by
during November. Tightness characterizes the money market although Jay Pierrepont Moffat, Charge d'Affairs of the United
official discount rate was lowered from 6% to 534% towards the close of the
States at Berne, Switzerland. Under date of Nov. 26 Presimonth. No large turnover of stocks was recorded on the Bourse, but
quotations show a tendency to decline. Bond quotations remain firm. dent Hoover authorized Secretary of State Stimson to make
The credit situation is improving while the retail business has been retarded the necessary arrangements for the signature on behalf of
of late by exceptionally warm weather. Business failures are less than a the United States of three procotols incident to its adyear ago. The official wholesale price index on Oct. 15 was 152, a drop of herence, this letter of the President reading as follows:
two points since Sept. 15.
Nov. 26 1929.
SWEDEN.
The Honorable, The Secretary of State,
Business conditions in Sweden are exceptionally good. Undoubtedly a
Washington, D. C.
number of the leading companies will increase their dividend payments
My dear Mr. Secretary: I have received your note of Nov. 18, analyzing
for the year. There seems to be no danger of a decrease in Swedish export
the situation created by the almost unanimous signature on the part of the
trade, at least not in the near future. Unless there occurs a marked decrease
Protocol
in the purchasing power on the part of Sweden's best customers, England, members of the Permanent Court of International Justice to the
of Accession of the United States of America and to the Protocol of Rethe United States and Germany, business in Sweden should keep on running
vision of the Statute, and in accordance with the request contained therein
at the present high level. The official wholesale price index during October
I authorize you to make the necessary arrangements for the signature on
dropped from 140 to 138. This is one point below the previous low figure of
behalf of the United States on Dec. 9 1929, of
June Oafs year and 10 points lower than the wholesale price index for
1. The Protocol of Signature of the Statute of the Permanent Court
Oct. 1928. The index for animal foodstuffs rose fom 140 to 141 while the of
International Justice,
index for vegetable foodstuffs, including grain, flour, sugar and coffee,
2. The Protocol of Accession of the United States of America to the
dropped from 126 to 120.
Protocol of Signature of the Statute of the Permanent Court of InternaThe Department's summary also contains the following tional Justice, and
3. The Protocol of Revision of the Statute of the Permanent Court of
regarding the Island possessions of the United States.
International Justice.
PHILIPPINE ISLANDS.
For this purpose I am enclosing the full powers authorizing Mr. Jay
Gradual improvement continues in the Philippines with slightly stimulated Pierrepont Moffat, Charge d'Affairs ad interim of the United States at
demand in most lines. A somewhat more favorable tone is in evidence in Berne, to sign these documents.
Yours faithfully,
the textile market and buyers are showing more interest in staple lines.
The abaca market Is very firm as a result of improved demand from pracHERBERT HOOVER.
tically all foreign markets. High grades, production of which has materially
The note addressed by Secretary Stimson to President
decreased because of poor prices, are now in good demand at increasing
Hoover on Nov. 18, citing the removal of dangers to and
prices. Receipts of abaca during the week ended Dec. 2 totaled 23,261
bales and estimates place this week's arrivals at 28,000. Exports last week objections on the part of the United States in adhering
amounted to 36.502 bales, of which 5.760 went to the United States and to the Court stated that "it is now possible for us to assist
25,226 to the United Kingdom and the Continent. Stocks of abaca at ports in the support and development of this judicial agent with
on Dec. 2 totaled 196,624 bales. The copra market is strong. Two oil out in the slightest degree jeopardizing out traditional policy
mills are shut down and another is contemplating closing temporarily, due as a Government, of
not interfering or entangling ourselves
too shortage of copra, arrivals of which are slow because the rice harvest is in the
political policies of foreign States or of relinquishing
in progress. November arrivals at Manila amounted to 253,633 sacks,
our traditional attitude as a government toward purely
comprred vdth 411,787 sacks during the same month last year. Arrivals
at Cebu to Nov. 23 of this year were 174,714 sacks. To-day's f.o.b. American questions with which we are concerned." This
steamer prices for warehouse grade resecado are Manila. 11.20 pesos per note of Secretary Stimson is given further below. With
reference to the signing of the documents on behalf of the
picul; Cebu, 11; and Legaspl and Henduga 10.675 Pews.
United States, advices Dec. 9 to the New York "Times"
House Passes Bill Ratifying the Agreement for the from its Geneva correspondent, Clarence K. Streit, said:
This leaves only the following steps to be accomplished before the United
Settlement of the French Debt to the United States.
States takes its place in the Court: First, signature of the Root protocol
The House of Representatives, on Dec. 12, by a vote by Abyssinia. Albania and Lithuania, the only 3 of the 53 members of the
Court who have not already signed It; second, ratification by the United
of 239 to 100, passed the bill approving the Mellon-Berenger States
of all 3 protocols and ratification of the Root protocol by all 53
agreement for the settlement of the French debt to the members of the Court. The action of the United States at Geneva to-day
DEC. 141929.]
FINANCIAL CHRONICLE
is expected here to greatly facilitate the accomplishment of this program.
Steps already have been taken to get Abyssinia and Lithuania to sign,
and similar steps immediately will be taken with Albania, and it is believed
that all three signatures will be obtained without difficulty. Discreet
efforts also are being made to get members of the Court, none of whom
have yet ratified the Root protocol—many because they wanted to be
sure first that America would sign—to hasten their ratifications without'
awaiting the United States Senate's action. It would not be surprising
if Belgium should be the first to ratify.
The three protocols Mr. Moffat signed in the absence of Minister Hugh
Wilson are the original court statute of 1920, the Root procotol for meeting
the Senate's reservations to the statute, and the protocol containing amendments to the original statute. Both of the protocols were drawn up last
April by the Jurists' committee of which Mr. Root was a member and
adopted by the conference of court members on Sept. 14.
Designed to Facilitate Adherence.
Some amendments in the last-named protocol were designed to facilitate
American entry.
The United States is the 54th State to sign the original statute—there
was hardly room left on it for Mr. Moffat's signature. It is the 51st to
sign the Root protocol and the 49th to sign the amendment protocol. The
latter already has been ratified by one State, Belgium.
The only document relating to the Court which the United States did
not sign was the optional clause for compulsory jurisdiction of The Hague
in all legal disputes which all the other great powers save Japan already
have signed, as well as more than 30 other States, and which has been
ratified by 19 of them, including one great power, Germany. The page
on which the signatures to this far-reaching clause for pacific settlement
of disputes appeared being just opposite the page on which Mr. Moffat
was to sign the original statute, one of the officials present brought smiles
to the gathering by taking pains to warn him not to sign the optional
clause by mistake.
The procedure the United States followed in signing all three protocols simultaneouslY is one Nicholas Pettis of Greece, in laying the protocols
before the recent League Assembly, suggested—that all Court members
follow in order to expedite matters.
Favorable Impression Made.
The fact that the United States adopted the suggestion made a favorable
impression here and has helped to remove the bad one left by the failure
of America to sign when the other States did. This good impression was
Increased by the appreciation the United States expressed to the Court
members "for their friendly endeavors to meet the objections" of the
Senate, in a statement Mr. Moffat made to the Secretary General, Sir
Eric Drummond, just before signing. Indeed, the efforts Court members
made not only to meet the Senate reservations but facilitate in every way
American entry without a parallel in League annals.
To-day's signature, which ended one stage of a long fight over the World
Court, was without ceremony. There were present Sir Eric Drummond,
who usually is not present for such matters; Juan Antonio Buero, former
Foreign Minister of Uruguay, the head of the secretariat's legal section
and in whose office the signature took place; Sanchez Telzdor, a Spaniard
In charge of the treaty section of the secretariat, and Arthur Sweetser, the
American deputy head of the secretariat's information section. The
occasion was signalized only by an informal luncheon Mr. Sweetser gave
to Mr. Moffat and to the others present.
Exchange of Notes on Signature.
In announcing that Charge d'Affairs Moffat had signed
the protocols at Geneva, the State Department according
to Washington accounts Dec. 9 to the New York "Times'
gave out the texts of a note from Sir Erie DrUmmond,
Secretary-General of the League of Nations, to the Secretary
of State, dated Oct. 7, informing the United States that
the documents were ready for signature, and of a note from
Mr. Moffat to Sir Erie, dated Dec. 9, expressing through the
Secretary-General to the nations members of the Court the
"appreciation of the Government of the United States for
their friendly endeavors to meet the objections set forth in
the reservations of the United States." In giving the text
of these notes the "Times" stated:
Sir Eric's note contained a recital of the various steps, hitherto disclosed,
that had been taken with reference to the acceptance of the Senate's reservations and clearing the way for American adherence to the Court. Included
is a statement written last August by Hugh Wilson, American Minister to
Switzerland, which was submitted by Sir Eric to the Geneva conference of
nations adhering to the Court, which paved the way for the action of the
United States to-day.
Minister Wilson's statement read:
"I thank you for giving me the opportunity of making thls statement to the conference. I am informed from a sure source, which I cannot divulge but on which the
members of the conference can absolutely rely, that the Secretary of State of the
United States of America. after careful consideration, is of opinion that the draft of
the protocol drawn up by the committee of jurists would effectively meet the objections set forth in the reservations made by the United States Senate and would constitute a satisfactory basis for the United States to adhere to the protocol and statute
of the Permanent Court of International Justice, dated Dec. 16 1920.
"After the States signatory to the protocol of signature and the statute of the Permanent Court have accepted the draft protocol, the Secretary of State will request
the President of the United States for the requisite authority to sign and will recommend that it be submitted to the Senate of the United States with a view to obtaining
Its consent to ratification."
Acknowledgement of Our Signing.
The text of the note from Mr. Moffat to Sir Eric follows:
I am instructed by the Secretary of State of the United States to acknowledge with
appreciation the receipt of your note of Oct. 7 1929, in which you informed him of
the action taken with regard to the protocol concerning the accession of the United
States to the statute of the Permanent Court of International Justice, as well as the
protocol to effect certain amendments in the statute of the Permanent Court.
Note has been taken of the fact that fifty States have up to date signed the protocol of American accession to the Court.
protocol of accession by the
In view of the almost unanimous acceptance of the you
that, at the direction of
members of the Court, it gives me pleasure to inform
behalf of the
the President of the United States. I have been instructed to signofon
of the statute the Permanent
United States of America the protocol of signature
accession
the
of
States of
Unged
of
protocol
the
Justice;
Court of International
Permanent Gturt of InterAmerica to the protocol of signature of the statute of the of
the
Court of
Permanent
statute
the
of
revision
of
protocol
the
Justice;
national
International Justice.
members of
The Secretary of State has requested mete express through you to the
of
the Court who have signed the protocol of American accession the appreciation
the Government of the United States for their friendly endeavors to meet the objecStates.
United
the
of
reservations
the
in
forth
set
tions
Stimson Explains Changes in Court.
Secretary Stimson explained orally that, when the Senate shall have
ratified them, the documents of adherence would be deposited at Geneva.
One of the changes in the protocol of revision of the Court statutes provides for an increase in the number of judges. Formerly there were eleven
3717
judges and four or five deputy Judges. The new arrangement calls for fifteen full judges, only eleven of whom are to sit at the same time.
Mr. Stimson emphasized the value of the provision which is designed to
meet Senate objections. It was proposed by S. O. Levinson, a Chicago
lawyer, and stipulates that the same rules of procedure which apply in contentious cases should apply to advisory opinions. It means that the rule
in a litigated case that no dispute can be submitted to the Court without the
consent of both parties also applies to advisory opinions.
The change is embodied in Article 68 of the statutes and, in the opinion
of Secretary Stimson, constitutes one of the last nails driven in to fasten the
Senate reservations on the old charter.
In any case in which the United States should be a party, he explained,
its rights would be protected under Article 68. He pointed out that, if this
government were not one of the original disputants In a case, but felt It
had a real interest, it could easily attain the status of a disputant by sending
a note.
Final Recourse in Withdrawal.
The only remaining possibilities, he added, were the rather intangible
class of cases where the United States might believe It had a distant interest.
Under such circumstances, he contended, it could express an opinion by
virtue of the protocol of adherence, and would merely give notice of a desire
to be heard.
Should it be desirable to prevent another government from bringing a
question before the court, this could be done by taking a position slightly
different from that of other disputants and thus becoming a party to the
dispute. Under Article 68 the United States would have a veto in any
difference amounting to an issue with any other nation, according to Secretary Stimson. no matter how many countries were involved.
Should the United States, he said, claim an interest in a case which bad
not assumed the proportions of a dispute, the matter could be discussed
under the Court method between the nation seeking to bring it up and the
United States with a view to resolving it or determining whether it was of
sufficient importance to have the Court consider it. Should the other side
still be determined, but the United States unwilling to have the Court take
the matter up, the government could dissolve the protocol of adherence
and withdraw.
Mr. Stimson said there had been no suggestion by any responsible
American officials that the United States endorse the optional clause giving
the Court compulsory jurisdiction, and that this question was not before
the American Government.
The Washington correspondent of the "Times," Richard
V. Oulahan, in addition to supplying the above information
underdate of Dec. 9, had the following to say regarding the
attitude toward ratification of the protocols by the Senate:
A very strong opinion exists among Republican Senators that, for reasons of party safety, it would be well for the President to withhold the
trAnsmission of the documents to the Senate until after the Congressional
elections of 1930. Their position is that a campaign, likely to be complicated, will be impregnated with further complexity if the World Court
question becomes an issue.
What course President Hoover will take was not disclosed. Secietory of State Stimson declined to comment on the subject.
The impression prevails that, even if the protocols should be transmitted to the Senate soon, they will not be brought forward for consideration
for a long period, perhaps until after the Congressional elections.
Such delay is not of great significance, however, as the ratification of
the protocols by the Senate would not insure immediate entrance of the
United States into the Court. All nations which are members of the Court
must approve the protocols providing for American adherence before our
entrance is assured.
Still "Irreconcilable."
•
In spite of the contention of Secretary Stimson in his letter of Nov. 18,
provisions
the
that
to the President, which was made public yesterday,
of the appropriate protocol for safe-guarding the interests of the United
States with respect to advisory opinions of the Court meet the conditions
as to advisory opinions laid down in Senate reservation No.5 the "irreconcilable" element in the Senate is not satisfied. It was clearly indicated
to-day that its leaders are still determined to oppose ratification.
Senators Borah of Idaho, Moses of New Hampshire and Johnson of
California, all members of the Committee on Foreign Relations, contend
that the protocol based on the Root formula does not bar the Court from
rendering an advisory opinion in any case in which the United States
"claims an interest," as specified in the reservation.
Even the right to withdraw from the Court if an advisory opinion is
rendered over a protest that the subject involved is one in which the United
States "claims an interest," does not, in the opinion of these Senators,
full protect us.
Senator Borah, however, while he has not changed his attitude of opposition, said that he had no objection to the protocols being submitted to
the Senate after the tariff bill has been passed. Ile would regret having
them submitted before then.
But, judging from present indications the opposition does not intend
to make any protracted fight against the World Court protocols.
The chances are that the irreconcilables will voice dissent without indulging in dilatory tactics, and then permit the matter to come to a vote.
Opinion is strong in the Senate that, when a vote is taken,all the protocols
will be ratified.
Watson Against Action This Sessions.
Senator Watson, the Republican floor leader, is on record in opposition to the submission of the protocols to the Senate in the current session.
He takes the position that there are too many matters of domestic concern requiring attention and that these questions should not be set aside
for consideration of the World Court,
In Senator Watson's opinion, no harm would be done by deferring
Senate debate on the Court until the Winter session of next year. That
session will not begin until after the elections.
Representative Porter, Chairman of the Foreign Affairs Committee of
the House, also refused to recede, on the basis of the protocols, from the
position he has held in opposition to the Court.
"I seriously doubt the wisdom of the United States joining the World
Court," Mr. Porter said,"unless the reservation of the Senate providing
that the Court shall not render any advisory opinion to the League of
Nations on any question in which the United States has or claims to have
any Interest is recognized by the League.
"The present proposal that our Government waive this reservation in
consideration of the right to withdraw from the Court is a very poor substitute. We would have the right to withdraw without this provision.
"Prime Minister MacDonald, in a recent speech, expressed the opinion
of the overwhelming majority of the American people when he siad, in
substance, it is perfectly obvious to any one who visits the United States
that they have no desire nor do they intend to become entangled in the
political mess of Europe.
3718
FINANCIAL CHRONICLE
The following is Secretary Stimson's note to President
Hoover dated of Nov. 18, which was not made public until
Dec .9. •
The President,
Nov. 18 1929.
The White House.
My dear Mr. President:
There is now awaiting our decision the question of whether this Government shall sign the Protocol of Adherence to the Statute of the World
Court, on the conditions set out in the resolution of the United States
Senate of Jan. 27 1926,as this resolution was accepted by the recent protocol
of Sept. 14 1929, now open for signature in Geneva. Closely involved in
this decision is the question whether the United States shall also sign the
protocol revising the Statute of the World Court, also dated Sept. 14 1929,
and also open for signature at Geneva. This latter protocol provides for
certain amendments to the charter statute of the Court which have an
Important bearing upon the question of our adherence. Practically all of
the nations which are signatories to the World Court have already signed
these protocols, during the past few weeks in which they have been open
for signature, 50 nations having signed the former and 49 the latter. The
only nations which have not signed the former to date are Albania, Costa
Rica, Ethiopia and Lithuania.
Summary of Considerations Inrolved.
A brief summary of the considerations involved in this question seems
advisable.
For over half a century the United States has taken a leading part in
promoting the judicial setlement of international disputes. Not only have
its citizens been prominent in advocating such settlement as a substitute
for war, but the Government, itself, has participated in many important
arbitrations; and our Presidents, as well as our Foreign Ministers, have
frequently acted as arbitrators in such disputes between other nations.
In 1899 the American delegation to the first Hague conference was
active in securing the establishment of the so-called Permanent Court of
Arbitration, which still exists and in which we are members. Our Goverment, under Mr. Roosevelt, submitted to that body its first case, a controversy between the United States and Mexico.
This so-called Court, however, was but a step in the direction proposed
by the American delegation. It is not constituted as a real court, holding
regular meetings and sessions. It is a mere panel or list of about 150 names
of gentlemen who have been selected by the member States as qualified
and available to sit as arbiters in any disputes which may be submitted
to them. Whenever a controversy is desired to be referred to it the arbitrators who are to sit are selected by the parties, are called out from their
private lives, and the case is then referred to them.
In 1907 the American delegates to the second Hague conference were
instructed by President Roosevelt and Secretary of State Root to work
for the development of this Court of Arbitration.
"Into a permanent tribunal composed of judges who are judicial officers
and nothing else, who are paid adequate salaries, who have no other occupation, and who are devoting their entire time to the trial and decision
of international cases by Judicial methods and under a sense of judicial
responsibility."
[VOL. 129.
the said Court and an earnest desire that the United States give early adherence to the protocol establishing the same," and expressing its readiness to
participate in the enactment of such legislation as would necessarily follow
such approval.
Senate Reservations,
On Jan. 27 1926, the Senate gave its advice and consent to adherence to
the Court upon five reservations. As to the first four of these reservations.
no objection has been raised by any of the other signatories of the Court,
and they are accepted in toto in the proposed protocol of adherence now
before us.
The fifth reservation related to advisory opinions and was as follows:
5. That the Court shall not render any advisory opinion except publicly after due
notice to all States adhering to the Court and to all interested States and after public
hearing or opportunity for hearing given to any State concerned; nor shall it without
the consent of the United States entertain any request for an advisory opinion touching any dispute or question in which the United States has or claims an interest.
As to the first half of this reservation, Article Four of the protocol of
adherence now open for signature provides:
The Court shall render advisory opinions in public session after notice and opportunity for hearing,,•.,13st.mtially as provided In the now existing Articles 73 and 74
of the rules of the O.; r .
These rules provide for public hearings by the Court and advisory opinions after notice to all member States or States admitted to appear before
the Court (which would cover the case of the United States whether we
adhered or not). They provide for an opportunity for argument on the part
of all States notified or asking to be heard and for a public delivery of the
opinion in open Court.
Remora! of One of Chief Dangers.
Furthermore, these rules will be incorporated into the charter statute 01
the Court in the second protocol revising the original statute, which, as I
first pointed out in this letter, is also open for our signature. By thus incorporating these rules, they become It:repealable and permanent;and there-,if we adhere to the Court,those provisions for notice and public hearing
cannot be withdrawn without our consent. '
By these provisions one of the chief dangers which has influenced American opinion in its objection to the rendering of advisory opinions by the
Court has been removed. America's fear lest the opinion of the Court
could be sought by some nations and rendered by the Court In private, and
that other nations might thus suddenly find their interests compromised by
a decision of the Court on a question in which they are involved, no longer
has any foundation.
The Court in rendering advisory opinions must follow substantially the
same procedure as is followed in controversies, or as they are termed in the
rules of the Court, "contentious cases," It must act in public; it must
give general notice of its proposed hearing, in order that any one who is
interested may have an opportunity to be heard; and it must hear them.
But the Court and the pending protocol go even further. In April, 1925,
the Court was requested to render an advisory opinion in respect to the effect
of the treaty of peace between Finland and Russia in reference to the autonomy of Eastern Carona. When this request came before the Court in January, it was found that Russia, although notified of the pending hearing,
refused to take any part in the proceedings.
Thereupon the Court refused to go forward with the matter or to render
any advisory opinion,saying that it found it to be:
"Well established in international law that no State can without its consent be
compelled to submit its dispute to other States, whether to mediation or to arbitration, or to any other means of pacific settlement. . . . The Court, being a
court of justice, cannot even in giving advisory opinions depart from the essential
rules guiding their activities as a Court."
Hy this ruling the Court assimilated its practice in advisory opinions where
a dispute was involved between any nations to the same rule provided by
Its charter to govern contentious cases. It will not act unless the parties
to such dispute request it to act.
This rule of conduct laid down by the Court itself will now be made imperative and binding upon it by an amendment In the new proposed protocol
of revision which is before us for signature. That protocol contains new
Article 68 reading as follows:
In the exercise of its advisory functions the Court shall farther by guided by the
Provisions of the statute which apply to contentious cases to the extent which it
recognizes them to be applicable.
-Owing to difficulties in agreeing upon the method of selecting the judges.
they were unsuccessful then; but such a Court was finally established in
1920 under,the name of the Permanent Court of International Justice,
commonly referred to as the World Court. Its charter was framed by a
group of distinguished jurists in which the United States was represented
and it is Interesting to remember that the difficulty which had prevented
the establishment of the Colirt in 1907 was solved by the suggestion of the
American member, Mr. Root, based upon the analogy of a precedent in
the creation of our won Federal Constitution, the so-called Connecticut
Compromise.
Although this final movement which established the Court was initiated
by the League of Nations, the Court took its existence and became effective
not be the action of the League, but under a statute and protocol separately
signed by over 50 States, not all of whom are League members. It thus
owes its existence to the independent authority of those signatory States.
This Court has now been in existence for over eight years. It has rendered
sixteen judgments in controverted cases and has also delivered sixteen advisory opinions on questions which have been submitted to it. Several of
The Court, having already recognized this principle of contentious case
.
these judgments have been rendered in cases which were of great importance
and in which bitter international controversies had existed. Both the judg- to be applicable, is required by this provision in its charter now to forever
ments and the advisory opinions have rendered important service in settling hereafter act accordingly.
The report of the Committee of Jurists of Sept. 13 1929, recommending
such controversies and,thus, in preserving peace. Confidence In the Court
has so developed that its business is rapidly increasing, and one of the these amendments, sets forth the reasons for these amendments as to advisory
opinions. The amendments are shown to be general in character,so
amendments
of
proposed
its
charter
statute above
chief purposes of the
mentioned is to provide for more continuous sessions and in other respects as to include all nations; they also show that the reason why it is proposed
to assimilate the procedure on advisory opinions to the procedure on contento increase the importance and efficiency of the tribunal.
Unless a State has signed the co-called "optional clause," granting to the tious cases is the fundamental reason that unless both parties to a dispute
are
present and heard, the opinion will not carry any weight. The report,
Court compulsory jurisdiction over it In certain classes of legal disputes
which it is not proposed in the present protocol that the United States shall therefore, makes it clear beyond peradventure that the consent of the dissign), the Court can take jurisdiction only over cases which the parties putant nations is required in every case as a pre-condition to the granting of
themselves refer to it. It has no power to draw an unwilling suitor before it an advisory opinion involving any dispute.
By this ruling and amendment another fear as to advisory opinions lb
even if that suitor be a signatory of the Court, and render judgment in
respect to such suitor. The Court simply stands ready and available as a removed. If the United States is involved in any dispute or controversy,
carefully chosen and experienced tribunal to which the nations of the world, to whatever degree, with another country, that matter cannot be brought
if and when they choose, can refer their disputes for settlement, without the before the World Court without the consent of the United States, even for
ordinary delays and difficulties which accompany the selection of arbi- the purpose of obtaining an advisory opinion.
It will be noticed that these last considerations fully Meet the most
trators.
Under the terms of the original charter of the Court, the United States important portion of the last half of the fifth reservation of the Senate.
Is already a competent suitor to appear before it. The only obligation They give to the United States what amounts to an absolute veto upon an
which we would assume by joining the Court is one which we ourselves have advisory opinion touching "any dispute * •• in which the United States
asked for lathe Senates reservations—namely,that we should pay our appro- has an interest."
There remains only that portion of the last sentence in the fifth reservapriate share of the expenses of its maintenance. I am informed that the
largest contribution by any State has been but little more than $35,000 a tion, which provides that the Court shall not without the consent of the
year; and although these expenses will be slightly increased in the future by United States, entertain a request for an advisory opinion touching any
an increase in the number and salaries of the judges, this obligation in any question in which the United States merely claims an interest and where
the claim does not amount to a dispute or controversy. It will be obvious
event will be comparatively trivial.
The only other changes in our present status as suitor which would be at once that the scope of this remaining clause is necessarily very narrow.
If the United States has an interest in any matter which another nation
effected by our joinder would be to give us new rights and privileges-If we
join the Court, we shall be admitted, under the protocol of adherence, to is seeking to bring up for an advisory opinion which is ofso vital a character
participate on an equality with the other signatory States in the election of that the United States would not be satisfied to appear and present its
the judges of the Court. We should also be assured that no amendment of interest to the Court. but desires to shut off all consideration of the Court
therefrom by its objection, that matter, in all human probability, will have
the charter of the Court could be made without our consent:
Far exceeding the weight of these legal consideration, by joining the Court already attained the character of a dispute or controversy between the
United States would resume its time-honored place ofleadership in the great two nations, in which case the United States would already have a veto
power under the new Article 68 of the Charter Statute, which adopts
movement for the judicial settlement of international controversies, and in
the future, through its representatives and jurists, exercise its proper in- and enacts the spirit of the Eastern Carona decision:
Otherwise, we should perforce be brought to assume that the United
fluence in the development of the kind of Court which our representative
States under this reservation was seeking rather arbitrarily to interfere
proposed to The Hague conference more than thirty years ago.
These considerations were pointed out by my predecessor, Mr. Hughes, with its veto in the affairs of other nations In which it had a very slight
In his letter to President Harding on Feb. 17 1923,advising adherence to the interest—a conclusion which is not lightly to be assumed. Therefore, I
Court. On Feb. 24 1923, President Harding submitted to the Senate the think it a fair assumption to say that the field covered by this last remaining
proposal ofadhesion. On Mar..3 1925,a resolution was passed by the'House portion of the fifth reservation Is very narrow, and the need for such a
of Representatives stating that it desired "to express its cordial approval of prohibition unlikely ever to arise.
DEC. 14 1929.]
FINANCIAL CHRONICLE
Yet this very slight possibility is elaborately guarded against by the
new Protocol of Adherence. So anxious have the framers of this protocol
been to meet even the most unlikely desires of the United States that they
have devoted the major portion of the protocol to providing machinery
to meet this contingency.
Advosory opinions can only be rendered by the Court on the request
of the Council or the Assembly of the League of Nations. Article 5 of the
proposed protocol provides that the Secretary General of the League shall
inform the United States of any proposal for obtaining an advisory opinion
of the Court which is pending before the Council or the Assembly, with a
view to obtaining an exchange of views between the United States and the
Council or Assembly as to whether an interest of the United States is affected.
Then when a request for such an opinion actually comes to the Court
the Registrar of the Court shall notify the United States and give a reasonable time in which a statement of the United States concerning the request
will be received. If necessary, the Court will grant a stay of proceedings
In respect to the request for such time as is necessary to enable an exchange
of views to take place.
In considering a request for an advisory opinion, if the United States
makes objection, there shall be attributed to that objection the same
force and effect as attaches to a vote against asking for the opinion given
by a member of the Council or the Assembly.
Right of United States to Withdraw.
After all these steps have been taken, if it appears that no agreement
can be reached and the request for the opinion is still persisted in, and the
United States is willing to forego its objection, the United States can
withdraw immediately from the Court "without any imputation of unfriendliness or unwillingness to co-operate generally for peace or good-will."
A mere recital of these precautions makes it apparent how remote the
contingency is that the United States will ever be constrained to exercise
its right of withdrawal. It may be suggested here that this contingency
of withdrawal might place the United States in an awkward or embarrassing
position, and thus submit it to moral pressure to permit a question to
which it really objects. The real hazard is more likely to be the other way.
The influence ofthe United States is so great,the effect of its mere suggestion
of withdrawal would be so embarrassing tolthe other nations, that there
Is far more likelihood of their submitting to an ill-founded objection on our
part than of their forcing us to withdraw when we really had a legitimate
reason for opposition to a question
If any proof on this point were needed, the extrme consideration which
has been shown in this protocol to the objections of the United States
and the promptness and unanimity with which the procotol for our adherence to the Court has already been signed by practically all of the
nations of the world who are members of the Court would supply it.
3719
the advantages of full argument from opposing interests, but before those
interests have settled into dangerous international grievances.
Not only do the records of the World Court show how useful such opinions have already proved to be during the eight years of the Court's existence,in the interpretation of international treaty relations in Europe, but
the rather similar form of obtaining declaratory judgments of courts upon
in a
domestic legislative'questions is becoming a not unfamiliar practice
number of the United States.
In the great future work of transforming the civilization of this world from
we to-day
a basis of war and force to one of peace founded upon justice,
the World
stand at the threshold. But it is already evident that in this work
part.
Court is destined to perform a most fruitful and important
with the tradiIt is also clear that such an agency is more closely in line
tions and habit of thought of America than of any other nation.
United States Not Jeopardizing Traditional Policy.
and developAnd,finally, It is now possible for us to assist in the support
Jeopardizing our
ment of this judicial agent without in the slightest degree
ourselves
traditional policy as a government of not interfering or entangling
our traditional
In the political policies of foreign States or of relinquishing
which we
with
questions
attitude as a government toward purely American
are concerned.
should not join
Is there any reason why on such terms our government
or why it should not
in the support, moral and financial, of such a Court,
this great work
in
act
will
lend its efforts toward the selection of judges who
judiciary. Or why
in accordance with the noble traditions of the American
position where it
our government's great power should not be placed in a
development of the
can influence for good or check against evil in the future
Court's charter and work. I think not.
to advise you that,in my
For all of the foregoing reasons I have the honor
the Permanent Court
opinion, the United States can now safely adhere to
American Minister in
of International Justice, and to that end, that the
the signature of the
Berne should be immediately authorized to attach
now open at Geneva
United States to both of the protocols above mentioned
the United States has
for our signature. Inasmuch as the signature of
World Court of 1920, I
never been attached to the original protocol of the
protocol as the formal
recommend that he be also authorized to sign that
necessary preliminary to the signature of the United States.
lam, my dear Mr.President, faithfully yours,
HENRY L.STIMSON.
National World Court Committee Formed in New York
Under Chairmanship of Everett Colby.
In reporting the formation in New York on Dec. 9 of the
National World Court Committee, with Everett Colby, as
Executive Chairman of the new organization, the purpose of
which is to further the ratification by the Senate of the entry
of the United States into the Permanent Court of International Justice, the New York "Times" of. Dec. 10 had the
following to say:
Mr. Hoover
Dangers Entirely Removed.
It seams to me, therefore, that the dangers which seemed to inhere in
the rendering of adivsory opinions by the Court at the time the question
was last presented to this Government in 1926 have now been entirely
removed, both by the action of the Court itself and by the provisions of
these new protocols. The objections which caused the Senate reservations have been met. Advisory opinions can no longer be a matter of sesupport
cret procedure but must follow the forms and receive the safeguards of all
"The committee's sole aim," said Mr. Colby,"is to
to complete the moveformal court proceedings in contentious cases.
and the friends of the Court in the last steps necessary
proposed to the
message,
Whenever a dispute to which we are a party is involved no opinion ment begun when Mr. IIarding, by a special
for membership
on that dispute can be rendered unless we consent. When we claim an Senate Feb. 24 1923, that the United States should apply
interest, although no dispute exists, we can if wean desire, bring our great in the Court.
in the situ"Since the first action taken by the Senate a vast improvement
influence to bear against the rendering of such an opinion with the same
can now be found who are
legal standing as if we were a member of the Council or the Assembly of the ation has spread over the country and few people
The reservations made by
League of Nations; and, in the extremely unlikely event of our being unable not favorable to our membership in the Court.
nations, and it now appears
to persuade the majority of the Council or the Assembly that our interest the Senate have been accepted by the signatory
which the United States
Is real and that the request for the opinion should not proceed, we may that the movement toward a World Court in
country in 1899 at the first
withdraw from membership in the Court without any imputation of un- should be a member, which was proposed by this
Presidents, endorsed
Hague meeting and earnestly advocated by the past six
friendliness.
in 1924, will soon become an
The general situation in the world has also changed since 1926 in a way by both political parties in their platforms
which renders the World Court more vitally important than ever before. established fact.
justifiable to postpone
the execu
"Authorities in Washington say that it may prove
Since that date practically all the nhtions of the world have by
nations have ratified it. in which
Hon of the Pact of Paris renounced war as an instrument of national policy ratification of the protocol until after other
for some time to
Senate
the
to
case the President may not refer the protocol
and have solemnly covenanted that:
prepared to reemmend
or conflicts, of whatever come. On the other hand President Hoover may be
"the settlement or solution of all disputes
that it may be ratified before the disnature or of whatever origin they may be, which may arise among them It to the Senate at any time in order
committee is to mobilize the
shall never be sought except by pacific means."
armament conference. The object of our
of the Senate."
benefit
the
for
country
judicial
inthe
means
developing
of
need
of
the
sentiment
has
only
not
By this event
Succeeds Earlier Croup.
stead of war to settle the inevitable controversies, between nations become
more pressing, but it has become even more important to establish and
was formed by representatives of a number oforganicommittee
similar
A
by
which
conduct
such
States at the time of the
clarify the standards and rules of international
zations favorable to the participation of the United
of the new committee
controversies can be prevented or minimized.
earlier effort for American membership. Officers
was
when
history
world's
there
the
in
period
a
been
there
has
have joined in the
Never
said last night that practically the same organizations
such an imperative need for the development of international law by an present campaign. The membership of these participating organizations
be
must
accomplished
reaches"every city, town,
International court. Admitting freely all that
Is so extensive, the committee announced,that it
toward this end by the quasi-legislative action of international conferences
and nearly every crossroads in the nation."
upon
agree
international
and
compacts
and
discuss
to
meet
are at 6 East Thirty-ninth
which may
The offices of the World Court Committee
codes, it is nevertheless to the judicial action of a World Court, passing Street, in the same building as the offices of the League of Nations Nonupon the individual controversies which arise between nations, that we Partisan Committee, of which Mr. Colby is also executive committee chairmust look not only for the application and interpretation of these compacts man. Mrs. Carrie Chapman Catt of the National Committee on the Cause
and codes but for the flexible and intelligent development in this way of and Cure of Wars and vice-chairman of the World Court Committee said
all the subsidiary principles and detailed rules which will surely be found that the two organizations have separate offices, although in the same
earlier fight for the
necessary in such application.
building, and are entirely separate. At the time of the
No people are more familiar with this need than the American people,
United States into the Court Mr. Colby,as bead of the League
the
of
entry
this
judicial
in
of
method
confidence
for
developing
or have greater reason
of the Court.
of Nations Committee, was a foremost advocate
and Raymond B.
the law of conduct between separate States. They have seen their own
Josephine Schain is Secretary of the new organization
Supreme Court wisely and flexibly work out the myriad difficult and
includes, besides the
committee
executive
The
Treasurer.
is
Fosdick
changing problems which in the course of 140 years have grown out of the
League of Nation's Associaofficers already named, Charles C. Bauer of the
Women Voters,
compact in which thirteen sovereign States in 1787 agreed to settle their
Philip C. Jessup, Ruth Morgan of the League of
tion,
have
seen
that
they
Court
And
these
settle
means.
pacific
relations by
Women's Christian
Philip C. Nash and Henrietta Roelofs of the Young
problems between States with no other power or sanction than the mandate
Association.
of such a compact and the force of public opinion.
We cannot frankly face the limitations which inevitably inhere in the
ountry
process of enacting laws or creating public compacts—so evident even in Only 577 Unemployed Recorded in France—C
domestic legislation; so certain under the much more difficult conditions of
Industrial Nations in Having
Among
Alone
Almost
International conferences—without appreciating that in this process of interPlenty of Work for Idle.
pretation and application the World Court will perforce take a vital part
in the development of international law. The standards set up by interthe above head the following from Paris Dec. 7
Under
national conferences will hardly be able safely to go beyond the statement
in the New York "Times":
published
was
of
will
details
the
development
necessarily
principles;
general
of broad
While Great Britain struggles with the problem of how to find work
grow out of the application of such principles by the Court. Here, again,
for more than 1.000,000 men and women, and the United States also faces
to the American brought up under the common law, patiently and intelliformidable total of unemployed, France is almost alone among industrial
gently involved by 600 years of judicial decisions, this will ho familiar as a
nations in having only 577 unemployed. This total is for Nov. 30 and
the method by which a system of law can be most safely, flexibly and inIncludes 139 women.
telligently produced.
Seventy-five per cent of this small number is within the Paris district.
In this work, protected as they are now protected, advisory opinions renalmost a chronic shortage of labor, the French Government has
dered on questions before they have ripened into bitter quarrels and wounded To meet
made labor agreements with various European Governments, insuring a
pride, can play a most useful part. Such opinions will be rendered with all
3720
FINANCIAL CHRONICLE
steady flow of workers into the country. From
Nov.25 to Nov. 30 a total
of2,385foreign workmen entered France, while 654 returned
to their homes
Belgian Diamond Merchants to Limit Output.
An Antwerp cablegram Nov.26 to the New York "Times"
said:
At a meeting of diamond merchants and master cutters,
attended by
more than 1,000 members of the trade, measures were
decided on to cope
with the present lack of demand for diamonds.
The meeting was stormy, but after an all-night session it was
determined
to reduce the diamond output by half for the month of December.
Diamond
cutting works will close down for two weeks after Dec.7 when
another meeting will be held to decide on future measures.
The Amsterdam diamond cutters have agreed to take like precautions.
The workers have been informed they will receive part pay during
the unemployment period.
During the week there have been serious labor troubles among the
diamond workers and police have had to intervene. Several
Antwerp
diamond firms have been listed among the business failures this week.
[VOL. 129.
page. The proposed settlement, agreed upon by
representatives of the
miners and the owners, provided for a reduction in wages.
The minus at Cessnock were the first to follow the lead of the
Kurri
Kurri meeting, and by an overwhelming majority rejected the
settlement.
Although this has removed all hope of immediate peace in the
coal
Industry, there appears to be little likelihood of an early general
strike.
Speakers for and against the settlement agreed that such a step would
be
disastrous. The Bombay Provincial Banking Inquiry Committee
was
created last June, the Commissioner states, by the Indian Government
for
the purpose of investigating existing banking conditions in India
and to
make recommendations for the expansion of indigenous and joint
stock
banks to assist agriculture, commerce and industry.
Reformation of Indian Bank System Proposed.
The New York "Journal of Commerce" in Washington
advices Nov. 28 reported that reformation of the Indian
banking system with a view to eliminating unfair practices
and exorbitant interest rates charged by moneylenders for
financing agriculture projects and modification or repeal of
Diamond Operators in Dutch Workshops on Three-Day the Deccan Agriculturists' Act of 1879, has been recommended to the Government of India by the Bomlaay ProWeek Basis.
From the Hague Nov.27 advices to the New York "Times' vincial Banking Inquiry Committee, the Department of
Commerce was informed Nov. 27 in a report from Assistant
stated:
Diamond workshops here have reduced their operations to three days a Trade Commissioner Norman C. Stow at Bombay. The
week as a consequence of the New York stock crashes, which have reduced paper quoted went on to say:
the American demand for diamonds.
Besides, manufacturers are suffering from uncertainty as to what is
going to happen in the American tariff situation and American jewelers
hesitate to buy stock in the hope that tariff rates will be lowered.
Testimony submitted to the Committee by farmers, traders and bankers
revealed that conditions at present are far from satisfactory, it is explained
interest rates as high as 30% having been charged cultivators who in addition are compelled to buy and sell through moneylenders. It was also found
that farmers with little or no credit are forced to borrow from moneylender
s
who do business in famine-stricken tracts and whose terms are notoriously
usurious. Further intensive investigations are being conducted by the
committee
Diamond Syndicate Suspends Offers of Raw Diamonds
to Trade.
The following London advices appeared in the "Wall
Bank of Republic of Cuba Must Change Name—Tor"
Street Journal" of Nov. 26:
Diamond Syndicate, due to the present position of the diamond
riente Law Prohibits Title.
trade,
has decided to suspend, for the time being, offers of raw diamonds
to the
Associated Press advices from Havana Dec. 4 stated:
trade.
Bank of Commerce of Warsaw to Increase Capital.
Warsaw (Poland) Associated Press advices Nov. 26 said:
The Bank of Commerce has announced that it will Increase
its capital
from 20,000,000 zlotys to 40,000,000 zlotys ($4,400,000). The
increase
will be voted at the annual stockholders' meeting Dec. 11.
The board of directors of the Havana Mercantile Register to-day
refused
registration rights to the recently created Bank of the Republic
of Cuba,
capitalized at $150,000,000, because of its name.
The board's action was based on the Torrientc law of Cuba, which
prohibits the use of the name "Republic of Cuba" in connection with
any private organization. Officials of the bank said that the name would
be changed to "Banco Credit° de Cuba."
Aid for Polish Railroads—American Car Company To Raise Panama Wages—President Says Government
Salaries Will Be Made Normal.
Backs $20,000,000 10-Year Loan.
Panama advices Nov. 27 to the New York "Times"
From the New York "Times" we take the following
stated:
Warsaw advices Dec. 8:
Employes of the Panama Government are due to receive a Christmas
What is called Poland's biggest deal yet known has been
concluded gift, according to
an announcement of President Aroscnema to-day str ting
between the American Standard Steel Car Corp. and the Polish car
building that the salaries
of all Government employes will be rest3rel to their full
firm of Lilpop, Rau & Loewenstein.
amount on Dec. 15.
The American company will finance credits given by the Lilpop
firm to
As an economy measure the salaries of practically all Government emthe Polish State-owned railroads to the amount of 320.000,000
for ten ployes were reduced
from 10 to 15% several months ago, but increased
years. The Americans take over a new 31.000.000 issue of Lilpop's
shares, revenues and other economies
make the action no longer necessary. At the
The aid of Charles S. Dewey. Poland's American financial
adviser same time the
employes are to receive back pay on account a previous
in the negotiations is hailed by this morning's newspapers.
reductions amounting to $80,000.
The Government has been making a monthly balanre of income and expenditures for some time, and recently a substantial surplus was realized,
Turkey to Control Its Foreign Trade—Will Balance the according
to reports of the Treasury Department.
Exports and Imports, Fixing Exchange Rate—
Financial Crisis Passes.
Gold Shipments From Argentine Causing Concern
Under date of Dec.6 the New York "Times" reported the
According to Central Hanover Bank & Trust Co.
following from Constantinople:
Substantial gold shipments from the Argentine this year
A balanced budget of imports and exports will be the future policy of the
Government for prevention of the repetition of financial crises, Premier and the continued weakness of exchange during the past
Ismet Pasha declared to-day. The Government will control the country's six
months are causing serious concern in Argentina, accordforeign trade, fixing the rate of exchange on the basis of the needs in foreign
ing to a report received from the Buenos Aires representacurrency for the payment of debts incurred by imports.
Citizens have been requested to follow the Government's example to tive of the Central Hanover
Bank and Trust Co. In indithe greatest extent possible and deal with Turkish manufacturers as a
cating this Dec. 9 the bank says:
sacred National duty.
"Long live the republic," shouted crowds in front of the Bourse to-day
watching the figures for the pound sterling gradually drop 50 points,
due to the measures taken by the Government, which are believed to have
sterngthened the confidence of the people in their money. Waiters,servants
and laborers for the past week have been rushing to change their money
Into sterling, due to panicky rumors.
The Government is to back a campaign for the creation of a demand
abroad for Turkish products. A Trebizond dispatch this morning cites
the failure of five large firms due to excessive imports of merchandise,
but the crisis has apparently passed.
Measures adopted by the Government to counteract a
financial crisis in Turkey were referred to in these columns
Dec. 7, page 3569.
Coal• Miners Reject Australian Accord—Vote at Two
Meetings Presages General Refusal—Labor Council
Advises Strike.
The following Associated Press account from Syndey,
Australia, Dec. 6, appeared in the New York "Times:"
The rejection by a meeting of miners at Kurri Kuril yesterday of the
terms for settlement of the Australian coal Industry dispute was taken
to-day as an indication that miners throughout the country wouldreject
them. The meeting was attended by about 4,000 miners. The rejection,
which occurred after a violent debate, was a victory for the militant faction.
The Labor Council at a meeting last night decided to advise the miners
to declare a general strike throughout the Commonwealth unless the
proprietors reopen the mines on the conditions prevailing before the stop-
Gold exports have resulted from the drop in the price of wheat and
decrease in other exports during the first nine months of the present year.
A reassuring feature of the situation is that out of $112,000,000 gold
exported up to the date of the report, only $35,000,000 came from the
Caja de Conversion, the balance having been taken from stocks in the
banks. Furthermore, the ratio of gold to circulation shows practically no
decrease as compared to the past two years, the figure being 83.05%
in
September 1929, as contrasted with from 83 to 84% during 1927 and 1928.
Opinion in Buenos Aires is divided, one group of economists and financiers viewing the gold movement without concern,
while another group
advocates relief measures. The latter advise eithezt an embargo on
gold
shipments, negotiation of a foreign credit to support exchange or an
increased discount rate.
Those who feel that such measures are not called for state that Argentina
is a pastoral country and that gold
moves in harmony with the crop and
live-stock situation. Large imports of gold
occurred in 1927 and 1928,
two exceptionally good years,
to a total value of $154,000,000. In times
of prosperity circulation and gold reserves
increase while the contrary
occurs during less prosperous years.
It is generally believed that
gold exports will not be interfered with,
and that in case it is necessary to
preserve the gold ratio and prevent
inflation the discount rate will be raised.
Australia Ships Gold to London—Unnecessarily Large
Reserve in Commonwealth Makes $20,000,000 Movement Possible.
From Sydney, Australia, the "Wall Street Journal" of
Dec. 10 reported the following:
DEC. 14 1929.]
FINANCIAL CHRONICLE
Commonwealth Bank recently has decided to sell $20,000,000 gold to the
Bank of England. Two other recent shipments, one in June of $5,000,000
direct to London and a second of $5.000,000 to New York in September,
has been made
Gold resources of Australia have been unnecessarily large for some time,
with the gold reserve against the note issue exceeding 50%. double the
statutory minimum of 25%. The last return showed a gold reserve of
$112,257,500, against a note issue of $214,391,000. The ordinary trading
banks also have had a quantity of gold not being utilized.
Sir Ernest Harvey, director of the Bank of England, during his visit
to Australia in 1927 made pointed references to the quality of gold which
was"frozen" in Australia and suggested it might be used more profitably in
London. He also recommended pooling the gold reserves of Australia
through the Commonwealth Bank as a central reserve institution.
Trading banks in recent months have been depositing moderate amounts
of gold with the Commonwealth Bank, for which they have received cover
in London,and also have shipped moderate amounts of gold on their own
account.
The difficulties in London have become acute in relation to Australian
finance. All the governments and the Australian banks are short of money
in London. Exporters from London are finding it difficult to secure finance,
which has been intensified by the reduction in wool offerings, coupled
with lower values, involving less money available in London. Normally.
Australian borrowing in London facilitates interest payments and other requirements. The forced suspension of Australian borrowing in London
has aggravated the shortage.
Two steps may be taken shortly to relieve the position. Additional shipments of gold may be made, which would be quite possible without embarrassing the reserve for the note issue. The Loan Council also is likely
to raise money in London before the end of the year, in spite of disturbed
conditions. This may take the form of an issue of Treasury bills, as on
the last occasion the Loan Council approached the London market.
3721
stated to have been the steady increase in revenues which has taken place
in the last three years and augmented, according to the reports, to an
even greater extent in 1929. The total revenues in 1927 amounted to
$43,069,000; in 1928 they amounted to $45,458,000 and in the nine
months shown in the latest report for 1929 they amounted to over
$45,000,000, or at the annual rate of about $60,000,000.
The Province is the largest province of Argentina and approximately
half the population of the entire nation is located within it and within
the City of Buenos Aires. The revaluation of land for tax purposes
inaugurated by the present Governor about three years ago was therefore
of the utmost importance to the finances of the Province and to the
holders of this Province's bonds in this country, says the report, which
shows that the taxes affected by this revaluation, which included the
inheritance tax, not only increased immediately but have steadily increased
since that time.
Bonds of City of Berlin Drawn for Redemption.
Speyer & Co. as fiscal agents have purchased for cancellation through the sinking fund $183,500 of the City of Berlin
25-year 63% gold loan of 1925. This represents the ninth
sinking fund installment.
Bonds of Republic of Cuba Drawn for Redemption.
Holders of Republic of Cuba external loan 30-year sinking
fund 532% gold bonds, issued under loan contract dated
Jan. 26 1923 are being notified that $1,271,700 principal
amount of the bonds have been drawn by lot by J.P. Morgan
& Co. for redemption at par on Jan. 15 1930. Bonds so
Brazilian Banks Halt Trading in Milreis—Many Refuse drawn will be redeemed upon presentation and surrender with
to Buy When Rate Drops and Exporters Face
subsequent coupons attached at the offices of J. P. Morgan
Dilemma.
& Co., 23 Wall St., on and after Jan. 15 1930, after which
Sao Paulo advices 'Dec. 11 to the New York "Times" date interest on the drawn bonds will cease.
stated:
With the Brazilian milreis breaking to eight milreis and 920 reis to the
With Head,
dollar to-day, It is generally believed that President Washington Luis is Northwest Grain Co-Operative Formed
abandoning his stabilization program, which has long maintained the milquarters in Minneapolis—Approved by Farmers'
refs in the neighborhood of eight milreis 40 to the dollar.
National Grain Corporation and Federal Farm
The Brazilian chief executive has not made any statement regarding
his views, but the action of the federal controlled Banco do Brazil in disBoard.
continuing the selling of exchange Saturday is interpreted as a defeat of
the government in the long drawn-out battle to maintain Brazilian currency at a fixed rate on the foreign exchange market. To-day's exchange
is quoted as "nominal," with many banks refusing to buy milreis on account of the rapid play in the market. The course of the bankers is embarrassing local merchants, who have drafts falling due payable in foreign
currency, as the banks are refusing to handle most of the business and do not
consider any further exchange transactions, except in rare instances and at
a high premium.
Formed at Fargo, N. D., on Nov. 26, the Northwest Grain
Co-operative is reported as having received the approval of
the Federal Farm Board and the Farmers' National Grain
Corporation. Representatives of eight grain co-operative
groups of Minnesota, North Dakota, South Dakota and Montana brought about the formation of the new organization,
to Washington advices, Dec. 1, to the New York
according
the
"Times"
In previous advices from Sao Paulo Dec. 9
"Journal of Commerce," which said:
said:
central
Through the Partners' National Grain Corporation, the first
Financial circles here and at Rio de Janeiro were thrown into another
set up under the Agricultural
panicky condition when the milreis and coffee prices broke to-day. The commodity co-operative sales agency to be
announced it is prepared to
decline of the milreis was precipitated by the Federally-controlled Banco de Marketing Act, the Federal Farm Board
operations.
Brazil's action late on Saturday in refusing to cover foreign bills of exchange extend to the new co-operative a line of credit for its
$2,000,000.
The Northwest Grain Co-operative has a capital stock of
except for regular customers.
may subscribe
Following this drastic action the milreis has dropped from 8.5, which The stock is to be owned by the local associations, which
handled.
grain
of
was Saturday's rate, to 8.05 per dollar. This is interpreted by journals for one share of stock at $20 for each 1,000 bushels
almost
here OS indicating that the stabilization scheme will probably be abandoned. The marketing plan of the Northwest Grain Co-operative is reported
Association,
According to reports published in the Diario da None the decline of the identical with that of the North Pacific Grain Growers'
milreis is due to the fall of coffee prices on the New York market, together approval of which recently was announced by the Board.
handle locally
with its decrease in coffee exports from Santos giving Brazil an unfavorable
The farmer groups included in the Northwest Co-operative
by farmer-owned
trade balance.
between 85 and 90% of the grain marketed annually
immediate
steps,
most
takes
foreign
Unless President Washington Luis
associations in the lour Northwest States.
bankers here believe, there are grave possibilities of further declines in
The Minneapolis "Journal" of Nov. 27, in indicating the
the milreis. It is thought the President will take every possible measure
to salvage the stabilization scheme in some form, rather than permit a functions to be exercised by the Northwest Grain Co-operaresumption of speculation in the milreis.
Reports of big drops in Santos coffee prices on the New York Coffee tive, said:
it is
Exchange to-day added further gloom to the picture and gave rise to
As the proposal apparently has the backing of the Farm Board,
proceed
rumors of fresh attacks on the coffee defense plan by the coffee growers and evident steps will be taken to file articles of incorporation and
and
way,
the
in
difficulties
dealers.
with organization. There still are plenty of
develops it is
it is to-day purely a paper organization, but as it
elevators of the
to absorb State wheat pools, the farmers'
Province of Buenos Aires Financial Report Made Public expected
possibly the FarmNorthwest—there are 1,000 or more farmer-owned—and
including
By First National Corporation.
ers' Union grain business. Identities of existing organizations,
disappear in the
the Co-operative Farmers' Northwest Grain Corp., will
Cable advices received by The First National Corporation
from its Buenos Aires representative give details of the most
recent report made by the Finance Minister of the Province
of Buenos Aires. The report just received and for the first
time made public, reflects the financial program instituted
by Governor Vergara three years ago. It is stated that the
development of this program has resulted in the installation of modern accounting systems similar to that now in
vogue in the United States, the readjustment and consolidation of the public debt of the Province, enforcement of a
modern budget system and the exclusion of extraordinary
expenses from the budget not balanced by extraordinary
receipts. It is also announced that the report shows that
these reforms, aided by better systems of tax collections,
have resulted in reducing the ratio of debt service to revenues by about one-sixth. Advices regarding the report also
state:
new association.
elevators as the
Organize on a local community basis, with individual
for the Partners'
unit, to be the clearing house in the spring wheat area
National Grain Corp.
each farmer
Obtain marketing agreements with grain growers, offering
storage with
three options in handling his grain: Yearly pool contracts,
cash advances, and immediate sale.
to help
Get farm board money to advance to local elevator associations
organization.
them clear up present debts so they can buy stock in the new
manager
Operate with Minneapolis as headquarters, in charge of a
selected with the approval of the Farm Board.
organizaco-operative
Eliminate serious competition now existing between
tions who are battling for position.
are to
Operate through sales agencies of the national corporation which
Cobe established in Minneapolis and Duluth. The Northwest Grain
the
-operative will not sell grain, but will be the agency to co-ordinate
lob of getting the grain to market.
Farm
the
of
Not only will this plan have to get the formal approval
Board, of the National corporation, and of the Federal Intermediate Credit
Bank, but the existing Northwest co-opetarives will have to decide their
position, as conferees acted without specific authority. It is believed,
however, they will fall in line. Each of the wheat pools will represent
long enough tO buy stock for each member, at $20 a share,
The new budget system is shown by the report to have created during its members
liquidate in turning over property and assets to the new corporation.
the last fiscal year a substantial surplus of especial interest to investors and to
in the dollar issues of the Province as the Province is required to apply
The account in the same paper. Nov. 27, also said:
25% of this surplus to the retirement of its 6% dollar bonds through
new co-operative organization soon will be set up with headquarters
A
These
funds
are
now
be
to
market.
understood
purchase in the open
with Government money to help organize Northwest grain
available for this purpose and will be utilized at the end of the fiscal year. In Minneapolis,
acquire storage facilities, and to arrange marketing agreeand
growers
is
financial
of
Province
program
the
the
of
result
important
The most
3722
FINANCIAL CHRONICLE
meats with farmers which its sponsors believe will mean a volume of
200,000,000 bushels a year.
This new arrangement, reversing policies laid down by the Federal
Farm Board and the Farmers' National Grain Corporation in forming the
National grain marketing program, was brought into being at Fargo last
night, and now goes to the Board and the National corporation for
approval.
Reverses Farm Board Policy.
This new organization does not represent the unanimous decision of all
Northwest co-operatives, as the North Dakota-Montana Wheat Growers'
representatives did not stay for the final action, and the Farmers' Union
Terminal Association refrained from active participation. These two insist
for the present that the first agreement worked out at Chicago still
stands so far as they are concerned. That agreement was that present
organizations would retain their identities and work, except selling of
grain.
"We are standing on the original agreement between the Farm Board and
the National corporation at Chicago," H. IV. Thatcher, manager of the
Farmers' Union Terminal Association, said. "Until we are formally
notified that the board and the corporation have adopted this new plan, we
see no reason for changing our position."
What is likely to happen is that the Farm Board and the National
corporation's directors, of which Mr. Thatcher is one, will confer and get
formal action on this setup. Prospects are they will get together.
The basis of the plan is the local elevator, and the job of the new
organization, when it gets under way, will be to go out into the country
and line up each community, get local elevator associations to subscribe
to the new corporation, and thus become affiliated. Where there is no
farmer-owned elevator the plan will be to organize the community into an
association, aid it with funds and obtain a grain elevator, either by
building et. purchase.
Local Association Is Unit.
Thus the local association will become the unit, arid much of the success
of the plan depends on the ability to line up local groups. Wheat pools
and the Farmers' Union have strong organizations in Acme localities that
will be the nucleus for units.
There was talk during the Fargo conference that the organization already
formed by farmer elevator associations, with Harry A. Feltus as manager,
should be the basis for agreement. This was rejected, however, and a new
setup worked out under direction of W. J. Ruhrt, expert in the grain
marketing division of the Farm Board, was accepted with minor changes.
The corporation of elevator groups is scheduled to drop out of sight
under this plan, and many of its directors will be directors of the new
association. For the moment at least Mr. Feltus is believed to have no
place in the organization, as he was not a director of his corporation.
Strenuous debate developed in the two days of closed sessions at Fargo,
and at one time the session broke up, only to be resumed. At last agreement
was reached and there can he no doubt that word as to the Farm Board's
wishes was a major factor in that agreement. It was not until midnight
last
night that work was done.
Dinwoodie Named Chairman.
The conferees elected J. T. E. Dinwoodie, editor of the "Dakota Farmer,"
at Aberdeen, as Chairman, avoiding the problem of choosing between
opposing groups. A board of 26 directors was chosen, but will not be
announced until those named have accepted. Minnesota will have seven,
North Dakota eight, South Dakota six, Montana four, and Wisconsin one.
Capital will be $2,000,000, represented by 100,000 shares at $20 each,
and reserves will be built up until assets are $3,000,000, say the articles
of incorporation.
The base of the plan, along with the local elevator association as the
unit, is the series of agreements farmers will have in marketing their grain.
If they wish to pool it through the season and get final settlement at the
end of the year, they will sign a contract to that effect. If they wish to
store for a time, with right to sell later in the season, they may do so and
advances will be made on storage tickets. If they wish to sell at once,
that will be done.
Through this organization, said the statement from the meeting, "grain
producers in the hard spring wheat area are thus afforded an avenue
through which they may deal with the National Grain Corporation and the
Federal Fades Board."
lianafee Competition.
"The new setup," the statement continues, "eliminates the competition
which hase existed between the various types of associations for the membership and favor of the farmers in this area. Occasion for the misunderstanding, mistrust and divided opinion that has existed among farmers as to
which co-operative to support is eliminated. The new regional organization
will contact on one hand more closely with grain producers, and on the
other hand with the Farmers' National Grain Corp. and the Federal Farm
Board. It will expedite the organization efforts of the National corporation
by providing an intermediary organization which may contact directly with
grain co-operatives and growers.
"The new Northwest Grain Co-operative also will conduct organization
work with local farmers' elevator and marketing associations, and develop
new associations wherever needed. Other activities and functions will
include providing legal advice and assistance to local associations in
organization and business matters; supervision of local management,
accounting, bookkeeping and other business policies; handling of loans for
all purposes to local associations, and educational work with local associations and growers.
"Other activities and functions will include general service work, such
as bonds, insurance, freight claims, etc., centralizing purchasing and
distributing of sidelines and supplies for local associations and farmers;
handling of pool distribution and returns to local associations; publicity to
members and the general public, and representing of the grain growers of
the area in all matters of general interest and importance to grain growers,
such as tariffs and transportation problems."
[vol.. 129.
New Setup Approved.
The executives of the National corporation had a long session with
J. T. E. Dinwoodie, of Aberdeen, S. D., temporary Chairman
of the
Northwest organization committee and several of its directors, and
went
over the program in detail.
They inquired into developments in the Northwest, including the
status
of co-operatives that are refusing to join the new association,
and wound
up with the decision that its setup is satisfactory, that it meets
conditions
required, and may become a unit of the National corporation.
That
puts it in line for loans from the corporation funds which the Farm Board
will supply.
•
a
•
Flesh Offered Managership.
From Washington to-day came the announcement that Edward L. Flesh,
of St. Louis, had been offered the job of manager of the National corporation. A Kansas City grain man turned it down tWo days ago, and
at
least one other man has been approached without success. Mr. Flesh has
not stated his position, but he is understood to be considering it. He was
second Vice-President of the United States Grain Corp. during the
war,
and at one time represented it in London.
United States Chamber of Commerce in Favor of
Principle of Co-Operative Marketing and Creation
of Federal Farm Board.
Business support of the principle of agricultural co-operative marketing and approval of the creation of a Federal
farm board are reiterated in a statement issued at Washington on Dec. 11 by the Agricultural Service Department Committee of the Chamber of Commerce of the United States.
At the same time attention is called to the fact that the
National Chamber advocates co-operative marketing and
measures In support of it only in so far as they are not discriminatory against other business enterprise. In announcing this the Chamber said:
The statement Issued to-day has been under consideration since the meeting of the National Council of the Chamber in Columbus in October when
the tentative draft was prepared and the conclusions it presents are the
result of study over a period of several months. It reiterates the Chamber's
support of the principle of co-operative marketing "along sound economic
lines" and the creation of a Federal Farm Board and stresses the necessity
of observing basic business principles "which are prerequisites In the
success of any other business enterprise." It also expresses the conviction
that the Federal Farm Board, facing heavy tasks, should have "the benefit
of the most constructive thought which American business is capable of
giving."
The membership of the Chamber's Committee of which W. L. Cherry.
President of the Cherry-Burrell Corp., manufacturer of dairy and creamery
equipment. of Chicago, is Chairman,includes producers and distributors of
agricultural products and representatives of business activities closely
associated with agriculture.
The statement in full follows:
The position of the National Chamber with respect to co-operative mar
keting has been established by Referendum No. 52, through which the
Chamber is committed in support of the principle of co-operative marketing
and to the desirability of association by producers into such co-operative
groups along sound economic lines.
Upon the principle of co-operative marketing of agricultural products is
predicated the "Agricultural Marketing Act," passed at the special session
of the 71st Congress. under authority of which the President of the United
States has created the Federal Farm Board now functioning.
Prior to the passage of this Act the Chamber of Commerce of the United
States by resolution adopted at its 17th annual meeting went on record as
recognizing it to be In the National interest that the operation °Mils Act
should have beneficial results of widespread importance, and that the National Chamber and its membership should contribute in every way within
their power toward the success of this undertaking.
Pursuant to this declaration, the National Chamber through the same
resolution authorized a Committee to follow the dovelcpment of the plans of
the Federal Government, to suggest ways in which the Chamber and its
members might lend their assistance and to bring forward any questions upon
which the Chamber should reach further policies in relation to tho effectuation of this Act.
In line with the authorization conveyed by that resolution, the Agricultural Service Department Committee of the National Chamber has given
study to the plans and policies of the Federal Farm Board as made public,
and has considered ways and means whereby it could aid in bringing about
effectuation of this Act in such manner as to reflect back to agriculture
and related Industries the highest possible benefits consistent with sound
business principles.
After careful study the Committee Is of the opinion that the logical
approach to achieving such ends would be to sot forth certain principles
which, in its opinion, should be observed in future administration of the
Act. Such effort on the part of this Committee is but further
projection
of the principle already enunciated by the Chamber that producers of
agricultural commodities should be encouraged to associate themselves
into
co-operative groups along sound economic lines.
The Committee is not able to take a position other than that co-operative
marketing for its success requires the same high degree of managerial ability
and observance of basic business principles which are prerequisites
in the
success of any other business enterprise. In the Committee's opinion,
therefore. leadership In the field of co-operative marketing must be composed of men of tried and proven ability in business managerial
capacity.
In its issue of Dec. 5, the Minneapolis "Journal" said, in As in all
other types of business endeavor,this leadership needs to be imbued
part:
with motives of unquestioned integrity, looking toward the
securing of
The new Northwest Grain Co-operative, formed at Fargo last week, maximum benefits to all parties and interests touched by their operations.
The marketing of agricultural products to-day, as recognized
to-day had the formal approval of the Farmers' National Grain Corp.,
by both
following conferences in Chicago yesterday between the executive com- co-operative and non-co-operative marketing agencies, is a function which
demands
operation
under
minimum
costs.
Justification
mittee of the corporation and spokesmen for the Northwest group.
for any radical
As the Federal Farm Board also has approved the setup, the new change in our marketing system based upon Federal aid rests primarily
upon the possibility of new systems to function at lower costs
in the many
organization is now ready to complete organization and start operations.
processes of distribution or otherwise to greater benefit of the
Directors will meet in Minneapolis next week to elect officers and arrange
producer.
The
Committee
believes
that
in
the prosecution of its task the Federal
for establishing headquarters here.
Farm Board will give duo weight to this vital consideration.
Organization activity will begin at once, plans calling for presenting
And the
the program to farmer elevator associations in time for annual meetings Committee further desires to express its belief in the principle that proper
safeguarding of security for loans advanced by the Federal Farm
which chine this month.
Board to
co-operative marketing associations requires positive appraisal
of the corn-
DEC. 14 1929.]
FINANCIAL CHRONICLE
3723
Julius H. Barnes of Duluth, an old friend of President Hoover, was sumparative economies in marketing agricultural products by co-operative
moned at once to appear before the committee next Friday and testify
associations and established private agencies.
k Again, it is of vital importance to the preservation of private capital concerning rumors that he had tried to get the President to oppose the
investments in storage and other physical marketing facilities, that un- board's program.
The White House, upon news that such a rumor was current, issued a
mecessary duplication of such facilities by the use of Federal loans be not
statement saying that Mr. Barnes had made no such effort and pointing
allowed.
members of the Farm Board,
Indeed. the Agricultural Marketing Act specifically recognizes the neces- out that, as Mr. Hoover had appointed all
policies.
sity of such a safeguard for vested capital rights, as set forth in Sub-Section it was to be expected that he would support the board's
to bring into the open a
expected
is
Barnes
Mr.
The appearance of
(3) of Section 5 of the Act:
result of which may have
"No loan for the construction or purchase or lease of such facilities shall determined fight between great interests, the
of Mr. Hoover and the Rebe made unless the co-operative association demonstrates to the satisfac- an important bearing on the political fortunes
and Middle West.
tion of the board that there are not available for its use at reasonable rates publican party in the grain States of the Northwest
existing suitable storage or other physical marketing facilities."
"Radicals" Now Back Hoover.
Prior to the passage of this act the National Chamber re-emphasized its
On one side in the battle are the grain commission men. On the other
adherence to the principle that private enterprise should not be subjected are the farmers from the great wheat-growing States.
to competition resulting from discriminatory treatment of co-operative
The latter are ranked almost solidly behind the Administration's Farm
associations.
Board and its Chairman, Alexander Legge.
On Jan. 25 1929, the Board of Directors of the National Chamber interThe commission men, who are said to think they face extermination by
preted the Chamber's commitment in support of the principle of co-operathe Farm Board's plan of dealing directly with the farmers through co-opstatement:
following
the
voting
by
marketing
tive
erative organizations, are trying to undermine Chairman Legge, Senator
"In view of the Chamber's commitments in other directions, this commitNye of North Dakota charges.
ment in favor of co-operative marketing is to be interpreted as meaning
from the
A feature of the situation is that so-called radical Senators
that the Chamber advocates co-operative marketing and measuresin support
who formerly attacked the President because of his opposiNorthwest,
private
other
against
not
are
discriminatory
of it only insofar as they
tion to the equalization foe, are now voicing the tremendous enthusiasm
enterprise."
the farmers over the Farm Board while, in contrast, powerful commisIt is an established principle, which has borne the test of time, that any of
sion men, up to this time solidly behind Mr. Hoover.. are objecting to
business enterprise to enjoy continued success must rest primarily upon a
what they call the "Invasion" of the board into their long-exercised field.
foundation which has been built slowly and carefully, and in which the
misIt was intimated at the White House that the grain leaders had a
being
before
test
economic
thorough
subjected
to
been
have
parts
component
and
conception of the Farm Board's policies toward the grain dealers
accepted for use in the general organization structure of that enterprise.
agencies
the co-operatives. It was stated that 'while these direct marketing
Successful. American business is built from the ground up. Successful coof
quantity
considerable
of the farmers are expected to grow and handle a
operative marketing enterprises do not offer an exception to this rule. Of
that years must elapse before they became formidable
evident
was
it
grain,
vital importance to the latter is the loyalty of its members.
competitors of the private grain dealers and elevator operators.
Once again, it is apparent that lathe organization of co-operatives, as in
that process with respect to private enterprise, the highest type of business
The New York "World," in a Washington dispatch
organization leadership is necessary. The Committee feels strongly that Dec. 11 had the following to say:
this prerequisite of success always should be given due weight by those to
move
Julius H. Barnes, the President's director of the business revival
whom has been entrusted the heavy respondibility of guiding the co-operarenewed
and head of the United States Chamber of Commerce, came in for
tive marketing movedient to a position of stability.
a formal statement which
In its study of the provisions of the Agricultural Marketing Act the criticism to-day when the Chamber circulated
Committee construed as propaganda
Committee has given much thought to possible contingencies in the econo- the farm bloc and the Senate Lobby
grain cormic situation involving special products which might invoke the formation against the Federal Farm Board and its proposed 120,000.000
of stabilization corporations. This experiment in price stabilization has not poration.
Senator Nye(R., N.D.)said he would make another speech in the Senate
yet been attempted by the Federal Farm Board. It will call for tho most
in lining up against
serious study to determine the level at which the price of any agricultural telling what he thought of the action of the Chamber
the Farm Board plan, while Chairman Caraway (D., Ark.) of the Lobby Incommodity safely might be taken as a stabilized level.
Barnes appears
Theoretically ideal price stabilization would bring to producers of an vestigating Committee said he would demand to know when
taken a hand in
agricultural commodity a price sufficiently in excess of cost of production before the committee next Tuesday why the Chamber had
prominent
of that commodity to assure such producers a fair return upon their time, the row between the grain commission men,of whom Barnes is a
labor and capital investments. But cost of production is an elusive factor. leader, and the Farm Board.
Wheat grown in regions where large acreages permit of economic use of
The commission men fear they will be put out of business unless they can
labor saving devices, carries a production cost lower than that of wheat block the Farm Board plan, now being pushed by Chairman Legge of the
produced on smaller acreages and where such radical reductions of labor Board, to set up stabilization, and marketing corporations that would discharges cannot so generally be effected.
place the commission men, the exchanges and the speculative dealings
There also are to be considered variations in individual efficiency among in wheat.
producers of any agricultural commodity; these variations in turn produce
Mr. Caraway had already summoned Mr. Barnes to appear as a witness
variations in costs. These and other factors render it extremely difficult after Nye charged Barnes had been working to wreck the grain corporation.
to name either arbitrarily or otherwise an equitable stabilization price.
Although Barnes's name did not appear in the statement of the Chamber
Again, it must be remembered that the Agricultural Marketing Act is to-day ho was at once singled out for new criticism. What aroused Nye
designed fundamentally to alleviate distress among producers resulting and others from the wheat bolt, as well as Caraway, were interlarded
from low prices which are the direct result of uncontrollable surplus produc- warnings seemingly aimed against the Farm Board's project.
of
tion of those commodities. To arrive at a stabilization price which would
For instance, the Chamber's statement said that while the Chamber
assure adequate production of a commodity without the attendant evil of Commdrce advocates co-operative marketing remedies it does "only insofar
overproduction stimulated by price is an undertaking which challenges as they are not discriminatory against other business enterprises." The
the best thought of all concerned in the present and future welfare of statement also said that "it is of vital importance to the preservation of
private capital investments in storage and other physical marketing faAmerican agriculture.
Federal
It is the Committee's bellef that the Federal Farm Board in approaching cilities that unnecessary duplication of such facilities by the use of
the task of determining an equitable and safe stabilization price will give loans be not allowed."
Both these observations as well as the tone of the Chamber's statement,
due weight to the many perplexing factors involved in such a determination
counteras well as to the possibility of defeating the legitimate object of such an were taken by Nye, Caraway and others to be part of the alleged
move by Barnes and the commission men to undermine the Farm Board
effort by over-stimulating production.
of their
loss
threatened
The National Chamber stands committed in favor of the principle of program and to rescue the commission men from
co-operative marketing and to the creation of a Federal Farm Board. This investments on storage and marketing facilities.
next
Committee believes that this Board provides American agriculture with the
Caraway said that Barnes will appear before the Lobby Committee
immost powerful and potentially helpful agency yet created for that industry. Tuesday, having wired he could not come sooner as he is engaged in
Its tasks are heavy, its responsibilities equally great. It always should portant work connected with the President's business movement.
have the benefit of the most constructive thought which American business
is capable of giving. For its problems are the problems not only of the
producers but of the American people as a whole,dealing as they do with Private Grain Men Reported as Forming To Oppose
the very necessaries of life.
Members of the Agricultural Service Department Committee are:
Federal Farm Board.
The following from Washington Dec.8 is from the Chicago
"Journal of Commerce" of Dec. 9:
W. L. Cherry, Chairman, President Cherry-Burrell Corp., Chicago, Ill.
Grain commission men are organizing on an elaborate scale to fight the
J. 8. Crutchfield, Vice-Chairman, President American Fruit Growers,
Federal Farm board's program for setting up a farmer-owned and farmerInc., Pittsburgh, Pa.
controlled grain marketing and price stabilizing organization, it was learned
M. M. Baker, Vice-President Caterpillar Tractor Co., Peoria, Ill.
hero to-night. The commission men already have appealed to President
A. P. Bigelow, President Ogden State Bank, Ogden, Utah.
Hoover and Alexander Legge, Chairman of the Federal Farm Board, but
John Brandt, President Land O'Lake Creameries, Minneapolis, Minn.
failed to get satisfaction, it was said.
A. C. Hardison, Farmer, Santa Paula, Calif.
Information was in the hands of senators from middle western States
Harrison E. Howe, Editor "Industrial & Engineering Chemistry,"
and also members of the Farm Board showing that personal letters had
Washington, D. C.
Edward P. Peck, Vice-'resident & Manager Omaha Elevator Co. been written by grain commission men to the heads of elevator companies
and co-operatives vigorously attacking the Board's program and urging
Omaha, Neb.
growers to refuse to co-operate in it.
Harper Sibley, Farm Operator, Rochester, N. Y.
Assn.,
Greenwood, Miss.
Alfred H. Stone, Vice-President Staple Cotton
Barnes Headed Session.
Minn.
Minneapolis,
Co.,
Tenney
the
D. D. Tenney, President
A conference was held in Washington recently, over which JuliusH.
E. K.Thomas,Manager Agricultural Department, Rhode Island Hospital
Barnes, Chairman of the board of directors of the Chamber of Commerce
Trust Co., Providence, R. I.
of the United States, presided and at which the private grain operators
James A. Walker, President Blue Valley Creamery Co., Chicago, Ill.
agreed to inaugurate an educational campaign among the farmers using
Mort Woods, Primrose Farm, Ardmore, Oklahoma.
agricultural papers, advertisements and printed literature to build up
opposition against the present administration of the Federal Farm Board.
When representatives of the grain men called on Mr. Legge and asked
Lobby”—
d
"Grain
So-Calle
him to modify his program, he refused flatly.
Inquiry Ordered Into
Senator Caraway Summons Julius Barnes To Tell
of Reported Fight on Farm Board Plan.
From Washington Dec. 10 a dispatch to the New York
"Times" said:
Chairman Caraway of the Senate Lobby Committee to-day ordered an
investigation into reports that a group of grain commission men had conducted a campaign against the Farm Board's plans for a grower-owned
marketing organization.
Hoover Refused Aid.
President Hoover was then appealed to but he refused, it was understood.
to interfere with the administration of Mr. Legge who left a high-salaried
position at the request of Mr. Hoover to become chairman of the beard.
As viewed in Washington,the is.sue between the commission men and the
Board is clearly drawn. On the one side are the grain dealers who see in
the Board's program their elimination as middle men. On the other side
is the Board backed by the grain growers, who are setting up their own
marketing systems, under the Board's direction and with its financial backing.
3724
FINANCIAL CHRONICLE
1928 Canadian Crop Largely Sold Through Wheat Pool.
The Canadian Wheat Pool handled 253,102,585 bushels of
wheat of the total of 546,672,000 bushels grown in Canada
in 1928, says a bulletin of the natural resources department
of the Canadian National Railways. It also handled 35,694,057 bushels of coarse grain. Exports of wheat by the
pool, it is stated, were made during the same year to 90
ports in 19 countries. Japan, where the eating of wheat
has become general only during recent years, was the pool's
second best customer, with the British Isles first and Belgian
third. The bulletin states further that 203,789,579 bushels
were shipped by the eastward route through Montreal and
other points bordering the Atlantic, and that 49,313,000
bushels went by way of Vancouver and Prince Rupert on the
Pacific Coast.
Plans Approved at Memphis for Creation of Central
Co-operative Cotton Marketing Organization.—
At a joint conference in Memphis, Tenn., on Dec. 11 of
the Federal Farm Board and officers and directors of fifteen
State Co-operative Associations, plans for the creation of a
central co-operative marketing organization, with a capital
of $30,000,000, were unanimously decided upon. The
"Herald Tribune" advices from Memphis Dec. 11 regarding
the new organization said:
[VOL. 129.
State, or district co-operative cotton marketing association and whose
forms of organization comply with the provisions of the Capper-Volstead
Act, and which is otherwise found eligible by tho board of directors of
the corporation. Each association may subscribe for stock in the ratio
of one share to each 100 bales delivered by its members.
There will be four regional divisions for the purpose of representation,
in management and to indicate divisions between the territory of any
regional offices of the corporation—Southeastern, Mississippi
Valley.
Southwest, and Far Southwest.
A sub-committee of five composed of Allen Northington, Alabama:
J. E. Conwell, Georgia; N. C. Williamson, Louisiana; U. B. Blalock,
North Carolina; Harry Williams, Texas, and A. H. Stone, unofficial
observer, Greenwood, Miss., was appointed by the organization committee.
The following comprise the organization committee and incorporating
board of directors of the American Cotton Growers' Exchange:
Allen Northington, Alabama Farm Bureau Cotton Association, Montgomery, Ala.; Fred J. Elliott, Arizona Pima Cotton Growers, Phoenix.
Ariz.; Charles G. Henry, Arkansas Cotton Growers' Co-operative Assn.
elation, Atlanta, Ga.; N. C. Williamson, Louisiana Farm Bureau Cotton
Growers' Co-operative Association, New Orleans, La.; R. E. Kennington,
Mississippi Co-operative Cotton Association, Jackson, Miss.; X. Cacerno,
Missouri Cotton Growers' Co-operative Association, New Madrid, Mo.
U. B. Blalock, North Carolina Cotton Growers' Co-operative Association
Raleigh, N. C.; S. L. Morley, Oklahoma Cotton Growers' Association,
Oklahoma City, Okla.; R.0. McCutcheon,South Carolina Cotton Growers'
Co-operative Association, Columbia, S. C.; Gowan Jones, Southwestern
Irrigated Cotton Growers' Association, El Paso, Tex.; Tait Butler, Tennessee Cotton Growers' Association, Memphis, Tenn.; Harry Williams,
Texas Farm Bureau Cotton Association, Dallas, Tex.; Fay Sperry, Mesilla
Valley Cotton Growers' Association, Las Cruces, N. M.; W. L. Eisen
(unofficial observers), Pecos Valley Co-operative Association (director of
extension of New Mexico). California Cotton Growers' Association;
Delano, Calif., not represented at meeting. A.H.Stone (unofficial observer)
Staple Growers' Co-operative Association, Greenwood. Miss.
An organization committee composed of one member from each of the
co-operatives met as soon as the conference adjourned and prepared to
elect a chairman and engage an attorney to draft the articles of incorporation. This committee svill decide in which of the Southern States the new
agency will be incorporated, but will not select the headquarters for the
organization or name any of the Personnel.
Its members will serve as incorporating directors and the first annual
meeting of the new corporation must be held before July 11930. At that
time the stockholders—the State co-operatives who may acquire stock at
the ratio of one $100 share for each 100 bales of cotton handled by the
particular stockholder association, based on an average for the last
three
years—will elect one director each. The directors will choose a President,
a General Manager, a Secretary, a Comptroller and legal counsel, the President and Comptroller to be approved by the Federal Farm Board. The
committee will choose a name for the new corporation.
Eligible for Farm Board Loans.
The new corporation shall be eligible to receive loans from the Federal
Farm Board and the by-laws of the corporation must be drawn to allow the
Farm Board proper safeguard for such time as the corporation shall be indebted to the Government.
Carl Williams, cotton member of the Farm Board, said: "The Government will not subscribe to stock of the corporation; that is not legal. We
can lend money to the association, but each loan must be for a specific
purpose. We can, however, lend money to the stockholding members,
taking stock in the corporation as security."
Mr. Williams remained to work with the organization committee, while
Alexander Legge, Chairman, and James C. Stone, Vice-Chairman, of the
Farm Board, left Memphis to-night.
Mr. Williams said the new corporation will be in operation to market
as much of the 1930 crop as It could obtain.
To Provide Central Markets.
The corporation will be empowered to provide central marketing facilities
and sales services to buy cotton from its own stockholders and from outsiders. in so far as this is permitted by Federal law; to deal in cottonseed and
manufacture or deal in cotton products; to lease, buy or construct warehouses, gins, &c., where such facilities cannot reasonably be provided by
the local associations; to conduct educational work for diversification and
adjustment of acreage; to conduct research and statistical services and to
develop and establish a centralized finance system for marketing cotton
throughout the belt. Two separate marketing branches will be set up for
short and staple cotton.
Inquiry Before Senate Committee into Cotton Exchanges—President Miller of New York Exchange
Defends Exchanges.
Appearing before the Senate Committee which is conducting an investigation into "the activities and speculative
transactions of the New York, Chicago and New Orleans
Cotton Exchanges," in accordance with the Heflin resolution
adopted by the Senate Nov. 14, Gardiner H. Miller, President of the New York Cotton Exchange on Dec. 12
defended the Exchanges which he said "are rendering a
most valuable service to all sections of the world cotton
trade." He told the committee that the Exchanges "do
not buy or sell a single bale of cotton themselves, and they
do not fix the price of cotton, statements in the resolution
notwithstanding, but they do constitute a medium through
which speculative and investment buyers are found to take
over the burden of the supply when the demand from spinners is inadequate to absorb it, and if there ever was a time
when the Exchanges rendered this service in the fullest degree it was this past fall." At the outset Mr. Miller stated
that the resolution, in substance, alleges "that the price of
American cotton has been depressed far below its true economic level through the activities of the cotton Exchanges."
Mr. Miller contended that "speculation, far from being a
depressing influence, has been a sustaining factor in the
cotton market." Both the United States and foreign
countries, he said, "are now producing vastly more cotton
than the ten-year average, which of itself would doubtless
force a lower price for cotton than the ten-year average, even
if everything else were equal, while general economic conFrom the New York "Journal of Commerce" accounts
ditions have brought about an average decline in prices of
from Memphis we take the following:
all commodities of about 12%, which is a further depressing
Oppose Twenty Cents Advance.
influence." Regarding the hearing before the committee
The Farm Board members and the 200 co-operative association directors
to-night frowned on the proposal of a small group of Senators that 20 cents on Dec. 12, the New York "Journal of Commerce" in Washa pound be advanced on cotton. The cotton growers expressed them- ington advices said:
selves as being doubtful of its advisability and the matter was referred
to the full Farm Board for decision. Chairman Legge so advised the
Senators.
The committee appointed will prepare articles of incorporation and
by-laws to serve as an incorporating board of directors until the first
annual meeting of the new set-up June 11930. They will employ attorneys,
and obtain a charter under the laws of a State with the laws best suited
to an organization, according to Carl Williams.
Alter June 30 the permanent organization will be ready to function,
and eligible to borrow money. No blanket loans will be made. If the
association wants money it will have to come to the Board and show the
kind of security it has to put up.
The present organization of the co-operatives will have to finish this
Year's business of the co-operatives. The new marketing association
cannot make loans to any other group of farmers—cotton exclusively.
Williams stated that the Board is pleased with the outcome of the meetlug, that the suggestions made by the Board were not changed fundamentally, but several minor details revised.
The set-up of tile corporation, he stated, is satisfactory to the Farm
Board, and of the type through which it can work and work successfully.
In constunIng the entire day before the committee explaining his opinions
of the relative factors which govern the price of cotton on the exchanges,
Mr. Miller insisted that the law of supply and demand was the most important of the many elements which enter into the situation.
Smith Takes Issue 1Vith Miller.
Senator Smith (Dem.) of South Carolina, the cotton authority of the
Senate, took issue with Mr. Miller throughout his testimony on this point
declaring that during the thre • greatest cotton producing years of the
United States the production
e scarcely in excess of consumption which
amount to about 47.000,000 bales.
Mr. Miller also warned the Senators against endeavoring to find some
means of fixing the price of cotton in the United States. He said that he
had been to Europe and studied the conditions which exist with respect to
American cotton on the European Exchanges and declared that it was his
belief that if America is going to insist on 18c. or more for cotton that
the Europeans are going to find some other way out. He also declared that
because the United States demands the payment in full of war debts and is
also "sucking in" all the gold of the world, causing money rates in other
countries to increase, there is a tendency on the part of the foreign countries
to purchase as little as possible the commodities of the United States.
To Handle 1930 Crop.
In outlining his reason for the present prices of cotton, Mr. Miller stated
According to Williams, the new marketing association. which will have that the law of supply and
demand has changed so in the last 10 Years
control of the co-operative marketing of the 1930 crop, means that if that it is impossible to
expect the prices to be the same as during that
cotton farmers do their part In co-operative marketing, it means the Period. He added that production
has tended to expand greater than conbeginning of progress which has unlimited possibilities for the benefit of sumption during the last few years.
the men who grow cotton and everyone else who deals with them.
Senator Smith in countering these statements,said that Mr. Miller knew
The new corporation will be of a non-profit co-operative character.
we were not going to produce enough cotton this year to meet consumption
The authorized capital stock of the corporation will consist of 300.000 based on the monthly average.
"They knew, probably, that even with a
shares of common stock of a par value of $100 per share, each share to temporary suspension
the probabilities are that we will consume this year
have one vote. It will be open to subscription on the part of any regional 15,000,000 bales." He
added that Mr. Miller has very "heroically" at-
DEC. 14 1929.]
FINANCIAL CHRONICLE
3725
tempted to justify this condition by pointing out the law of supply and average price of American cotton in these last four years has been very
much lower than in the previous six years, it has been, in fact, only 18.37
demand.
cents a pound for middling upland spots at New Orleans. This brief analysis
Sees Influence on Price.
prevailed in the past decade will make 10
"I know that if there had not been some influence,somewhere, holding in of the conditions which have
and general economic conditions,
its power the ability to adjust the price of cotton that they would not have clear, I feel sure,that supply and demand,
last 10 years that it is not logical to expect
been able to hold cotton from going 3c. or more per pound higher. Some have changed so greatly in the
sell now for anything like the 10-year average price.
influence has kept the wise men from buying cotton." Senator Smith said, American cotton to
The second clause of the resolution states. "The world cotton crop in
"They know every bale of cotton would be consumed this year."
and the world consumption of cotton for the same
bales
million
23
was
1928
Senator Smith asked the witness if "there is an organized force in the
25 million bales, showing that the consumpcotton world that has deterred the average buyer from buying and selling year up to August, 1929, was
ahead of cotton production." I beg to say
cotton." "I do not know." Mr. Miller replied. "You do not know of any tion of cotton Was running far
incorrect, both according to records compiled by the
agency created to affect the price of cotton." Mr. Smith continued. "No," that this statement is
according to reports issued by the Bureau
and
Exchange
Cotton
York
New
Mr. Miller insisted,"If there was, it would only be for a limited time."
of Commerce. I have here, and beg
Mr. Miller attributed as another cause of the depressed market the fact of the Census of the Department
Bulletin 166, entitled "Cotton Production
that the spinners have not been buying. "The spinners have bought less to submit to the Committee,
1928-29," issued by the Bureau of the Census.
cotton ahead than any year I have ever known" he asserted, and added and Distribution. Season of
that the world production of all cotton in 1928
that the "recent conditions in the cotton goods market are the most ap- In table 32 on page 60,I find
and,in table 33 on page 61,the world consumppalling I have ever seen." He said he believed that it was caused by the is given as 25,611.000 bales,
tion of all cotton in the season of 1928-29 is given as 25,782,000 bales. Here
recent collapse in the New York stock market.
production of only 171,000 bales, instead
Senator Heflin (Dem.) of Alabama, sponsor of the resolution calling for is an excess of consumption over
statement in the resolution. It appears
the inquiry, declared that the Anderson and Clayton firm of Texas, is the of the 2.000,000 bales implied by the
the resolution was erroneously taken from
"overshadowing influence" on the cotton market. He said that this is the that the production figure given in
the record of the previous year, with the result that the production figure
reason why investors "cannot make a go of it" on the cotton exchanges.
in the resolution refers to one season while the consumption figure in the
Cites Decrease in Spot Buyers.
resolution refers to the following season. Obviously, one could prove anyPointing out that during the last five years the number of spot buyers in thing as to the relationships between production and consumption if one took
the cotton markets have greatly decreased, Senator Heflin inquired of the production and consumption figures for different years.
witness the reason. Mr. Miller said that "if one or two or a hal dozen firms
It is true, as will be noted, that the world used a little more cotton
handle a large percentage of the crop there is that much less cotton left for than it produced in tbe 1928-29 season, but the excess of consumption.
the other fellow."
amounting to only seven-tenths of one per cent of the production, was so
Mr. Miller pointed out that a factor causing considerable concern in the very small as to be of no significance. It should be unneeeeeary to point out
domestic market is the attempts of other countries to produce cotton. He that the world always tends to use,and ultimately does use, all of the cotton
stated that Belgium.is making an attempt in this direction and this year that is produced, but when production is very heavy the large supply is
produced 18.000 bales. This seems but a small amount, he said but it is of moved into consumption only by the establishment of a lower price which
growing importance because Belgium expects to produce 45,000 bales next will adequately expand the ultimate consumption in the form of yarns and
year. In answer to Mr. Smith, Mr. Miller said that there has been a shift cloths. One does not need to delve into statistical records to discover that,
over from American cotton to Indian cotton in the production of cloth of in the past few years in which world production has enormously increased.
about 1,000.000 bales during the past few years.
world consumption has likewise greatly expanded. This is clearly the fact,
a level at
The following statement was presented to the committee but it has come about only by the lowering of cotton prices toboth
in old
which the consumption of yarns and cloths has been enlarged,
by Mr. Miller:
and new uses. There is ample evidence that, taking all kinds of cotton in
The resolution which authorized this inquiry alleges, in substance, that the aggregate, production has tended to expand faster than consumption
the price of American cotton has been depressed far below its true economic in the past few years. In the tables in Bulletin 166, which I have here. it
level through the activities of the cotton exchanges. In other words, the is shown that, in the six years from 1923 to 1928 inclusive, world production
resolution implies that, if it were not for the cotton exchanges, the price of all kinds of cotton was 146.343,000 bales and world consumption was only
of American cotton would be several cents a pound above the current level. 143.490,000 bales, making an excess of production over consumption of
The resolution asserts, in effect, that the law of supply and demand has lost 2,853,000 bales. If consumption had not been stimulated by lower Prices
its force in the cotton trade, and that speculation in future contracts has during these past six years, heaven only knows what would have been the
become the dominating influence in determining cotton prices.
excess of production over consumption.
I purpose to demonstrate that these allegations are absolutely unfounded.
There is an unmistakable tendency in the United States to ignore or
1 shall undertake to show that the prices at which American cotton has forget the greatly increased production of cotton by foreign countries, and
been and is now selling are those which should logically ho expected: that the greatly increased competitive influence exerted by foreign cottons in
they are, in fact, the inevitable price levels for American cotton, in the the determination of the price of American cotton. Many members of the
light of the world supply and the world demand. I shall show that specula- domestic cotton trade have not given much thought to the market influence
tion, far from being a depressing influence, has been a sustaining factor in of foreign cottons, in the past. In the past one or two years, however,they
the cotton market, and that, if cotton has not sold as high as some of our have been forced to give this phase of the trade more consideration, as the
friends think it should have, this is because there has been too little, not merchants and spinners of Europe and the Orient have done for years. No
too much, speculation. I shall show that the exchanges are rendering a merchant or spinner of standing, in Europe or the Orient, would question
most valuable service to all sections of the world cotton trade, including the statement that the large supply of foreign cotton, particularly Indian,
the growers; that,if it were not for the facilities provided by the exchanges, has had a very depressing effect on the price of American cotton during the
the price of cotton would be more variable and uncertain than it is: and that, past one or two years. Analyses of prices of American and Indian cotton
if it were not for the exchanges, the average price of cotton during the heavy show conclusively that Indian cotton has sold, for well over a year, far
marketing season,In most years at least, would be materially less than it is. below the usual relationship with competing varieties of American. and
The first clause of the resolution states: "The average price paid for records of consumption of cotton show that many foreign spinners have
American cotton for the last 10 years has been above 21 cents a pound." changed over from American to Indian cotton during the past year, in
The implication is that this, or a higher price, is the level at which cotton whole or in part.
should sell to-day. Such an implication is highly illogical. No one, with
Advices received by the Exchange from reliable foreign sources, in
even an elementary knowledge of the movements of commodity prices, recent months, have emphasized strongly that foreign cotton has been
taken
by
decade,
past
itself,
Is underselling American, thereby reducing the demand for and consumption
would assume that the average price qf a
any criterion of the current value of a commodity. Within the past decade, of the American staple. A Liverpool correspondent. advising of market
American cotton has sold over 40 cents and below 11 cents, and both the conditions in the English Cotton trade, wrote last month, "Import buying
high and low points were a true reflection of the supply and demand condi- this week has been small. Spinners are out to find the cheapest cotton
tions prevailing at the times when those prices were recorded. It is true possible, and, as American cotton seems to be about the dearest in the
that the average price of American cotton in the last ten years has been world, they are taking as much of their requirements as possible in outside
above 21 cents a pound. In fact, the average price of middling upland growths."
spot cotton at New Orleans in the 10 years from Aug. 1 1919 to July 31
A Bremen correspondent,reporting as to cotton trade conditions on the
1929 was 22.66 cents a pound. But it is equally true—and this is the con- Continent, cabled recently,"Largo sections American crop, especially short
and
supply
present
demand
situation—that
the
trolling fact in
conditions staples, continue under heavy Indian drumfire, and competition of certain
in the world cotton trade are not by any means equal to the average of the Indian growths almost running into American medium grades, 15-16ths inch.
last 10 years. Supply and demand conditions at the present time are so far Indian has made serious inroads into American this year."
from the 10-year average that no economist would expect cotton to comI will not trouble you with any extensive statistics on this subject. but
mand the 10-year average price.
I should like to point out the following facts: The total production of foreign
In the last 10 years, the average domestic crop has been 12,707.093 bales. cotton increased from 9,703,000 bales in the 1926 27 season, to 10,356.000
This year, according to the Government, the crop is between 14,750,000 bales in the 1927-28 season, and to 10,900,000 bales in the 1928-29 season,
and 15,000,000 bales. In the last 10 years, the average annual production while the preliminary estimate for the 1929-39 season is 11,200.000 bales.
of foreign cotton has been approximately 9,070,000 bales. This year, the As to the relative prices of American and Indian co.tous, a rough method
prospects are that the total foreign crop will be approximately 11,200.000 of computing the average difference, based on six comparisons of prices of
bales. In the past 10 years. the average index number of commodity competing varieiles, shows that American cotton is now selling about 2.46
prices in the United States, taking average prices in 1926 as 100, has been cents a pound above Indian, compared with an average premium of only
108.3 according to the all-commodity index of the Bureau of Labor Statis- about three-quarters of a cent, In other words, competing varieties of
tics. In October or this year, the latest month for which the all-commodity American cotton are selling at the present time, as they have during most
index of the Bureau is available, the index stood at 96.3, and when the of the past year, about 1% cents above the normal or usual rela.ionship
November index is published it will undoubtedly show a decline from with Indian. As against the implication of the resolution that the price of
October. In other words, both the United States and foreign countries American cotton has been below its true economic level, based on the law of
are now producing vastly more cotton than the 10-year average, which of supply and demand, here is clear-cut evidence that American cotton has
itself would doubtless force a lower price for cotton than the 10-year average, been and is selling close to 1.75 cents a pound higher than the normal
even if everything else were equal, while general economic conditions have relationship with the principal competing variew of foreign cotton. And
brought out an average decline in prices of all commodities of about 12%, because of this unusual premium on American cotton over Indian, spinners
which is a further depressing influence.
of the world reduced their consumption of American to 15,10,000 bales
Any reference to the average price of cotton in the past 10 years should last season from 15,500,000 the previous season, but they increased their
First,
consideration.
from
the
into
standpoint
facts
of
two
take
domestic consumption of Indian cotton to 5,709.000 bales last season against only
production, the first six )ears of this decade were years of relatively short 4,788,000 the previous season.
crops while the last four years have been years of relatively large crepe.
The resolution, as amended, makes no reference whatever to one of the
Secondly, as to the general commodity price level, the past decade included most important factors contributing to the decline in cotton this Pall,
all
of
prices
in
average
commodities
this
whon
country were namely, the recession in general business, later accompanied by a coilapse
two years
on the highly inflated war basis. In the first six years of the decade, the of stock prices. It is unquestionably true that these developments have, to
average domestic crop was only 11,018,946 bales, and in two of these years some degree, accentuated the decline in cotton prices. They have raised
the average price level of all commodities in this country was approximately the question whether the consumption of cotton this season will be as
50% higher than it is at present,according to the Bureau of Labor Statistics. large as Was previously expected, or as large as last season. The uncertainty
Naturally and inevitably, the average price of American cotton was rela- as to the business outlook has been felt in all quarters, by yarn and cloth
tively very high in those first six years of the decade; it was, in fact. 25.53 buyers as well as by spinners and coaon merchants. It has generated a
cents a pound for middling upland spot cotton at New Orleans. But spirit of caution all along the line, which has resulted in greatly reduced
during the past four years, the average production of American cotton has sales of yarns and cloths by the mills, thus causing spinners to reduce their
been 15,239,312 bales and the average level of all commodity prices has purchases of cotton. Hence the demand for cotton has been curtailed. It
been only a few per cent above the present level. Consequently. the should be unnecessary to point out that most con3modittee. Including those
3726
FINANCIAL CHRONICLE
for which there are no future markets, have declined steadily, not only
since the break in the stock market, but in fact ever since the early part of
the Summer. Fisher's-index of commodity prices shows consistent declines
during the 16 weeks from the end of July to the end of November,the Lotal
decline in those four months being just about 7%. The fact is, that the
decline in cotton has been less than that in many other commodities.
The resolution likewise makes no reference to another important reason
for the decline of cotton prices during the past Fall, namely, the rapidity
with which the South harvested and marketed its crop, at a time when
spinners of the world, for various reasons, were unwilling to buy far beyond
their current requirements, and at a time when the current requirements
of spinners were reduced by subnormal sales of yarns and cloths, as just
stated, because of the uncertainty of the business outlook. During the first
three months of this season,from August to October inclusive,the movement
of American cotton off of plantations totaled 8,468,000 bales, against only
7,442,000 in the same period last year, or an increase of over 1,000,000
bales. The movement of American cotton into mills of the world, however,
totaled only 3,623,000 bales in the same three months this year, against
3,687,000 last year, or slightly less this year than last year. Exports of
cotton from the United States in the three months this year totaled only
2,203.000 bales against 2,303.000 last year, or a decrease of 100.000 bales.
In other words, while the movement off of plantations totaled 1,000,000
bales more than last year, the movement into the mills of the world and
the exports from this country were less than last year. It would seem that
no further figures than these are required to show that an unusually large
amount of American cotton had to be taken over this Fall,and held until
spinners were willing to take it.
While conditions in the world cotton trade thus have been highly adverse
to the maintenance of prices for American cotton, with world production
on a very high level, with foreign cotton selling far below the usual relationships with American cotton and tending to pull it down further, with the
business outlook in this country very uncertain and yarn and cloth buyers
refusing to place a normal amount of forward business with the mills, and
with the South harvesting and marketing its crop with unusual rapidity,
what has been the part played by the cotton exchanges,and what influence,
if any, have the exchanges had on the price level of American cotton?
Mr. Chairman and Gentlemen of the Committee, in this situation the exchanges have rendered a service of incalculable value to all branches of the
cotton trade, and most of all to the growers. Through the exchanges, and
only through them, speculative and investment buyers have been found to
take over that enormous amount of cotton represented by the difference
between the quantity which the growers were selling and the quantity which
spinners were willing to buy. The exchanges, as YOU doubtless know, do
not buy or sell a single bale of cotton themselves,and they do not fix the
price of cotton, statements in the resolution notwithstanding, but they do
constitute a medium through which speculative and investment buyers are
found to take over the burden of the supply when the demand from spinners is inadequate to absorb it, and if there (ever was a time when the
exchanges rendered this service in the fullest degree, it was this past Fall.
Merchants bought cotton freely, notwithstanding limited forward sales to
spinners, because they were able to protect themselves against declines by
the sale of future contracts on the exchanges. This alone enabled them
to take the cotton off of the hands of the grower and to pay him the current
price at which the grower was willing to dispose of his cotton. If the speculative and investment demand had not been made available through the
exchanges, thereby helping to absorb millions of bales of hedges sold by the
spot merchants, the merchants would have had to limit their purchase of
Spot cotton to a mere fraction of what they did btu ,and, if such a situation
had prevailed, I firmly believe that there would have been a panic in the
spot cotton markets of the South which would have rivalled that in the
Stock Exchange on Wall Street.
By far the greater portion of the American cotton crop is merchandised by
methods which involve the buying and selling of hedges in the future
markets. Fully four-fifths of the spinners of the world buy their cotton in
such ways as to necessitate transactions in futures. These methods of*
trading are the product of nearly 60 years of experience, and they have been
found to be efficient, economical, and advantageous to all sections of the
trade. They are shore firmly established than ever before in the history of
the trade, and the trade has come to depend upon them to a far greater
degree than at any time in the past. It is not to be assumed that these
methods of merchandising the crop, and the facilities and services provided
by the exchanges, are not subject to change; last year. the New York
Cotton Exchange made an important change in its methods of operation
by providing for deliveries of cotton on future contracts at five Southern
ports, and recently two other jr:rts have been added at which deliveries
may be made on contracts maturing in October 1930 and thereafter. But
I wish to emphasize as strongly as possible that the facilities provided by
the cotton exchanges and the services rendered by them are of so intricate
and delicate a nature that they could be easily disrupted by hasty or unwise
action on the part of the Government. I strongly urge that nothing be done
by your Committee which would threaten any disturbance of or interference
with the services rendered by the cotton exchanges, which, for so many
Years, have been found to be so beneficial to the cotton trade:in all of Its
branches.
[Vol.,. 129.
Whereas the advocates of such speculative cotton exchanges have claimed
that they are not and can not be marithulated or controlled by influences
other than those natural influences produced by the law of supply and
demand; and
Whereas Government officials of the United States, the Federal Farm
Board, whose duty it is to know what amount of American cotton is produced, exported, and consumed annually at home and abroad and the
amount of the carry-over of American cotton at the end of each cotton
season, have recently declared in a public statement, in view of the increased consumption of and the increased demand for American cotton and
cotton goods, the decreased number of bales in the carryover of American
cotton for the previous year, and the production of a cotton crop this year
not large enough to supply the world's demand for American cotton, that
the price of cotton Is too low and that the cotton farmer is entitled under
the Jaw of sunray and demand to receive a higher price; and
Whereas in recent weeks the cotton exchanges where cotton prices have
been unstable and fluctuation in the price of cotton has been the order
of the day, the daily press reports on cotton prices have told us that the
break in the price and the losses sustained by the cotton producers were
not caused by the law of supply and demand; and
Whereas American cotton producers are now in the midst of the cottonselling season, and in order that they may market their cotton to the best
advantage so as to receive prices that will yield them a fair profit it Is
necessary that every influence and agency that is being used to hamper and
depress the price of cotton be immediately suppressed; and
Whereas the Federal Farm Board has declared that the present price of
cotton is low .and unprofitable and that all the facts in the cotton trade
demand and justify higher prices for American cotton; and
Whereas the cotton exchanges' daily reports show that It is not the law
of supply and demand that fixes the price of cotton on the cotton exchange
but that it is done by manipulation; and
Whereas in order to give the Federal Farm Board a fair chance and a free
hand in preventing fluctuation and in stabilizing cotton prices immediately
for the purpose of enabling the cotton farmers of the United States in the
daily sales of their cotton to obtain a price that will yield them a profit:
Therefore be it
Resolved, That the Committee-on Agriculture and Forestry, or a subcommittee thereof, is hereby authorized and directed to immediately
Investigate all the matters set out in the preamble of this resolution and
Investigate the activities and speculative transactions of the New York.
New Orleans. and Chicago Cotton Exchanges, and other interests engaged
In any way in the cotton business, and report its findings to the Senate
on or before Dec. 20 1029; and said Committee is hereby directed to make
any recommendation.s in its report to the Senate in December that It feels
would be helpful in correcting the conditions complained of and in obtaining for the cotton producers of the United States profitable prices for their
cotton.
Said Committee is authorized to send for or subpoena persons, books,
and papers, to administer oaths, and to employ a stenographer at a cost
not exceeding 25 cents per 100 words to report such hearings, the expenses
of said investigation to be paid out of the contingent fund of the Senate and
not to exceed $10,000.
New York Stock Exchange Honors Employees Serving
More Than Twenty-five Years.
The New York Stock Exchange honored its older employees at a dinner given Dec. 11 in the Stock Exchange
Luncheon Club to 108 veteran employees who have served
the Exchange for' more than 25 years. The dinner was attended by practically all of the older employees, many of
whom are now on retirement, and by the officers, Governors
and department heads of the,Fxchange. E. H. H. Simmons, President of the Exchange, briefly addressed the employees and presented gold pins to seven men who completed
25 years of employment this year, signifying their entry to
the Quarter-Century Club.
Of the 108 members of this Quarter-Century Club, 81 are
still actively employed and 27 are retired. Two women are
among the members. Three employees have been in the
active service of the Exchange for more than 50years, Bernard
Smith, superintendent of the Stock Exchange building, still
actively at work, and John P. Burnes and Joseph R. Mallin,
who are retired.
Father Francis P. Duffy, Chaplain of the 69th Regiment,
was the principal speaker of the evening. Edward Doyle,
superintendent of the floor department who has been with
the Exchange for 35 years presided as toastmaster, and
Inquiry Before Senate Committee into Cotton
John E. Wilson, Secretary of the New York Quotation Co.,
Exchanges.
who has been with the Exchange for more than 35 years,
Reference to the adoption of the Heflin resolution was spoke for
the employees. The announcement of the Exmade in oui issue of Nov. 16, page 3102. The text of the change says in
part:
resolution follows:
Bernard Smith, Superintendent of the Stock Exchange Building, the
Whereas the Government report shows that the average price paid for
American cotton for the last 10 years has been above 21 cents a pound; and
Whereas the world cotton crop in 1928 was 23,000,000 bales and the world
consumption of cotton for the same year up to August 1929, was 25,000,000.
bales, showing that the consumption of cotton was running far ahead of
cotton production; and
Whereas complaint is being made by cotton farmers, merchants and
hankers in the cotton-growing States and by people in other sections of the
country Interested in cotton that something is wrong with the cotton market
and that the price is being depressed and fixed by purely speculative forces,
and that cotton Is ,ellIng not only at unprofitable prices but below the cost
of production, to the oroat hurt and injury of the cotton producers of the
United States; and
Whereas the price paid each day for cotton in the towns and cities and In
au the places where cotton Is bought and sold in the cotton-growing States
Is the price that is fixed on the cotton exchange where speculation in
-cotton futures- and not where the sale and delivery of actual cotton fixes
the price under the law of supply and demand; and
Whereas the advocates of a speculativ e cotton exchange where unlimited
quantities of cotton futures can be bought and sold, have contended that
such an institution would positively and accurately reflect the price of
actual cotton justified by the law of supply and demand; and
dean of the Stock Exchange employees, is the oldest active employee both
in years and in length of service. For almost 50 of the 55 years that Mr.
Smith has been with the Stock Exchange, he has had charge of the maintenance of the building and for the last 25 years Mr. Smith has been with
the Stock Exchange practically day and night, living with his family until
last October in a pent-house on the roof of the building. When he joined
the employ of the Stock Exchange in 1874, it was housed in a four story
structure which has since given way to a sky-scraper. The original maintenance force of half dozen employees has increased to more than 125
men and women necessary to keep the building in order and operation.
Seventy-three years of age, Mr.Smith does not intend retiring.
Other active veterans of the Stock Exchange present at the dinner were
Duncan MacGregor, Manager of the Stock Clearing Corporation, who will
end 45 years of active service when he retires next Jan. 1. Robert Becker,
who will succeed Mr. MacGregor and begin his own 46th year of continuous
employment, William S. Foster, manager of the night branch of the Stock
Clearing Corporation, completing his 38th year with the Exchange, and
John E. Wilson, Secretary of the New York Quotation Co., who has been
with the Exchange for more than 35 yaws.
Several employees on the retired list were present including Harrison 8.
Martin, who retired in 1028 as First Assistant Secretary of the Exchange
after 26 years of service. Richard L. Bamford, also retired in 1928. as
DEC. 14 1929.]
FINANCIAL CHRONICLE
3727
as a group gained more than $88,800,000 in savings and
152,984 in savings depositors. The seven Pacific States as
a group gained over $79,000,000 in deposits and nearly
278,000 in number of depositors. The gains in these two
sections, however, it is stated, were smaller than the gains
recorded there last year. The sections which showed losses
are
the Middle Atlantic States, Southern States, East CenHouse
of
Against
Brokerage
Petition
Filed
Bankruptcy
States and the West Central States. Mr. Albig's
tral
C. B. Cooke & Co., New York.
regional
analysis is as follows, based on the figures as of
A petition in bankruptcy was`filed on Dec.9 in the Federal
June
29
1929:
District Court against the stock brokerage firm of C. B.
New England.
Broadway,
abcording
to
the
New
this
city,
Cooke & Co., 32
"New England turned in from every State except one an increase in
York daily papers of the following day. The firm's members savings. This group and the Pacific group were the only two which
are C.Berkley Cooke and Edward W.Ruisell. The petition showed increases. New England led with a gain of $88,823,000, as compared with a gain of $340,025,000 the preceding year. Last year Maine
listed the concern's liabilities at approximately $200,000 and gained
$17 per inhabitant, this year $3; New Hampshire fell from a gain
its assets at $40,000. Federal Judge Alfred C. Coxe ap- of 130 last year to $19 this year; Vermont dropped from $39 to $14;
pointed the Irving Trust Co. receiver. The New York Massachusetts from $43 to $14. Connecticut ci3anged last year's gain of
$31 to $14, and Rhode Island changed from a gain of $16 to a decrease of
"Times" of Dec. 10 in its report of the failure said:
$12 per inhabitant.
superintendent of the ticker operating department,and who for years before
his retirement sounded the gong which opened and closed the Exchange,
and George R. Bishop, 88 years of age, who retired almost 25 years ago.
Mr.Bishop was employed by the Exchange in 1871 and retired in 1905. at
which time he was promised that he would always have a desk at the Exchange where he could work if he wished. Mr.Bishop still reports to work
regularly.
The complaint alleges that between Oct. 1 and 17 Cooke drew from the
"The gain for all New England was $10 per inhabitant, which is small
firm's account $1,370 and Russell withdrew $4,540, of which amount enough when it is remembered that at the beginning of the year each
$4,420 was deposited to his own credit in the American Trust Company. inhabitant had an average savings account of $560, so that the gain is
A check for $3,000 was drawn later against that deposit,the complaint sets actually less than the interest. In every New England State the number
forth, and placed to the credit of Russell's wife under her maiden name, of savings depositors increased, being 152,984 above the preceding year.
Rose 0. Donlon. These withdrawals, it Is alleged, were made at a time
New England alone this year reports for every State of the group an
when the firm could not meet its obligations and were therefore acts of
increase in the number of its savings depositors.
bankruptcy.
Middle Atlantic States.
The petitioning creditors are Peter R. Lawson & Co.. with a claim for
$35,482; Wallace & Frist, claiming $24,212, and Ludwig & Goetz,$28,287.
"The Middle Atlantic group usually turns in a tremendous gain in
Cooke & Co. were not members of any exchange.
savings. Last year the gain amounted to $38 per inhabitant, or 9.1%
over the previous year. This year it shows a loss of $48,612,000, or $2 per
inhabitant, which is 5/10 of 1%. New Jersey, Pennsylvania and Maryland
Ticker Service of Chicago Stock Exchange Extended to showed losses. The District of Columbia and Delaware showed gains.
Philadelphia and Washington.
Even a gain of $64,000,000 in New York was overcome by the losses in
group to the West and South.
Quotation ticket service of the Chicago Stock Exchange the"New
York usually shows the greatest savings gain per inhabitant of
has been inaugurated in Philadelphia and Washington within any State or else is nosed out only by Massachusetts. Last year New
the next few days, it was announced this week by the Ex- York's gain over the preceding year was $49, this year it is only $6, although
average deposit per inhabitant the beginning of the year was $616, on
change. The service in Philadelphia started Saturday, Nov. the
which the interest at only 4% would have been over $24.
16, and in Washington on Thursday, Nov. 21. The first
New Jersey's loss is $24 per inhabitant, Pennsylvania's $5, Maryland's
brokerage office in Philadelphia to install the Chicago Ex- $6; the District of Columbia gained $4 to an inhabitant, and Delaware $7.
The losses of the group for the year, however, were greater than the gains
change tickers were Blyth & Co., Montgomery, Scott & Co., so
that the Middle Atlantic States showed a recession of $2 per inhabitant.
Eastman, Dillon & Co., Prinee & Whitely, and C. Clothier This, in effect, means that the capital sum of almost 12 billion dollars in
Jones & Co. In Washington the first brokerage offices to savings deposits in banks at the beginning of the year was reduced and
the interest on this amount was withdrawn from the banks.
make the installation were E. A. Pierce & Co., and Eastman, that
"In New York State savings depositors increased by more than half a
Dillon & Co. Philadelphia and Washington brought the million and increases were also registered in New Jorsey, the District of
total number of cities receiving quotation ticker service from Columbia and Delaware. Pennsylvania suffered a loss of more than 50
depositors, and Maryland followed with a loss of over 33 thousand.
the Chicago Exchange to thirty. On June 1 1928, Chicago thousand
The decrease in deposits in New Jersey did not prevent an increase of
Exchange tickers were in only two cities, Chicago and New over 46 thousand depositors in that State. This large gain, together with
York. The growth to the twenty-eight additional cities has that of New York State, enabled the Middle Atlantic group, although
suffering a loss of more than 48 million dollars in deposits, to show a
come in the past year and a half.
gain of more than 528 thousand in depositors.
Extension'of Ticker Service of Chicago Stock Exchange
to Iowa and Illinois'Cities—Increase in Minimum
Commission on Stock Sales.
Plans for the extsnion of the quotation ticker service of
the Chicago Stock Exchange to seven Iowa and Illinois
cities were approved by the Board of Governors of the Exchange on Dec. 4. The cities are Rock Island, Moline,
Davenport, Cedar Rapids, Newton, Des Moines, and Sioux
City. This will mark the initial entry of the Chicago Exchange ticker service in Iowa.
It was also announced Dec. 4 that an amendment to the
constitution of the Exchange providing for a minimum Cammission of $5, instead of $2, on stock sales was passed by the
Board. The amendment becomes effective after it has been
posted one week. The minimum commission on bond sales
remains unchanged at $2.
Drop in Savings Deposits in United States—First Recession in 20 Years, According to Compilation of
American Bankers' Association.
A regional analysis of the drop in the Nation's savings
deposits in banks, as reported Nov.11 by the American Bankers' Association in its annual compilation showing the first
recession in National savings in the 20 years during which
It has published this data, reveals that all sections except the
New England and the Pacific States groups recorded losses.
This is shown in a statement Issued by W. Espey Albig,
Deputy Manager In charge of the Association's Savings Bank
Division. The previous figures showed that on June 29
1929 the total savings deposits in banks and trust companies of continental United States stood at $28,217,656,000,
which was $195,305,000 below the similar total for 1928,
whereas this latter figure was $2,300,000,000 above the 1927
figure. The Albig figures also showed a loss the past year
of more than half a million in the number of savings depositors in American banks. His regional analysis by State
groups discloses, however, that the six New England States
Southern States.
"Of the 13 Southern States two only, Texas and Arkansas, showed a
gain In savings. Florida leads in losses with a recession In excess of 25
million dollars. North Carolina, which last year showed a gain of $3 per
Inhabitant over the preceding year, this year has a recession of $4 per
inhabitant, which amounts to a loss of above 12 million dollars for that
State. Georgia, with a $5 gain last year, turns in a $3 loss this year.
/
2 million dollars and the less than
The slight gain in Texas of about 51
one-half million dollar increase in Arkansas were unable to overcome the
losses in the other States, with the result that the savings in the Southern
States are less by 88 million dollars than they were a year ago.
"Although Texas and Arkansas each showed a gain in deposits, they lost
In the number of depositors, Texas losing in excess of 32 thousand and
Arkansas slightly more than 3,500. Mississippi and Kentucky alone of all
the States in the South showed a gain in the number of depositors, Kentucky
gaining in excess of 88 thousand and Mississippi about 13.5 thousand.
"Virginia, which last year had the greatest number of savings depositors
of any Southern States, sustained a loss of almost 90 thousand, followed by
Florida with over 48 thousand, North Carolina with 88 thousand, West
Virginia with 34 thousand, Texas with 32 thousand, Tennessee with 20
thousand, Georgia and Alabama with 19 thousand each, down to Arkansas,
which lost about 3,500. The total loss in depositors for the Southern States
was in excess of 223 thousand.
East Central States.
"Ohio, Illinois and Michigan ordinarily are banner States for savings.
At the beginning of the year Ohio had a per inhabitant savings of $221,
Illinois $218, Michigan $254 and their gains for the preceding year had
been $31, $18 and $10, respectively. This year only Michigan showed a
gain, one of $4 per inhabitant, which for the State gave an increase in
excess of 19 million dollars. Wisconsin, the State of extreme diversification, is the only other State in the East Central group showing a gain.
Ohio came within 3 thousand dollars of showing a loss as great as that
of the entire Southern group, with $13 per Ohio inhabitant. Illinois,
with a loss in excess of 77 million dollars, was next in line, followed by
Missouri with 30 million, Minnesota with 15 million, Iowa with 7 million,
and Indiana with the slight loss of 171 thousand dollars.
"The total recession during the year in the East Central States amounted
to $193,888,000.
"Iowa reported 775,460 savings depositors this year, which ii a
material reduction. A great loss is suffered In Minnesota, one of 124
thousand, followed in order by Indiana with 79 thousand, Missouri with
73 thousand, and Ohio with 72 thousand. The gain of 95 thousand
in
Illinois and 78.7 thousand in Michigan indicates that despite the
unfavorable
turn of the year in volume of deposits, the savings doctrine is•
making
headway, at least in these two States.
West Central States.
"Some of the influences which served to reduce savings in the
Eastern
part of the United States lost force when they reached the
Northwest and
the West. Of the seven States comprising the West Central
group, five
showed a gain in savings deposits, although the increase was
alight, the
3728
FINANCIAL CHRONICLE
greatest being that of Oklahoma, with over 7/
1
2 million dollars, followed
by Montana with over 3 millions, South Dakota with over 234 millions,
New Mexico with almost 2 millions, and Wyoming with over 1/
1
2 millions.
This situation indicates the continuance of favorable factors in the live
stock industry. Last year South Dakota showed a gain of $2 per inhabitant.
That increase is reinforced this year by a gain of $4. Nebraska took a
recession of $17 per inhabitant, followed by North Dakota with a recession
of $15, and Kansas of $8, while Colorado suffered a slight loss.
"In depositors, all of the States in this area suffered a devastating loss.
Nebraska sustained the greatest decrease, one of almost 102 thousand,
followed by Kansas with a loss of 44 thousand, North Dakota 29 thousand,
New Mexico 23 thousand, Montana 16 thousand, Colorado almost 15
thousand, South Dakota almost 14 thousand, Oklahoma almost 8 thousand,
and Wyoming almost 2 thousand. Despite the preponderance in the number
of States which did not sustain loss in deposits, the total group showed a
loss of 33 million dollars, with a loss in depositors in excess of 250,000.
'In the Pacific States, Washington and Oregon only suffered loss, Washington to the amount of $1 per inhabitant and Oregon only negligibly.
California added 73 million dollars to her former huge total, with a gain of
$16 per inhabitant for the year. Idaho reported a dollar increase; Utah, $5;
Arizona, $8; and Nevada increased her savings in excess of 2 million
dollars, which meant an increase per inhabitant of $25. Despite the losses
in this area, the gain was in excess of 79 million dollars, with a gain per
iahabitant of $9.
"In depositors, Oregon suffered a serious loss In almost one-third of
her depositors. The loss in Washington was less than 1,000. Although
Idaho slightly increased her deposits, her depositors were about 500 less
than last year. Nevada increased her depositors by almost 1,000, Arizona
by more than 5,500, Utah by almost 6,000, and California with the amazing total of almost 365,000, or 1,000 for each day in the year. For the
year the Pacific States, despite the notable loss in Oregon, had a gain in
depositors of almost 278,000."
[VOL. 129.
Pending Bill is Opposed.
A bill (11. R. 7139) has been introduced in the House by Representative
Goodwin (Rep.), of Cambridge, Minn., which would establish a new taxation basis for the States insofar as National banks are concerned. It
was in respect to this bill particularly that Mr.Pole spoke.
The matter was called to the attention of Congress in the Comptroller's
annual report of a year ago, at which time several bills proposing a change in
the State tax basis were pending. At that time the Comptroller delcared
that the principle involved was so important as to warrant the most careful
scrutiny before any new legislation was enacted, and stated his opposition.
State Taxes Limited.
"National banks are instrumentalities of the Federal Government.°
said Mr. Pole. "As such they cannot be taxed by the States except with
the consent of the Federal Government and then only to such exteat as the
Federal Government permits. Recognizing that the power to tax is the
power to destroy, Congress has rightly safeguarded the instrumentalities of
the Federal Government by limitations upon State taxation."
Attention was called to conditions in the National banking system which.
Mr.Pole repeatedly has declared, must be remedied by legislation of a more
liberal character to maintain the full strength of the system Defections
from the National system ranks have been many in the last few years, it
was explained, and should there be an increase In the State tax which the
National banks are called upon to bear, it was believed that a greater number than heretofore would surrender their Federal charters to operate under
State statutes.
Mr. Pole was unwilling to engage in any controversy on the question,
declaring that the views of his Bureau and those of the Department of the
Treasury were unchanged from preceding years.
Bill Sent to Committee.
National bank stocks would be taxed in the same manner as stocks or
private and State banking institutions under the bill introduced Dec. 10 by
Representative Goodwin. The bill was referred to the House Committee on
Banking and Currency.
Volume of Unsold Bonds on Dealers' Hands Found
In a number of States, including Minnesota, Mr. Goodwin stated orally
Low—Survey by Investment House Puts Inven- on Dec. 11, National bank stock is not subject to taxation, with certain
minor exceptions. The courts have held, he said, that such assessment
tories at $100,000,000—Plan to Keep Down New are
uncoliectible. It Is to legalize the collection of these taxes that he has
Offerings.
offered his bill, Mr. Goodwin said.
Though
'Unsold securities in the hands of leading investment National they are not legally bound to pay taxes on their stock, the
banks of Minnesota, with a few exceptions, have voluntarily
houses in New York are estimated to be subnormal at the agreed to pay them, Mr. Goodwin said. This agreement originally was
made
for
a two-year period, Mr. Goodwin stated, and has just been represent time by bankers here, said the New York "Journal
newed for another similar period.
of Commerce" of Dec. 12. It likewise stated:
This was done, he said, because the National banks recognized the disOne survey made by a prominent investment house indicates that bonds advantage to which State and private institutions have been placed and
and preferred stocks on dealers' shelves amount roughly to about $100,- because the National banks did not believe the discrimination should be
000,000 at the present time, which is a fraction of what has been normal continued.
inventories in recent years.
However, both States and National banks are opposed to legislation comOf this total, about 875,000,000 Is reported to Include bonds which have pelling the latter to pay taxes on their stock, Mr. Goodwin declared,
not yet been placed with investors, although formally offered, while $25,- because of a fear
that if special legislation affecting one class of Institutions
000,000 of bonds were actually sold but resold by investors in the market is enacted it will pave the way
for special legislation affecting the other
and thus reacquired by investment houses. Relatively small new public class and, possibly,
result in special legislation affecting all banks.
offerings in the past six weeks have further tended to reduce the volume
Hearings Have Been Held.
of unsold bonds on dealers' hands, as has the recent increased interest on
Mis part of the Investing public in fixed income bearing securities.
While cognizant of this fear, Mr. Goodwin expressed the hope that ful
discussion of the question would tend to allay it. A similar bill, he said,
New Financing Level.
was Introduced by him in the Seventieth Congress and hearings were held,
A number of the large investment houses have bond and preferred stock though no definite
action was taken.
Issues ready for public offering, but by general agreement they are proMr. Goodwin's bill would amend sub-division (b), paragraph 1, section
ceeding cautiously in a desire to avoid burdening the market with too many 5219 of the
Revised Statutes to read as follows:
new offerings at once. Investment bankers interviewed yesterday exIn the case of a tax on, or measured by,said shares or their value, the tax
pressed the belief that the volume of new financing would be kept at about shall not be
at a greater rate upon National banking associations or their
the level of last week, when S135,000,000 in new public offerings were stockholders with respect to said shares then the rate imposed by the taxing
made. Thus far, the individual houses have exercised rigid restraint on State,
other than by direct taxatioa of real estate, upon other financial
the issue activities to help bring this result about, thus enforcing an informal corporations
or their stockholders with respect to the shares of such other
"stagger plan" in the making of new security offerings.
financial corporations, or upon the net assets of individuals, partnerships,
A check-up on the market for bonds and preferred stocks reveals, how- or associations employed in the business of banking: nor shall said rate upon
ever, that while dealer's inventories are unusually low, investors are in or
measured by the shares of National banking associations or their value
many cases holding securities which they would realize upon if the price be higher thaa the highest rate imposed by the taxing State. Other than
advanced sufficiently. In a number of issues made before the break in by direct taxation
of real estate upon mercantile, manufacturing, or busistock prices, the syndicate support was quickly withdrawn, so that buyers ness corporations
doing business within its borders or upon the stockwere able to dispose of their issues only at substantial recessions. Should holders of
such corporations with respect to their shares or the value thereof
any general price advance permit the disposal of several such Issues without
loss, it is expected that dealers would encounter substantial offerings of
them.
Sale of Stock in Wisconsin Bank Holding Firms Must
The bond market has recently shown a soft tendency in prices, but
Have Approval of State Attorney-General.
temporary seasonal influences, it is being claimed, account for this. December is ordinarily a month of high interest rates because of the heavy
From the Milwaukee "Sentinel" we take the following
demand for currency in the main. Since member banks dislike increasing
Madison advices, Nov. 29:
their rediscounts unduly, there is a strong tendency to unload some investStock in holding companies organized to take over State banks cannot
ments in certain cases rather than to increase rediscounts. Last week
a reduction of $53,000,000 in Government security holdings was reported be sold without the approval of the State Securities Division, AttorneyGeneral
John W. Reynolds announced on Friday.
by the reporting member banks in leading cities.
The opinion was givety at the request of the Securities Division, which
The gilt-edge section of the bond market has been the strongest during
pointed
out
that stock in banks is exempt from the supervision of that
the past two weeks. Accumulation of bonds by dealers who expect a large
reinvestment demand, especially from institutions, after the first of the year Department and asked whether such exemption also applied to holding
is considered the chief reason for this. In January, with the seasonal easing companies as recently organized.
"It will be observed that Section 189.03 exempts from the provision of
In money rates and the large volume of now funds seeking investinent, it is
thought likely that bond prices generally may become firmer, so that a the securities law the sale of securities issued only by those corporations
whose
business is subject to the control and supervision of the Banking
satisfactory background will be furnished for an Increase in the volume
Commissioner of the State.
of new financing.
"It does not so exempt the sale of securities issued by those corporations
Authority to Raise Taxes on National Banks Opposed— whose business is subject to the mere supervision of the State Banking
as is provided in Chapter 445," the Attorney-General held.
Comptroller of Currency Says Bill to Liberalize Department,
"The phrase 'control and supervision,' used in Section 189.03, is not
State Power Would be Injurious to System—Meas- synonymous with mere supervision as that word is used in said chapter 445.
ure Offered to House Would Assess Various Types In no instance does said Chapter empower the Commissioner to control tho
affairs or operation of the holding company. It is only in the instances
of Financial Houses on Same Basis.
specified in said Chapter that the Commissioner is empowered to 'fully
direct
the operation of such banks or trust companies.'
Opposition to any change in tho provisions of section 5219
"The Commissioner's 'control' over the owned bank or trust company is
of the Revised Statutes, restricting State taxation of National
full and exclusive in the event specified in that act, but in no instance may
banks or their shares, was reiterated, Dec. 11, by the Comp- he 'control' or direct the affairs of the holding company itself."
troller of the Currency, John W. Polo, who declared in an
oral statement that the provisions had served as a safeguard Florida Bank Deposits
Held Exempt From Taxes Under
for national banks for 65 years. Advices to this effect were
Opinion By State Attorney-General.
contained in the "United States Daily" of Dec. 12 which
The following Tallahassee advices, Nov. 29, appeared in
further stated:
The Bureau of the Comptroller of the Currency has been consistently on the "United States Daily":
record as against any changes in those provisions and the introduction of
bills during the present session of Congress will not affect the Bureau's
view, Mr. Pole added.
Money on deposit in savings banks or other banks need not be included
in tax returns in Florida, according to a recent opinion of Attorney-General
of the State, Fred II. Davis. The full text of the opinion is given below:
DEC. 14 1929.]
FINANCIAL CHRONICLE
This is to acknowledge receipt of your letter of Nov. 4, in which you
make inquiry as to whether or not money in savings accounts in banks in
this State is personal properly, which must be returned for taxation under
the tax law of Florida, and especially under the recent 1929 compulsory
tax return law.
In the case of City of Tampa v. Palmer, 105 Southern 115, the Supreme
Court held:
"Money is transitory property and its mere presence on deposit in banks
does not necessarily render it subject to taxation there."
I am, therefore, of the opinion that it will not be necessary for taxpayers to include in their tax returns for 1929 any money on deposit in
savings banks or other banks.
Nebraska Supreme Court Upholds State Bank Deposit
Guaranty Law—Reverses District Ruling on Bank
Fund.
The Nebraska Supreme Court has entered a ruling holding that the State guaranty deposit law is still in full force
and effect, and reversing the finding of Judge Frost of the
District court that in its present operation it is confiscatory
of private property. Lincoln advices Dec. 8 to the Chicago
"Journal of Commerce", from which we quote, also had the
following to say regarding the Court's conclusions:
3729
Nebraska Limits Bank Stock Holding Concerns.
Under date of Dec. 7, Lincoln, Neb. advises to the "United
States Daily" says:
Holding companies organized for the purpose of buying, owning, selling
and otherwise dealing in the capital stock of banking corporations may not
be legally incorporated in Nebraska, according to an opinion of C. A Sorenson, Attorney General, just given to a group of Nebraska men who contemplated the organization under Nebraska laws of a "bancorporation." The
Supreme Court of Nebraska has held, according to the opinion, that
Nebraska corporations may not hold stock in other corporations.
The attorney General said that he was not in a position to say that the
contemplated corporation would be lawful without specific statutory
authority. The matter should be specially decided by court action speedily,
lie stated, because of the present development of holding companies in all
lines of industry.
In a supplemental opinion, Mr. Sorenson held that corporations organized under the laws of other States could hold the stock of Nebraska corporations if the laws of their domicile permitted.
Representative Goldsborough on Dangers in Branch
Banking System—Many Bank Consolidations Not
Based on Sound Economic Principles.
Many existing bank consolidations are not based on sound
economic principles, and it is Congress's duty to serve as a
quieting and controlling influence rather than as a liberalizing one, Representative Goldsborough (Dem.), of Denton, Md., stated Dec. 9 in discussing branch banking on the
floor of the House. The "United States Daily," from which
this is learned, indicates the further comments of Representative Goldsborough as follows:
The action is one wherein 559 State banks sought a permanent injunction against the levying and collection of any further assessments, as
provided for in the law, limited to a half of 1% of average daily deposits.
At the present time this means a contribution of $1,000,000 a year to the
fund. The action is ordered dismissed.
The Court says that the banking business, carried on under a State
charter, is quasi-public and, for the protection of the public and its interests, is subject to reasonable regulation by the State. It is held to be
vital that it should not be within the province of the courts to annul
a legislative enactment unless its provisions so clearly contravene a provision
Dangers of branch banking center in the possibility of city banks withof the fundamental law or are so clearly against public policy, that no
drawing funds needed in rural units, ice said, and in the likelihood that
other resort remains.
large banks would use their units as sales agencies for stocks in which
No Right to Be Heard.
the metropolitan banks are interested.
benefits
arising
accepted
has
State
bank
The Court holds that, where a
"In more than 100 years of banking history it has never, until very
from deposits of money pursuant to the terms of the bank depositors'
recently, been suggested that it was necessary for city people to take over
guaranty law, such a bank cannot be heard, in a proper case, to make
country banks," he said. "The telegraph, telephone, good roads, the autocomplaint of special assessments upon such deposits which have been
mobile, radio, and frequent national and State banking conferences rapidly
levied for the benefit of the guaranty fund. Where a special assessment
any useful banking information involving policy or technique
disseminate
the
of
has been levied upon the State banks pursuant to the provisions
throughout the community, so that country banks are infinitely better manlaw, such assessment does not constitute the taking of private property
aged than in the past."
without due process.
Representative Stevenson (Dem.), of Oheracv, S. C., asked Mr. GoldsMuch is made in the decision of the advertising campaigns in which the
express an opinion as to holding companies which were buying
State banks participated and in pamphlets issued by the Guaranty Fund borough to
majority stock of banks and which are not liable to bank depositors.
Commission in which the protection accorded to depositors by the law up
Mr. Goldsborough replied that he believed "we should put a stop to this
was stressed and an effort made to capitalize it for the purpose of Increasing
practice if we can."
deposits.
"As a rule," Mr. Goldsborough declared, "holding companies are not
Fund Held Stability Asset.
sound. They are frequently organized simply to water stock, and they
The Court finds on this point:
have no interest in the management of the banks they control."
the
"Frorn.the'evideneelt clearly appears that a majority of the state banks throughout
Answering a question by another member, Mr. Goldsborough said that
Nebraska, and many others as well counted the bank depositors guaranty fund, in
and Currency, of which he is a member,
Its Inception, a valuable asset and many predicted that this plan would add greatly House Committee on Banking
to the stablUty.of_the,State banks and so advertised among those with money to is considering legislation for the regulation of holding companies.
deposit."
"The whole question of holding companies is so new that neither the
The court also cited the evidence of bankers to the effect that the State Legislatures nor Congress has had an opportunity to enact restrictive
epidemic of failures of State banks was due to the general economic con- legislation," Mr. Goldsborough said.
text:
ditions existing prior to 1928, and that instead of the assessments being a
Mr. Goldsborough's summary of his address follows in full
their
contributory factor the law had a steadying influence on the deposits of
Those advocating an extension of branch banking privileges base
all state banks. Testimony was also cited to show that the law was be- argument upon four principal grounds:
favor of
lieved to have added $100,000,000 to deposits in State banks.
First, that National banks are surrendering their charters in
second, that
State charters in order to get branch banking privileges;
Recalls Supreme Court Rule.
funds
the
that
third,
banking;
branch banking would tend to stop group
The District Court held that the law was confiscatory and that its en- available in the country bank are not adequate to take care of the rural
forcement constituted taking private property without due process. The business; fourth, that the personnel at the head of the country banks are
Supreme Court says that "it may be observed, however, that the bank not of a caliber to so conduct the banks as to prevent failures.
been practically
guaranty fund law has been held by the highest court in the land to be
The relative resources of National to State banks have
a constitutional act and well within the meaning of the Federal constitu- constant since 1922, except that the merger tendency of last spring and
banking, has caused a
tion."
summer, having practically no relation to branch
"It cites three decisions of the Federal Supreme Court, including the slight change in the ratio in favor of State banks; and where National
one which upheld the Nebraska law, and cites approvingly its comment charters were relinquished in favor of State charters it was generally
that even where powerful arguments can be made against the wisdom of this because the bank desired to engage in some business permitted under the
legislation, this court can say nothing, as it is not concerned therewith. State law, and not permitted under the National Banking Act, and not
under the National
We understand fully the practical importance of the question and the very
because of the desire to create branches not passible
powerful argument that can be made against the wisdom of the legislation, Act; group banking—that is, the buying by a holding company of the
States which permit
but on. that point we have nothing to say, as it is not our concern. The
majority of the stock of a group of banks—is found in
payment can be avoided by going out of the banking business, and It is branch banking as well as in States which do not, the holding company
required only as a condition for keeping on, from corporations created by constituting in many respects an investment trust for bank stock.
community
the state."
Resources of country banks are of necessity made up of
adquate for the
Protection of Depositors.
resources and of economic necessity must in general be
when country
Continuing the Nebraska Court says:
business of the community, and on the very few occasions
serious difficulty
"Thaparamounioblect and clearly the legislative intent in the creation of the de' banks cannot take care of some seasonal need, there is no
Dos!tors' guaranty fund law was time for the protection of the depositors' money In in obtaining funds from correspondent banks in larger centers.
the State banks. And from the fact that, under normal banking conditions, such
the metroThere is danger in branch banking systems centering in
act would likewise benefit the State banks, such banks were, at least not unfriendly
banks
to the enactment of the law in question. But it goes without saying that there never politan areas of parent banks withdrawing funds from the branch
was, nor could be, any compulsion upon the State banks to accept deposits of money of the rural districts necessary for legitimate local business needs, and
on the bank guaranty basis, lint money was accpeted by the State banks pursuant
parent
there is also the danger of the branch bank being used by the
to the terms of the law, and by that law such banks are clearly bound.
parent
"The demands on the guaranty fund are burdensome, but the situation before us bank as a sales agency for the disposal of securities in which the
was created or In any event made possible by the legislature in the enactment of the bank is interested.
law. It Is a basic principle that ,it is, ordinarily, not within the province of the
advanced
The tendency to merge not only in banking but in business has
courts to annul a legislative.act_except as a last resort, anti In a case where no other
more rapidly than our concept of the proper function and control of
remedy isat hand.
Sums Up Findings.
mergers; many bank consolidations are not based upon sound economic
"In-view-of thebenefits arising from the deposits of large amounts of money-in principles, and the proper function at this time of a legislative body is
should
depositors'
guaranty
fund,
beak
the
of
State banks pursuant to the terms
rather to act as a quieting and controlling influence rather than as a
the banks be now heard to make complaint of the special assessment fixed by law
upon their deposits? have the observations of Judge Holmes in the case cited ever liberalizing one.
thereto."
been answered? If.so, out attention has not been directed
From the New York "Journal of Commerce's" account
If the law is finally upheld, it will result, in the opinion of bankers,
in the nationalization of the larger State banks and others than can meet from Washington, Dec. 9, as to what Representative Goldsthe terms of the National Banking Act, and the possible voluntary liquida- borough had to say, we quote the following:
tion of others. The State Legislature, at its session last winter, recognized
Representative Goldsborough, in speaking for an hour on the subject of
the hopeless situation of the guaranty fund by passing laws requiring banks
branch, chain and group banking, deplored the move to establish unlimited
to give security for all public funds deposited with them.
ex- legislation of this oharacter, declaring that "if there is one thing that
At the time the case was begun last winter the gross deficit was in
should be safeguarded from monopoly it is credit."
$10,000,000
approximately
was
there
which
against
cess of $26,000,000,
Following the vigorous attack of Mr. Goldsborough (Rep.), Mr. Sabath
of assets. Since then nearly seventy banks have failed, and of this number
of Illinois, newly appointed member of the Rules Committee,
(Dem.),
added
eighteen have been reorganized. These failures have, it is estimated,
announced that he proposed to put a tax on short selling of shares of
from $8,000,000 to $10,000,000 to the deficit.
3730
FINANCIAL CHRONICLE
stock, grain, wheat, cotton or other allied agricultural commodities equal
to 5% of the amount of the sale. He introduced a bill to this effect to-day.
[VoL. 129.
"Certainly the same principles apply to the financial system and a
Republican form of Government should prevail with regard to our banking
institutions. That is, they should be managed and controlled to serve the
people in the community where they are located, and whose savings are
depsited and invested in them, rather than be dominated and controlled
by individuals or small groups of men or corporations, whose interest may
lie hundreds of miles away from the people they are to serve, and who
will be in a position to dominate and control their business activities."
Meanwhile, Representative 3IcLeod (Rep.) of Michigan announced that
every effort will be made for consideration of his resolution by the
Judiciary Committee of the House setting up permanent machinery to
diagnose business cycles.
In a statement issued to-day, Representative McLeod pointed out the
effects of business cycles being considered as necessary evils. "The recent
recession of the stock market served to call attention to the occurrence of
business cycles," he said, "a phenomenon which has been in the habit of
costing the United States millions or even billions of dollars whenever such
a depression occurred in the past, because they were allowed to run their
course and were regarded as necessary evils."
"When the next depression period of a business cycle is due, we should
have a method of forecasting so accurate as to avoid even the losses of a
stock market crash, and thus take one more step toward that most desirable
goal of eliminating entirely the business 'cycle' and Its attendant unemployment."
Against Short Sales.
In announcing the introduction of his bill the Illinois member declared
that "as now conducted, many of the stock exchanges are open to the
charge that gambling, pure and simple, constitutes a large proportion of
their business. The governors of these organizations had it in their power
to stop in time the activities of the short selling forces, but failed to do so.
Therefore, it is high time that we put an end to these parasites by
legislation."
More than seven times the business of the country is done with credit
than is done with actual cash, Representative Goldsborough pointed out in
his speech. "We must not lose sight of the fact that the fundamental
practice of a bank is to serve the public and in so far as the public is
concerned the profits that the bank may make are purely incidental," he
said. "A legislative body must approach the subject from that standpoint."
Representative Stevenson (Dem.), of South Carolina, also a member of
the Banking Committee, interrupted the speaker at this point to state that
another important function of a bank is to act as trustee for the creditors
and stockholders. "The stockholders and the depositors expect the bank to
be a trustee for them," he said, "and if in the sharp competition the
organization ceases to safeguard those by taking insufficient security, yielding to importunities of business that does not have the proper security
behind it, that is a breach of their trust to the stockholders and to the
creditors."
Branch Bank Law Revision Advocated By Prof. Spahr
Cites.Reasons for Revision.
One of the reasons which are given by those who feel that branch banking
of New York University—Holds Points in Favor of
privileges should be indefinitely extended is that the management of
Chain
System Outbalance Disadvantages—Views
country banks is not in general sound. Representative Goldsborough said,
of Prof. Thorp.
and that the agent of the parent bank in a branch banking system would
be more competent to manage the country institution than the management
Relaxation of the laws restraining the development of
of the present unit bank system.
the branch and chain banking systems in this country was
•
•
•
Mr. Goldsborough said that the country banks are opposed to any further advocated by Walter E. Spahr, Professor of Economics at
extension of branch banking legislation. "Far from there being any demand New York
University, on Dec. 5, at a meeting of the Amerin the rural communities for a branch banking system, the rural bankers
are uniformly opposed to it," he said. "There is practically no dissenting ican Statistical Society at the Aldine Club. This is learned
WiCe on that proposition."
from the New York "Journal of Commerce," which said:
The Maryland member also read from an article of Henry M. Dawes,
The virtues of the chain system are only secured through careful superformer Comptroller of Currency, in which he stated that "the ownership
vision by the Government of the banks involved, he said.
and direction of outside banks are directly opposed to the co-ordinated
There can be no question of the benefits of the branch banking system
theory in existence now, under which the activities of smaller banks are
to the depositor in the larger cities, Dr. Spahr stated, but the great variety
supplemented by the larger one and the whole tied in with the Federal
of forms it may take and the number of Individual problems presented in
Reserve Board."
small town and rural banking circles prevent anything but a guess as to the
effect of the development of branch or chain systems on the depositor in
Sees Move To "Pack" House Banking Body to Push general. The points in favor of allowing the system to spread far out.
Branch Law—Representative Strong Asserts Propo- balance the disadvantages, he said.
Four factors which would tend to halt the merger movement were
nents of Revision are Organized to End Restricdescribed by Willard L. Thorp, Professor of Economics at Amherst College,
tions—Opposes Principle of Absentee Control— in discussing the trend toward consolidation.
Reduction of the banks to a
Institutions Should be Managed Locally to Serve number too few to permit of many more mergers is difficult to see,
because
there
are
still 26,000 banks in business in this country, he said.
Their Communities, He Says.
Secondly, since in many cases no new securities are issued in bank mergers,
Charges of a movement to "pack" the Banking and Cur- any difficulty in floating issues for consolidation purposes would not be a
rency Committee of the IIouse with members favoring hindrance. Public opposition to the merger movement as expressed in the
laws and in the press
not strong at this time, the main objections to
branch banking, and also charges of efforts being made to the move coming fromisthe
inside of the banks, from the officials who
push legislation of this character through Congress were oppose the extension of branch banking as a matter of principle, or from
men who fear the loss of their positions when the less efficient executives
made on Dec. 6 by Representative Strong (Rep.) of Kansas, are
weeded out by the process of consolidation. And lastly, he said, there
according to the Washington correspondent of the New York semis to be no evident weakness in the idea or actuality
of the system of
"Journal of Commerce." In its further account that day, the branch banking.
• Fortunately, according to Mr. Thorp, the merger movement is not unduly
paper quoted went on to say:
rapid at present, and there will be time to consider and weigh the merits
Although the membership of the Banking and Currency Committee has of the newer developments.
not as yet been announced, it is understood that Representative Strong will
Psychology is the governing factor in price changes of merging bank
retain his position on that committee through the Seventy-first Congress. securities, said Frank C. Thomas, President of the Bankshares National
Therefore, his statement will bear considerable weight when consideration Corp. If the public thinks the merger will complement the services
is given branch banking legislation during this Congress.
rendered by one of -the merging banks to the other, or that savings in expense
In declaring that appointments are being made on the committee of and increased efficiency will result, the prices of the stocks of the banks
members commending branch banking Mr. Strong said: "Already there is will rise. His opinion was supported by numerous illustrations of sucevidence in Congress of a movement to place those favoring branch banking cessful mergers in all parts of the country.
upon the Banking Committees, and to urge legislation favoring unrestricted
The remarks of the speakers were discussed from the floor, with II.
branch banking.
Parker Willis, editor of the "Journal of Commerce," and Pierre R. Bretey,
of the Brookmire Economic Service, leading the discussion.
Says Proponents Are Organized.
"It is evident that the financial groups of the nation who favor branch
banking are moving on Congress for the purpose of having unlimited
Governors and Agents of Federal Reserve Banks in
branch banking authorized for National banks.
"Those favoring branch banking are already organized for the fight in
Semi-Annual Meeting in Washington.
Congress, and the people should be advised in time, and before it is too
Governors and agents of the various Federal Reserve
late to prevent the financial institutions of the nation from being domiBanks began their semi-annual meeting at Washington on
nated and controlled through small groups in the financial centers.
"In the consideration of the McFadden bill the argument was made that Dec. 11, a general discussion of the banking and credit
because States were permitting branch banking to State banks that it was
situation it is understood being the basis of their meeting.
necessary to permit National banks to have branches in order to meet such
In referring to the meeting Washington accounts Dec. 11
competition.
"Realizing the force of this argument, provisions were made in the to the New York "Times," said:
McFadden Banking Bill that National banks could have branches in the
To Sleet With Reserve Board.
States where branch banking was permitted to State banks, but with the
It is expected that the Governors and agents will be in session for another
provision that no branches should be established outside of the city where
day or two and will conclude their deliberations by meeting with the Federal
the parent bank was located.
"At the time is was thought that such restrictions would be satisfactory Reserve Board. Until that time at least, it was intimated, no statements
since they met all needs of the National banks in the large business centers would be made.
Reports here are to the effect that Reserve banks will, if necessary, conwhere State banks were permitted to have branches, but it soon became
evident that it was not a question of protecting a National bank from tinue the purchase of Government securities in the open market during tho
month in order to ease the credit and currency situation. Currency demand
the competition of a State bank, but the real purpose of those desiring to
during the holiday season Is heavy and it has been estimated that the
establish branch banking was to make the same effective throughout the
total amount outstanding may reaRti $5,000,000,000 by Christmas.
nation.
Such information as could be obtained was that the representatives of
"Soon group banking was established in the States and territory where the
Reserve banks were confident that Christmas trade would be satisfactory
branch banking interests have come out openly in advocating the establishdespite the slump in stocks. The representatives of the banks were said
ment of group banking in every State of the Union, which they frankly to believe
that the recent conferences held by President Iloover with
state will force Congress to permit National banks in every State to estab- industrial
and labor leaders would have a most beneficial effect in efforts to
lish branches in order to do away with group banking, which it is acknowl- keep business
on a solid foundation.
edged is objectionable.
Banking Laws Considered.
Warns of Monopoly Os Finance.
The Governors and agents also are considering among other things,
it
"Because of the experience of the centuries that great power given to
was said, the advisability of legislation having to do with branch and chain
Individuals or small groups of individuals results in an abuse of that banking.
power, a Republican form of Government was establiated on this continent.
Governors of all banks except Boston and Kansas City were present, these
A monarchy of the finances of a people is but little less than a monarchy two banks being
represented by W. W. Paddock and C. A. Worthington,
in government.
Deputy Governors, respectively. Governors present were:
DEC. 14 1929.]
FINANCIAL CHRONICLE
phia; E. R.
George L. Harrison, New York; George W. Norris, Philadel
Atlanta;
Fancher, Cleveland, George J. Seay, Richmond; Eugene R. Black,
J. B. McDougal, Chicago; William McC. Martin, St. Louis; W.B. GeerY.
o.
Francisc
San
Calldns,
U.
John
Minneapolis; Lynn P. Talley, Dallas;
Boston; G. W.
Federal Reserve agents present were: Frederic H. Curtiss,
De Camp,
McGarrah, New York; R. L. Austin, Philadelphia; George
Atlanta; William
Cleveland; William W.Heaton. Richmond; Oscar Newton,
,
lis;
Mitchell
Minneapo
R.
A. Heath, Chicago; Rolla Wells, St. Louis; John
Newton.
M. L. McClure, Kansas City; C. 0. Walsh, Dallas; Isaac B.
San Francisco.
3731
vindication,
He declared at the Capitol to-day that he was confident of
he had no thought
that he would meet the charges in a proper way, and that
of Conmember
a
of evading the process of law by claiming immunity as
gress.
and did
"I am conscious of no wrongdoing on the part of the company
he said.
not knowingly lend myself to any complicity on wrongdoing,"
which
of
es
As to his appearing on the floor of the House or at the committe
it. He also
he is a member, Mr. Zihlman said he saw nothing to prevent
of Columbia Comsaid he expected to be made Chairman of the District
part of the week.
mittee for this Congress when it is constituted the latter
"I see no reason why I should not be," he said.
Rediscount Rate of Federal Reserve Bank of Atlanta
Reduced From 5% to 43'%.
On Dec. 9 the Federal Reserve Bank of Atlanta decided
to reduce its rediscount rate on all classes of paper of all
maturities from 5 to 4•i%, effective Dec. 10. Four other
Reserve banks, New York, Chicago, Boston and San Fran%.
cisco previously lowered their rates from 5 to
Crissinger Was Close to Harding.
Company, was out
Mr. Crissinger, who is a director of the F. H. Smith
known just when he would
of the city, it was said at his home,and it was not
return.
began the practice of law in
One of President Harding's close friends, he
as prosecuting attorney
Marion. Ohio, more than forty years ago, served
of the Marion Steam
and city solicitor and later became general counsel
and Trust Co. of
Shovel Co. and President of the National City Bank
Marion.
he served until 1923,
Appointed Comptroller of the Currency in 1921,
Board, continuing in
when he became Governor of the Federal Reserve
with the Smith Compan.V,
Federal Reserve Banks Now Buying Bills While Credit that office until 1927, when he resigned and went
e.
which he became Chairman of the executive committe
Needs Grow—Seasonal Currency Requirements Al- in Investiga
has been contion of the operations of the Smith Company
s
e
Dealer
ptanc
, especially
—Acce
Needs
Congress
in
ready Increasing Credit
ducted for months. It has frequently been discussed
for a Congressional
by Senator Smith W. Brookhart of Iowa, who asked
Report Larger Bill Supply.
Justice had taken up the
investigation before he learned the Department of
More liberal open market purchases of acceptances by matter.
Security Manipulation Charged.
the Federal Reserve banks was reported here on Dec. 9,
d various corporaThe indictments charge that the defendants organize
coincidentally with a firmer tendency in the money market
defendant Maddux and his agents.
the
by
directed
and
d
controlle
tions
makto property heavily encumdue to the growing seasonal currency requirements now
These corporations, it is alleged, acquired title
ing themselves felt. In making this statement the New bered by deeds of trust and mortgages, obtaining the property substantially for the amount of the encumbrances.
York "Journal of Commerce" added:
of trust and mortgages
Then, it is charged, secondary and inferior deeds
interest rates
The extent to which these seasonal influences will tighten
ng the negligible equity of the respecconsideri
effect
and
worth
little
"of
policy
the
upon
t
between now and the end of the year is held to be dependen
purported security for bonds
their ac- tive mortgages," were executed and used as
of the Reserve banks, and for that reason bankers are watching
by the corporation.
issued
for the Paytion very closely.
These bonds, it is further charged, were pledged as security bonds were
of currency
Additional reserve requirements of member banks on account
ion and the latter
corporat
the
by
issued
bonds
of
other
ment
can
banks
expansion alone are estimated at $200,000,000, and the Reserve
and value" sold to
pur- "by false representation concerning their security
and through
determine whether this will be met by rediscounting or open market
par as secured and safe investments by
a
pay
at
persons
various
latter
the
in
least
be
would
rates
interest
chases. The effect on market
the F. H. Smith Company.
which was
,
Instance,
Company
The substance of the charge against the Smith
and
The Federal Reserve Bank was a heavy purchaser yesterday of 60
, is that it "did devise and intend to
Delaware
of
the
laws
d
under
organize
stated
It
was
dealers.
from
90-day acceptances, according to reports
of persons" residing
ts, devise a scheme and artifice to defraud a great number
that the bank was also purchasing 90-day bills on repurchase agreemen
Columbia.
within In Pennsylvania and other States and the District of
bills
the
back
to
take
contract
ce
dealers
acceptan
which
under
former attorney for
In a separate report the grand jury charged that a
15 days.
ton bank, had accepted sums of
Washing
a
of
ident
,
nowipres
company
the
on
rates
their
d
advance
here
Last week, with a single exception, dealers
tion company to obtain for
previous rate of 4% money aggregating $100,000 from a construc
by the Smith
30 and 60-day bills to 4%% bid, 4% asked from the
that company a contract for the construction of buildings episode and
dealers
at
which
rate
the
brought
rates
in
advance
This
asked.
bid, 3%%
of this
tion
investiga
an
nded
recomme
jury
.
The
rate of the Federal Company
were ready to offer acceptances into line with the buying
the filing of proper charges.
asked.
Reserve Banks. Ninety-day bills are 4% bid, 3%%
come into the
have
bills
term
short
y,
yesterda
According to reports
In printing the above the "Times" added:
reports were curmarket in large volume within the last few days. Although
Crissinger Declines to Comment.
for bills, dealers
rent yesterday afternoon that there was strong demand
comment on the indictthan they were
Daniel R. Crissinger declined here yesterday to
declared that they were being asked to purchase far more bills
Washington. Reached on the
in
men
other
six
Bank.
and
Reserve
Federal
himself
the
against
upon
ments
able to dispose of without calling
H. Smith Comlarge volume of bills at telephone by The Associated Press at the offices of the F.
It was pointed out that the dealers are taking a
all."
it was declared. pany, Mr. Crissinger said: "I have no statement to make at
s,
portfolio
Their
%.
4%
of
terms
short
for
rate
their bid
later in the month the
are heavy at present. It was thought possible that
currency demand and
money market would tighten in response to increased
Vice-Governor of Federal
some extent to place Remarks of Edmund Platt,
that banks throughout the country would be likely to
ing Legislation, Past and
an adevent
"Bank
this
In
on
market.
Board,
e
the
upon
Reserv
present
at
bills which they hold
would be probable,
month
the
of
end
g of Small Units and
the
Mergin
before
s
dealers
—Favor
by
Prospective"
vance in rates
a liberal attitude in their
It was thought, unless the Reserve banks adopt
purchases.
hold a large volume of bills
Sould the rates advance while the dealers
that they would call upon the
taken at 4%%, it was considered likely
In consequence heavy borrowFederal Reserve Bank to a greater extent.
se agreements, is anticipated later
ing from the Reserve bank, on repurcha
In the month.
that the Federal Reserve Bank
It is pointed out furhter by bill dealers
its buying rate to 4% as a minimum,
within the last few weeks has lowered
%. It was
although for a time the dealers' offered rate dropped to
banks will not encourage the
believed in consequence that the Reserve
rate level for the balance
unrestricted easing of credit beyond the present
of the year.
Diversification and Investments.
ago—Dec. 7,
Brief reference was made in our issue a week
d Platt, ViceEdmun
by
3
Dec.
on
address
an
o
3574—t
page
Wharton
Governor of the Federal Reserve Board, at the
ity of PennUnivers
the
of
ce
Commer
and
e
Financ
of
School
had to say
sylvania. A fuller account of what Mr. Platt
7, and we
appeared in the "United States Daily" of Dec.
th:
herewi
quote the same
Board, Edmund Platt, declared
The Vice-Governor of the Federal Reserve
Philadelphia, recently, that
In a speech at the Wharton School of Finance,
legislation to
needs of the present banking system is
great
the
of
one
of
oller
r
and
Forme
Comptr
an
ns "so as to allow some
Representative Zihlm
some of the present statutory restrictio
remove
a good deal of the
Currency Crissinger Indicted on Charges Said to 'development toward a better system." He said thatconstruct
ive, and that
e rather than
restrictiv
Co.
been
Smith
H.
ud—F.
has
n
to
Defra
legislatio
Mails
of
banking
Allege Use
been enacted it has been for the
legislation has'
ive
construct
wherever
Named in Indictment.
purpose of correcting "glaring defects."
had been no bank suspensions
Representative Frederick N. Zihlman, Republican, of
Mr. Platt said it was to be noted that there
panic to date. He observed
market
stock
the
to
ble
attributa
Maryland; Daniel R. Crissinger of Marion, Ohio, who was or failures
or suspensions during the
failures
of
increase
an
been
had
there
while
that,
Comptroller of the Currency in the Harding Administration year, as compared with 1928, the closed banks were mostly of smalls.size
on general financial condition
and five other present and former officials of the F. H. Smith and, as such, had had little or no effect
g Legislaspoke informally on the subject of "Bankin
ernor
the
by
t
d
of
Vice-Gov
Distric
indicte
The
were
,
ge
concern
brokera
Co., a
follows in full text:
Prospective." The authorized abstract
and
Past
tion,
of
using
the
mails
charges
on
and National, might be
Columbia Grand Jury to-day
The banking legislation of this country, State
as to show that we, as a
way
the
1
a
of
Code;
such
215
Crimma
in
Section
of
on
humorist
violati
or
in
satirist
a
treated by
to defraud
sense than the
manifested rather less financial common
advices to this effect were contained in a Washington dis- Nation,ofhave
al nations. Our largest State once firmly
commerci
great
other
People
patch, Dec. 10, to the New York "Times" from which we had imbedded in its constitution, where it was doubtless regarded as
amendment forbidding the
quote further as follows:
sacredly fixed for all time, a prohibitory
were B. Bryan Pitts, Chairman of organization of banks.
The others named in the indictments
Texas regarded banks
President of the company; C. Elbert Anadale,
In those days the good people of the State of
the board; Samuel J. Henry,
Jr., director; Henry C. Maddux. The as rather worse than saloons, and it must be admitted that some of the
Vice-President; John H. Edwards
moved its headquarters to New York City, banks of the old days of wildcat State banking were pretty bad. We
F. H. Smith Co., which recently
of Alexander Hamilton
made a good early start under the able leadership
was indicted as a corporation.
to the Attorney-General, who has been
is interesting to note
Nugent Dodds. special assistant
towards a national central banking system, and it
the
said
nts,
of
the
each
indictme
to be wound up and
tion leading to
had
investiga
States
United
the
of
an
Bank
of
first
charge
the
in
rrow and that $10,000 bonds would be that
from the city which
defendants would surrender to-mo
liquidated in 1811, largely because of opposition
States, and perhaps of the
required.
is to-day the financial center of the United
Zihlman Declares Innocence.
world.
n of the District of Columbia
"Free Banking" Idea Predominated in West.
Representative Zihlman, who is Chairma
"Mayor
the
1811 because of
s
y
called
sometime
familiarl
official
an
bill failed in the United States Senate in
Committee of the House,
recharter
The
days ago as a director of the indicted comNew York, and Clinton was
of Washington." resigned several
the opposition and vote of George Clinton of
pany.
3732
FINANCIAL CHRONICLE
[VOL. 129.
backed by some of the leading bankers and financie
rs of New York City,
including John Jacob Astor. During the years that
followed we had a
second Bank of the United States, 1816-1836; but
until the Civil War
brought the National Banking Act, business most of
the time was under
the tremendous handicap of a fluctuating local State bank
note currency,
with the notes issued in one State, or even in
one city, almost always at a
discount if presented elsewhere.
In New England, New York and Pennsylvania the
State banks generally
were pretty strong and reliable and were organize
d under reasonably sound
general acts. In the older Southern States banks continu
ed to be specially
chartered by the Legislatures and were, therefore,
usually large, strong
institutions. In the newly formed Western States the "free
banking" idea,
which started in New York, ran wild and resulted
in every sort of banking
experiment, most of them disastrous. In Indiana
for some years there
were both the best and worst banking systems almost
side by side at
the same time.
A good deal of our banking legislation has been restrictive
rather than
constructive, and the great constructive measures
that have been passed
by the Congress of the United States, such as the Nationa
l Banking Act
and the Federal Reserve Act, were passed for the
purpose of correcting
the most glaring defects of an individual local unit banking
system without recognition of the fact that much of the trouble was
due to the
local unit system itself. What we need now is to remove
some of the
restrictions in the present laws so as to allow some develop
ment towards
a better system.
"Speculation got out of hand because bankers
no longer control credit,"
declared Mr. Young in replying to Senator
Brookhart (Rep.) of Iowa,
who protested against the high rate paid by
farmers for electric current.
"Money has been bootlegged outside," he said, adding
that he thought the
recent stock market crash was "an unfortunate
thing for legitimate
business."
Senator Wheeler (Bern.) of Montana, asked the
witness if be could not
say the crash was due to the "Hoover market,
" but Mr. Young's reply
escaped recording because of the laughter in the
committee room. Later,
Mr. Young admitted, "there has been great confusio
n."
Elaborates on Proposal.
Asked by Senator Brookhart if he would support
Senator Glass's 5%
stock sales tax proposal, Mr. Young -replied that
he was not familiar with
the measure, although he had high regard for the Virginia
Senator.
Testifying in connection with radio communications
, Mr. Young in the
capacity of Chairman of the General Electric Co.'s
board and a director of
the Radio Corp. of America and subsidiaries,
elaborated en his proposal
submitted to the committee yesterday to authorize
unification of international radio and cable communications service.
At the outset of his testimony, Mr. Young read
into the record a memorandum covering a "preliminary understanding"
by which the International
Telephane 5: Telegraph Co. would pay approxi
mately $100,000,000 for
R. C. A. Communications, Inc., effectiv
e when, and if, law was enacted
to permit such consolidation. Confronted
by Senator Dill (Bern.) of
Washington, with a newspaper clipping under
Changes Were of Benefit Particularly to City Banks.
date of March 29 last,
which detailed consummation of the purchase
The.McFadden Act of February 1927 went a little way
of R. C. A. Communications,
toward removing Inc., by the International Telepho
ne
Ss Telegraph Co., the witness insisted
unnecessary restrictions; but the changes were of
benefit mostly to city no sale has yet been effected
. Mr. Young said, however, that there is
banks. The McFadden Act prevents country banks,
an
even if located in understanding between the two
companies that there be no investment for
adjoining towns, from pooling their resources. Of
the 4,513 bank failures duplication pending legislation
now contemplated.
reported to the Federal Reserve Board from 1921 to 1927
inclusive, 63%
Mr. Young's reading of the memorandum drawn
were of banks with capital of $25,000 or less, and 61%
up last February outlinwere banks located ing the rate base upon which the
two companies contemplated carrying out
in towns of less than 1,000 inhabitants. This may
be taken as conclusive the consolidated precipitated
repeated questioning by committee members
evidence that the American effort to provide banking
,
facilities in very
who were unable to fathom such calculat
small places, by means of very small unit banks, is
ions. He explained that the actual
a failure and cannot investment of R. C. A. Communi
cations, Inc., was $40,000,000, includin
be made to succeed except when all surrounding economi
g
c conditions are patent rights, and that the Internat
favorable.
ional Telephone di Telegraph Co. would
transfer to the radio company 400,000 common
Too often economic conditions have been unfavor
shares,
or
1,200,0
00
now
able—crop failures, In view of the I. T. & T.'s three-fo
r-one arrangement, valued at $96,000,000.
local industrial failures or merely the failure of
the neighborhood itself to
grow. Mr. Platt quoted with approval from the
United States Policy Biggest Factor.
address of Mr. Clyde
Hendrix, of the Tennessee Valley Bank of Decature,
The consolidation depends upon whether
Ala., at the meeting
Congress, in dealing with the
of the American Bankers' Association in San Francisc
communications problems, continues "the
o, the following:
competitive policy" or adopts a
"Every banker Is acquainted with the appalling mortalit
"monopo
listic policy" with Government regulati
y record of the small um,
on, he said. Ile reiterated
banks located In purely agricultural territory. No
the lack of proper manage- the statements of yesterday that the competit
ment ana dishonesty account for a small percentagedoubt,
ion in the international comof such failures, but In the main munications field is
the wholesale, colossal number of small bank
"ruinou
s,"
and if consolidation of radio and
failures properly can be charged to the
cable
system itself."
service is not permitted, he said, the
Government should take over AmerThis, Mr. Platt said, substantially is the belief
of the present Comptroller ican communication companies. When it comes to Government running
or nation-wide branch banking—will not be known
business, he said that he doubted
until his annual report
that the Government could do as well
tions, or more elaborate supervision, but
a relaxation of some of the as private interests.
present restrictions upon banking; so that a
Admiral
Cary
T.
Grayson
, physician and naval aide to President
gradual change of the system
Wilson,
itself can take place—a change by which some
of the small unit banks may appeared before the committee to-day to support a statement by Mr. Young
be merged with banks in other places so
as to provide larger banks with that the former President suggested the organization of the Radio
Corpora
funds sufficient to provide good managem
tion
of America as asserted in some of
ent, and covering a territory
its advertising.
wide enough to insure a diversification of
The question of the exact circumstances
loans and investments.
under
which
the Radio Corp.
of America came into being
has occupied an independent place in the comDoes Not Favor Too Extensive Branch Banking
.
mittee hearings. Mr. Young related
that Mr. Wilson had "asked for the
Just what form the Comptroller's recomme
ndations to Congress may conservation of our American patent rights
and resources in the radio field,
take, just what limits he may propose—for he
is not in favor of unlimited and made an appeal to Americans having
such rights not to part with
or nation-wide branch banking—will not be known
until his annual report them."
goes to the Speaker of the House of Represen
To-day Mr. Young read to the committ
tatives about the middle of
ee a letter signed by Thomas
the present month. He has arrived at his
conclusions not only as the Washington, Acting Secretary of the Navy,
which had been marked "apresult of long experience as a bank examine
r and as the head of the super- proved" by President Wilson. The letter was
dated Jan. 12 1920.
visory forces of the United States Governm
In reference to the co-operation between
ent, but as the result of careful
the Radio Corp. and foreign
study. In my opinion he is on the right
track and deserves full support companies Mr. Young explained that "a radio
circuit is effective only
not only from economists and students
of banking, but from business when both ends are effective. If we had an
American end that could send
men and bankers.
200 words a minute and British compan
y had an end that could receive
Mr. Platt made no reference during
the course of his address to the only 25 words a minute the capacity of the
circuit would be 25 words.
recent stock market panic, except
to remark that while the year 1929 Therefore, the moment we could have a contract
with the other companies
up to the close of October has recorded
521 bank suspensions, as compared it was greatly to our interest to have the other
end
of the circuit as effective
with only 375 during the same period of
1928, no suspensions or failures as our own. This was necessary in order that
we could try to improve
have been attributed to the recent
stock market panic up to date. Prac- over the cables."
tically all suspensions have been in the
West and South, and the banks
Testifying before the Senate Committee
mostly are so small as to have little
on Dec. 9, Mr.
or no effect upen the general financial
condition of the country.
Young Indicated his willingness to
have the Government
He digressed from his main subject
long enough to refer to the develop- take over American commu
nication services if unification
ment of the bill market, or market
for bankers' acceptances during the
of international communications can be achiev
present year. For the first time
since the Federal Reserve System
ed in no other
was way.
established, he said, the bill market
The New York "Journal of Commerce" furthe
during this year has been standin
g
r reon its own feet without any nursing
by the Federal Reserve banks.
Early ported as follows what Mr. Young had to say Dec.
in the year the rate at which Federal
9:
Reserve banks purchased bills from
member banks, or from dealers, was
"If you have any hesitation about unifying
our external communications
placed above the Federal Reserve in
the hands of a private company under
rediscount rate, with the result that
investors, including banks, institutions
Government control," said Mr.
Young to-day in appearing before a
and individuals, began to purchase bills
Senate Committee conducting a general
because of the attractiveness of
investigation of radio and the communi
the rate.
cations companies, "then I beg of
you, in the national interest, to
More recently, investors have been
unify them under Government ownership
outbidding the Federal Reserve banks
in order that America may not
and have been taking the new bills in spite
be left, in the external communication
of very low rates. This may efir
enlndi,enstushAect to the dictation and
be due to the fact that some of the corporat
control of foreign companies or govions and individuals who had
been loaning money on call in the stock market
now are buying bills.
The consolidation Mr. Young proposes
in the field of international communications would include, he said, "not
only the communications division
of the Radio Corp. of America
Owen D. Young, Director New York Feder
and the International Telegraph It Teleal Reserve phone
0e—a merger that has been withheld
Bank, Declares Bankers No Longer Control
pending authority of law—
Credit but would join in the same organization
the cable facilities of the Western
Situation—Believes in Unification of
International Union," he recommended private ownership with
regulation by the
Communications—Testi
Government.
mony Before Senate Committee on Unification of Radio, Telegraph
and
Cable Companies.
The great maelstrom of stock market speculation
which
"cost money to every legitimate business in Ameri
ca and
Europe" came about through money being "bootlegged"
outside of banking channels, Owen D. Young, a direct
or of the
New York Federal Reserve Bank, told
the Senate InterState Commerce Committee in Washington on
Dec. 10, in
the course of his second day's testimony
on radio communications. The foregoing Is from the Washington
account to
the New York "Journal of Commerce,"
Dec. 10, the account
continuing:
Against "Ruinous" Competition.
In introducing his discussi
on of cables and the radio, Mr. Young suggested that a merger of the
two domestic telegraph companies—Western
Union and Postal Telegr
aphshould be accomplished, saying it would
lead to a better type of service
and would stimulate research.
Mr. Young contrasted the develop
ment of communications by voice by a
company—American Telephone dc Telegra
ph—which he said is practically a
"monopoly" under Government
regulation with the development of
telegraphy.
Ile declared that opposed
as Government ownership is to American policy,
"it is preferable to ruinous
competition." He said that regulating rates
by competition in the public
service field has not proved satisfactory here
or elsewhere, adding that
it has largely disappeared.
Ile was heckled by two Democra
tic members of the committee—Senators
Dill (Washington) and Wheeler
(Montana)—when William C. Green, special
counsel for the committee,
cross-examined Mr. Young in regard to a
magazine article attributing
statements to the witness relating that
DEC. 14 1929.]
FINANCIAL CHRONICLE
President Woodrow Wilson gave the Radio Corp. carte blanche to set up a
"monopoly" in communications field in 1919. Other Democratic members,
including Senators Barkley (Kentucky), Tydings (Maryland), Wagner (New
York), and Ilawkea (Missouri), protested to Senator Couzens, Chairman,
that Mr. Young should not be interrogated as to whether President Wilson
had advocated such a monopoly in the interest of conserving American
patents.
Denies Propaganda.
Replying to Senator Watson of Indiana, Republican floor leader, the
witness said he did not know that the Radio Corp. had used President
Wilson's policy to propagandize. Chairman Couzens stated that "it is a
fact such information is used in the company's advertising."
At this point Senator Dill read into the record correspondence exchanged
in 1919 between Mr. Young and Governor Franklin D. Roosevelt of New
York, then Assistant Secretary of the Navy, discussing an arrangement for
conservation of communications. Asked how Josephus Daniels, then Secretary of the Navy, felt about this matter, Mr. Young said the former
Secretary personally favored Government ownership, but wanted to await
Congressional action.
Another outbreak occurred during the hearing when Chairman Couzens
asked the witness if the directorates of the Radio Corp. and the General
Electric Co. were interlocking. Mr. Young furnished the committee with
names of the directors of the two concerns which showed that only four
members out of about a score on each company's board served on both
boards.
Under grilling as to affiliations between the General Electric, Radio
Corp. and Westinghouse Electric, Mr. Young said that he thought "Radio
would still be in the hands of lawyers in courts instead of in the hands of
engineers." He said "the art was released" by an agreement promulgated
in 1921 to avoid infringement of patent rights. A copy of this agreement
was inserted in the record.
3733
Initial Offering of Treasury Bills-Tenders Asked
For $100,000,000.
The first public offering of Treasury bills was announced
on Dec. 9 by Secretary of the Treasury Mellon, who invited
tenders for an issue of $100,000,000 or thereabouts. As was
indicated in these columns Dec 7, page 3574, in our reference
to the Treasury Department's December financing, the bills,
which are payable at maturity without interest, are to be
sold on a discount basis to the highest bidders. Tenders for
the same were asked up to 2 p. m. standard stime, Friday
Dec. 13, at the Federal Reserve Banks or their branches.
The bills will be dated Dec. 17 1929 and will mature March
17 1930. They will be issued in bearer form only, and in
denominations of $1,000. $10,000 and $100,000. It was stipulated that no tender for an amount less than $10,000 would
be considered. Tenders were required to be made in multiples of $1,000, the price offered being expressed on the basis
of 100, with not more than three decimal places, viz. 99.125.
As we have before reported, these bills will be exempt, both
as to principal and interest (discount) from all taxation,
except estate and inheritance taxes. Secretary Mellon's
announcement of the offering follows:
The Secretary of the Treasury gives notice that tenders are invited for
treasury bills to the amount of $100,000,000, or thereabouts. The treasury
bills will be sold on a discount basis to the highest bidders. Tenders will
Banks, or the branches thereof, up to
Subscription Books to Treasury Certificates Offering be received at the Federal Reserve time,
on Friday, Dec. 13 1929. Tenders
two o'clock p. so., Eastern Standard
of $325,000,000 Closed-Issue Oyer-subscribed.
will not be received at the Treasury Department, Washington.
The treasury bills will be dated Dec. 17 1929, and will mature on March
The subscription books for the new issue of Treasury
17 1930, and on the maturity date the face amount will be payable withon
offered
TS-1930)
(Series
certificates of indebtedness
out interest. They will be issued in bearer form only, and in amounts or
Dec. 6 to the amount of $325,000,000 or thereabouts, were denominations of $1,000, $10,000, and $100,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in
closed at the close of business Saturday, Dec. 7. The issue,
special envelopes which will be supplied by the Federal Reserve Banks
as noted in these columns, Dec. 7, page 3574, is dated Dec. 16 the
or branches upon application therefor.
1929, will mature Sept. 15 1930, and will bear interest at
No tender for an amount less than $10,000 will be considered. Each
the rate of 3143%. In announcing the closing of subscrip- tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
tions, Secretary Mellon said:
Fractions must not be used.
Subscriptions received through the mails up to 10 A. M., Monday, Dec. 9
Tenders will be accepted without cash deposit from incorporated banks
1929, will be considered as having been received before the close of the and trust companies and from responsible and recognized dealers in insubscription books.
vestment securities. Tenders from others must be accompanied by a
On Dec. 9 Secretary 'Mellon stated that the subscriptions deposit of 10% of the face amount of treasury bills applied for, unless
of payment by an
aggregated "some $722,000,000," of which $185,381,500 repre- the tenders are accompanied by an express guarantee
incorporated bank or trust company.
sented subscriptions for which Treasury certificates of
on Dec. 13
of
tenders
receipt
for
Immediately after the closing hour
Indebtedness of Series TD-1929 and TD-2-1929, both matur- 1929, all tenders received at the Federal Reserve Banks or branches thereof
opened and public announcement of the
ing Dec. 15 1929, were tendered in payment. All these up to the closing hour will be
acceptable prices will follow as soon as possible thereafter, probably on
of
Secretary
announcement
later
A
were allotted in full.
the following morning. The Secretary of the Treasury expressly reserves
Mellon (on Dec. 11) indicated that the total subscriptions the right to reject any or all tenders or parts of tenders, and to allot less
amount applied for, and his action in any such respect shall be
received were $722,552,500, and that the amount allotted than theThose
submitting tenders will be advised of the acceptance or
final.
was $351,640,500. Secretary Mellon's announcement of rejection thereof. Payment at the price offered for treasury bills allotted
must be made at the Federal Reserve Banks in cash or other immediately
Dec. 9 follows:
before Dec. 17 1929.
Secretary Mellon announced that subscriptions for the issue of certifi- available funds on or
The treasury bills will be exempt, both as to principal and interest
cates of indebtedness, dated Dec. 18 1929, Series TS-1930, 3%%, maturing
except estate and inheritance taxes. The
Sept. 15 1930, closed at the close of business on Saturday, Dec. 7. Reports (discount), from all taxation,
which the treasury bills are originally sold by the
from the 12 Federal Reserve Banks show that subscriptions for the offering amount of discount at
considered as interest for tax exemption purposes.
of $325,000,000 aggregate some $722,000,000. Of these subscriptions, United States shall be
Department Circular No. 418, dated Nov. 22 1929, and this notice as
$185,381,500 represent subscriptions for which Treasury certificates of
Treasury, prescribe the terms of the treasury
indebtedness of Series TD•1929 and TD-2-1929, both maturing Dec. 15 1929, issued by the Secretary of the
of their issue. Copies of the circular may
conditions
the
and
govern
bills
full.
in
allotted
were
these
of
All
payment.
in
were tendered
Reserve Bank or branch thereof.
Allotments on other subscriptions were made as follows: All cash sub. be obtained from any Federal
This offering will constitute the first issue of treasury bills, which are
scriptions in amounts not exceeding $1,000 were allotted in full. Cash
securities authorized by a law enacted by the
subscriptions over $1,000, but not exceeding $50,000, were allotted 70%, a new form of Government
law authorizes the issuance of treasury bills
but not less than $1,000 on any one subscription; cash subscriptions over last Congress. While the
maturity, generally speaking they will be issued
$50,000, but not exceeding $100,000, were allotted 60%, but not less than with a twelve months
offering, with a 90-day maturity or with a maturity
$35,000 on any one subscription; cash subscriptions over $100,000, but not as in the case of this
Issued from time to time as the current
exceeding $1,000,000, were allotted 40%, but not less than $60,000 on not in excess of three months.
Government may dictate and with frequent and conany one subscription; cash subscriptions over $1,000,000, but not exceed- financial needs of the
furnish an attractive medium for short
ing $25,000,000, were allotted 20%, but not less than $400,000 on any venient maturities, they should
intended to supplement rather than to supplant
one subscription ; and cash subscriptions over $25,000,000 were allotted term investment. They are
treasury certificates of indebtedness, which with maturities usually ranging
10%, but not less than $5,000,000 on any one subscription.
time constituted the
Further details as to the subscriptions and allotments will be announced from six to twelve months, have up to the present
principal medium of short term Government financing.
when final reports are received from Federal Reserve banks.
Treasury bills offer certain advantages as compared with treasury cerThe announcement of Secretary Mellon on Dec. 11, indi- tificates. The issue can he timed to coincide almost exactly with the
needs for funds as compared with the existing practice of borrowing four
eating the subscriptions and allotments, follows:
certificate offering; they will not be
Secretary Mellon to-day announced that the total amount of subscrip- times a year on fixed dates through
interest rate fixed by the Treasury but at a discount
an
with
par
at
sold
of
certificates
Treasury
of
indebtedness,
issue
Series
the
for
received
tions
through competitive bidding; their maturities
TS-1930, 3%%, dated Dec. 16 1929, maturing Sept. 15 1930, was $722,- rate fixed by the subscribers
closely to the actual collection of income taxes
552,500. The total amount of subscriptions allotted was $351,640,500, of can be timed to correspond
on the nominal date of tax payment; and finally the
which $185,381,500 represents allotments of subscriptions for which instead of falling
take advantage of periods of seasonal ease for
Treasury certificates of Indebtedness of Series TD-1929 and TD-2.1929, Treasury should be able to
borrowing instead of being compelled to offer a large issue of
were tendered in payment. All of such exchange subscriptions were allotted short term
temporary stringency and high money rates.
in full, while allotments on other subscriptions were made on a graduated securities during a
The Treasury Department believes that treasury bills will prove to be an
scale.
economical additional medium through which the short term
The subscriptions and allotments were divided among the several Federal efficient and
financing of the Government may be conducted and hopes that they will
Reserve districts and the Treasury as follows:
receive a favorable reception on the part of the public.
Subscriptions
Receired
Allotted.
As we have previously pointed out the treasury bills are
$19,290,000
$7,028,000
Boston
309,386,500
189,531,500 Issued under authority of the amendment to the Second
New York
42,122,000
16,500,000
Philadelphia
25,930,600
11,801,000 Liberty Loan Act, signed by President Hoover on June 17
Cleveland
24,839,000
13,859,000
Richmond
27,876,000
14.284,500 last. The Treasury Department's circular, No. 418, dated
Atlanta
66,685,000
45,141.000
Chicago
7,096,500
5,176,000 Nov. 22, referred to above in Secretary Mellon's statement,
St. Louts
3,398,000
1,953.000
Minneapolis
given in our issue of Nov. 30, page 3411.
10.208,500
8,097,000 was
Ran.sas City
28,452,000
14,009,500
afternoon the Secretary announced that the tenders
Dallas
Friday
157,012,500
26,174,000
San Francisco
258,000
196,000 had totalled $223,901,000. The highest bid was $99,310,
Treasury
MI,S,Total
$722,552,500
8351,610,500
t%. The lowest bid ac/
equivalent to an interest rate of 23
3734
FINANCIAL CHRONICLE
cepted was 99.152, equivalent to 3%%. Only about 80%
of the amount bid for at the latter price was accepted. The
total accepted was $100,000,000. The average price was
99.181. The Treasury was informed that these securities in
so far as rate of discount is concerned would be dealt in on
the same basis as bankers bills. The average annual rate
on a bank discount basis is about ni%.
Redemption of Treasury Certificates of Indebtedness
[Vol.. 129.
committee meetings, including the lobby probe and the hearings
before
the Commerce Commission on the radio situation.
It was the plea of Senator Smoot that this is necessary if the Senate
is to make headway with the bill. He pointed out the whole day had
been utilized in debate and not a single tariff vote taken. It was
declared by others that the time had been well spent, for the discussions to date have been most important.
Reconstruction of the vote by which the Senate agreed to a rate of
34 cents per pound upon the clean content of wool imported into the'
United States is to be sought by Senator Blaine (Wisconsin). Continuing his attack in the Senate today upon the wool schedule, the
Wisconsin Senator opposed particularly the proposed 24 cents per
pound rate on imported wool rags and held that the 3 cents increase
in the raw wool rate was not justified.
Before Maturity.
The privilege of redeeming before maturity of Treasury
From the United States Daily of Dec. 10 we take the
Certificates of indebtedness, due Dec. 15 1929, was announced by Secretary of the Treasury Mellon on Dec. 8. following relative to the previous day's consideration of
In giving the announcement the "United States Daily" of the bill:
The Senate, in its consideration of the tariff Dec. 9, debated proDec.9 said:
Preparatory to the quarterly fiscal operation centering around midmonth, the Secretary of the Treasury, Andrew W. Mellon, announced
Dec. 8 that the Federal reserve banks had been authorized to begin the
redemption of certificates of indebtedness maturing Dec. 15 beginning
Dec. 10. The certificates which mature are series TD-1029, carrying 43<f %
5
interest and series TD-2-1929, carrying an interest rate of 44%.
The
total of the two issues is something like 8700,000.000,and up to 8200,000,000
of that amount constitute exchangeable debentures in connection with the
new offering which the Treasury has announced as a part of the Dec. 16
financing. Following is the full text of the Treasury's statement:
Secretary Mellon announced that he has authorized the Federal reserve banks,
beginning on Tuesday, Dec. 10 1929, and until further notice, to redeem in cash
before maturity, at the holders' option, at par and accrued interest to date of such
optional redemption. Treasury 4 % certificates of indebtedness of series TD-1929,
and Treasury 4%% certificates of indebtedness of series TD-2-1929, both maturing
Dec. 15 1929.
Senate Resumes Consideration of Tariff Bill.
Consideration of the tariff bill, the revision of which
was only partially completed by the Senate at the time of
the adjournment of the Special Session of Congress on
Nov. 22, was resumed by the Senate on Dec. 6, but the
measure was laid aside yesterday (Dec. 13) being displaced
by providing for reduced income taxes. As indicated in
these columns a week ago (page 3575) the tax reduction
meausure was passed by the House on Dec. 5. Our last
references to the tariff bill appeared in our issues of Nov.
23, page 3258 and Nov. 30, page 3412. The taking up anew
of the bill by the Senate on Dec. 6, and the changes in the
wool schedules made that day, were indicated as follows
in the United States Daily of Dec. 7:
Tariff Debate Resumed.
Immediately on the disposition of the Vare case, Senator Smoot
(Rep.), of Utah, chairman of the Finance Committee, called up the
tariff bill, which is still the unfinished business of the Senate. Debate
resumed on the wool schedule where the Senate had taken its last
major action on the bill when the rate on clothing wool was increased
from 31 to 34 cents a pound.
The wool schedule is the eleventh rate section. All the preceding
schedules have been completed for Committee amendments except that
on sugar, which has yet to be considered.
Tax Reduction Sought.
It is the intention of the majority leader, Senator Watson (Rep.), of
Indiana, to ask the Senate next week to lay aside the tariff for the
consideration of tax reduction legislation.
Some members of the
so-called coalition are opposed to such a step.
Certain Rates Revised.
The following rates were adopted by the Senate on the suggestion
of Senator Smoot, who declared them to be necessary to compensate
for the increase in the basic wool rate from 31 to 34 cents a pound:
A rate of 37 cents per pound on the clean content of scoured wool, is
against 34 cents in the House bill and 31 cents in present law.
A rate of 32 cents a pound on the clean content of wool on the skin,
as against 33 cents in the House bill and a present'30-cent rate.
A rate of 35 cents on wool, sorted or matchings, unscoured, as
against 36 cents in the House bill and 31 cents at present.
Excessive Fees Opposed.
Excessive rates on wool would do more to harm the wool industry
than any other act of Congress, Senator Blaine (Rep.), of Wisconsin,
declared, in discussing the proposed increase on wool noils. Such
action would destroy the industry which it is intended to protect, he
said, pointing out that it would bring about increased production and
ultimately hurt the producer, through decreased prices for the raw
product. It would bring about a greater increase in the price of clothing which the farmer would have to buy than he would get in return
from the tariff, the Wisconsin Senator asserted.
Senator Smoot called attention to the problem of shrinkage in wool
in determining the tariff and the benefit to the farmer, stating that
the best method for applying the duty was to apply it upon the clean
content of the wool and thus avoid the problem of shrinkage.
On Saturday, Dec. 7, the Senate was not in session. On
Monday, Dec. 9, according to the New York "Journal of
Commerce" a new drive for the early disposal of the tariff
bill was undertaken when Senator Reed Smoot, Utah, Chairman of the Finance Committee, prevailed upon the Senators
to add an hour to the work day, and beginning Dec. 10 to
meet at 11 A. M. instead of at noon as is generally customary. The account went on to say:
This move was protested by Senator Copeland (Dem.), of New
York, on the ground that it was too serious a tax upon the health
of the members for the proposal further is to continue the daily sessions
until 5:30 P. M. The general objection is that it interferes with the
posed increases in duties on wool noils and wool rags without reaching a
vote. Two amendments were introduced by Senator Blaine (Rep.),
of Wisconsin, to lower the rates proposed by the Finance Committee.
One amendment introduced by Senator Blaine would reduce the
duty on carbonized wool noils from 30 cents per pound, as provided by
the Finance Committee, to 22 cents per pound. The second amendment would set the rate on wool rags at 9 cents per pound instead of
at 24 cents as provided by the Committee. The present rate of wool
rags is 7% cents which the House increased to 8 cents. The House
had lowered the present rate on wool noils from 24 to 21 cents per
pound. The Finance Committee had raised the rate on carbonized
wool noils to 30 cents, and on noils, not carbonized, to 23 cents per
pound.
Senators Walsh and Copeland Oppose Increase in Rates.
Senators Walsh (Dem.), of Massachusetts, and Copeland (Dem.),
of New York, opposed the increased rates on the basis of higher prices
on woolen clothing, which they said would be reflected as a result
of
the higher tariff. Senator Walsh maintained that the consumer would
"pay the price."
Senator Copeland declared that any benefit to the industrial worker
would be little in comparison to the increased cost of clothing he would
have to meet.
Senator Blaine (Rep.), of Wisconsin, contended that the Finance
Committee amendment providing a rate of 30 cents on carbonized
wool
noils was prohibitive. Speaking as to the various increases
provided
in the same paragraph, Senator Blaine said that the rates
approved by
the Committee serve to place an embargo on cheaper wool commodities.
He pointed out two methods of considering the rates on wool and
wool
products, a displacement utility basis and a relative value basis.
The cheaper wool commodities that would be affected by the increased rates provide wool for those who cannot afford commodities
made from virgin wool, the Wisconsin Senator maintained. These
rates are to the disadvantage of the American wool growers and
the
woolen industry to the Western States, where manufactured, he said.
He introduced an amendment to make the rate on carbonized
wool
noils 22 cents per pound.
Wool Rags Lower Price of American Product,
Senator Smoot (Rep.), of Utah, chairman of the Finance Committee,
stated that every pound of wool rags brought into this country reduces
the price of American wool.
Senator Glass (Dem.), of Virginia, asserted that 93% of the farmers
wear "shoddy" woolens. Senator McKellar (Dem.), of Tennessee,
said that practically all of the uniforms used by the Army and Navy
during the World War were made out of shoddy.
Senator Steiwer (Rep.), of Oregon, supported the Committee rates,
maintaining that such rates are essential to the development of the
woolen industry. He emphasized the importance of the industry to
the Western States, where the terrain is too rough for other use than
raising of sheep.
"The result has been most serious when we have taken away protection from the wool industry," Senator Steiwer said. He maintained
further that placing higher rates on wool did little good unless corresponding rates were placed on wool substitutes.
Stating that debate on the bill continued all day, Dec. 10,
the New York "Times" reported, however, that little progress was made owing to stiff opposition to the rates of the
wool schedule reported by the Finance Committee. In
part the "Times" advices of Dec. 10 stated:
Senators George of Georgia, Caraway of Arkansas and Norris of
Nebraska, coalition members, were particularly active in assailing as
too high, the proposals in the pending bill.
At the close of the session at 5:30 P. M., Senator Watson, the
Republican floor leader, reiterated his statement of yesterday that an
attempt would be made on Friday to displace the tariff bill so that time
might be afforded to consider the ;160,000,000 tax cut resolution
sponsored by the administration. Mr. Watson expressed confidence
that the tax cut proposal would come up as indicated, and voiced
the
hope that it would be passed before adjournment on Saturday.
Although the Senate met at 11 o'clock In the morning to get an
early start on the tariff bill, it did not reach that subject until a
few
minutes after noon.
Wool Rates Voted on.
The Senate rejected by a vote of 53 to 22 a motion to retain the
24-cent rate, adopting thereby the committee rate of 30 cents present
a pound
on carbonized wool noils. Senator Blaine of Wisconsin
urged the
rate of 24 cents a pound, but the coalition broke on the proposition.
Mr. Blaine also met defeat when he opposed an amendment
offered
by Chairman Smoot of the Finance Committee increasing
the
of thread or yarn wastes from 23 cents a pound, as reported, rate
to 25
cents a pound, the vote for the Smoot motion being 47 to 22.
Senate also concurred in committee amendments fixing rates of 23 The •
cents
a pound on carbonized card or burr waste, of 16 cents on these
when not carbonized and of 24 cents a pound on all other woolproducts
wastes,
the first and last items being increases.
The Senate then proceeded to the consideration of wool rags.
The
committee recommended that these rags be made dutiable at 24
pound. An amendment by Senator Blaine reducing the rate 9cents a
cents
DEC. 14 1929.]
FINANCIAL CHRONICLE
One offered by Senator
a pound was defeated by a vote of 31 to 42.
cents a pound, was beaten by
Copeland of New York, fixing it at 10%
amendment for a sliding
a voice vote. Senator Metcalfe presented an
under discussion when the
was
this
and
cents,
16
to
8
scale ranging
proposing a compromise rate
Senate adjourned. A Watson amendment
will be voted on tomorrow.
of 18 cents a pound also is pending. Both
the "high" rates of
Senator Copeland protested generally against
be to increase the cost
the wool schedule. He said their effect would
of clothing worn by the poor.
stated that a lively
In the same account (Dec. 10) it was
Allen, Republican,
or
Senat
when
discussion was provoked
editor of The
of Kansas, read an article signed by the
apers in
newsp
other
1,237
and
l
Journa
Minneapolis
prompt
urging
a,
Dakot
Minnesota and North and South
farmers. Conof
sts
intere
the
in
bill
tariff
the
on
action
tinuing the "Times" dispatch said:
as a full page
The article, addressed to the Senate, and printed
per this morning, prompted
advertisement in a Washington newspa
be called before the lobby
Senator Norris to demand that the signers
ganda." Mr. Allen
committee to determine the source of the "propa
in The Record.
agreed to his suggestion that the names be printed
Schall, Republican,
"For over a year in Minnesota," said Senator
to buy 300 newsof that State, "some concern has been using a utility
I do not know
papers, and I understand they have been purchased.
by the Senator from
whether they are the same newspapers mentioned
is being shot
Kansas or not, and I am wondering what Eastern money
into Minnesota to purchase our newspapers."
not asking
was
est
The appeal to the Senate stated that the Northw
that in the
that industrial rates be "slashed" indiscriminately, but
be best
opinion of the editors, "the interests of the Northwest will
protection to
subserved by a tariff measure that will give adequate
agriculture."
sement said,
Undue delay in the passage of the tariff bill, the adverti
program
"would interfere with President Hoover's wise emergency
it asserted,
ion,
Protect
."
for stimulating business and industrial activity
"dewas essential to prosperity, whereas a low tariff policy brought
pression and unemployment." It concluded:
will be
"We sincerely believe that the best interests of agriculture
d
better served by the quick passage of the tariff bill with its splendi
new farm rate schedule."
Allen and Norris Renew Row,
ReSenator Allen of Kansas, a spokesman of the "Young Guard"
republican group, Senator Norris of Nebraska, an insurgent leader,
the
on
ay
viewed for half an hour an argument they started yesterd
,
revision
tariff
of
plan
y"
question whether farmers favored the "Grund
was a
or the plan advocated by Senator Borah. The basis of the row
on motion
newspaper advertisement, printed in the Congressional Record
olis
of Mr. Allen, which was signed by the editor of the Minneap
, urging
Journal and other nswspapers of Minnesota and the Dakotas
some
wanted
Norris
that the Senate expediate action on the tariff. Mr.
ee on the
of the signers summoned before the investigating committ
ground of circulating "propaganda."
3735
vote a committee increase in
The Senate approved without a record cents a pound. The present
to 24
the duty of shoddy and wool extract
made it 18 cents.
rate is 16 cents and the House
Walsh of Massachusetts, both
Senators Copeland of New York and
duties on wool rags, which are
"high"
against
ed
protest
Democrats,
of cheaper grades of clothing on the
employed in the manufacture
s
to enhance the prices of such product
ground that the effect would be
Senator Copeland warned that if
purchased by the "common man."
was
ent
contained in the Watson amendm
any rate approximating the one
when
ing it would go down to defeat
adopted, many of those support candidates for election.
as
ves
themsel
innext they present
the coalition together against an
Senator Blaine fought to hold
the fight on the Senate floor twenty
recalled
He
duty.
the
in
crease
Follette Sr.
Senators Dolliver of Iowa and La
Payneyears ago, when the late
nt opposition of that time in the
if it
of Wisconsin held the insurge
disaster
courted
group
farm
present
the
Aldrich bill. He said
.
Grundy
Mr.
of
hip
leaders
followed the
Committee had said yesterday that,
Chairman Smoot of the Finance
on
was satisfied that the 24-cent rate
he
debate,
the
to
g
listenin
after
Watson
that he was willing to accept the
why,
wool rags was too high and
upon Mr. Smoot to explain
compromise. Senator Blaine called 18 cents, he would not go lower,
rate to
if he was willing to scale the
the question.
but the Utah Senator ignored
Duty.
Roll-Call on Wool Rags
among
ent, twenty-one coalitionists,
amendm
Watson
the
on
In the vote
Frazier and Schall, Republicans, and
rt,
Brookha
Borah,
s
the proposal.
them Senator
a, Democrats, supported
Wheeler and Walsh of Montan
the increase.
opposed
cans
Republi
regular
Most of the New England
Further increases in wool
Senate on Dec. 12 before it
the $160,000,000 income tax
Associated Press accounts in
added:
tariffs were approved by the
adjourned to make action on
reduction resolution possible.
the "Times" in indicating this
will
ng, the parliamentary situation
By adjourning instead of recessi
consideration
a motion to be made for
permit
to
as
ow
tomorr
r,
such
be
The resolution itself, howeve
of the tax proposal without debate. Leaders of both parties predict its
ion.
discuss
will be open to unlimited
tariff measure unduly.
early adoption without delaying the
away
cans continued today to wean
The Finance Committee Republi
growing
can Independents from wool
Republi
and
ats
Democr
enough
zed
in duties of wool waste, carboni
States to put through increases
for the increase previously voted on
wool and wool yarns to compensate
pound.
raw wool from 31 to 34 cents a
g Rate.
Existin
the
Reject
d by 45 to 34 an amendment
The only roll-call of the day rejecte
Arizona, to restore the existing comby Senator Hayden, Democrat, of
and 20% ad valorem on carbonized
pound
a
cents
bination rate of 33
advanced than roving. The cornfurther
not
tops,
wool, including
20% was accepted without a record
and
pound
a
cents
37
of
mittee rate
vote.
Hayden contended that the
Arguing for his amendment, Senator and consequently there was
effective
rate on raw wool was not wholly
on
4-cent differential above that duty
no justification for placing a 3 or
sion
ed
discus
was
renew
e.
there
schedul
11,
Dec.
the
on
in
e
In the Senat
every other levy
Smoot of the Finance CommitOpposing the amendment, Chairman
the
of the article in the Minneapolis paper, the "Times" noting
would "kill the wool industry in
it
,
adopted
if
that,
d
asserte
tee
this as follows:
West."
to the intimation of
four Democrats joined thirty-two
Mr. Allen said today that the editors objected
Nine Republican independents and
Three
that there was
Hayden proposal.
Mr. Norris that they had embraced "Grundyism" and
regulars in voting against the
can
Republi
been paid for
combined with thirty Democrats in supno justification for intimation that the advertisement bad
independents and one regular
by others than the signers.
it.
to afford such porting
ee proposal to increase the duty
"I think these Minnesota editors have sufficient money
Approval also was given a committ
31 cents in the present
g, roving and ring waste from
an advertisement," Mr. Allen said.
slubbin
top,
on
cents a pound. The House
has," Mr. Allen replied.
cents in the House bill to 37
"They may have more money than Grundy
34
and
law
as it did on raw wool.
advocates. Grundyism
d the same rates on these wastes
"They are advocating the same thing Grundy
manufactured articles provide
Eliminated.
says, 'keep hands off the tariff levied upon the
Duties
Yarn
Lower
ism, and that is what
of the East.' That is Grundy; that is Grundy
brackets in the wool yarn paragraph
Elimination of the lower duty
the advertisements say in so many words."
the Finance Committee, thus placing
by
ended
recomm
sing the was approved,atas not more than 50 cents a pound in the same bracket
On Dec. 12 the Senate voted in favor of increa
yarns valued
7Y2 cents to 18 with yarns worth not over $1 a pound.
duty on wool rags from the present rate,
Senate approved an increase in the
a
d
vote
of
by
For the latter class of yarns, the
carrie
was
40 cents and 35%,
cents a pound. The amendment
a pound and 35% ad vaolrem to
cents
36
from
duty
more than $1 but
46 to 32,-30 Republican and 10 Democrats being recorded the same as the House provided. Yarns valued at 40
cents a pound
on a tariff of
in favor of the 13 cent rate, and 11 Republicans and 21 not over $1.50 a pound were putcents
40% in the present law.
and
36
and
bill
House
the
the
of
e
Senat
and 45% in
Democrats voting in opposition. The action
tomorrow, the Senate is not exBy taking up the tax resolution
11,
the tariff measure until next week.
was reported as follows in a Washington dispatch, Dee.
pected to return to consideration of
rates in the wool schedule have
to the "Times":
Almost the entire manufactured goods
in the Senate, which had been yet to be acted upon.
n
coalitio
e
gressiv
tic-Pro
Democra
The
bill until the wool schedule
the tax reduction
in power throughout the debate on the tariff
Yesterday (Dec. 13) a motion giving
the Chamber, by a vote of 46 to
adopted by a
was
came up this week, split again today as
e
Senat
rags front 7% cents, the resolution right of way in the
32, decided to increase the duty on wool
d
by
Senator
Watson
propose
as
pound,
a
15.
cents
to
vote of 60
existing rate, to 18
of Indiana, the Republican floor leader.
on the wool rags amendment,
vote
the
in
hold
not
did
lines
Party
ss for several days, prac- Resolution Providing for Reduction in Federal Income
which has been discussed with great bitterne
Bill.
States, regardless of political
tically all the Senators from wool growing
Taxes Given Priority Over Tariff
compromise plan offered by
affiliations, rallying to the support of the
1% in the
of
ion
reduct
Pi The resolution providing for a
Senator Watson.
duals,
indivi
and
bill
ations
Smoot-Hawley
the
recomcorpor
ng
reporti
to
in
ng
ee
applyi
The finance committ
Federal income tax
House put the duty at 8 cents.
our issue of Dec. 7, page 3575,
mended a rate of 24 cents a pound. The
in
ted
indica
we
as
,
which
debate. Joseph R.
"Grundyism" figured prominently in the Senate
mous vote,
favored the highest rate at was passed by the House on Dec. 5, was, by unani
Grundy, who is a worsted manufacturer,
e
can insurgent, of
Blaine,
Republi
favorably reported on Dec. 7 by the Senat Comd
ordere
committee hearings, and Senator
of North Carolina, Democratic tariff
ne" dispatch from
Tribu
ld
"Hera
The
Wisconsin, and Senator Simmons
ce.
Finan
on
sought a prohibitive duty on wool mittee
leader, asserted that Mr. Grundy
tion with the woolen manufacturers. Washington on that date said:
rags to gain an advantage in competi
resolution in committee. Senator
No attempt was made to amend the
ion
New Englanders Fight Increase.
George, Democrat, of Georgia, who believes the resolut
F.
Walter
an amendon the Watson amendment as New
be modified, was not present. It is possible he will offer
Two recorded votes preceded that
should
in
l
the
,
by
tion
ly that
Senator Metcalf
corpora
e. A proposa
ment on the floor to make the reduction, especial
England members fought the increas
providing a sliding scale of rates on wool tax, applicable to 1930 income instead of 1929 income, lie said to-day
Republican, of Rhode Island,
a
t
such
d
46
by
a
he
would
suppor
of
proposition
was
vote
but
defeate
this,
a
pound,
on
ned
he had not fully determi
rags, ranging from 8 to 16 cents
if offered.
to 32.
Senator Bingham, Republican, of ConAn amendment offered by
The resolution was reported to Senate on Dec. 9, at which
40% on rags was defeated by vote of
necticut, providing for duty of
time efforts made by Chairman Smoot of the Finance
47 to 34.
3736
FINANCIAL CHRONICLE
Committee to bring up the'tax cut propos
al proved abortive,
owing to the obstructive tactics
of Senator Blaine, Republican of Wisconsin, and Senator
Black, Democrat of Alabama. The "Times" dispatch,
from which we quote,
added:
As a 1'a:tilt, the Republi
can high command, led by Senator Watson
of
Indiana, went into conference
with Senator Simmons of North Carolina.
spokesman for the minority, followi
ng
which
it
was
announ
ced that a
determined endeavor would be
made to induce the Senate to proceed to
consideration of the tax resolution
at noon on Friday with a view of passing
t before adjournment Saturday
night.
Yesterday (Dec. 13) the motion giving
the tax reduction
proposed right of way in the Senate carrie
d by a vote of
60 to 15, Associated Press accou
nts in the "Sun" of last
night, indicating the Senate- action as
follows:
[VOL. 129.
Clarence M. Woolley, Chairman of Board,
American Radiator and
Standard Sanitary Corporation, New York
City.
Henry H. Robinson, President of the Los
Angeles-First National
Trust and Savings Bank, Los Angeles.
Walter C. Teagle, President of the Standar
d Oil Company of New
Jersey, New York.
James Simpson, President of Marshall Field &
Co., Chicago.
Cornelius F. Kelley, President of the Anacon
da Copper Mining Company, New York City,
Elbert L. Carpenter, President of the Nationa
l Lumber Manufacturers Association, Minneapolis.
Pierre S. du Pont, Chairman of the Board,
E. I. du Pont de
Nemours & Co., Wilmington, Del.
Lewis E. Pierson, Chairman of the Board,
Irving Trust Company,
New York City.
George Horace Lorimer, Editor of The
Saturday Evening Post,
Philadelphia.
Walter S. Gifford, President of the American
Telephone and Telegraph Company, New York.
Alvan Macauley, President of the National Automob
ile Chamber of
Commerce, Detroit.
John G. Lonsdale, President of the Americ
an Bankers Association, St.
Louis.
After once taking up the $160,00
0,000 tax resolution to-day the Senate
later was forced to make a
record
tax cut and the tariff bill and voted decision between consideration of the
overwhelmingly to go ahead with taxes.
Senator Blaine, Republican, of
Wisconsin, refused to permit the tariff
bill to be laid aside temporarily
for consideration of the tax resolution when
the tariff measure automatically
came before the Senate.
Chairman Smoot of the Finance
Stuart W. Cramer, Director of the Cotton
Committee thereupon moved to go
Textile Institute, Cramer.
ahead with the tax resolution and
his motion was carried, 60 to 15, Demo- ton, N. C.
cratic and Republican leaders joining
Charles Cheney, President of the Nationa
in its support.
l Industrial Conference
Board, Manchester, Conn.
Regarded as Test Vote.
Silas H. Strawn, Chairman of the Board, Montgo
mery Ward & Co.,
The vote was believed to
Chicago.
indicat
resolution in the Senate and leaders e the measure of strength for the tax
Harry Chandler, publisher of The Los Angeles
were pressing for an early decision.
Times, Los Angeles.
Those voting against laying aside
the tariff for immediate disposition
In announcing the names of the Committee Mr.
of the tax resolution were:
Barnes
said:
Republicans—Blaine, Borah, Brookhart, Cutting
, Frazier, LaFollette,
"A preliminary study of the many reports
Norris, Nye, Norbeck, McMaster
submitted to the National
and Schall-11.
Business Survey Conference, which met at
Democrats—Blease, Connally, Thomas of Oklaho
Washington Dec. 5, indima, and Wheeler-4. cates that there is nothing
The Administration's proposal for
to cause further timidity or hesitation but,
a I% cut in the corporation income rather warrants
confidence in the early stabilization of busines
tax rate drew fire, but both Republi
can and Democratic leaders rallied to without
s activity
justifying excessive optimism before the close
its defense.
of the test period
of the next few months.
Discussion of the tax bill brough
t
on
an
attack
upon the proposal re
duction of the corporation tax on
"Provisions for study and comparison of
the ground that the corporations during
conditions in the various
1929 had collected the tax from
the consumers, and that the reduced taxes industries through representative trade organizations is being made by
to be paid next year would be a
the formation of a large committee compris
bonus to the corporations.
ing competent and recognized
Senators Norris, Republican, of
Nebraska: Borah, Republican, of Idaho, leadership in the more important business fields. This committee will
and Barkley, Democrat, of Kentuc
ky, led the attack on the proposal to be announced later.
reduce the corporation tax.
"To shape and direct major policies as occasio
n requires a small comChairman Smoot, in charge of the
bill, said there had been exhaustive mittee which can meet more frequently and act with greater
investigations which had disclos
despatch
ed that taxes were not passed on to con- has been appointed to summarize and weigh the informa
tion obtained
sumers by corporations.
through the larger contact committee.
In selecting this smaller com•
Borah Presses Attack.
mittee, so that it would not be unwieldly
in size, it has been necessary
Mr. Borah argued that corpora
tions took into consideration the taxes to choose from a wealth of proven leadership, ability and charact
er.
they must pay in fixing their prices.
"In enlisting the service of the member
Mr.
Smoot
insisted
Federal
that
s the Chairman of the contaxes in corporations had made
no difference in 90% of' the retail price of ference, with his assistants, has been guided by many
conside
articles sold by corporations.
rations
.
Geographical distribution has been taken into
account, but greater weight
Senator Norris argued that it would
be better for the country, anyway, has geen given to breadth of experience. Many of those
to apply the $160,000.000 treasur
selected
have
y surplus to the reduction of the war debt. had this experience in various fields of business
and in the direction of
Chairman Smoot rushed to the
support of the reduction resolution and different types of industry.
Senators Simmons of North Carolina,
"Necessarily in making up a small committ
and Copeland, of New York, both
ee
Democrats, joined him.
it was impossible to
include many outstanding men of tried
experience and judgment or to
Mr. Simmons said that it was his underst
include
anding
that
the
resolut
represe
tax
ion
ntative
s of every line of business, many of which are
NVIIA proposed in the
thought that if this surplus was returned to the tax- of great importance."
payers it would tend largely to remove
a psychological situation that threat"The small committee will be called into consult
ened serious consequences." He
ation at an early
argued that this purpose would be defeated date, but nothing of an emerge
ncy character exists in the present
if the proposed cut for the corporations
was eliminated.
business situation to require undue haste in its
Senator Norris insisted that the tax resolut
work."
those who had suffered in the recent collaps ion was proposed to relieve
e of the stock market.
According to a Washington dispatch, Dec. 6, to
the New
York "World" President Hoover made it plain
Wants Freight Rates Cut.
that day
Application of $150,000,000 from the Treasur to
y
a reduction in freight that economic committees to be set up under the
rates on grain and cattle was propose
auspices
d as a substitute for the $160,000,000 of the Unite
d States Chamber of Commerce to organize
tax reduction by Senator McMaster, Republican,
of South Dakota.
After the Senate had voted to go ahead with the tax resolut
ion, Chairman industry for expansion of construction and maintenance
Smoot urged early action so the Senate could get
back to the tariff measure. work In 1930, will be merely tempo
He gave notice, however, that he might soon
rary affairs. It was
call up the French debt added
funding bill which passed the House yesterd
:
ay.
Favoring the proposal to reduce taxes by resolution, Senator
There will be no hook-up of Government
Smoot said:
and business and the much
"It might be just as well hereafter to make reducti
ons by special resolutions discussed proposal for a permanent economic council, through which
instead of by a general bill."
industry and Government might maintain liaison,
has been disapproved.
It is understood that Senator Couzens, a Finance ComWith reference to the conference of a week ago,
Mr.
mittee member, is considering an amendment proposing Barnes issued a statement on Dec. 6 saying:
committees which the business conference asked the Chairm
a reduction from 123/i to 10% in the capital gain and loss to The
an
appoint will be considered this coming week.
It is quite likely there
tax. According to the "United States Daily" of Doc.
will be named one larger conference committ
9,
ee, based on trade associawhile not finally determined upon this proposal, Mr. Couzens tion representation, and a smaller working committee, the members of
which will be selected for their individual attainm
ents and their wide
said he contemplates offering the amendment for a perma- knowled
ge of business affairs. This requires a little thought
and study
nent reduction beginning with the calendar year 1930.
as to their field and their
names.
Julius H. Barnes of U. S. Chamber of Commerce Names
Members to Serve on Executive Committee of National
Council of Business Men—Council Not to Be a Permanent Body.
On Dec. 12 Julius H. Barnes, Chairman of the Board of
the Chamber of Commerce of the United States, announced
the names of those who will serve with him as members
of the Executive Committee of the National Council of
Business Men, which later was authorized at the meeting
held in Washington on Dec. 5 under the auspices of
the
Chamber, as noted in our issue of Dec. 7, page 3576. The
members of the committee to serve with Mr. Barnes are:
Owen D. Young, Chairman of the Board, General
Electric Company,
and Radio Corporation of America, New York
City.
Myron C. Taylor, Chairman of the finance committ
ee, United States
Steel Corporation, New York City.
Thomas W. Lamont, of J. P. Morgan &
Co., New York City.
Paul Shoup, President of the Southern Pacific
Railroad, San Francisco.
The Chamber plans to put its extensi
ve organization in the service
of this follow-up work.
It is now analyzing the many important and
significant reports and statements filed by all
the industries as to their
present position and their prospects.
Manifestly it was impossible in the one-day session
which was held
to present from the floor materia
l in as complete detail as this follow-up
work will require. Opportunity was therefo
re provided for supplementary reports. Many of these have
been received and are being '
studied. Additional reports, which will
be made, also will be given
immediate attention.
Certain things stand out concerning the
conference itself.
First, that it presented an extraor
dinary and comprehensive cross
section of the whole fabric of Americ
an business represented by leaders,
who could speak with convict
ion and the authority of proven leadership
in their lines.
Second, that in taking up any possible
slack in wages and employment, an elasticity of new constru
ction and of maintenance is the chief
factor, maintenance which
means new equipment, and construction,
which means not only expansi
on but improvement of mechanical production and distribution are natural
ly justified.
Third, that this implies large
capital expenditures for these purposes
and this must be provided
from industrial treasuries or most largely
by borrowings for capital
investment.
Fourth, these borrowings depend
upon the ability to obtain money
at reasonable rates and in
ready and adequate quantities. This situation has developed rapidly in the last few weeks
so that this assurance
DEC. 141929.]
FINANCIAL CHRONICLE
refunding today of $325,000,is present. This is shown by the Treasury
its last borrowings at four
000 at three and one-eighth per cent against
This is probably the most
and seven-eighths per cent, not long ago.
y operations between
extraordinary change ever recorded in Treasur
transactions.
available capital, requires
Fifth, that industry, in being assured of
proceed. These qualities were
then only the vision and courage to
industry's leaders yesterday.
clearly evidenced in the presentation by
and preparation for the
Manifestly, confidence in the country's future
inevitably come from the
constantly expanding business, which must warrants preparation for
activities of 120,000,000 energetic people,
business judgment approves
ultimately larger business. Industrial and
on and distribution costs.
immediate expenditures that cheapen producti ed policies of industry
These qualities and these already determin
contacts which accomwere confirmed in more detail by the personal
example, Arthur Reynolds,
panied the gathering of these leaders. For
Company in Chicago, told
of the great Continental Illinois Bank & Trust
appraisal of the situation
me in reply to a question that his bank's
bankers who asked his advice
was such that he was saying to interior
their demanding any
that nothing in the situation should warrant
g local manufacother than the usual prudent conditions in supplyin
turers and merchants with funds.
through all grades
This kind of banking sentiment, reaching down
gly helpful in
of business that touch banking, necessarily is exceedin
industry.
orderly
maintaining the proper spirit for the conduct of
tee
President Hoover on Importance of Work of Commit
ss.
Congre
ic
of Twenty-five of New York State Econom
The importance of the work of the Committee of Twenty
a
ss,
Congre
ic
Econom
ide
State-W
five of the New York
group of leading business men formed last April to estabthe
lish definite policies for the upbuilding of industry in
letter
State, was emphasized by President Hoover in a
in
read on Dec. 6 at a conference of industrial leaders
ick
Freder
and
an,
Chairm
Hart,
Utica called by Merwin K.
C. Ferry, a member of the Committee.
The letter, sent to Mr. Hart, read:
3737
Bankers' AssociaTrowbridge Callaway of Investment
Commerce Conof
er
Chamb
States
tion at United
Association With
ference Indicates Co-operation of
Stabilization
Government and Industry Toward
of Conditions.
Investment BankTrowbridge Callaway, President of the
the National
before
ent
statem
a
in
a
ers' Association of Americ
Dec. 5,
gton
Washin
in
Business Survey Conference, held
rce of the
Comme
of
er
Chamb
the
of
s
under the auspice
ng the country
United States, said that "a survey coveri
ntly in sound
appare
indicates that investment bankers are
lar services to
particu
their
render
to
condition, and well able
ed that the
expect
is
it
the country." In indicating that
be issued for
may
ies
securit
er
whatev
absorb
market will
Callaway offered a
constructive and useful purposes, Mr.
tion of the issuance of
note of caution against the stimula
law of supply and dethe
beyond
securities or their prices
mand. His statement follows:
'
de
"I have your request that I should comment upon the State-wi
economic survey that is proposed through the Committee with which
you are associated. I am glad to do so.
"The distinguished service accomplished in much the same way by
the creation of the New England Council and the California Developce of
ment Association is outstanding demonstration of the importan
such action. This larger view of the problems within the State and
their relation to public questions is sure to produce the most conin its efforts."
structive results, and I wish the committee every success
with the Investment Bankers
For those of you who may not be familiar
that it is composed of 675 main
Association of America, I would like to say offices located throughout the
branch
office members and 1,200 registered
houses are characteristically and
entire United States and Canada. Theserather than brokers. Our memessentially security merchants or dealers
private bankers but also the larger
bership includes not only the principal
ent departments.
banks and trust companies having investmsections of the country is in a
The investment banking business In all year purchasers of securities
past
process of readjustment. During the
with more regard for appreciation
created an abnormal demand tor equities,
Because of this situation new
return.
in value than for security or income
through the sale of common
amounts
large
in
industry
capital was found for
common stock. This broadened
into
ble
converti
s
securitie
or
of
stock
corporation finance must stand and
materially the equity base upon which
condition lasted, however, it was
to that extent was beneficial. While the
or preferred dividend basis.
interest
fixed
a
on
difficult to secure new capital
the present demand is from
and
reversed
be
to
seems
n
now
This conditio
security and income than
investors who are giving more consideration to
to market appreciation.
to vary in different parts of
The outlook for the next six months seems
a gradual development of a
ting
anticipa
centers
larger
the
the country, with
provided that offerings are not
stocks
ent
investm
and
bonds
for
market
General opinion seems to
made too rapidly or in too great a volume.
rates which should assist
anticipate a period of moderate and stable interest that issues ofsecurilies
extent
in the distribution cfsound securities. To the
purposes, it is expected that the
may be desired for constructive and useful
to meet all reasonable requiremarket will absorb them in sufficient volume
stimulation of the issuance
ments. A word of caution is to be noted against
stimulation as may be caused by
of securities or their prices other than such
covering the country indicates
the law of supply and demand. A survey
sound condition and well able to
that investment bankers are apparently in
ent and industry: and the memrender their particular services to governm
of America stand ready In
bers of the Investment Bankers' Association
end.
co-operate to that
It is announced that additional meetings of business men
will be held in all parts of the State to determine active
plans for carrying out the purposes of the State-Wide
Economic Congress. Regarding the meeting on Dec. 6, a
despatch from Utica to the New York "Herald Tribune"
Action by President
New England Council Approves Stability—New Engsaid:
ss
Busine
te
Promo
to
r
Hoove
of an
to Any Business
The committee, earlier in the year, made public the results
land in Condition to Adjust Itself
ent of power
initial survey in which changes in taxation, developm
and
tion policy
Changes.
resources, aid to agriculture, improvement in conserva
England Council to
The following statement by the New
the development of the barge canal were recommended.
l
Shares
Financia
States
United
approved at a meetwas
d,
Englan
Robert S. Binkerd, President of the
New
of
men
s
e Committee, the busines
Corporation, New York, and Chairman of the Executiv
.held in connection
ing of the Council in Boston, November 21,
was guest of honor at a dinner tonight.
ence:
York
State,
New
Confer
that
d
declared
Binkerd
Englan
Mr.
New
today
Fifth
with the
In an address
express its hearty approval of the
The New England Council desires to
conferences of leaders in our national
calling
in
t
Presiden
the
of
action
organizing ways and means of promoting
economic life for the purpose of
ating business and governmental
business stability and progress, and co-ordin
agencies.
level of business activity ever
New England has had this year the highest
indefinitely; some readjust.
continue
to
expected
be
not
could
It
recorded.
in security prices. The next few
decline
great
the
before
begun
had
ments
managements to achieve stability
months will test the capacity of individual
g themselves to changing
for New England business by successfully adjustin
conditions.
adjust itself to any busiAltogether, New England is in fine condition to
and confidence. As
courage
with
forward
go
should
and
ness changes,
facts:
evidence thereof we invite consideration of these
one county in New Eng
1. The Federal Reserve Bank of Boston (serving all but
with an average of 69% for
land) had on Nov. 13 82% cash reserves, as compared
single Federal Reserve
other
any
the entire Federal Reserve system, and higher than
England banks and allows that
district. This reflects the strong condition of New
business.
England
New
there Is an abundance of credit available for New England industries is always an
2. The high degree of diversification of
so at this time.
important factor of strength to New England, and especially
s
that the 10 leading Industrie
3. Proof of our diversification is found in the fact
activity. These are.
industrial
total
our
of
40%
for
only
account
England
New
of
Cotton
ure:
manufact
by
added
value
In order of their importance as measured by
goods, foundry and machine
New England Industries To Maintain Wage Scale.
goods, boots and shoes, electrical machinery, worstedand
publishing, rubber gooda
paper and wood pulp, Woolen goods, printing
in
shop,
New
the
ed
5,
appear
Dec.
,
follows
as
s
advice
Boston
and hardware.
s, cotton goods and
industrie
largest
two
the
6:
that
be
Dec.
further
noted
It
should
of
4.
York "Journal of Commerce"
shoes, constitute together only 15% of our total Industrial activity.commodities and
es of Massa5. All these industries, moreover, produce chiefly essential
Wages and employment in the manufacturing industri
luxury goods
according to the materials and equipment used in other industries. The production of
chusetts are to be continued on the present levels,
not a large element In New England Industry.
Is
the
es
to
uring industri
Its house In order,
6. During recent years New England industry has been putting
returns from various of the larger manufact
ion, which recently adjusting production to market demands, and improving organizations, equipin a snore
newly created Massachusetts Industrial Commiss
ment and methods, with the result that It is more firmly established and
with President Hoover's suggestion.
sent out a questionnaire in line
healthy condition.
the
produce.
were
y
direction
in
this
es
profitabl
assuranc
can
gave
farmers
Among the mills which
7. New England furnishes a market for all its
g
onery Co., Hood Rubber Co., United New England agriculture has enjoyed a good year in 1929, and Is rapidly Improvin
following: New England Confecti
of Pittsfield, Boston and its marketing methods.
Co.
Pike
&
Crane
fisheries
Eaton,
England
Co.,
New
ry
Shoe Machine
By improved processes and merchandising methods
Gas Co., Edison Electric Illuminating Co., are8.Increasin
g their contribution to New England's income.
Maine, Boston Consolidated
permanent improvements,
Telegraph Co., Boston Elevated, Charles H.
&
Our railroads are spending this year 565,000.000 on
e
9.
Telephon
England
expected next year. Our
New
and
gas
electric
nate expenditures for like purposes mayinbe1929,
s
ten
for
proportio
and
manager
e
and anticipate equal
00
560,000.0
Tenney & Co., Boston, executiv
and gas companies ale spending
power
Lynn
Gas
ion,
Power
Associat
England
to extensive road-building
d
expenditures in 1930. Each of our six States is committe
companies in the State; New
appropriations for
large
their
Co.,
g
Ward
Baking
continuin
Inc.,
Boston;
,
are
s
Bakeries
y
companie
:
our
telephone
programs
& Electric Co., Hathawa
ge;
ents.
Lever
Cambrid
Boston;
Improvem
Bros.,
Co.,
ld
nal resources In
-Wakefie
recreatio
its developed
Cambridge; Heywood
10. New England's income derived fromincome
Inc., Lynn; American Printing Co., Fall
from these resources can be inexceeded all previous records. This
1929
Daly's Golden Rule Shoe Co.,
ising.
merchand
better
Bedford; Germania Mills. Holyoke; creased next year by their further development and
River; Devon Mills, Inc., New
REDFIELD PROCTOR, President.
n Writing Paper Co., Holyoke, and
Ginn & Co., Cambridge; America
ARTHUR L. ALDRED, Secretary.
Lowell.
American Hide & Leather Co.,
is slowly declining
while still the leading industrial state of the nation,
the per capita
in the face of more vigorous competition. He declared
state in the Union
wealth of the state is lower than that of any other
with the exception of Illinois.
Mr. Binkerd
The percentage of wage earners in New York State,
average for the rest of the
declared, is decreasing more than is the
the up-state section that is
country. According to the speaker, it is
d
making the most rapid decline. The up-state section is going backwar
said.
at a rate five times that of New York City, he
e
its
the
.listed
speaker
the
of
committe
Among the important findings
Devastation
report on the once flourishing wood-working industry.
le for the indusof timber lands through industry is directly responsib
d is the correction of the
try's decline, he declared. A solution suggeste
economic waste brought about by the non-use of timber on government
Timber is a crop, Mr. Binkerd said, and should be
reservations.
s.
harvested, else it is a waste of natural resource
the state's greatest opporIt is in its undeveloped water power that
ment on a large
tunity for salvation lies, the speaker said. Develop
shed, will be New York
scale of these natural resources, when accompli
State's "ace in the hole," lie declared.
3738
FINANCIAL CHRONICLE
Annual Report to Inter-State Commerce
Commission—
Suggests New Legislation to Prevent Possib
le Defeat By Holding Companies of "Orderly"
Consolidation of Railroads—Comments on
Railroad
Valuation.
The Inter-State Commerce Commission in
its annual report, made public Dec. 5, recommends the
consideration by
Congress of new legislation to prevent possib
le defeat by
holding corporations of the Government's plan for
"orderly"
consolidation of railroads. The Commission also
advised
Congress that it is proceeding with its general plan
for consolidation of all carriers into major trunk line
syste
hopes to have this ready shortly. The Commission ms and
says:
It seems clear that the acquisition of
control or of an amount of stock
sufficient to influence the policies ofcompeti
ng railroads, either by individuals or by non-carrier corporations, may
(result in the suppression of competition in a manner no less harmful than
if such control be exercised
directly by one carrier over another."
It is pointed out that the purchase by one road
of a competing line is prohibited by the Clayton Act and
under this
statute the Commission several times has ordere
d roads to
divest themselves of stock acquired in others.
The report
notes, however, that a further means of unifyi
ng carrie
through common control or affiliation has been develo rs
ped,
and cites the Allegheny Corporation and the Pennr
oad Corporation as examples. We give the following extrac
ts:
In our last annual report we
attention to the acquisiton by' individuals or grdups of individualscalled
of
[VOL. 129.
"But a further means of unifying carriers
through common control or
affiliation has been developed which,
in our opinion, merits most serious
attention. This method also utilizes the mechan
ism of holding companies,
but in a somewhat different way. It
may be illustrated by relating our
understanding as to the facts with respect
to two important holding companies which have recently been created.
One of these is the Allegheny
Corporation and the other is the Pennroad Co.
Whether or not our understanding as to the facts is in all respect
s correct we are unable to say,since
we have no direct jurisdiction over either
of these companies, but it will
serve sufficiently well for purposes of illustration.
"Both of these companies, as we understand
the situation, are purely
holding companies. That is to say, the
property which they own is not
physical property but consists solely of the stock
or securities of other companies. The Allegheny Corporation now owns
various stocks of railroad
companies. It is not controlled by any railroad
company but is controlled,
through a combination of direct and indirect
means, by certain interests
which control through similar means the New
York Chicago & St. Louis,
the Erie, the Pere Marquette, and the Chesape
ake & Ohio railroad companies. The Pennroad Co. also owns various stocks
of railroad companies. It is not controlled by any railroad compan
y as such, but its stock
is held under a voting trust agreement, continu
ing until May 1 1939, and
the voting trustees are the President and two other
directors of the Pennsylvania Railroad Co.
Methods of Establishing Common Control Explain
ed.
"If these facts are correct, the Alleghe
ny Corporation can, by acquiring a
controlling interest in the stock of a railroad
company, bring it under
common control with the railroad companies
above mentioned which are
controlled by the same interests as control
the Allegheny Corporation, but
without itself holding control of or being
controlled by any one of these
railroad companies as such. In a similar
manner the Pennroad Co., by
acquiring stock control of a railroad compan
y, can bring it under common
control with the Pennsylvania Railroad without
itself controlling or being
controlled by the latter carrier as such.
In other words, common control
can be effected in both instances by a chain, one
vital link in which is made
control of railroads. We stated that up of the control exercised, directly or indirectly, over two or more corpora
this might seriously affect the maintenance of
competition among carriers. tion by individuals. The process may,of course, be facilitated by reducing
Corporations organized as trading, investm
ent, or holding companies the control of the holding company or of one or all of the carriers involve
d
appear also to be active in acquiring control
of or substantial interests in to a relatively small if not insignificant financial interest through various
various carriers. Itseems clear that the acquisit
ion ofcontrol or of an amount devices, such as limitation of the voting power of certain classes ofstocks,
ofstock sufficient to influence the policies
the
superimposing or pyramiding ofone holding
of competing railroads, either by
company on top ofanother,
individuals or by other non-carrier corpora
tions, may result in the sup- and the like.
pression of competition in a manner no less
"Where
parallel
or
competi
ng carriers are involved we are not prepare
harmful than if such control be
d to
exercised directly by one carrier over another
say that a process of virtual unification so
.
brought about is not amenable
"Section 5 of the Interstate Commerce
Act directs the Commission to to the provisions of Section 7 of the Clayton Anti-Trust Act. These
proprepare and adopt a plan for the consoli
dation of the railroad properties visions are couched in very broad language, and it will eventually
be for
of the Continental United States into a limited
number of systems which the courts to determine how inclusive and effectual they are. Where
no
shall conform as closely as practicable to certain
broad specifications which competition is involved, however, it is obvious that if our decision in
Stock
the Congress has laid down. After such plan
has been adopted, the section of Denver & Rio Grande Western RR.,supra, was right,such
unificat
provides that it shall be lawful for two or
ions
may
be brought about without authority from
more carriers to 'consolidate their
or regulation of this Comproperties, or any part thereof, into one corpora
tion for the ownership, mission. Certainly if common control of two railroad companies by a single
management and operation of the properti
es theretofore in separate owner- holding company is neither a consolidation under Section
5
ship, management, and operation,' under
of the
certain conditions. One of these Inter-State Commerce Act nor an acquisition of control under(6)
Section 5
conditions is that the proposed consolidation
must be in harmony with (2), as we found in that case, the same conclusion may be reached as to
and in furtherance of the adopted plan, and
common
control brought about by utilizing a holding
another is that the Commission
company in combinashall find that the public interest will be
promoted thereby. In another tion with powers of control possessed by certain individuals."
part of the same section it is provided that
The Inter-State Commerce Commis
whenever the Commission is of
sion is now actively engaged in the
opinion that the acquisition by one carrier of the control
ofanother or others formulation of a plan of consolidation for the railroads of the United States,
in any manner not involving consolidation will be
in the public interest, it which it hopes to make public within the next few weeks, the report stated.
shall have authority by order to approve and authori
It was pointed out that the Commission has suggest
ze
ed in its reports as far
The above Is a statement of some of the salient feature such acquisition. back as 1925 that the
Inter-State Commerce Act be amended relative to
s of this legislation.
The essential point is that in this section of
the Interstate Commerce Act unification of the carriers, so as to relieve the Commission of the duty
the Congress manifested a clear intent to subject the
unification of carriers imposed under Section 5 of the act of formulating a plan of consolidation
by railroad,one with another, to the orderly process
es of a carefully planned for the railroads.
scheme of public regulation.
"While hearings have been held by appropriate committ
ees of both Houses
of Congress and bills have been reported to the
Means of Unification of Carriers Illustrated.
respective Houses, the
Congress has not amended Section 5 as suggested,"
said
the report.
"There are, however, means whereby unification
of carriers can be
"We believe, under these circumstances, it was our
duty to proceed to
brought about without consolidation into one corpora
tion for ownership, comply, as far as possible, with the mandate of the law.
Accordingly the
management and operation and without, strictly
speaking, the acquisition Commission now has the question actively before
it. It is receiving our
of control of one carrier by another. To illustrate this,
it developed in earnest consideration. Although it cannot be stated definite
ly when we
Stock of Denver & Rio Grande Western RR.,
70 I. C. C. 102, that the will be able to complete the task, the hope is enterta
ined that a plan may be
Western Pacific RR. Corp., a holding company which
owned all of the adopted and published soon after the convening of Congres
s in regular
stock of the Western Pacific RR. Co., an operating carrier,
was proposing session."
to acquire all of the stock of the Denver & Rio Grande
Western RR. Co.,
The "United States Daily" of Dec.5 summarized some of
another operating carrier, thus unifying these two
carriers as effectually
under common control as if one had directly acquired
the stock of the other. the other features of the report asfollows:
We found, however, that the 'proposed acquisition
of applicant's stock
Unification May Be Hampered.
by the bolding company does not constitute a consoli
dation of the property
After detailing the situation resulting from
of two or more carriers by railroad subject to the act
the activities of"holding
Into one corporation companies,'
as understood by the Commission, the report asserted
for the ownership, management and operation of
that
properties theretofore "plainly, if
this
be
in separate ownership, management and operation
the situation, the subjection of the unification of carriers
within the meaning rby railroad
to the orderly processes of a carefully planned scheme
of paragraph (6) of section 5 of the Act.' And we
of public
further found that egulation,
which Section 5 was designed to accomplish is
'inasmuch as the holding company is not a carrier engaged
very likely to
in the trans- be partially, or
even wholly, defeated, subjected to the possibility that
portation of passengers or property subject to the Act,
the acquisition of the Clayton
Anti-trust Act may,in some measure,after protracted litigati
control of the applicant by the holding company is not
on
within the scope enable control
over the situation to be maintained.
of paragraph (2) of section 5.'
"We call this matter to the attention of
"There, however, were carriers whose lines joined end to end
Congress because we believe
were In no that it deserves thoroug
sense parallel or competing lines. If competition
h investigation and serious consideration," said
had existed, the uni- the Commis
sion. "Difficult legal, and perhaps constitutional, questio
fication would probably have been subject to the prohibit
ns
ion of section 7 are involved,
and to some extent the remedy must be shaped by the
of the Clayton Anti-Trust Act, the first two paragra
facts
phs of which read which thoroug
h investigation may disclose."
as follows:
"'That no corporation engaged in commerce shall acquire,
Thorough Inquiry Urged.
directly or
indirectly, the whole or any part of the stock or other
share capital of
In conclusion, the report stated:
another corporation engaged also in commerce, where the
"For the present, however, we are
effect
of
such
not
prepared to go further than to call this problem
acquisition may be to substantially lessen competition between
, together with its
poration whose stock is so acquired and the corporation making the cor- evident dangers, to the
attention of the Congress, accompanied by an exsition, or to restrain such commerce in any section or commun the acqui- pression
of
our
ity,
or
convict
tend
ion
that it merits thorough consideration."
to create a monopoly of any line of commerce.
With reference to methods of valuing
the railroads of the country purBars Acquisition of Stock to Lessen Competition.
suant to the decision of the Suprem
e Court of the United States on May 20
"'No corporation shall acquire, directly or indirectly,
the whole or any 1929,in the case of the St. Louis & O'Fallon Railway
part of the stock or other share capital of two or more corpora
vs. the United States,
in commerce where the effect of such acquisition, or the use tions engaged report stated:
of such stock
"In view of the practical situatio
by the voting or granting of proxies or otherwise may
n resulting from the decision of the
to substantially
lessen competition between such corporations, or any of be
them, whose stock Supreme Court in the O'Fallon case and pursuant to recommendations
or other share capital is so acquired, or to restrain
such commerce in any made in successive previous reports regardi
section or community, or tend to create
ng methods for bringing valuaa monopoly of any line of com- tions to date we
merce.'
repeat these recommendations in the language of our report
for
1923,
as
follows:
"Clearly the second paragraph above quoted is designed
to prevent a
"'We direct serious consider
corporation which is wholly or in part a holding company
ation to the necessity of some amendment.
from acquiring Amendments have been
stock of two or more corporations engaged
suggested embodying different theories as to the
in commerce, including railroad proper method to be
adopted, in substance as follows:
companies, where the effect ofsuch acquisition may be, among
other things,
"
'
(1) An amendment
to substantially lessen their competition
with each other. Clearly, also, valuation of the propert providing that from and after completion of the
y of the carrier as of a dixed date the Commission
the first paragraph because of the words 'directl
y or indirectly,' would shall, from time to time
as it may have occasion to use the same, bring the
cover the indirect acquisition by one railroad
company of the stock ofan- valuation to date by adding
other through one or more subsidiary corpora
to or subtracting from its original basic valuations."
tion of the property the net propert
Reference to the Pennroad and Mleghany corpora
y changes, measured in dollars and cents
tions follows:
that are properly chargeable to or deductible from propert
y account.
Dc. 141929.]
FINANCIAL CHRONICLE
3739
Supreme Court of the United
due to a liquidued sum. On appeal to the
d, the Court, in an opinion
States the decision of the lower court was reverse
erred in failing to give considerhad
we
that
holding
1929,
20
d
May
rendere
n property as of the several
ation to the cost of reproduction of the O'Fallo
Court upheld our determination
recapture periods. At the same time the
rather than system operation
that the carrier was engaged in independent
erred in the computation of
had
we
that
court
lower
the
with
but agreed
n is contained in the chapter on
interest. Further reference to this decisio
the Bureau of Law.
preliminary computations, made
"In the recapture periods, 1920-1928 our
d in our decision in the St. Louis
following the method of valuation outline
at limited data at hand permitted,
& O'Fallon case as closely as the somewh
ent fund for one or more years.
showed 416 roads indebted to the conting
partly held in the interval between
Out of this number hearings were held or
& O'Fallon proceedings in 36 cases,
the Dayton-Goose Creek and St. Louis
or comparatively small roads.
small
d
involve
part
most
the
for
which
acarriers, according to preliminary comput
the
from
due
mend:
amount
"The
$300,000.000
Commerce Act be amended to
manner outlined above, is approximately
the
"(1) That Section 1 f the Interstate
in
made
tions
emthe
an
n
in
to
Court's decisio
offering or giving
28. As a result of the Supreme
provide for the punishment of any person
ed
or thing of value with for the years 1920-19
e must be changed. It is estimat
ployee of a carrier subject to the Act any money
St. Louis & O'Fallon case, this estimat
and
,
service
car
to
procedure a minirespect
with
hearing
n
dicial
decisio
intent to influence his action or
present system of quasi-ju
the
under
that
ee.
dispose of the present arrearage
to provide also for the punishment of the guilty employ
of six years would be required to
ons, the use of steel or steel mum
would hardly be current,
at the end of that period the work
"(2) That, subject to appropriate excepti
even
and
in
use
the
and
d,
be require
l.
interva
the
during
ations
underframe cars in pas enger-train service
accumul
to
in front of steel or steel under- owing
four members drawn from the
passenger trains of wooden cars between or
"We have created a recapture board of
in the hearing
bureaus with the duty of proceeding
t
frame cars be prohibited.
differen
many
as
of
staff
Com15a of the Interstate
circumstances permit."
"(3) That paragraph (5) and (6) of section
of recapture cases as expeditiously as
D.
, headed by Director Charles
merce Act be clarified by amendment.
The Commission's Bureau of Finance
of the Interstate Commerce
year ended June 30 1929, the report
fiscal
the
during
active
"(4) That Paragraph (f) of Section 19a
was
e,
Mahaffi
authorized 618.198 miles
Act be clarified by amendment.
ed. During the period the Commission
applications totaling
Act, 1920, be amended indicat
out of construction proposed in
"(5) That section 19 of the Merchant Marine
ction
constru
new
of
Comate
to the Interst
abandon 539.535 miles out of
so that its provisions will clearly not be applicable
miles; permission was extended to
62
3.307.2
the
by
dered
of road was aureconsi
miles
be
merce Commission; that Section 27 of this Act
sought to be abandoned; and 2,035
sought to be
report: and that Section 28 834.920 miles
operated out of 3,190.830 miles
and
d
Congress in the light of our forty-first annual
acquire
be
to
d
thorize
light of the circumstances
d.
of this Act be reconsidered by the Congress in the
operate
d
and
acquire
appearing at pages
authorized to be issued during
set forth in the chapter on the effect of this statute
The grand total securities of all types
Congress. In this con.39, which did not include
383,991
$1,160,
13 and 14 of our thirty-fifth annual report to the
ted
aggrega
1922, to the Chair- the fiscal period,
shares.
164
or
value,
par
nection reference is made to our report dated June 29,
without
stock
in
44
ce on H. R. $115,3
d $10,850.000 in preferred
man of the Committee on Inter-State and Foreign Commer
The grand total securities authorized include
1 in common
prior preference stock; $295,783,446.3
12021, 67th Congress, second session.
of
000
$7,500.
stock;
sion
Commis
0 in debentures:
d Aug. 9, 1917, the
5,000.0
amende
$246,22
as
Act
the
bonds;
17
of
ge
By
Section
mortga
"(6)
5,less than three stock; $463,653,100.00 in
$16,690,241.08 in unsecured notes; 5112.96
was authorized to divide its members into divisions of not
functions arising $2.593.644 in secured notes:
$4,123,560 in recievers' certificates.
members and to direct that any of its work, business, or
and
ions;
obligat
ent
in
equipm
000
action. The manner
es of the Bureau of Valuaunder the law be assigned or referred to any division for
Extracts from the report covering the activiti
ed in previous
In which this power has been utilized has been fully describ
the fiscal year are as follows:
during
tion
d
devolve
work
the
of
to tentative valuation reports
reports. The continual growth in variety and volume
"During the past year hearings on protests
These
duties less and less
23,691 miles of main line.
upon the Commission has made the performance of our
ing
embrac
cases,
in
24
ed
were
conclud
upon
intrusted to us there
current. For the more prompt disposition of matters
s on protests to tentative reports
hearing
all
ed
s
conclud
also
hearing
e
to
delegat
to
of hearshould be express statutory authority for the Commission
h have been valued. The total number
ieswhic
d
propert
all
railroa
to
power
the
sion
Commis
individual Commissioners and employes of the
g 234,859 miles of road.
ne specified matters ings embraced 766 cases, coverin
in 820 cases, covering 140,247
perform specified duties and to consider and determi
"Final valuation reports have been adopted
sion,
Commis
the
were
of
sion
supervi
and
control
general
to
the
covering 131,780 miles of road,
and subjects
cases,
528
these,
Of
of
road.
miles
the
h
either throug
ons, and the reand the exercise by it Of appropriate powers of review
s on protests of the tentative valuati
hearing
after
decided
ed
conclud
Commission or a division thereof.
, representing 8,467 miles, were
on of Paragraph (22)of Section 1, maining eases, 292 in number
statutory period of 30 days.
the
within
protest
"(7) That the present exemption provisi
of
in
default
d
(1) of Section 20a, applicable and reporte
in seven telegraph
Paragraph (1) of Section 15a, and Paragraph
and issued final valuation reports
substituting provisions exempting all We have also adopted
to electric railways, be amended by
ne
cases.
telepho
and
ent
freight
equipm
d
standar
to the carriers of the procedure
electric railways except such as interchange
"For the purpose of giving general notice
through Interstate freight rates
heretofore established down to
ons
valuati
with steam railways and participate in
the
g
bringin
d
in
, supplefor exemption of particular electric to be followe
with such carriers: provision to be made
served upon 1,041 operating carriersoutline of
upon application they are able later dates, we adopted and
an
railways falling within the excepted class, if
3, valuation order No. 25, and
No.
order
on
to
valuati
5
ment
nity
and
opportu
notice
sion, after
c requests have
to show to the satisfaction of the Commis
valuations to Dec. 31 1927. Specifi
an important National interest Plan for bringing land
and accounting data called
ring
enginee
the
to be heard, that they are not affected with
for
carriers
been made upon all
ed.
comply with
so far as the provisions in question are concern the Act are amended so as for by orders, and a number of them have been requested to
The last of these
20 (7) of
(8) That unless sections 10 (1) and independent contractors and their the outline of plan for bringing land valuations to date.
been received from
to make them apply specifically to
of May. Complete returns have
be successfully invoked by the was made in the month
information we have reofficers and agents those sections can not
ng carriers. According to the
operati
400
d
to
about
therein
referre
ns
violatio
completed rethe
s of this work, the number of
Government against such person for
n those persons and the carrier ceived, regarding the progres 550, comprising about 40.000 miles of road
except in instances where collusion betwee
about
to
ed
increas
be
will
porta
650 reports, covering
can be shown.
will be further increased to about
the acquisition of control or of an by Jan. 1 1930 and
"(9) That in view of the fact that
June 30 1930."
by
miles
ds,
ing
125.000
about
railroa
compet
of
policies
ce the
amount of stock sufficient to influen
-carrier corporations, may result in the
either by individuals or other non
should now be given by the Conration
conside
tion,
competi
suppression of
to Compel
Commerce Commission Order
gress to possible lesiglation.
the Inter-State
ic to ConPacif
Union
(4) of section 15 be amended so as to restrict
aph
ts
paragr
That
Direc
Line—
(10)
"
Building of
carriers.
sion.
"long-haul right" to originating
Exten
struct Central Oregon
.
Proposes Amendments to Overcome Defects
the "Wall Street Jourof
the
g
to
making
relatin
15a
section
of
The Washington correspondent of
"(11) The present provisions
able except
unavail
loans
make
d out that compulsory
effect
pointe
in
10
fund
Dec.
ent
Tuesday evening,
loans from the conting
We recommend amendments to nal"
stress.
al
financi
of
times
ad system of a 185-mile
possibly during
construction by Union Pacific Railro
overcome these defects."
n between Lawen,
Orego
re
l
the
to
e
recaptu
centra
relativ
detail
across
rable
conside
east-to-west extension
The Commission went into
s
that
Act
the
provide
of
15a
tion with the
Section
connec
.
a
carriers
of excess earnings from the
point near Crane, in the east, and
from the carriers one-half of all excess earnings a
probably
west,
the
in
the Commission recapture
Lake
nt
Cresce
ds under the law.
Southern Pacific near
ssion.
over the 6% allowed the railroa
Commi
the
d,
rce
due
amount
declare
Comme
report
on, the
would be ordered by the Inter-State
Under the old method of valuati
$300,000,000 for the years 1920-1928,
ssioner Prank
Commi
of
tion
menda
recom
from the carriers is approximately only paid in $8,607,128.51.
n
This would sustai
inclusive, of which the railroads have
last March Associated
decision in the O'Fallon case has altered the MellIanamy In his proposed report
Phi The Supreme Court's
the
and
0.000
was
said,
5300,00
day (Dec. 13) indiyester
final values,it
fixing
ngton
of
Washi
method
from
sion's
Commis
Press accounts
"must be changed."
order, said:
's
ssion
recapture estimate, therefore,
Commi
re work done up to June 30 1929, the cating the issuance of the
Following a description of recaptu
recapture activities in the
of
status
ay for the first time
to-d
present
d
the
asserte
d
sion
Commission outline
The Inter-State Commerce Commis
will, extensive new lines,
following language:
a railroad to build, against its
compel
to
Its
power
has
deal
been
a
great
that
tion
181 miles of line
descrip
ng
Union Pacific system to construct
It will be seen from the foregoi
of the two ultimate factors—property when it directed the
at an approximate cost of
Ore.,
Lake,
t
Crescen
and
done toward the final determination
Crane
operating income—which are determinative between
value and correct net railway
railway operating income payable into the con- $9,000.000.
proceedings drew in all the railroads
of the amount of excess net
Because of the principle involved the
in our previous reports, our efforts in the
ed
explain
as
g down its verdict the commission
But,
handin
in
fund.
and
est,
tingent
Northw
toward the actual recovery of the amounts of the Pacific
the railroad to undertake the
compel
to
power
the
had
final stages of this work looking
it
that
very largely curtailed due to litigation. First also ruled Oregon-Washington Railroad & Naviagtion Co., a subsidiary
due have heretofore been
The
work.
to tee constitutionality of the statute in Dayton
actual construction.
came the challenge directed
Union Pacific, was directed to begin the
Service Commission said
v. United States, 263 U. S. 456. decided Jan. 7, of the
Goose Creek R R. Co.
complaint brought by the Oregon Public
The
rere
first
order
our
recaptu
enjoin
to
been provided with the proper
the carrier
not
had
State
the
of
portion
1924, and then the effort of
central
fund in Excess Income of St. Louis & O'Fallon that the
to Crescent Lake was badly
facilities and that the line from Crane
quiring a payment to the
Justified.
C. S. 3, decided Feb. 15 1927. Our order in rail
the commission said the complaint was
opinion
its
In
Railway Co. et al., 124 I.
needed.
al
reones
princip
dissented on the ground that the
d on several grounds, the two
Commissioners Brainerd and Farrel
the latter case was attackethe property of the St. Louis & O'Falion and to
ke extenunderta
to
ds
compel railroa
of
lating to the valuation
commission was without authority to
this road was not operated with the Manufacturers,
against their will.
ction
constru
our determination that
sive
he held that the commission had
single system within the purview of Section 15a.
Commissioner Porter also dissented but
Railway Company as a
use of it in the case under
St. Louis & O'Fallon Ry. Co. v. United States,
direct the construction but that the
to
power
The District Court, in
the
t
interes
on
for
to
its
provisi
as
order, except
sioner Woodlock dissented without
our
Commis
ed
d.
sustain
justifie
not
was
980,
ration
conside
22 Fed.(2d)
recapture year, the Court finding that interest
from May 1, following each e date of our final order reducing the amount comment.
effectiv
was due only from the
after completion of the
(2) An amendment providing that,from and
ted valuation date,
valuation of the property of the carrier as of the designa
ng as it may have occasion
the Commission shall from time to time, accordi
mance of duties imposed on it
to use the value of the property in perfor
and value of property
by the act, ascertain and determine the condition
changes in such condition or
on subsequent dates, taking into account any
the last preceding valuation
value which may have taken place subsequent to
s of value recognized
date, and giving due consideration to all the element
by the law of the land.'"
s.
Quotes Recommendation Made to the Congres
ate Commerce
Interst
the
by
made
s
Congres
The recommendation to
those for revaluing the railCommission in its annual report, exclusive of
roads detailed above, are as follows:
former reports we recom"For the reasons stated in this report and in
3740
FINANCIAL CHRONICLE
[VOL. 129.
Forced construction of such a line
is virtually without its 3,000 train
men. In reporting this in its Dec.
precedent, says the correspondent
of the "Wall Street Jour- the "Times"
7 issue,
said:
nal," Dec. 10, adding:
The
Oral arguments were heard
by full commission on October 30.
Submitted for final decision at
the close of the arguments, the matter
now
has been before the commis
sion more than a month. The Union
Pacific
with its subsidiaries, and Southe
rn Pacific and Great Northern, allege
the
construction is unwarranted.
Proceeding was instituted by
Public Service Commission of Oregon
the latest of several attemp
as
ts to require railroads to build furthe
r mileage
to develop the extensive undeve
loped area of central Oregon.
Bases for the Order.
Order requiring the construction
would be based,on a. finding, first, that
the commission has the authori
ty to order it under Paragraph 21 of
Section 1 of the Interstate Comme
rce Act; secondly, that it is reason
ably
required in the interest of public
convenience and necessity and, finally,
that the expense involved will not
impair the ability of the carrier to
perform its duty to the public.
Extension would be built by the Oregon-Wa
shington Railroad & Navigation
Co. which is controlled by the Oregon
Short Line, controlled in turn by
the Union Pacific.
Cost of the prospective extension is estima
ted by the Oregon Commission
at about $9,000,000, or approx
imately $49,000 a mile, while railroa
ds
figure the extension and necessa
ry equipment would cost $11,717,677, or
approximately $63,340 per mile.
Operating expenses were estimated
by
the state commission at $350,400
a year.
The McManamy report observed
that Paragraph 21 plainly empowers
the commission to authorize or require
a carrier subject to the act to
extend its line or lines. Railroads conten
ded commission's power is restricted to comparatively short extensi
ons in territory already served by
them. Commissioner McManatny has declare
d there is no foundation in the
language of Congress for such a conditi
on.
mediator arrived here after it had
been reported in New Jersey
and Pennsylvania that the Erie
brotherhood was planning a strike.
Mr. Hanger first conferred with
W. L. Reed, Vice-President
of the
Brotherhood of Railroad Trainmen,
and then discussed the dispute
R. E. Woodruff, Vice-Presi
with
dent of the road. He is acting
under
machinery provided in the Railway
the
Labor Act.
A comparatively small number of
employees involved in the dispute
have wage grievances, it was said.
This group is confined to the
Wyoming Division of the road. The
other
grievances, one of them being a differe employees have a variety of
nce with the management as to
the proper machinery of adjust
ment of disputes. The employ
ees, it
was said, wished to present their
grievances to the Eastern Train
Service
Board of Adjustment, machinery set
up jointly by some of the Easter
n
roads in co-operation with their
employees. The Erie is not a
party
to this machinery, and one of
Mr. Hanger's problems is to resolve
this
dispute.
Atchison Topeka & Santa Fe Ry. Adva
nces Wages.
From the "Wall Street Journal" of Dec.
3 we take the
following Houston advices:
A 5% wage increase, affecting more
than 500 clerks in Galveston, has
beers granted by Atchison Topeka &
Santa Fe Ry.
Further Developments in Bankers' Capit
al Corporat
Failure—Action of State Bureau of Securities ion
.
The State Bureau of Securities made its first
move against
the Bankers' Capital Corporation of 44 Wall St.
late Thursday, Dec. 12, when Deputy Attorney General
William H.
Milholland obtained a Supreme Court injunction
restraining
its officers from the further sale of securities,
and asking
for a receiver. The motion also included
eight affiliated
companies. A statement in the matter issued.
yesterday by
the State Bureau of Securities, Attorney
General's office,
says:
Urged Need for Line.
The proposed report of the commissioner
urged on his colleagues that a
line of railroad across central Oregon
long has been desired. It was
pointed out that the area probably
constitutes the largest within the
United States which is without rail
facilities. Its extent is indicated by
the fact that Lake County alone is about
the size of the State of Massachusetts and that Ramey and Malheu
r counties are 9,933 square miles
and 9,883 square miles, respectively, as
compared with 8,039 square miles,
the area of Massachusetts. Marney
County is larger than the States of
Delaware, Rhode Island and Connecticut
combined.
The extension would connect what
is now in effect a branch line from
Supreme Court Justice, Selah B. Strong
Ontario to Burns, Ore., with the so-call
, signed the order and set Dec.
ed Natron cut-off of the Southern 19 as the date
for a hearing.
Pacific, contemplated when the constru
ction first was extended west from
Shortly after the papers were signed,
Ontario. Proposed line would leave
Rollan
d H. Randall, President of
the present Ontario-Burns branch of Bankers' Capita
the 0.-W. R. & N. Co. at Lawen,
l Corp. and of several of the allied compan
near Crane, and extend westward to
ies was served.
a At the same time a State trooper left the office of
point on the Cascade line of the Southe
the Bureau of Securities
rn Pacific at or near Crescent Lake. to servo Ilowar
d H. Gunder. Chairman of the board
It would cross the recently constru
of directors for all
cted line of the Great Northern runnin
g the companies, at his home, 184 East Seventy-second Street
from Bend to a connection with the
.
Southern Pacific at Chemult at a
The State's papers, which were
point about 21 miles east of Cresce
signed
by
Attorn
ey General Hamilton
nt Lake. The Ontario-Burns branch Ward, were based
upon allegations of fraud and misrepresent
extends from Ontario to Crane, a
ations in the
distance of approximately 127 miles, sale of stock of the
Bankers' Capital Corp., and in the sale of the other
and from Crane to Burns, a distanc
e of approximately 80 miles.
eight companies promoted by
Direct connection would be effected
it.
The other defendant companies are:
by the proposed extension with the
The Bankers Financial Trust Co.;
Southern Pacific, Great Northern and
the American Fiduciary Corp.; the
the 0.-W. R. & N. Co.
Eastern Bankers Corp.; The Banker
s' Capital Co.: the Financial Stocks
Objectives of the Oregon commission and
interveners are threefold: (1) Estate; the Indiana Investment Estate
reduction of distances of eastern market
; the Gunder Common Law Trust
s for the greater part of western Co. and the Delaware General Financ
e Corp.
Oregon, (2) opening to settlement of
a vast area in central Oregon which
Gunder, as Chairman of the boards of these
various concerns, personally
cannot be brought into use until rail
service is provided, and (8) reduction managed and operated them by means of
numerous 'administration orders'
of distance from southeastern Oregon
and southwestern Idaho to and from which he issued daily. These curious orders
on light blue paper were issued
Pacific Coast markets.
In a military fashion. Gunder has
been likened to Penal since the collapse
of his various enterprises.
Railroad? Contention.
At the present time the Bankers Capita
Commissioner McNanamy's report stated
l Corp. and the Bankers Capital
that the position of the rail- Co. are in the hands of receive
roads concerned, the 0.-W. R. & N.
rs. All the other companies have combined
Co. and the Southern Pacific, was assets of less than
$100,000 aside from instances of stock of one of the
that the entire proposition is economically
deunsound; that the nature and fendent corporations
being held as an asset by one of the other defendant
resources of the territory are such
as to prohibit development of sufficient companies. Several million
dollars worth of stock in the hands of the public
traffic to sustain the line; that existin
g rail facilities are ample to is outstanding.
properly take care of all needs of eastern
and western Oregon and of
The Financial Stocks Estate, according
to Mr. Milholland's affidavit.
southwestern Idaho; and that the Southe
rn Pacific cannot be expected was owned by Gunder and his wife. It was
formed in 1921, and at that time
to divert traffic to the cross-State line and
stock of Gunder Mann & Co.. was transfe
thereby short-haul itself.
rred
to it. The principal business
It was also asserted by the Southern Pacific
that large expenditures of Gunder, Mann & Co. was promoting small banks in New
England,
have been and are being made in the constru
ction of additional rail facilities mainly in Connecticut.
in western Oregon in order to serve
In 1922 Gunder, Mann and Co. was incorp
that territory properly and to handle
orated as the Bankers' Capital
traffic expeditiously and that such faciliti
es are snore than sufficient for Corp. to deal in bank, trust, title and insurance stocks. In the titles
of
present and prospective traffic. The Great Northe
rn's position is embraced all the defendant concerns, the words "banker", "fiduciary", "finan
cial"
in the views of the other two system
or "Investment" appear to conve
s.
y the Idea that these companies were in the
banking and investment business.
The reason for this, according
to Mr. Milholland, was that Gunder
always represented that bank and financi
al corporation stocks were "the
Demand for Higher Wages by Trainmen on
aristocrats ofinvestment", being equal
Erie RR. to
to high grade bonds"and second only
Government securities."
Referred to Federal Mediator.
Gunder represented further that investments in
the securities of corporaA dispute between the Erie RR. and the Brotherhoo
tions he was promoting had a greate
d of stocks
r degree of safety than those of bank
Railway Trainmen concerning wages and working
backed by the nations industries, Mr. Milholland's
affidavit conrules was tinued. His literature
stated that only portio of the capital of the Bankturned over on Dec. 5 to G. Wallace W. Hang
er of the ers Capital Corporation was invested inaany onen securi
while
ty
over half of
United States Board of Mediation for settlement, accor
investments were in stocks of the other defend
ding theDuring
ant corporations.
the month that Mr. Milholland investigated
to the New York "Times" of Dec. 6. The item added:
the affairs of the
various Gunder concerns,
he was assisted by Barrow, Wade, Guthrie &
A demand for higher wages and a change in certai
n working conditions Co, the certified accountants employ
were included among the requests of the Brothe
ed by the receivers for the Bankers'
rhood, according to the Capital Corp. This firm
states in its report on the defendant Eastern
Associated Press. Officials of the union declined
to discuss their demands Bankers Corp. that on
last night and railroad executives could not
June 7 1929, this company sold 9,000 shares of the
be reached.
Bankers Financial Trust Co. stock
to the Bankers Capital Corp. at $30
Mr. Hanger announced that he had been chosen as arbitr
ator following a share, thereby showing a profit
reports that members of the Brotherhood emplo
of $200.000 on the sale. Nineteen days
yed on the Erie RR. be- later this company bought
back the stock from the Bankers' Capital Corp.
tween New York and Chicago had voted
to walk out this morning.
at $32 a share, enabli
ng that corporation to show a profit of $18,000 on
Mr. Hanger told reporters he could not discus
s the situation until he had the transaction.
made a more thorough study of it. The
matter came into his hands last
On a previous occasi
on the Eastern Bankers Corp. sold 3,000 shares of
night at a conference of railroad and union
officials who had called him Bankers Financial Trust
to New York from Washington in the hope
stock at $3 a share showing a profit of $40,000
that he might prevent a walk-out. and on the same day
at the same price purchased 5,000 shares of the same
He said he would begin a series of meetin
gs with representatives of both stock from the Banker
s'
Capital Corp.
sides and would continue proceedings
until a satisfactory settlement had
On another occasion,
according to Mr. Milholland, the Bankers' Capital
been made.
Corp. sold 97,000 shares of
Eastern Bankers stock to the Bankers Financial
Despite these negotiations toward settle
ment, there were persistent Trust Co., making a paper
rumors from Chicago that members
profit of $187,000 in commissions.
of the Brotherhood employed in that
In June 1929, the Banker
area had received notification from
their leaders in New York to quit their Financial Trust Co. stock s Capital Corp. sold 58,000 shares of Bankers
to
Jobs at 7 a. m. to-day. These rumor
the Eastern Bankers Corp. and the Financial
s were unconfirmed.
Stocks estate, thereby showin
g a profit of more than $300.000.
On Dec. 6 Mr. Hanger began a series
"In this way the Bankers'
of conferences were
Capital Corp. and its affiliated companies
able to show large incomes
to mediate the dispute between the Erie RR.
and (tech, s(big dividends while actually
and some of operating at a loss", Mr.
Milholland sale
DEC. 14 1929.]
FINANCIAL CHRONICLE
The failure of the Bankers' Capital Corp. was noted in
our issue of Nov. 9, page 2945, and its affairs were last
referred to in the "Chronicle" of Nov. 23, page 3273.
3741
A Distinctive Figure.
In his clubs—the Hamilton of Brooklyn, the Union League, Authors.
India House and Pilgrims—he was a distinctive figure. Often after entering
he became the center of a group in which the discussions ranged through
the latest bon-mot of the Street to the philosophy of the Ancients. Handicapped in later life by practical loss of one eye—a fact which he concealed—
his
he was an omnivorous reader and was, indeed, a genuine scholar. At
and
Brooklyn home he had an extensive library, including many rare items
authors.
works now out of print, not a few of them the personal gifts of the
CerAlmost a gentleman of another day was William Peter Hamilton.
personal
tainly as an editor without yoke or bonds, and with high moral and the
Greeley
Horace
of
times
responsibility, he harkened back to the
columns of
elder Bennett. This virility will not be lost from the editorial
of the warp
the "Wall Street Journal" because it has become too much
and woof of the paper itself.
qualities, Mr.
Aside from his editorship and his distinctive personal
averages.
Hamilton became widely known for his studies of the Dow-Jones
sale and it was
His book "The Stock Market Barometer" had tremendous
H.Dow,himself the
he who completed and expounded the theory of Charles
first editor of the "Wall Street Journal."
Frank H. Warder, Formerly New York State Superintendent of Banks, Recently Convicted on Bribery Charge,
Released Under $50,000 Bail.
Frank H. Warder, formerly New York State Superintendent of Banks, who was sentenced to from five to ten years
on Nov. 8, following his conviction on a charge of accepting
a $10,000 bribe, was released from the Tombs on Nov. 26
under bail of $50,000 pending action by the Appellate Div'.
sion on an appeal. As was indicated in our issue of Nov.
16, page 3113, the former superintendent was found guilty
by a jury of having accepted a bribe of $10,000 from the
late Francesco M. Ferrari, President of the City Trust
More Than 50 New York Bankers To Serve on National
Company, which failed last February. Referring to Mr.
Committees of Investment Bankers' Association
Warden's release, the "Evening Post" of Nov. 26 said:
America During Current Year.
of
The amount of bail was fixed by Supreme Court Justice McGoldrick,
on
James
who yesterday granted Warder a certificate of reasonable doubt.
More than 50 New York investment bankers will serve
I. Cuff and James E. Hughes, attorneys for the former official, ap- the 1929-30 national committees of the Investment Bankers
anpeared before Justice McGoldrick. They agreed on the amount of
Association of America, it was revealed Dec. 5 in the
bail with Assistant District Attorney Felix Bevenga.
e personnel by
Warder was not brought to the hearing at the Supreme Court nouncement of the association's committe
Building, which was held in Justice McGoldrick's chambers there. He Trowbridge Callaway, Callaway, Fish & Co., New York,
was taken later from the Tombs to the District Attorney's office,
to secure greater compactness and
where, in the bail bond department, his bond was posted by the President. In an effort
n's 22 standing
Capital Surety Company, which had also provided the bond of $35,000 efficiency, the personnel of the associatio
on which he remained free from the time of his indictment last committees and four sub-committees for the current year
summer until he was sentenced to from 5 to 10 years' imprisonment on
has been reduced substantially. Whereas in 1928-29 there
November 8.
McGoldrick
Justice
by
granted
doubt
of
reasonable
The certificate
were 353 names on the committee list, the appointments for
was based on a ruling on a point of law during the trial by Supreme the current year number but 270. The following are the
Court Justice Tompkins, who presided.
Warder was convicted of having accepted $10,000 from the late New York appointments:
Business Conduct—Clarkson Potter, Hayden, Stone & Co.
Corp., and
Business Problems—George N. Lindsay, Bancamerica-Blair
Carroll J. Waddell, Winslow, Lanier & Co.
Bertles,
Carpenter,
K.
Sub-Committee on Cost Accounting—Thomas
Rawls & Donaldson, Inc.
Trust Co.
Sub-Committee on Distribution—William H.Eddy,Equitable Philip C.
of New York; George N. Lindsay, Bancamerica-Blair Corp.;
& Co..
Bonbright
Rider, Halsey, Stuart & Co., Inc.; Horace S. Scarritt,
Death of William P. Hamilton, Editor "Wall Street Inc.; F. Kenneth Stephenson, Stone & Webster and Blodget, Inc.; Joseph
Bankers Co. of
Journal."
R. Swan, Guaranty Co. of New York; B. A. Tompkins.
New York, and Carroll J. Waddell, Winslow, Lanier & Co. Stuart. Halof
"Wall
the
Street
editor
,
B.
William Peter Hamilton
Sub-Committee on Salesmen's Compensation—Charles
Journal", died of pneumonia on Monday Dec. 9 at his seY., Stuart & Co.. Inc.
N. Lindsay. BancSub-Committee on Trends of the Business—George
-Newton
home at No. 1 Pierrepont Street, Brooklyn. Mr. Hamilton america-Bla
ir Corp., Chairman, and Charles L. Stacy, Boettcher
a
only
few
for
days
ill
who was in his.63d year, had been
dr Co.
ChairCo..
&
Moseley
S.
F.
Commercial Credits—Herbert F. Boynton,
according to the paper of which he was editor. A brief
H. Burr & Co., and George W. Naumburg.
George
C.
King,
E.
man;
in
appearing
Hogate,
C.
account of his life, by Kenneth
E. Naumburg & Co.
Blodget, Inc.. and
the Dec.9 issue of the "Wall Street Journal" follows:
Education—Henry R. Hayes, Stone & Webster and
Co.
passthe
&
with
Fish
end
to
comes
Callaway,
usefulness,
with
L.
filled
Frank
Scheffey,
one
and
A colorful life,
Trust Co. of New York,
Federal Taxation--William H.Eddy,Equitable
ing of William Peter Hamilton. Of Scotch extraction, Mr. Hamilton was
& Webster and Blodget. Inc., and
born in England on Jan. 20 1867. Early in life he associated himself with Chairman; Arthur B. Griffin, Stone
Lanier & Co.
financial interests and soon became a member of the London Stock Ex- Carroll J. Waddell, Winslow,
Harris, Forbes & Co., ChairForeign Securities--Harry M. Addinsell,
change.
Corp. of Boston. Vice-Chairman;
staff
National
the
joined
he
1890
First
in
and
itself
Pope,
asserted
M.
man;
press
Allan
the
of
But the call
of New York; John Speed Elliott,
of the Pall Mall Gazette under the editorship of William T. Stead. As a William Cahill, Equitable Trust Co.
Hayward, Dillon, Read & Co.; Ellery S.
correspondent, he traveled to many parts of the world. His career in jour- August Belmont & Co.; Robert 0.
Millhauser. Speyer & Co., and
nalism was not to end until his death except for a term as. Lieutenant of James, Brown Brothers & Co.; DeWitt
Co.
&
he
corwas
a
war
Later
Hallgarten
Engineers.
Royal
Stralem,
Forces,
I.
Casimer
the British Auxiliary
stead G. Freeman, Chase
Government and Farm Loan Bonds—Hal Bancamerica-Blair Corp.
respondent from Africa and still later he was moved to Australia where he
Securities Corp., and Douglas V. MacPherson,
represented London newspapers.
Sachs & Co., ChairIndustrial Securities—Waddill Catchings, Goldman,Gilbert G. Browne,
From Australia, Mr. Hamilton came to New York and to the staff of
& Dominick;
the "Wall Street Journal" in 1899. His first work here was the origination man; .J. Augustus Barnard, Dominick
Gilbert, Spencer Trask & Co.
of paragraphs of stock market comment which he developed and continued White, Weld & Co., and Percival
Bond & Goodwin.
Industrial Service Securities—Maxwell E. Bessell.
to write in sparkling fashion for many years.
Howard M. Erskine,
Inc.; Curtis B. Dall, O'Brian, Potter & Stafford;
Hemphill, Noyes & Co.
200 Editorials Precede Success.
G. L. Ohrstrom & Co., Inc., and Jansen Noyes,
Harris. Forbes & Co.;
Investment Companies—E. Carlton Granbery,
But his ambitions always centered on the editorial column. In spare
Co.; George Murnane,Blyth & Co.,
&
Barney
D.
F.
Chas.
to
Thomas
for
Jr.,
Woodlock,
submission
editorials
Hanes
W.
John
out
time he pounded
Goldman, Sachs & Co.
then editor of the "Wall Street Journal". In later years he loved to tell and Sidney J. Weinberg,
Legislation—Ralph T. Crane, Brown Brothers & Co.
how he had written 200 editorials before the first WM accepted for publica& Co.
Membership—Robert E. Christie Jr., Dillon. Read
tion. Nevertheless, such persistence and high native excellence could not
Brothers &
Municipal Securities—F. Seymour Barr, Barr
be ignored. On Jan. 1 1908, following the resignation of Sereno S. Pratt,
of New York, and
City
Bank of the
he became editor—the fourth in the life of the "Wall Street Journal"— Leverett F. Hooper, First National New York.
Co. of
which post he filled with increasing influence and prestige until the day of J. Ritchie Kimball, Guaranty
& Co.; Duncan R.
Public Service Securities—Henry J. Fuller, Aldred
his death.
Electric Bond
Parkhurst,
H.
Laurence
and
Co.,
&
and
for
personally
Forbes
was
wrote
responsible
indeed
Linsley, Harris,
As editor, Mr. Hamilton
the
under
"Review
and
Outmatter
appears
which
the
Co.
Share
&
of
the greater part
Co.
Publications—Duncan H. Read, Dillon, Read &
look" heading in the "Wall Street Journal." His writings were never
Harrison, Smith & Co.
State and Local Taxation—J. Horton Ijams,
subject to censorship and the column was his very own in a sense perhaps
thoroughly unique in modern journalism.
Francesco M. Ferrari in September, 1928. Ferrari was founder and
President of the City Trust Company, which failed for about $5,000,000. His bank was insolvent in September of last year. The bribe
was given, it was testified, in return for Warder's withholding examination of Ferrari's bank at that time.
Retained Post of Highest Usefulness.
American Express Co. to Form American Express
In former years, Mr. Hamilton frequently turned cold shoulder to offers
Bank & Trust Co.
which would have meant the editorship of other important newspapers
It was reported yesterday (Dec. 13) that proceedings have
in New York and elsewhere. It was his conviction that he was holding
the seat of highest usefulness and he believed that it was here he could been initiated by the American Express Co. for the organizabest exercise the liberty of expression and unfettered outlook which was his
bank and trust company to be known as the
glory. He abhorred "padding and pussy-footing." His method was to tion of a new
The New York
devote himself to ascertainment of the right. Once this was determined he American Express Bank & Trust Co.
fought vigorously and without quarter. For him there were never two sides "Evening Post" of last night, from which we quote, said:
or
right
wrong
and
he
either
was
espoused
to any question. A project
Establishment of the new bank is looked upon as a logical development
what he believed was right. That sometimes his own office was not in
the activities of the American Express Co., and is made convenient by
In
not
him
in
worry
the
did
His
least.
outside
foes
made
he
that
agreement,
release during this year of the large capital investment the company
satisfaction came from his own conviction that he was sound and from the the
had in the express transportation business
pride of precise and forceful expression.
The new bank and trust company will engage in a general banking and
Such a character must develop warm friendships and William Peter
company business in New York City, thus supplementing the finantrust
were
to
wit,
drawn
him
by
Many
his
abundance.
in
Hamilton had them
services now rendered by American Express Co. and developing business
cial
n
and
his
of
stories
conversatio
lore
immense
in
expression
of
his pungency
which is not now available to that company.
and anecdotes gathered from history-makers in all quarters of the globe.
3742
FINANCIAL CHRONICLE
[VOL. 129.
Directorate Announced.
8200.
Application will be made for a trust company
charter under the New Harry Bronner.
Homans & Co.
Frederick Osborn.
York law, and it is expected the new institution
Willard V. King.
will begin business in April. James Brown.
Lewis E. Pierson.
Edwin M. Bulkley,
with a paid in capital of $10,000,0
Charles W. McAlpin.
Edwin A. Seasongood.
00 and surplus and organization reserves T. Minor
Curry.
of $6,000,000. Its principal office will be
Gates W. McGarrah.
E. Vail Stebbins.
in the American Express Building William Halls Jr.
J. S. Morgan Jr.
at 65 Broadway. The directors will include:
Edward Townsend.
Joseph F. Abbott, President. American
$125.
Sugar Refining Co.
Miss Barbara Childs.
Richard S. Childs.
Martin J. Alger, President. Merchants Dispatch
Mr. & Mrs. Henry
Transportation Co.
Edward C. Childs.
S. Winston Childs Jr.
Herrman.
William D. Baldwin, Chairman, Otis Elevator
Co.
F. HiggInson Cabot Jr., Vice-President,
The total subscriptions so far received amount to over
Stone & Webster,Inc.
William (I. Dickerman, President, American Locomotiv
$106,000. This being the fiftieth anniversary of the fund,
e Co.
Frederic W.Ecker, Assistant Treasurer, Metropoli
tan Life Insurance Co. many have increased,
and some even doubled, their pre..
William B. Given Jr., President, American Brake
Shoe & Foundry Co.
Paul L. Haid, President, American Eagle Fire Insurance
vious subscriptions, and the committee expects that this
Co.
William T. Hoops, President, L. C. L. Corp.
year's total will considerably exceed last years,' which was
Arthur F. Lafrentz, First Vice-President, American
Surety Co.
about $120,000.
Frank A. Merrick,President. Westinghouse Electric Manufactu
&
ring Co.
Demon S. Prentice, of Dominick & Dominick.
John W. Prentiss of Hornblower & Weeks.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Charles S. Sargent. of Kidder, Peabody & Co.
Frederick P. Small, President, American Express Co.
The sale of three New York Stock Exchange memberGraham C. Woodruff, Chairman, United States Freight
ships were arranged for this week at $400,000, $423,000
Co.
The president, official staff and additional directors
will be announced and
the last $425,000. Last preceding transfer was for
later.
$375,000.
$160 Subscription Price.
Initial capital will consist of 100.000 shares of the par
value of $100 each.
The subscription price will be $160 a share, or a total
Arrangements were reported made this week for the
of $16,000,000 to be
paid in.
sale of a New York Curb Exchange membership at $215,000.
There will be no offering of stock to the public. American
Express Co.
will subscribe to at least 54%, 10% will be reserved for subscripti
on to The last preceding sale was for $200,000.
officers and directors, and 36% will be offered to American
Express stockholders in the ratio of one share of new bank stock for each five
shares of
The New York Cotton Exchange membership of Charles
American Express stock.
Subscriptions to United Hospital Fund Through
"Bankers'and Brokers' Committee"—Amount Thus
Far Received Over $100,000.
James Speyer, Chairman, and Charles H. Sabin, Associate
Chairman of the "Bankers' and Brokers' Committee" of the
United Hospital Fund of New York, report the following
subscriptions of $100 and over, received to date:
$20.000.
J. P. Morgan & Co.
$10,000,
Mr. & Mrs. George Blumenthal.
$7,500.
Kuhn, Loeb .4 Co.
Speyer & Co.
$2,500,,•
George F. Baker.
George F. Baker, Jr.
Marshall Field.
Lazard Freres.
$2,000.
Mr.& Mrs. S. W. Childs.
Albert H. Wiggin.
$1,500.
Hallgarten & Co.
$1.250.
McGhee was reported sold this week to Edwin M. Muir
for $25,000. The last preceding sale was for $34,000.
Arrangements were reported made this week for the sale
of three Chicago Stock Exchange memberships, at prices
ranging from $30,000 to $35,000.
The Guaranty Trust Co. of New York announced on
Dee. 12 the appointment of Elliott H. Lee as Vice-President.
Mr. Lee was formerly Second Vice-President.
--4--
Herman Hjertberg, formerly with the Chemical Bank &
Trust Co., of New York, has been appointed Auditor of
the Pacific Trust Co.
J. Henry Schroder Banking Corporation of New York
has appointed as Assistant Vice-Presidents, Henry A. Harrison and Theodore E. Stebbins, both formerly Assistant
Secretaries. It has also appointed as Assistant Secretaries
Norbert A. Bogdan and Ernest Meili.
Goldman, Sachs & Co.
Bank of Manhattan Trust
Co.
S. B. Chapin & Co.
Hartman K. Evans.
Harris, Forbes & Co.
Hayden. Stone & Co.
Jesse Hirschman.
$1,000.
"A Friend."
Mrs. Percy R. Pyne.
Mrs. Sydney A. Kirkman. .1. Henry Schroder BankLehman Bros.
ing Corp.
Manufacturers Trust Co. J. & W. Seligman & Co.
Dunlevy Milbank
Title Guarantee & Trust
Mr. & Mrs. Jeremiah
Co.
Milbank.
$750.
Mr.& Mrs. Harry E. Ward•
Robert S. Brewster.
Mr.& Mrs. Arthur 0.
Choate.
Commercial Investment
Trust. Inc.
Dr. Ernest Fahnestock.
$500.
Fred. H. Greenebaum &
Co.
HeideMach, Ickelhelmer
Co.
Logan & Bryan.
James B. Mahon.
George S. Brewster.
Newborg & Co.
Dr. William H. Nichols.
Adolf J. Pavenstedt.
Charles A. Sackett.
"A Friend."
$400.
Mr.& Mrs. Samuel Sachs
$350.
F. B. Keech & Co.
$300.
Aslel & Co.
Stephen Baker,
Hamilton F. Benjamin.
Albert E. Goodhart.
Philip J. Goodhart.
Harris, Winthrop & Co.
Adrian Iselin.
William Fahnestock.
8250.
Henry Ittleson.
Carl J. Schmidlapp.
Mr.& Mrs. Acosta Nichols. Edward W. Sheldon.
Post & Flagg.
Simon W. Straus.
W. Emlen Itoosevelt.
"F.'S."
Albert Rothbart.
Frederick W. Warburg.
Charles H. Sabin.
Salomon Bros. & Hutzler.
$150.
Christopher I). Smithers.
Arthur A. Zucker.
Abraham & Co.
J. S. Alexander,
Anglo-South American
Trust Co.
Barr Bros. & Co., Inc.
William Bernard.
Mrs. M. Bernstein.
Bertron. Griscom & Co.
George Blagden.
Theodore L. Bronson.
Thatcher M. Brown.
Burnham, Herman & Co.
Chandler & Co., Inc.
P. W. Chapman & Co.,
Inc.
George H. Church.
Coleman & Co.
George F. Crane.
DeCoppet & Doremus.
Moreau Delano.
Charles D. Dickey.
C. M. Dutcher.
Eastman, Dillon & Co.
Evans, Stillman & Co.
Harris Fahnestock.
Maurice L. Farrell.
Mr. & Mrs. David H.
Joseph Kosbland.
Lanman.
$100.
Fenner & Beane.
E. Hayward Ferry.
Finch. Wilson & CO.
First National Corp. of
John McHugh,
Edwin G. Merrill.
Mrs. Dunlevy Milbank.
Mr.& Mrs. S. C. Millett.
-A Fri d"
BostonHarvey Fisk & Sons.
Carl II. Pforzheimer & Co.
Halsted G. Freeman.
Oscar L. Richard.
Freeman & Co.
George B. Robinson & Co.
Henry Goldman.
Col. H. H. Rogers.
Halsey, Stuart & Co., Inc. H. Pendleton Rogers.
John Henry Hammond.
E. H. Rollins & Sons.
Harriman & Co.
Arthur W. Rossiter.
G. Beekman lloppin.
Louis F. Rothschild.
D. S. Iglehart.
Henry Ruhlender.
Percy H. Johnston.
William M.Cavin.
Clarence H. Kelsey.
Samuel Sloan.
Kidder, Peabody dc Co.
Albert Stern.
W. Thorn Kissel.
Arthur Turnbull.
LaBranche & Co.
Harold T. White.
W. C. Langley & Co.
H. N. Whitney & Sons.
William E. Lauer.
Blair S. Williams.
C. Lewis.
Clark Williams.
Aug. A. Undo & Co.
John T. Winkhaus.
J. B. Powell.
Samuel Wooiverton.
S. Cliffton Mabon.
August Maser.
"A Friend."
The Underwriters Trust Co., of New York announces the
election of the following to the board of directors: Charles
H. Marshall of the brokerage firm of Butler, Herrick &
Marshall; D. Basil O'Connor, of Roosevelt & O'Connor;
Benjamin B. Greer, President of the New York Air Brake
Co., and Charles Presbrey, of Frank Presbrey Co., New
York. The opening of the institution was referred to in our
issue of Nov. 30, page 3421.
Chellis A. Austin, President of The Equitable Trust Co. of
New York, died suddenly at his home in Montclair, N. J.
early yesterday morning (Dec. 13) from an attack of angina
pectoris. He was fifty-three years old.
On Dec. 12 Mr.Austin made an address before the Association of Life Insurance Presidents at the Astor Hotel. He
then returned to his home for supper and retired early, apparently in the best of health. At about three o'clock yesterday
morning he awakened in pain and died a few minutes afterward. Mr. Austin became President of The Equitable Trust
Co. on Sept. 16 1929 when The Seaboard National Bank and
The Equitable Trust Co. were consolidated. He previously
had been President of The Seaboard National Bank since
1922. A sketch of his career,furnished by the trust company
follows:
Mr. Austin was born in West Berkshire, Vermont, In 1876. He
was
educated in the public schools of Canton, St. Lawrence County, New York,
and secured his college education at St. Lawrence University and Columbia
University.
Mr. Austin's entrance into the business world was a a messenger in a New
York brokerage house. Within a year, however, he turned to railroading
and held several clerical positions with the Erie RR. in the office of
the
Supt. of Motive Power and the President of the road. In order to obtain
a
more practical education in railroading, he took a night clerkship
in the
yards at Hornell, N. Y., and soon was promoted to the position of night
yard master. Mr. Austin then joined the Lehigh Valley RR. and was pro!noted through several positions until during the last three years of his
railroad career he was Train Master of the Jersey City Terminal of the
Lehigh.
When he was thirty-five years old, Mr. Austin entered the Columbia
Trust
Co. of New York as a new business solicitor. He later organized
the credit
department of the company and was advanced successively to
Assistant
Secretary and Vice-President. Ile resigned this office to become
President
of the Mercantile Trust Co., which he helped to organize in
May, 1917.
When the Mercantile was merged with the Seaboard in 1922, Mr.
Austin was
elected President of the Bank. Ills election as President of The
Equitable
Trust Co. followed in September, 1929, when the Seaboard and
Equitable
were consolidated.
DEC. 14 1929.]
FINANCIAL CHRONICLE
3743
At the directors' meeting on Dec. 11 R. H. Leslie was elected Auditor of the International Acceptance Bank, Inc., of
New York.
J. G. Geddes, Vice-President and head of the Foreign
Department of The Union Trust Co., was appointed on
Dec. 11 to the Executive Committee of the American
Acceptance Council, composed of representatives of the
larger banks of the country. F. J. Zurlinden, of the Federal
Reserve Bank, is the only other Cleveland representative
on the Executive Committee.
The annual meeting of the stockholders of the Harriman
The Dec. 10 statement of Chemical National Associates,
National Bank & Trust Co. will be held at its quarters, 527
75% of its total
Fifth Ave., New York,on Tuesday, Jan. 14. At the meeting Inc., of New York, shows approximately
and Government
loans,
demand
loans,
call
cash,
in
the
resources
by
passed
the stockholders will vote upon a resolution
The company
directors on Dec. 5, recommending that out of the undivided bonds, and 25% in high grade securities.
19 1929,
Sept.
on
cash
in
$40,000,000
with
business
started
the
capital
on
1-3%
33
of
dividend
a
bank,
profits of the
1929,
10
Dec.
of
as
company
the
of
assets
total
and
the
stock be paid to stockholders of record at the close of business
quotations, were in excess of
on Jan. 20 1930, in the form of stock of the bank—one share taking all securities at market
funds of $40,000,000
of new stock for each three held at the date named. This the original paid-in funds. The paid-in
non-voting stock and
will increase the capital of the bank from $1,500,000 to are represented by 1,500,000 shares of
stock is owned
$2,000,000. The surplus will also be increased from $1,000,- 100,000 shares of voting stock. The voting
The capital
Inc.
Co.,
National
Chemical
the
by
000 to $2,000,000. J. W. Harriman, President of the bank, entirely
trustees for the
by
held
is
company
this
latter
of
stock
says:
7
Dec.
date
of
under
stockholders
the
to
letter
in a
Bank & Trust Co.
Scrip will be issued for fractional shares, but no dividend shall be paid benefit of the stockholders of the Chemical
on such scrip until presented for transfer to stock of the bank in amount The 1,500,000 shares of non-voting stock were originally
or amounts equal to one or more full shares of the bank The present par
offered exclusively to stockholders of the Chemical Bank
value of the stock of the Harriman National Bank & Trust Co.. $100. will
benea
endorsement
of
bank stock carries by
& Trust Co., the issue being heavily oversubscribed. The
not be changed Each share
ficial interest in the earnings of the Harriman Securities Corporation.
stock has had an active market on the Produce Exchange
The stock of the Harriman National Bank & Trust Co. has enjoyed a
market. The authorized common
notable increase in value during the past few years, which reflects the and the over-the-counter
dividends paid and is indicative of the earnings of the bank. The stock stock, non-voting, is 5,000,000 shares, of which 1,500,000
has sold recently at $2,000 per share. The original capital of the bank, shares are now outstanding. 750,000 shares of the au$200,000, increased to $500,000 in 1912, with valuable rights to stockreserved for the exercise of
holders, was further increased to $1,000,000 in 1917, the additional shares thorized but unissued stock are
being distributed as a dividend. Dividends on the now capital were paid warrants now outstanding, each warrant entitling the holder
at the rate of $10 per annum until 1921. the bank paying that year a regular thereof, until Jan. 1 1940, to purchase one share of common
and extra dividend aggregating 15%. From 1922 to 1925 the dividends
participate in
were at the regular rate of 10% per annum and 10% extra. In 1925 a stock at $27. The non-voting stock did not
special dividend of 50% was disbursed and the Harriman Securities Cor- these warrants. Chemical National Associates, Inc., was
poration was founded. Since that time dividends, regular and extra, have
incorporated under the laws of the State of Delaware with
aggregated a total of 20% per annum. In addition, the Harriman Securities
Corporation paid in 1928 dividends of 20% which were enjoyed by the stock- broad powers, among others, to buy, sell, hold, or exchange
holders of the bank, and in 1929, in excess of 35%. In 1929. the capital securities, participate in syndicates, underwriting and in
of the bank was again increased by $500,000, and the stock of the Harriman
other financial transactions, control, manage or operate
Securities Corporation proportionately increased, valuable rights being
given to the stockholders of the bank to subscribe to its new shares on the companies. It was desirable to have an auxiliary company
basis of $310 per share.
whose specific charter provisions would supplement the
included in a bank charter. Such a company can
powers
Comof
"Journal
In its issue of Dec. 10 the New York
in
operate
fields kindred to banking and finance but where the
Row
Park
merce" said with reference to the proposed
furnishing of more or less permanent capital is involved as
Trust Co.:
of supplying
St., the contrasted with a bank's primary function
Authority to organize the Park Row Trust Co. at 154 Nassau
capital.
temporary
granted
was
June,
last
failed
which
Bros.
Bank,
Clarke
site of the defunct
to a
yesterday by State Superintendent of Banking Joseph A. Broderick
James M. Beck will be the guest of honor and speaker at
will
group of directors of the Plaza Trust Co., acting as individuals, who
the
former
of
depositors
the next luncheon of the Bond Club of New York, which
organize the new bank in co-operation with the
Clarke Bros. institution.
Club on Wednesday, Dec. 18.
of whom will be held at the Bankers'
Under the plan of organization, the Clarke Bros.' depositors,
which they Mr. Beck is the member of the House of Representatives
there are 2,200. have been allotted 49% of the capital stock for
will be held
will pay the issue price of $32 a share. The controlling 51%
for the First District of Pennsylvania in the 70th and 71st
by the Plaza Trust group of organizers.
sur- Congress. He was formerly a member of the firm of ShearThe new trust company will be organized with a capital of $500,000,
it was reaffirmed man & Sterling in New York, and was the Solicitor General
expenses,
organization
for
$50,000
and
$250,000
plus
for the
by M. H. Cahill, President of the Plaza Trust Co., spokesman
from 1921 to 1925. Besides being a
par value, the of the United States
organizers. The stock issue will be of 25,000 shares of $20
Mr. Beck is an able speaker, and has
lawyer,
d
per
share.
$32
to
up
distinguishe
price
issue
the
running
funds
organization
surplus and
a number of important books. He is an officer of
written
Joseph Brown, who has been President of the Sterling the Legion of Honor, and Commander of the Order of the
National Bank of New York since its organization, resigned Crown of Belgium.
his position with that institution on Dec. 13 and was reelected to his old position as Vice-President of the Bank of
The sale of 620,000 shares of new stock at $70 a share to
United States. He will take up his new duties at the main stockholders of the Equitable Trust Co. of New York was
office of The Bank of United States, Fifth Ave. at 44th St., a complete success, it was announced on Dec. 9 by Chellis
next Monday. Mr.Brown was a Vice-President and director A. Austin, President of the Equitable. The subscription
of The Bank of United States previous to becoming President rights on this new stock expired at the close of business
of the Sterling. Before that he was for many years with the Dec. 7. Approximately $45,000,000 in additional capital
Chatham & Phenix National Bank, leaving there to become funds was raised through the purchase of these shares by
a Vice-President of the Central Mercantile Bank and Trust stockholders and the sale at auction of an additional 20,000
Co., with which latter institution he remained until its merger shares on Dec. 5. A reference to this sale at auction apwith The Bank of United States.
peared in our issue of Dec. 7, page 3578. The announcement
President Austin, Dec. 9, says:
of
States
of
New
York
and
United
Directors of The Bank of
The financing of this increase in capital funds by the Equitable Trust co.
at
on
Corp.,
meetings
Dec.
Bankus
affiliate,
securities
its
of
was consummated without an underwriting of the new stock. Moreover, no
12 declared the regular quarterly dividend on The Bank of postponement was made in the date for exercising the rights, although the
offered on Oct. 22, just before the severe break
United States units at the rate of $6.00 per year. The quar- subscription plan had been
in the stock market. Rights went as low as $3 during the worst of the
to
2
Jan.
payable
is
stockyesterday
declared
terly dividend
recent depression, but recovered quickly to approximately $5, and were
holders of record Dec. 18. The directors of the bank also traded in finally at $14 a right just before their expiration on Saturday.
620,000 shares of new stock offered to Equitable stockvoted to pay the usual Christmas bonus to its 2,000 employ- In addition to the share,
the 20,000 shares offered at public auction on
holders at $70 a
ees. This bonus is on a graded scale up to 10%, according Dec.
5 were sold at an average price of $92.25.
to the length of service. Barnard K. Marcus, President,
The recapitalization program, under which the offering of new Equitable
that $25,000,000 is to be invested in an affiliated
reported to the Board that 1929 had been a year of greater shares was made, provides
company. The remaining sum of approximately $20,000,000
progress and expansion than any previous year in the bank's securities
will be added to the capital and surplus of the bank. As a result of
history. He stated that during the year the bank had in- this recapitalization plan, the Equitable Trust Co.'s aggregate capital
58
20
from
and
to
branches
the
funds, including the securities company capital, now total more than
creased the number of its
pssoncyno.
number of its depositors from 150,000 to over 400,000.
In addition to being President and Trustee of The Equitable. Mr. Austin
was a director of the Prudential Insurance Co. of America, of the Bankers &
Shippers Insurance Co., Safety Car Heating & Light Co., Borden Co. and
Mercantile Safe Deposit Co. He recently had been elected President of
The Equitable Eastern Banking Corp.
Aside from his banking and business interests he was closely identified
with many educational and charitable undertakings. He was Treasurer
and Trustee of the Finance Committee of the Tuskegee Normal and Industrial Institute, President and Director of the Bowling Green Neighoorhood Association, Vice-President and Trustee of the State Charities Aid
Association, Treasurer and Chairman of the Finance Committee of the
China Medical Board,Inc., Treasurer and Trustee of the Milbank Memorial
Fund and Treasurer and Director of the Welfare Council of New York City.
3744
FINANCIAL CHRONICLE
The Manhattan Co. of New York, as a holding company,
, held its first meeting on Dec. 10, at which the new board
was organized. Paul W. Warburg was elected Chairman of
the Board; J. Stewart Baker, Chairman of the Executive
Committee, and P. A. Rowley, President of the company. In
addition to these three, the Board of Directors will include
the following:
Stephen Baker
Bertram H. Borden
Matthew Brush
Marshall Field
Michael Friedsam
F. Abbot Goodhue
George MeNeir
[vol.. 129.
the past two years it has secured its new banking rooms, which are
paid
for in full, while during the same period its combined capital, surplus
and undivided profits have been increased from $265,000 to $432,000."
At a regular meeting of the Executive Committee of the
National City Bank of New York, on Dec. 10, Leo J. Schoenhoff was appointed an Assistant Cashier. He will be
located at the 42nd Street branch.
John C. Moore
Samuel Sloan
Felix M.War burg
James P. Warburg
H. Pushae Williams
Daniel G. Wing
That payment of a $1.50 dividend to stockholders of the
defunct New Jersey Bankers' Securities Co. of Passaic, N. J.,
is proposed by the receivers of the company in an application to Vice-Chancellor John H. Backes, was reported in a
dispatch by the Associated Press from Newark on December
The board appointed the following officers:
W. A. Rush, Vice-President and Treasurer; F. C. Harris, 5, printed in the New York "Evening Post" of the- same
date, which added:
Secretary, and M. W. Williams, Comptroller.
There are 648,669 shares of the company outstanding. A dividend of
As the Manhattan Co. and the New York Title & Mort$1.50 would amount to a disbursement of nearly $1,000,000.
gage Co. announced on Oct. 24 a plan providing for the
The placing in receivership on July 25 last, of the New
exchange of New York Title & Mortgage stock for stock
Jersey Bankers' Securities Co., followed the closing the
of the Manhattan Co. at the rate of seven-twentieths of
previous day of the Hobart Trust Co. of Passaic, an inone share of the latter for each share of the former. It is
stitution controlled by the New Jersey Bankers' Securities
expected that if this plan goes into effect three members of
Co. The trust company has since reopened under new manthe board of the Mortgage Co. will be added to the board of
agement. Reference was made to the closing of the New
the Manhattan Co. Mr. Warburg stated with respect to
Jersey Bankers' Securities Co. in the "Chronicle" of July
the recent increase in the capital stock of the Manhattan Co.
27, page 580, and its affairs referred to in several subsequent
that about 90% of the $22,500,000 of new funds had been
issues.
provided by subscriptions from the old stockholders. Only
10% had to be taken by the Underwriting Syndicate, and
James J. Diamond was appointed a Vice-President of the
this small amount had been disposed of.
Girard Avenue Title & Trust Co. of Philadelphia on Dec.
The Manhattan Co., as a holding company, has a capital 4, to succeed
the late John H. Gay, according to the Philaof $26,000,000, surplus of $52,000,000, and undivided profits delphia "Ledger"
of Dec. 5.
of $10,000,000. It owns (excepting directors' qualifying
shares) all of the stock of the Bank of Manhattan Trust Co.,
We are advised that Timothy C. Cumming, for twenty
doing a domestic banking and trust business in its 65 offices years associated with the old Connecticut National Bank
located throughout Greater New York; the International of Bridgeport, Conn, and for five years prior to its consoliAcceptance Bank, Inc., engaged in foreign banking busi- dation with the First National Bank of that city Assistant
ness throughout the world, and the International Manhattan Cashier of the institution, on Dec. 1 joined the staff of the
Guaranty Bank & Trust Co: of Bridgeport. Mr. Cumming
Co., Inc., a securities company.
IjJJ
is in charge of the bank's new business. In reporting his
It was learned on Dec. 11 that the proposed merger proposed connection with the Guaranty Bank & Trust Co.,
between the Continental Bank & Trust Co. and the Fidelity the Bridgeport "Post" of Nov.23 had the following to say:
Trust Co. of New York will not take place. Both Mr. "Tim" Cumming, during the time he was connected with the old Connecticut National Bank, was considered the most popular bank official
Hornby, President of the Continental, and Mr. Blaine, the
In
city. He was active in club life.
the past ten years he has been conPresident of the Fidelity Trust, stated that negotiations nected with the accounting firm ofFor
Hadfield, Bothwell, Soule & Coates
were discontinued by reason of failure to agree on matters of Hartford, his specialty being on bank examinations and organization
and on Federal tax matters. He was with the Guaranty Bank and Trust
of policy. Items regarding the negotiations looking toward Co.at its opening in a supervising
capacity.
a merger of the two institutions appeared in our issues of
Elwood
F. Reeves, Jr., and Leslie R. Tindall have been
Sept. 21, page 1837, and Oct. 12, page 2336. The "Times"
of Dec. 12, commenting on the dropping of the plans for appointed Assistant Treasurers of the Industrial Trust Co.
of Philadelphia, according to the Philadelphia "Ledger" of
the union of these institutions, said:
Failure of this merger made the third instance this year in which Dec. 7.
negotiations to join two New York City banks had reached an advanced
stage only lb be called off. The first case was that of the Bank of
America, National Association, and the Chatham Phenix National Bank &
Trust Co., plans for a merger of which were abandoned because the directors
could not agree on terms. The second was that of the merger of the National
City Bank and the Corn Exchange Bank Trust Co., which failed of ratification by the National City's stockholders because the decline in the price
of shares of the two banks had made it inevitable that cash would have
to be paid for all Corn Exchange shares.
J. Hartley Mellick, a special partner in the banking and
brokerage house of Bull, Eldridge & Co., this city, died of
pneumonia on November 29 at his home in Plainfield, N. J.,
after a short illness. Mr. Mellick, who was 43 years of age,
was born in Bayonne, N. J. For years he was associated
with the banking firm of Carlisle, Mellick & Co. of New
York. He sold his seat on the New York Stock Exchange a
Year ago.
Fred W.Pope,former Treasurer of the Framingham Trust
Co., Framingham, Mass., was sentenced on December 4 to
serve six to seven years in the State Prison by Judge Fosdick in the Middlesex Superior Court, following his plea of
"guilty" to an indictment containing eight counts charging
larceny of $74,000 of the institution's funds, according to the
Boston "Transcript" of that date. A press dispatch from
Framingham on November 22 to the Boston "Herald", reporting the arrest of the former Treasurer, contained the
following statement issued by the executive committee of
the institution:
The National Union Bank of Reading, Pa., with capital
of $200,000 was placed in voluntary liquidation on Nov. 30.
The institution has been absorbed by the Reading Trust
Co. of Reading.
The Foreman-State National Bank and the ForemanState Trust & Savings Bank will open their doors Monday,
Dec. 16 1929 in the new Foreman-State National Bank
Building at La Salle and Washington Streets, as the third
largest bank
in Chicago. These financial institutions
represent the consolidation of the State Bank of Chicago
with the Foreman National Bank and the Foreman Trust &
Savings Bank, having total resources in excess of $220,000,000. The Foreman-State Corp., the securities affiliate
of the banks, has already taken up its quarters in the new
skyscraper. The Foreman banks and the State Bank of
Chicago have long been identified with the financial history
of Chicago. The official announcement says:
The State Bank of Chicago was
founded fifty years ago by Heige A.
Haugan and John R. Lindgren. The bank prospered
from its organization
and in 1884 it opened larger quarters. In 1891 the bank was
incorporated
under the laws of the State of Illinois with Mr. Haugan as
President and
Mr. Lindgren as Cashier.
In 1897 the State Bank moved to larger quarters at the corner
of La Salle
and Washington Streets, the present site of the new skyscraper
which will
house the combined banks. Tho State Bank remained
at this location
until it moved into its own building in 1928.
Since its Incorporation in 1891 the deposits have Increased from
$831,000
to more than $64,000,000 without the means
of consolidation or merger.
During this period Chicago enjoyed its greatest growth and
assumed its
"Absolutely no loss to the ban). will result from irregularities on the place as the financial centre of the Middle West.
The Foreman banks were established by Gerhard Foreman
part of Its former treasurer which were recently discovered by officers
in 1862. In
of the bank. Surety company fidelity bonds held by the bank for just such 1897 the Foreman Bank was incorporated as a State Institution, and in
emergencies are ample to secure every dollar involved and no loss will be 1923 a National bank charter was taken out for the Foreman National
met by this bank. The Framingham Trust Co. is to-day in an exceptionally Dank, and the Foreman Trust & Savings Bank retained the original charter
of 1897. During this period, from 1897 to date, the deposits
sound condition."
have grown
"The bank has, in its own vault, at this moment, larger cash recources from $977,000 to more than $115,000,000.
The new home of the combined banks will be the recently
than ever before and its investments are sound and well diversified. Within
completed
38-story building In the heart of Chicago's financial centre. The
building
DEC. 14 1929.]
FINANCIAL CHRONICLE
is' known as the Foreman-State National Bank Building. The banks will
occupy the basement, in which the vaults are located, the first eight floors,
and the 38th floor. The new building represents the most modern and most
complete housing facilities for a (inane al institution. Working accommodations for more than one thousand employees have been provided. The
main banking floor is 188x54 feet and 38 feet high.
The executive officers of the banks will be Oscar G. Foreman. Chairman of the executive committee: Harold E. Foreman, Chairman of the
board; Oscar H. Haugan, Vice-Chairman of the board, and Walter W.
Head, President.
All officers and employees of both institutions will be retained.
In furtherance of the organization of the new Chicago
Bank of Commerce, Chicago (reference to which was made
In our issue of Sept. 28, page 2014), stockholders of the
Institution at a meeting held Tuesday of this week, Dec. 10,
elected 11 of the 17 directors to compose the board of the
new bank, following which those chosen formally met and
appointed Henry S. Henschen, President of the institution;
Adolph Lindstrom, Vice-President in charge of real estate
loans; Edward A. Schroeder, Vice-President and Cashier,
and Philip Weinheimer, Assistant Cashier. The Chicago
"Journal of Commerce" of Dec. 11, from which the above
information is obtained, further stated that the other six
directors will be elected at an adjourned meeting of the
stockholders on Jan. 14, and at least two other officers
will be chosen at a future meeting of the Board. The
directors elected, as named in the paper mentioned, were:
W. L. Abbott, chief operating engineer of the Oemenonwealtb Edison Co.;
S. A. Bennett, secretary of the Wilson & Bennett Mfg. Co.; Harry W.
of
Bishop, President of the Bishop Lumber Co.; Mr. Henschen, President
the Congress Trust & Savings Bank; Mr. Lindstrom, President of Adolph
executive
the
of
Lindstrom Co.; Francis Matthews, director and member
committee of the Utilities Power & Light Corp.; Roy C. Nereim, President
of the Q. R. S.-DeVry Corp. • J. A. 0. Preus, Vice-President of W. A.
Alexander & Co. and former Governor of Minnesota; Mr. Schroeder, former
Vice-President and Cashier of the National Bank of Woodlawn ; Paul
Schulze, President of the Paul Schulze Biscuit Co., and J. P. Seeburg,
President of the J. P. Seeburg Corp.
3745
Washington Becker, President of the Marine National
Bank of Milwaukee, Wis., died on Dec. 9 in that city after
an extended illness. He was 82 years of age. Mr. Becker
was one of the leading bankers of the Northwest and
Identified with many of the most important interests of
that region, being a director of numerous corporations. He
was the father of Sherburn M. Becker, head of the New
York Stock Exchange house of H. L. Horton & Co. of New
York.
The Northwest Bancorporation, Minneapolis, through its
President, E. W. Decker, announced on Dec. 12 that the
State Bank of Northfield, Minn., and the Harbine Bank of
Fairbury, Neb., had become affiliated with the bancorporation. This brings the number of Nebraska banks in the
group to six, the others being the First National Bank and
Fairbury Savings Bank of Fairbury, the United States
National Bank, Stock Yards National Bank and South
Omaha Savings Bank of Omaha. The Harbine Bank,established in 1873 has capital, surplus and undivided profits of
$226,947, deposits of $2,401,540,and resources of $2,633,487.
The State Bank of Northfield has capital, surplus and undivided profits of $103,620, deposits of $1,092,777, and
resources of $1,213,586. These two additions bring the
number of banks affiliated with Northwest Bancorporation
to 84, variously located in Minnesota, Wisconsin, Iowa,
Nebraska, North Dakota, South Dakota, Montana and
Washington, with combined resources of $465,849,547.
We are advised by the First Bank Stock Corp. (with
head offices in Minneapolis and St. Paul) that the Lumbermen's Acceptance Corp. of Chicago has been acquired and
that extension of the corporation's activities into the comIt was stated that Vincent Bendix, Who subscribed for mercial financing field is to be undertaken immediately,
010,000 worth of stock in the new bank, has been asked to according to an announcement by George H. Prince of
accept a place on the directorate. In conclusion, the paper St. Paul, President of the corporation. The communicamentioned said:
tion, which comes from the Minneapolis office under date
Mr. Henschen stated that the safe deposit vaults of the bank, which will of Dec. 12, reads in part as follows:
be located at 7 South Dearborn Street, were open for business and that
the bank itself would open as soon as the $5,100,000 capital stock had been
paid for and the necessary legal formalities complied with, which, he
estimated, would take SO days.
The Lumbermen's Acceptance Corp.of Chicago, which has been operating
nationally, has been purchased by the First Bank Stock Corp. of Minneapolis and St. Paul and its name changed to First Acceptance Corp.
Executive offices will be transferred from Chicago to St. Paul and the
new subsidiary will supplement the services extended by the group of 77
Directors of the Detroit & Security Trust Co. have de- banks -controlled by the holding company in the Ninth Federal Reserve
clared, in addition to the regular dividend of 3%, an extra District. Acceptance Corp., according to Mr. Prince, will supply credit
The First
dividend of 2% on the capital stock, payable Dec. 31 to needs
of the Northwest in fields which cannot be met by regular banking
company's
have been dethe
is
This
21.
Dec.
stockholders of record
and trust facilities. Hitherto, such credit requirements
large Eastern companies and it is intended through the
100th consecutive dividend, the first having been paid on Pendent upon
purchase of this company to eliminate the necessity of merchants and
Jan. 2 1902, after one year of operation. The Detroit & manufacturers looking to the East for their needs.
manufacturer
Co.
Trust
The First Acceptance Corp. will continue to finance the
Security Trust Co. was organized as the Detroit
of building supplies through the reputable, established
on Dec. 17 1900, and offices were opened in January 1901 and distributor
the United States,
lumber dealers in the cities and towns throughout
on the second floor of the old Butler Building, then at 514 and particularly specialize in financing any materials or equipment sold
Griswold St. The original invested capital was $1,000,000; to the home owner.
Chicago, the LumAlthough its headquarters have been maintained in
to-day it is nearly $15,000,000. On Sept. 27 last, the bermen's
Acceptance Corp. has been controlled by St. Paul interests.
affiliaon
Lilly, and their associates were the
directors voted to recommend to the stockholders
Paul J. Kalman, H. H. Irvine, L. M.
charge as President. The
tion with the Peoples Wayne County Bank, the First Na- original organizers, with Mr.inLilly in exceutive
January 1928, when it was incorporated
operations
began
company
State
and
the
Peninsular
Michigan
tional Bank, the Bank of
surplus of $580,000
under the Delaware laws. To-day it has a capital and
Bank. This was confirmed on Nov. 7 by the announce- and' total assets of approximately 82,000,000. Its acquisition by the
was through exchange of stock.
ment that 75% of the respective st-seks had been deposited First Bank Stock Corp. brother
of Richard C. Lilly, President of the First
L. M. Lilly, who is a
to form a holding company, to be 11own as the Detroit National
Bank of St. Paul, will continue as President, and will move from
Bankers' Co., with resources totalling ...725,00,000, said Chicago to St. Paul.
Merchants Bank
Executive offices will be located temporarily in the
to be the seventh largest banking group in the Unite4 States.
provided for in the
Bldg. in St. Paul and permanent offices are being
office will be
branch
Plans for the new First National Dank Bldg. A
At a meeting of the Board of Directors of the Union T. le continued in Chicago and additional branch offices will be opened as the
& Guaranty Co., Detroit, on Dec. 10, Edwin H. Lin• ow need develops.
Chairman of the
In commenting on the acquisition, C. T. Jaffrey,
was appointed President and John N. Stalker, for.ierly
the supplying
Board of the First Bank Stock Corp., said that he believed
A
n
Board.
the
of
anChairman
First Acceptance
made
the
was
of
President,
of adequate credit facilities through the operation
development of the
Corp. should have a marked stimulating effect on the
nouncement by the bank says:
Mr. Lindow, who has been Vice-President and genera manager of the Northwest.
subsidiary into
"Entrance of the First Bank Stock Corp. through a
title company,came to the Union Trust Co in 1909. Ile hie neen actively
line with the announced
in
is
fields
financing
hIs
during
commercial
20
departments
with
general,
yearx
title
the
and
connected with the abstract
of providing complete financial facilities for
the company. In 1921. th.s branch ut the trust company business had purpose of the corporation
said. "The business which the First Acgrown to such scope that it was capitalized as an affiliated company, the the Northwest." Mr. Jaffrey
a highly specialized nature In recent
Union Title & Guaranty Co., with a capital stock of 8500,000. In 1925. ceptance Corp. will conduct is of
corporations of this type have developed exthis capitalization was increased to Si 000.000, where it stands to-day. years commercial financing
particularly in New York and Baltimore. They
The present surplus is approximately 11268.000. Total assets amount to tensively in the East,
the manufacturer and jobber in the distribution
a
of
part
of
supporting
each
title
reserve
a
credits
insurance
including
supply
111,500.000.
than
more
conduct
of their products and releasing the manufacturer's capital for the
premium paid and an abstract plant value far In mans of book figures.
The Union Title & Guaranty Co has branches in Pontiac, Mt. Clemens of his own business.
scope.
in
"While the corporation's activities are and will be national
and Royal Oak and is also affiliated with abstract companies representing
Northwest an extensive field for such financing which
the
in
exists
there
Michigan
in
counties
4a
limitations of commercial banking. Northwestern
Mr. Lindow has been very activl in the affairs of the American Title is outside the natural
t and Chairman of the executive manufacturers will now have available a credit source which will put them
Assoc-at'on. of which he is Vice-Preiden
rs of the East.
on a comparable competitive basis with the manufacture
committee
First Acceptance Corp. will pursue the program
the
owing
was
board
being
to
by
six,
but
increased
the
time
on
the
For
diredtors
of
number
the Lumbermen's Acceptance Corp. supplying financing
the deetli of W. Howie Muir,seven new inembersw ere elected. These are inaugurated by
and equipment, and dealing with and through the
Hobart B. Hoyt. John H. French, Luman W. Goodenough, Andrew L. for home construction
building supplies. The operation of this company, we
Malott Lewis K. Walker, Luther S. Trowbridge, and Edwin H. landow. manufacturers of
general construction program of the Northwestern
The former Limbers of tee board, George H. Klein, Fred T. Moran, believe, will assist the
ng
States and later we expect to expand to cover other lines of manufacturi
Frank W Blair, and John N Stalker, were re-elected.
-4--and distribution."
3746
FINANCIAL CHRONICLE
[Vol,. 129.
A new Bank, the National Bank of Benson, Minn., was The National
Park Bank in Livingston has succeeded the
organized by the corporation last week, according to an institution.
announcement by the Minneapolis office of the company,
Supplementing our item of Nov. 30 (page 3424) with
which said:
reference to the closing of 12 Oklahoma banks on Nov. 27,
To meet the emergency existing in Benson, Minn.,
caused by the closing
of its only bank, the First Bank Stock Corp.
has organized the National following the sudden death the previous night of H. A.
Bank of Benson which will commence operation
s immediately. The bank McCauley, of Sapulpa, Okla., Chairman
of the Board of 13
has been capitalized at $50,000 with surplus
of $25,000, according to the
banks in that State, a dispatch by the Associated Press on
announcement from P. J. Leeman, Vice-President and
General Manager
of the corporation.
Dec. 6 from Oklahoma City, printed in the St. Louis "GlobeA temporary organization composed of executives
of the corporation Democrat" of the following day,
contained the following:
and of the First National Bank of Minneapolis sponsors
the new bank.
A permanent organization is now being perfected.
As chartered, P. J.
Leeman is President; J. H. Coleman of June11, Oakley, Driscoll
& Fletcher.
is Vice-President, and Lyle W. Scholes, Cashier. The
board is composed
of C. T. Jaffray, President of the Soo Line and Chairman
of the
of the corporation; R. W. Webb, President of the First Minneapol Board
is Trust
Co.; J. S. Pomeroy, Vice-President of the First National
Bank in Minneapolis, Mr. Leeman, and Mr. Coleman.
In the near future C. A.Adams, receiver of three closed
banks at Rush
City, Delano and Buffalo, will become President. Mr. Adams
is a banker
of many years experience. H. W.Lundin of the staff of the
West Broadway
office of the First National in Minneapolis, will become Cashier.
Mr.
Adams and Mr. Lundin will make their residences in Benson.T
he present
directors will be succeeded by a board of local men.
The new bank has established temporary quarters in the building formerly
occupied by the Security State Bank. The Swift County Bank, which
closed last week, is the third Benson bank to go into liquidation,
leaving
the city without banking facilities until the organization of
the First
Bank Stock Corp. subsidiary.
H. A. McCauley, of Sapulpa, chief stockholder in 12 State
banks which
failed last week following his death, had insured his life
for $127,000,
payable to the institutions, an agent of a New Jersey company
which held
the policies today advised the State Bank Commissioner.
Of the insurance from this company, $77,000 was made payable
to the
failed Sapulpa State Bank, the largest of the 12 institutions,
$16,000 to
the Henryetta State Bank, and the remainder divided among
the other 10
banks in smaller towns.
The agent said he had been informed by representatives of
another
insurance company that $55,000 life insurance would be paid
from that
source to the Sapulpa State Bank.
Checks for the amounts designated in the policies will be turned
over
to the State Bank Commission within the next week.
• With reference to the affai- rs of the defunct South Pasadena National Bank, South Pasadena, Cal., (the failure of
which on June 28 last, was reported in our issue of July 13,
page 228) announcement was made on Nov. 27 that persons
whose claims against the institution were filed prior to
Nov. 1st,•would receive a dividend of 50% on presentation
of their receiver's certificates at the receiver's office, corner
of Fair Oaks and Mission Streets, South Pasadena, accordt
lug to the Los Angeles "Times" of Nov. 28, which went
on
to say:
The Minneapolis office of the corporation advises us that
in their announcement last week (Dec. 5) of the acquisition
of the First National Bank of Spring Valley, Minn. (and
which appeared in our issue of Dec. 7, page 3581) an error
was made in the bank's total resources. The figures should
have read $1,387,928.94 and not $1,574,898.94, as erroneously stated.
E. Channing Kibbee, formerly Manager of the MinneThe first
of dividend checks has jusd been received from
Washapolis office of Salomon Bros. & Hutzler of New York, was ington by F.batch
W. Heathoote, receiver in charge. A second consignme
nt
elected a Vice-President of the First Bank Stock Corp. of of dividend checks, covering 60% on those claims filed during the early
Minneapolis and St. Paul at a meeting of the corporation's part of November, has been sent to Washington for signature and these
will be distributed when received.
executive committee held Wednesday, Dec. 4, according
A press dispatch from South Pasadena on Oct. 31, printed
to an announcement by the corporation. Mr. Kibbee will
be in charge of investments for the 77 banks now affiliated in the paper mentioned, contained the following statement
with the First Bank Stock Corp. and will assume his new issued by Mr. Heathcote, the receiver:
"A stock assessment of 100% was levied against
the stockholde
duties immediately. He will be located in the Minneapolis the bank
on Sept. 21, last. Acting favorably upon the receiver's rs of
recommendation
offices of the First Bank Stock Corp. Mr. Kibbee has
s, the Comptroller now authorizes distribution to
depositors and
lived in the Twin Cities practically the whole of his life other creditors whose claims have been filed and proven, an initial dividend of 50%.
and is an investment banker of long experience. He began
"This dividend is payable only to
holding receiver's certificates
his career as an investment banker in 1907 as Manager and cannot be paid until the dividend those
checks are received, which may not
of the St. Paul office of the Stevens Chapman Co. of Minne- be for three weeks. In the meantime, any attempt to obtain dividend
checks prior to the announcement that these are ready,
will merely delay
apolis. From 1918 to 1924 he was director of the fiscal the work.
agency of the Federal Reserve Bank of Minneapolis, leaving
"The work of liquidation is proceeding and additional dividends
will
that organization to assume the managership of the Minne- be paid as funds are collected."
apolis office of Salomon Bros. & Hutzler, members New
Effective Nov. 25 the Wood- side National Bank of GreenYork Stock Exchange.
ville, S. C., with capital of $250,000, went into voluntary
A dispatch from Creston,
-Iowa, on Dec. 10 to the Des liquidation. As noted in our issue of Oct. 26 last, (page
Moines "Register" stated that a proposed merger of the 2633) the institution was taken over by the People's State
Creston National Bank with the First National Bank of Bank of South Carolina, the head office of which is in ColumCreston, Creston, Iowa, was announced on Dec. 9 by Homer bia, C. C.
F. Harsh and Frank A. Ide, the respective Presidents of the
The National State Bank of Columbia, S. C., capitalized
institutions. The enlarged First National Bank of Creston at $100,000, was placed in voluntary liquidation
on Dec. 3.
will have resources of approximately $2,000,000. Mr. Ide The institution was absorbed by the People's State
Bank
continues as chief executive, while Mr. Harsh becomes a of South Carolina, Columbia, S. C., as indicated in
the
Vice-President. G. A. Mosely, Manager of the First Na- "Chronicle" of Oct. 26 1929, page 2633.
tional, will retain that office, it was said.
W. H. Jackson, for the past five years a Vice-President
The International Co. of D-enver has been formed to con- of the Jackson State National Bank of Jackson, Miss., in
tinue the investment business heretofore carried on by the charge of the cotton department, has resigned to accept
bond department of The International Trust Co. of Denver. the Presidency of the recently organized Mississippi CoThe new company is entirely owned by The International operative Cotton Association, according to the Jackson
Trust Co.and occupies a new building at 625 Seventeenth St. "News" of Dec. 4. In addition to his duties as President of
adjoining and connecting with the trust company. Officers the Cotton Association, Mr. Jackson will retain his interest
are: John Evans, President; J. W. Hyer, Vice-President; n the Liberty Bank at Liberty, Miss., of which he has been
C. B. Engle, Secretary and Treasurer, George F. Baldwin, iPresident for many years. Continuing the local paper said:
Mr. Jackson came here from Liberty some years ago and
Chas. W. Webb and Frederick A. Adams, managers of with
was connected
the Mississippi Farm Bureau Cotton Federation for
municipal, trading and sales departments, respectively.
then going to the Jackson State National Bank as Vice- about two years,
President
in charge
of the cotton department. He is rated one of the
State's foremost authori• On Dec.7 the Comptroller of the Currency issued a charter hies on cotton and cotton
financing.
The Jackson State National Bank reluctantly accepted
for the Pipestone National Bank, Pipestone, Minn. The
Mr. Jackson's
n, feeling that his wise counsel and deliberate judgment
have
new institution is capitalized at $75,000. A. C. Walker is resignatio
been a valuable asset to that institution," says
an announcement of his
President and A. Enger, Cashier.
resignation. "In relinquishing his services, however, the bank
finds consolation in the fact that he is going to a field of importan
t endeavor for the
cotton
growers of Mississippi."
A charter was issued by the Comptroller of the Currency
on Dec. 4 for the Dakota National Bank & Trust Co. of
Allen Merrill Brown,former President of the East Alabama
Bismarck, N. D., capitalized at $100,000. The institution National Bank of Eufaula
, Ala., on Dee. 2 pleaded "guilty"
succeeds the First Guaranty Bank of Bismarck. J. C. to embezzlement of $136,00
0 of the bank's funds, and was
Taylor is President and J.P. Wagner, Cashier.
sentenced to three years in the Federal penitentiary
at
Atlanta, according to Associated Press adviees from MontAs of Dec.1, the National Park Bank of Livingston, Mont. gomery, Ala.,
printed in the St. Louis "Globe-Democrat"
capitalized at $100,000, went into voluntary liquidation. of the followin
g day. The closing of the East Alabama
DEC. 14 1929.]
FINANCIAL CHRONICLE
3747
Advices from Montreal on Dec. 3 to the "Wall Street
National Bank of Eufaula on July 1 last, following the admission of Mr. Brown of a shortage in his accounts and his Journal" stated that the Bank of Montreal has accepted
surrender to the Federal authorities at Montgomery, was plans for the construction of a $1,000,000 bank building in
reported in our issue of July 13, page 228.
Ottawa. The new structure will be on Wellington Street,
facing the Parliament buildings, and work on it will be
As reported in the Los Angeles "Times" of Dec. 5, the started next year.
Bank of America of California (head office Los Angeles),
which recently acquired about six banks in the outlying
STOCK EXCHANGE.
districts of the Los Angeles metropolitan area, on Dec. 9 THE WEEK ON THE NEW YORK
The stock market has been decidedly reactionary, with
was to take over the First National Bank of Anaheim, Cal.,
which on Oct. 4 last had deposits of $4,284,000. The ac- alternate periods of weakness and strength, and on Thursquired bank would be operated as a branch of the Bank of day suffered a sharp break that carried many of the specuAmerica of California, it was said, with H. H. Benjamin,
lative favorites back to new low levels for the present
its President, as Manager. The previous week, it was said,
advances were quite evenly
the Bank of America acquired the Arroyo Seco State Bank, movement. On Saturday the
list,
but on Monday and Tuesthe
distributed
throughout
Los Angeles, with deposits of upwards of $1,000,000 and
other recent purchases include the National Bank of Hermosa day the market was under heavy pressure and irregularity
Beach, the Florence National of Florence, the Graham Na- developed all along the line. Public utility shares have
tional of Graham and the Monterey Park Commercial & been attracting considerable speculative attention and both
Savings Bank of Monterey Park.
motor and steel stocks were in moderate demand during the
H. D. Ivey, President of the Citizens' National Trust & early sessions, but the general list, as a rule, moved within
Savings Bank of Los Angeles, announced recently that the a narrow range. One of the interesting developments of
directors had declared the regular quarterly dividend of the week was the reduction in the minimum rate of discount
1
2% to 5%. The weekly
$1 per share, payable Jan. 2 to stockholders of record of the Bank of England from 5/
Dec. 24. This dividend, the 117th consecutive one to be statement of the Federal Reserve Bank, made public after
paid by the institution, continues the 20% rate to which the the close of business on Thursday, showed an increase of
1
2%
stock was advanced last April, and is equivalent to $5 a $33,000,000 in brokers' loans. Call money !renewed at 4/
share on the old stock. The Citizens' National Co., the in- on Monday and remained unchanged at that rate throughvestment arm of the bank, has declared a dividend of 20c. a out the week.
The feature of the short session on Saturday was the
share, equivalent to $1 per share on the old stock. A statepowerful bullish operations which were pressed forward
ment in the matter by the bank furthermore says:
It will be recalled that in June of this year the stockholders endorsed a during the greater part of the trading. Sales for the two
five-for-one split, changing par value of shares from $100 to $20. This hours swelled to such proportions that the mechanical facilisplit was made to permit a wider distribution of the stock, since the
market price under the old par had advanced to such high figures, and ties became inadequate and the ticker was 52 minutes bealso to encourage the staff to acquire an interest in their institution. hind at the closing hour. The movement centered largely
It has been successful, Mr. Ivey states, and the staff is well represented in the pivotal shares. United States Steel common staged
on the stockholders' list. The bank has always prided itself on being a
Southern California institution, and its stock is largely held in this one of the most spectacular advances it has had for many
section.
weeks as it rushed forward more than 12 points to above
There has always been good demand for the stock, according to Mr. Ivey, 183, and closed at 182% with a net gain of 11 points, thereby
but as it is held mostly for investment only a comparatively small amount
finds its way on to the exchange. Book value of the stock has shown a scoring a net advance of more than 20 points on the week.
good increase in the past year. The stock is selling at less than twice its Another outstanding feature was the buoyancy of Westingbook value, which is well below the average for similarly strong banks.
house Electric, which shot upward about 6% points at its top
A thoroughly satisfactory condition of earnings is indicated in the conthe day and closed at 158. Motor shares were in
for
actual
tinuance of the 20% dividend rate by the bank. It represents an
Increase in the amount of the dividend, since it applies on an increased stronger demand than at any time in several weeks, Chrysler
capital. Early in the year 10,000 shares of $100 par value were offered,
leading the upward swing with a gain of 2% points, foland were quickly taken at $500. The returns from this sale were divided
$1,000,000 to capital, $3,000,000 to surplus, and $1,000,000 to the Citizens' lowed by Hudson with an advance of 2 points and Auburn
National Co.
with a 7-point gain. Other strong stocks gaining 5 to 10
The current year thus far, Mr. Ivey states, has been the most prosperous
points were Allied Chemical & Dye and American & Foreign
In the history of the bank. As a result of the successful year, and following
the custom of previous year, the bank will make a liberal bonus distribution Power. In the final hour considerable profit-taking apto its employees.
peared, and General Electric dropped off about 4 points,
Columbia Graphophone, General Railway Signal, Amerand
H. E. Anthony, Manager of one of the San Diego branches
Power & Light, and United States Rubber dipped from
ican
of the Bank of Italy National Trust & Savings Association,
was arrested on Nov. 26 for alleged embezzlement of more 2 to 3 points each.
On Monday the market developed considerable irreguthan $200,000 from the funds in his charge, according to
realizing which completely erased the
the San Francisco "Chronicle" of the following day. The larity, due to heavy
trading.
United States Steel moved to
early
of
the
gains
former Manager, it was said, according to San Diego officials of the bank, when confronted with auditors' reports the front in the forenoon and scored a new high for the
on irregularities in his !books, maintained his innocence for movement, though it sold off at the close with a net loss
several days, but finally confessed. He refused, however, on the day. Copper stocks and motor shares also were
to say why he had stolen the money or what he had done strong in the early dealings, but the demand disappeared
with it. His irregularities are said to have covered a long In the late trading. Aviation shares were stronger, United
period. In advices by the Associated Press from San Diego Aircraft standing out prominently in the advances and
on Nov. 26, printed in the paper mentioned, G. A. Davidson, closing at 49%, with a net gain of 4 points. Curtiss-Wright
Vice-Chairman of the Board of the Bank of Italy, in charge was also higher. Railroad shares were represented on the
upside by Atlantic Coast Line, which gained 2 points to
of the San Diego area, was reported as saying:
"As nearly as I can determine now, the money was taken by manipulation 182%; Chesapeake & Ohio, which improved 3 points to 212,
of three or four large accounts.
and New Haven, which moved ahead 3% points to 87%.
"The defalcations began soon after the stock market crash. I understand The
outstanding favorites in the public utilities group were
that Anthony was heavily interested in the market."
American & Foreign Power 2nd pref., which improved 2
-4--H. R. Erkos, Vice-President and Vice-Chairman of the points to 96, and Detroit Edison, which shot ahead 4%
board og management of the Southern Division of the Bank points to 214%. The market fluctuated over a somewhat
of Italy (head office San Francisco) announced on Dec. 4 narrow range on Tuesday, though on the whole there was
that the Bank of Italy would take over the Long Beach, some progress on the side of the advance. Buying in the
Cal., branch of the Bank of America of California (head rails was brisk and included both dividend payers and the
office Los Angeles) on Dec. 9 and consolidate its business low priced stocks. Large blocks of Baltimore & Ohio were
with the Bank of Italy's Long Beach and Marine Trust taken at up to 121%, though the price slipped back to 119%
offices in that place, the merged branches to occupy the at the close, a net gain of over a point. Other favorites
offices at Fourth and Pine Streets, Long Beach, according conspicuous in the buying were St. Paul, which closed with
to the Los Angeles "Times" of Dec. 5, which furthermore a gain of 2% points; New York Central, which gained a
point and closed at 180%,followed by Atchison and Wabash,
said:
The Bank of Italy will begin to operate a new branch to be known as the both of which displayed similar gains. United States Steel
First and Pine branch in the same location as the old Long Beach office. common was in good demand and closed with a gain of
The personnel of all three banks is to be retained.
nearly 2 points. Bethlehem Steel was up nearly 2 points,
I
3748
1 , and both General Electric and Westas it closed at 98,
inghouse were higher most of the time.
Irregularity was again the dominating feature of the
market on Wednesday and culminated in a sharp downward
reaction in the final hour. United States Steel common
broke to new low ground for the reaction at 178. Westinghouse and General Electric were also forced down below
their previous levels, and copper shares turned soft following the weakness in Anaconda. Radio Corp. forged ahead
during the first hour and crossed 49, but slipped back during the last half hour, and closed at 46% with a loss of 1%
points. Public utility stocks were among the best performers, and while they gave ground in the closing hour
most of them were able to hold some of their gains. Federal
Light & Traction, for instance, closed at 77% with a net
gain of 7% points; Standard Gas & sElectric improved 5
points to 13314. Other strong stocks worthy of note were
Allied Chemical & Dye, which advanced 8% points to 265;
Auburn Auto, which gained 7 points to 212; People's Gas.
which improved 614 points to 276; Wabash, which forged
ahead nearly 3 points to 56, and Pittsburgh & West Virginia,
which surged forward 12% points to 117%.
The market opened weak on Thursday, broke sharply
during the afternoon, and stocks reached their lowest levels
in the final hour. The recession included practically every
group, with net losses running up to 3 or 4 points. United
States Steel common was heavily sold and lost about 10
points from Monday's high. Public utilities suffered with
the rest of the list, and such high-grade stocks as Consolidated Gas and Columbia Gas were off from 7 to 8 points.
American Can lost 8% points and closed at 112%; Amer.
Tel. & Tel. was off 9 points at 2181/
2; General Electric
slipped back 12 points to 232%, and Radio Corp. dipped 6
points to 40%. Prices fluctuated violently up and down
throughout the session on Friday, and many of the speculative favorites like General Electric, American Can, United
States Steel common, and American & Foreign Power moved
back and forth as they battled against the bears. Late in the
session the market regained its poise, and some of the
more popular issues regained part of their early losses. In
the early trading General Electric dipped to 220, but rebounded to 237 in the late transactions and closed at 235
with a net gain of 2% points. United States Steel common
dropped to 164% and then ran upward to 172, and ended
the session with a gain of 5% points; Radio Corp. receded
to 39 and moved up to 44% with a net advance of 4% points.
In the general list many prominent issues closed the day
at higher levels. Among those espeCially noteworthy were
Air Reduction,5% points to 12514; Am. Machine & Foundry,
4% points to 219%; American Power & Light, 5% points to
82%; Auburn Motors, 23 points to 213; Missouri Pacific,
6% points; Union Pacific, 6% points to 219%, and Western
Union Telegraph, 7% points to 201.
'
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
dCa.,
Bonds.
State,
Municipal &
Foreign Bonds.
3,002,560
5,018,050
3.647,480
3,897,300
4.504,860
4,386,060
84,998.000
12,023.000
8,347.000
7,410,000
9.087,000
8.739,000
51,430,000
2,854,000
2,952,000
2,678,000
3,051,000
1,978,000
8314,000
732,000
1,297,000
509,000
408,000
1,399,000
_ 24 487.210
850.604.000
814.943.000
84,659,000
Week Ended Dec. 13,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Totql
1928.
1929.
Stocks-No, of shares_
Bonds.
Government bonds_ _ State and foreign bonds
Railroad dr misc. bonds
United
States
Bonds.
Jan. 1 to Dec. 13.
Week Ended Dec. 13.
Sales at
New York Stock
Exchange.
Total
1928.
1929.
Total
in which movements were decidedly erratic. A drop in
the volume of business accompanied the irregular trend.
Utilities as usual show a wide range of losses. Allied Power
& Light cora, dropped from 44% to 34% and ends the week
at 37. Amer. & Foreign Power warrants lost about 15
points to 62 and closed to-day at 703/2. Amer. Gas & Elec.
com, moved down from 134% to 111M,the final transaction
to-day being at 120. Amer. Light & Tract. corn. was off
from 240 to 215% and closed to-day at 217. Commonwealth Edison lost 18 points to 246%, recovering finally to
253. Electric Bond & Share corn. sold down from 94% to
78% and at 86% finally. Standard Power & Light sold up
from 115 to 1383
4,then down to 118, the close to-day being
at 120%. Movements in the industrial and miscellaneous
section were confined to narrow limits. Dubilier Condenser
Corp. advanced from 8% to 13% and closed to-day at 13.
Ford of Canada, class A, from 35 sank to 29% and sold
finally at 31. Class B from 37 reached 49 with the final
transaction at 46. Fox Theatres, class A, dropped from
12% to 6 and finished to-day at7%. Glen Alden Coal lost
over six points to 114%. Goldman Sachs & Co. declined
from 47 to 41%, the closing sale to-day being at 45%.
Hydro Elec. Securities com, sold up from 37% to 44%,then
down to 38, the close to-day being at 40. Lehman Corp.
lost over five points to 74%, the close to-day being at 76.
Aluminum Co. of Am. sold down from 316 to 261 and at
290 finally. Among the oil stocks Chesebrough dropped
from 167% to 150. Humble Oil & Refg. was off from 93%
to 85%, the close to-day being at 88%. Illinois Pipe Line
weakened from 329% to 300. Gulf Oil fell from 157 to 141%.
A complete record of Curb Exchange transactions for the
week will be found on page 3785.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bond:(Par Value).
Week Ended
Dec. 13.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(No. Shares)
Rights
Domestic
Foreign
Government
937,200
1,347,700
940,000
892,000
1,144,400
1,179,200
10,900
7,100
15,700
6,200
29,400
27,600
$950.000
1,613.000
1,973.000
1.372.000
1,385,000
1,213,000
210,000
202,000
287,000
235.000
250,000
247.000
6,440,500
96.900
58,486,000
81.533,00*
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. 14) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will fall 15.9% below those for the corresponding week
last year. Our preliminary total stands at $12,448,062,948,
against $14,807,211,966 for the same week in 1928. At this
centre there is a loss for the five days ended Friday of 19.1%.
Our comparative summary for the week follows:
Clearings-Returns to Telegraph.
Week Ended Dec. 14,
PM
Cent
1929.
1928.
New York
Chicago
Philadelphia
Reston
Kansas City
St. Louis
San Francisco
Los AngelePittsbure ..
Detroit
Cleveland _ _.
Baltimore
New Orleam
$0,539,000,000
600,346,807
549,000,000
466,000.000
112,469,919
115,600,000
163,126,000
180,308,000
141,274,595
150,484,928
115,892,621
83,065,738
53,805,048
28.079,000.000
683,033,452
563,000,000
397,000,000
116.325,395
132,700,000
215,153,000
207,794,000
155,174,970
228,587,217
124,481,387
86.211.777
61,814,670
+19.1
-12.1
-2.5
+17.4
-3.3
-12.9
-24.2
-10.1
-9.0
-34.2
-7.3
-3.6
-13.0
23,164,820
1,085,440,250
855,157.739
$4,659,000
14,043,000
50,604,000
33.614,600
14,955.000
33,340,000
$134,482,000
626,436,650
2,099,704,800
5176,211,750
724,799,135
2,152,284,176
Thirteen cities, 5 days
ether cities, 5 days
$9,269,873,651 $11,050,275,868
1,209,202,340
1,103.512,145
-16.1
-8.7
371,206,000 551,909,000 52,881,623,450 /3,053,295,061
Total all -Rios, 5 days
A.1 c.tles, 1 day
810,373,385,799 512,259,478.208
2,647,733.758
2,074,677,149
-15.4
-18.6
$12,448,062,948 514,807,211,986
--15.9
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
THE CURB EXCHANGE.
Curb Exchange prices lost ground this week in a market
24,457,210
DAILY TRANSACTIONS AT THE KOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Dec. 13 1929.
[vol.. 129.
FINANCIAL CHRONICLE
Philadelphia.
Baltimore.
Shares. Bond Rates. Shares. Bond Sates. Shares. Bond Sales.
*53,313
*79.215
*74,329
*67,007
*79,907
*78,615
432,386
215,000 a66,245
15,000 al08,068
28,000 a73,237
.32.000 a85,305
35.000 a190,040
91,000 a21,700
5218,000
544,595
$17,500
21,500
41,000
21,000
'16,000
$117,000
2,507
3,996
2,737
1.900
2.118
6,376
$25,300
16.200
30.300
MOO
11.700
12,000
19.634
595.200
Prey. week revised 377.294 $171,500 529,356
$98,1 o
18.459 $134,400
* In addition, sales of rights were: Saturday. 202; Mr alav, 876; Tuesday, 721:
Wednesday. 141; Thursday, 329.
a In addition, sales of rights were: Saturday, 36,300 Monday, 56,800: Tuesday.
62,000; Wednesday, 107,500; Thursday, 81,500; Frld,v.
. 19.290.
Total al cities for week
Complete and exact detai s for the week covered by the
foregoing will appear in our 'ssue of next week. We cannot
furnish them to-day, inasmuch a,s the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Dec. 7.
For that week there is a decrease of 7.5%, the aggregate
of clearings for the whole country being $13,892,013,059,
against $15,013,331,638 in the same week of 1928. Outside
DEC. 14 1929.]
FINANCIAL CHRONICLE
this city the decrease is 4.8%, the bank exchanges at this
centre having recorded a loss of 8.8%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that the New York
Reserve district, including this city, has suffered a loss of
8.7%, but the Boston Reserve district shows a gain of 4.3%
and the Philadelphia Reserve district of 5.3%. The Cleveland Reserve district falls 4.2% behind, the Richmond Reserve district 6.7% and the Atlanta Reserve district 13.4%.
lathe Chicago Reserve district the totals are smaller by 8.6%,
in the St. Louis Reserve district by 5.6% and in the Minneapolis Reserve district by 9.0%. The Kansas City Reserve
district falls 3.8% behind, the Dallas Reserve district 13.2%
and the San Francisco Reserve district 13.5%.
In the following we furnish a summary by Federal Reserve
districts:
Week Ended Dec. 5.
Clearings al
1929.
SUMMARY OF BANK CLEARINGS.
iVeek End. Dec. 7 1929.
Federal Reserve Dist..
led Boston
_12 cities
2nd New York_11 "
3rd PMadelpla 10 "
4th Cleveland__ 8 "
5th Richmond _ 6
6th Atlanta _ _13 .•
7th Chicago __20 .•
8th St. Louis_ _ 8 ••
Oth Minneapolis 7
10th KansasCity 12 .•
11th Dallas
5 .•
11th San Fran _ _17
1929.
1
651,320.440
624.439.910
9,250,298,892 110,133,431,403
763,393,736
724,919,716
434,910,250
454,219,941
197,261.408
211,964.111
192,251,266
213,314,528
1,073,572,871 1,174.601,598
241,338,029
255,811,695
143,030,542
157,131,681
239,939,273
249,475,991
87,134,687
1130,415,040
617,586,566
713.595,024
31 cities
623,265,383
1927.
1926.
+4.3
563,903.702
525,482,172
--8.7 6,703,007,273 5,243,653,621
+5.3
607,706,881
553,792.342
-4.2
392,435,637
385,096,303
--6.7
198,026,036
208,163.004
-13.4
193,964,186
203,422,858
-8.6
938,926,938
915,558,729
--5.6
227,909,073
212.647,028
111,358,117
123,940,760
--3.8
231,442,494
251,004,845
-13.2
83,120,48
85,486,532
--13.5
618,986,963
541,776,552
-7.5 10,860,789,889
-4.8 4,275,090,794
647,078,059 -19.1
642,403,856
9,250,024,764
4,129,220,713
413,321,155
I
First Federal
Maine-Bangor _
Portland
Mass.-Boston _
Fall River _ _
Lowell
New Bedford _
Springfield _ _
Worcester
Conn.-Hartford
New Ilaven._ _
RI-Providence
N. H.-Manch'r_
Total(12 cities
1929.
1928.
Inc. or
Dec.
$
$
%
Reserve Dist rice-Boston782.331
910,215 -14.0
4,473,252
6,261,591 -28.6
590.000.000 540,000,000 +9.3
1,572,680
1,768,912 -11.1
1,313,181
1,436,503 -8.6
1,088,474
1,305,246 -16.6
6,133,086
7,026,200 -12.7
4,190,407
4,364,701 -4.0
15,366,445
21,616.730 -28.9
8,111,222
9,257,152 -12.4
16,614,200
18,813,000 -11.7
1,677,142
1,679,660 -0.1
651,322,440
624,939,910
+4.3
1927.
$
1926.
s
894.172
4,174,084
491,000,000
2,595.516
1,388,349
1,234,954
5,824.775
3,907,875
17,166,308
8,628.997
15,444,200
1,146,472
774.282
3,815,537
470,000,000
1,939,819
1,306,092
1,207,658
5,777,356
3,755.768
15,021,657
6,981,822
14,073,400
828,781
553,903,702
525,482,172
York.
-4.3
5,911,750
6.054,816
+10.0
1,247,500
1,108.700
50,296.945
-17.1
51,616,737
-27.3
1,041,640
1,009,637
-2.5
1.743,081
1.591,889
-8.8 6,575,197.095 5,120.803,651
-21.5
14,563,083
12,390,306
+2.0
6,141,256
5,338,765
+ 12.5
3,981,797
2,383,129
+3.8
958,252
1,014,231
+19.4
41,424.874
40,341.760
Total(11 cities , 9,250.298,992 10133431,403
-8.7 6,703,007,273 5,243,653,621
Third Federal Reserve Dist rict-Philad elphis1,413,481
Pa.-Altoona _ _ •
1,670,952 -15.4
1,648,075
0,610,300
Bethlehem_ _
5,697,090 -1.5
4.309,495
1,312,964
Chester
1,412,484 -7.1
1,478,844
•
2,022.952
Lancaster
2,096.134 -3.5
2,026.177
Philadelphia . 732,000,000 689,000,000 +8.2 575,000,000
3,879,627
5,397,142 -28.1
Reading
4,419,205
.
5,824,428
Scranton
6,862.665 -15.1
6,039,403
Wilkes-Barre..
3,085,158
4.586,751
+8.7
4,153,608
1,821,289
York
2.259,314 -19.4
1,893,168
5,528,528
N. J.-Trenton_
5,037,724 -6.9
6,738,906
Total(10 cities I
763.398,736
724,919,716
+5.3
607,706,881
Fourth Fade r al Reserve 1) istrict-Cler eland.
Ohio- A kron._ _.
4,710,000
8,431,000 -44.1
Canton
4,585,862
4,611,868 -0.6
.
Cincinnati
66,731,350
77.073,143 -13.4
Cleveland_ _ _ _. 144,916,957 142,543,717
+1.7
Columbus _ _ _.
16,790,100
16,291,300 +3.0
Mansfield _ _ _ _ _
2,030,106
2,101,890 -3.4
Youngstown_.
4,729,979
6,429,037 -28.4
Pa.-Pittsburgh. 190,415,896 196,737,986 -3.2
6,040,000
4,331,509
72,959,713
121,642,825
17,810,100
1,684,748
6,135,488
161,831,254
6,290,000
3,793.300
69,917,004
107,455,118
17,176,400
1,909.184
5,244.266
173,310,941
-4.2
392,435,637
335,096,303
Fifth Federal Reserve Dist rict-Illchm ondW.Va.-11unt'g' a
1,774,129
1,430,646 +24.0
7,050.296
Va.- Norfolk_ _.
7,145,682 -1.3
Richmond _
51,536,600
_
02,499,000 -1.8
2,734,705
S. C.-Cliarlesto a
2,220,000 -23.2
Md.-Baltimore _ 104,129,760 113,047,723 -7.9
30,036,518
35,621,060 -15.7
D.C.-Washing'a
1,566,616
7,305,347
50.970,000
2,370,309
107,902,432
27,911,332
1,897,471
12,557,454
52,224,000
2,453.190
110,181.721
28.840,168
-6.9
198,026,036
208,163,004
Sixth Faders; Reserve Dist rict-Atlant a2,938.980
3,208,189 -9.4
noxvil
Tenn
21,335,967
25,457,164 -16.2
__
Na.sliville _
Ga.-Atlanta_ _ _ _
50,588,067
59,657,700 -15.2
2,200,508
2,608,558 -15.6
Augusta
1,670,859
Ga.-Macon,... _
.2.700,000 -38.1
15,141,533
Fla.-Jaclenvil O
16,878,384 -10.3
Miami
_
3,092.000
2,532.000 + 19.8
26,360,083
27,265,951 -3.3
Ala.-Itirming'i a
2,854.155
2,528,213
Mobile
_
+5.0
2.148,903
Miss.-Jackson_ _
2,570,000 -16.4
313,431
Vicksburg_ _ _ _ _
571,166 -45.1
82,806,779
87,300,303 -6.7
La.-NewOrlea s
3,000,000
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
3,288,912
21,398,268
5E812,062
2.247.320
2,073,912
23,484.235
8,684,540
24.917,083
2,426,401
1,896,000
502,963
80,711,110
193,964,186
203,422,856
Total(8 cities). 434,910,250
Total(6 cities) _
Total(12 cities)
197.261,408
192,251,265
-8.6
938,926,938
915,558,729
5.051,423
133,700,000
39,867.752
466,233
29,402,377
17,851,994
346.317
1,222,977
5,941,092
130,800,000
34,214,701
477,091
23,691,786
15.549,234
350,468
1,622,656
-5.6
227,909,073
212,647.028
Ninth Federal Reserve Die trict-51Inn capons
8,938,820 -31.0
Minn.-Duluth_ _
6,164,839
Minneapolis _ _ _
98,049,593 101,647,542 -3.5
36.745,509 -18.4
St. Paul
29,966,304
N. 03.-Fargo.,_ _
2,322,611
2,554,581 -9.1
S. D.-Aberdeen _
1,553,280 -18.8
1,261,401
Mont.-Billings _
1,060,940 -5.2
1.004,603
Helena
4,631.000 -8.0
4,261,191
10,416,749
75,906,858
27,601,607
2,078.081
1,250,135
728.787
3,375,000
7,257.725
75,215,712
33,803.852
2,118,544
1,524,610
786,222
3.234,115
-9.0
111,358,117
123,940,780
Tenth Federal Reserve Die trict-Kens as City
Neb.-Freinont__
421,849
445.583 -5.3
Hastings
615,325 -14.9
523,419
Lincoln
3,932,114 +10.1
4,328,456
Omaha
45,532,325
43.805,654 +3.9
Kan.-Topeka _ _
3,993,222
4,413,615 -9.4
Wichita
9,986,054 -12.7
8,719.870
Mo.-Kan. City _ 136,883.484 145.625,215 -6.0
St. Joseph _ _ _
7,078,943 -0.1
7,070,464
Okla.-Okla.City
30,092,459 -2.7
29,267,801
Colo.-Col. Spgs.
1,301,691
1,672,636 -22.2
Pueblo
1,808,393
+3.2
1,866.694
500,74
553,79
5.309,622
41,213,204
.3.000.000
9,171,614
129,947.726
6.740,054
32,562,598
1,080,376
1,362,762
448,723
523.464
4.830,664
38,186,726
3.324,793
8,659.000
150,029,554
6,924,207
35,539,526
1,239,035
1,209,103
-3.8
231,442,494
251,004,845
Eleventh Fede rdl Reserve District-Da Iles2,051,082 -2.0
Tex.-Austin_ _ _
2,011,918
64,619,941 -13.2
Dallas
56,101,277
Fort Worth
19,749,303 -14.9
16,805,973
Galveston
7,876,000 -20.5
6,265,000
6,118,714 -2.7
La.-Shreveport _
5,950,519
1,868,550
54.423.673
15,455,379
6,211.000
5,161,887
1.725,374
51,054,727
16,962,818
10.319,000
5,424,613
83,120,489
85,486,532
Franc' sco48,604,828
-18.4
-4.5
12,964,000
1,863,266
+0.8
36.671,992
+2.3
+14.2
23.740,959
-4.0
6,110,550
7,939.784
-5.2
-15.8 191,601,000
21,357,228
-7.4
7,178,735
-1.0
12,908,550
-0.3
6,926,725
+4.9
-19.6 230.157,000
3,719,938
+41.2
+21.1
1,785,555
-0.3
2,245.853
-13.7
3,211,000
43.377.067
12,312,000
1,490,122
40,125,236
20,596,801
6,181.063
7,249.473
173.345,000
21,276,144
6,314,118
14.084,692
6.675,359
178.517,000
3,162,463
1,564.062
2,379.902
3.126,000
454,219,941
211,964,111
213.314,528 -13.4
Total(11 cities)
241,336,029
143,030,542
239,909.273
87,134,687
255,811,695
157,131.681
249,475,991
100,415,040 -13.2
Twelfth Feder al Reserve 13 'strict-San
55.043,445
Wash.-Seattle _
44.888,207
Spokane
14,476,000
13.817,000
2.243,198
Yakima
2,261,087
42,506,370
Ore.-Portland _ _
43,463,873
23,200,252
Utah-S. L. City
26.497,635
6,549.795
Cal.-Fresno _
6,288,975
9,541,703
Long Beach__ _
9,041.483
Los Angeles_ _ _ 199,819,000 237,157,000
23.624,913
Oakland
21,885,830
7,429,077
Pasadena
7,353,990
9,395,332
9,369,951
Sacramento __ _
8,139,301
San Diego_ _
8,537,915
San Francisco _ 211,266,267 262,636,691
San Jose
3.589,453
5,068,789
2,217,652
Santa Barbara_
2,685,115
2,219,842
Santa Monica_
2.213,244
3,625,000
Stockton
3,128,200
1,695,489
3,803,196
1,460,406
2,138,763
522,000,000
4.449,264
6.526,953
3,769,965
1,778,643
6,169,663
1926.
Eighth Fedora Reserve Dis trict-St.Lo uls-5,508,918 -18.6
Ind.-Evansville.
4,488,050
Mo.-St. Louis.,., 154,100,000 152.579,108 +1.0
42.805,428 -19.4
Ky.-Louisville_ _
34,514.889
523,828 +15.7
606,044
Owensboro __ _
33,812,683 -14.1
Tenn.- Memphis
29,039,455
18,515,746 -10.5
16,574,499
Ark.-Little Rock
+5.4
400,984
Ill. -Jacksonville
422,840
-4.5
1.665,00
Quincy
1,590,252
Total(5 cities) _
Second Fede al Reserve D Istrict-New
N. Y.-Albany..
7,492,788
7,833,487
Binghamton_ _
1,679,566
1,526,265
Buffalo
54.266,747
65,425,533
Elmira
1,031,914
1,400,130
Jamestown__ _
1,381,770
1,417.955
New York_
9,092,940,573 9,970,558,150
Rochester
16,543,681
21,077,697
Syracuse
7,539.629
7,327,665
Conn.-Stanifor,I
.4,000,000
3,555,571
1,564,839
N. J.-Montclal•
1,5(17,033
Northern NJ_ .
61,857,400
51,801,917
1927.
262,630
1,181,302
145,279,459
7.402,391
2,535,503
3,011,399
23,589,000
3,195,384
6,334,547
43,643.701
2,775.234
10,863,942
6,230.488
1,243,981
1,472,304
644.569,001
1,397.943
4,877,182
3.065,439
2,627,899
Total(7 cities) _
Week Ended Dec. 7.
Inc. or
Dec.
Seventh Feder al Reserve 13 1st:let-Chi cagoMich.-Adrian __
292,586 -15.7
295,515
246,779
A nn Arbor _ _ _ _
1,146,223
1,143,960 +0.2
1,030,775
Detroit
188.885,870 227,839.730 -17.1 152,792,896
Grand Rapids _
7,475,217
9,607,513 -29.9
6,737,000
Lansing
3,304,852
3,146,622 +7.8
2,539,657
3.897,628 +1.2
Ind.-Ft. Wayne
3,512,473
3,946,254
23,253,000
Indianapolis__ _
24,852,000
25,773,000 -26.9
South Bend _ _ _
3,018.10(
2,917,378
3,769,300 -22.6
Terre liaute_ _
5,268,602
5,429,025 +0.9
5.477,380
Wis.-kiilwaukee
41,058,746
48,141,254 -23.0
37,074,876
+1.4
3.735.797
Iowa-Ced Rap_
2,846,358
3,788,440
Des hieines _
10.635.694
10,362,775 -3.6
9,993.672
7,147,746 -3.8
Sioux City _ _
5,837,495
6.878,184
1,868.145 -5.5
1,158,285
1,765,917
Waterloo
1,450,905
2,097,532 +0.1
111.-Bloomington
.2,100,000
Chicago
759.633,895 804,952,319 -5.7 664,889.342
1,627,742 -3.7
Decatur
1,152,342
1,409,785
+7.1
5,946,865
4,971,534
Peoria
6,366,245
3.374,746
4,637,524 -13.4
Rockford
4,016,882
2,365.286
Springfield
3,184,535 -7.7
2,941,239
Total(8 cities) _
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings at-
1928.
Total(20 cities) 1,073,572,871 1,174,601,598
InC.01
Dec.
1928.
Total
129 cities 13,894013.059 15,013,331,638
Outside N. Y. City
4,799,072,486 5,042,773.583
Canada
3749
Total(17 cities) 617,586.566 713,595.024 -13.5 618,986,963 541,776,552
Grand total (127
cities)
13892013,059 15013 331,638 -7.5 10860789,889 9,250,024,764
Outside New York 4,799,072,486 5.042,773,583
-4.8 4,275,090,794 4,129,220,713
Week Ended December 5.
Clearings al-
553,792.342
1929.
I
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _ _
New Westminster
Medicine Hat
Peterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
Chatham
Sarnia
180,133,142
138,700.031
80.884,864
24.261,630
10,111,620
10.970.220
3,502,220
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
3,348,162
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
$
220.144,098
199.653,50
92,647,596
25.377,145
11,870,892
11,607,524
4,532,042
7,886,699
17.166.768
3,677,613
2,982,647
4,823,34
9,031,207
8,402,236
1,128,244
734,214
3,565,458
2,085,460
1,529.444
1,743,161
1,160,331
682.487
1,059.035
1,197,763
1,588,404
8,204,145
667,54
1.340,71
988,527
975,36
925,17
Total(31 cities)
523,265.383
Estimated.
Inc. or
Dec.
1927.
1926.
-15.2
+8.1
269,262.121
193.639,970
56.369,675
21,308.029
13.467.523
9,734,738
4,541,523
6,714,876
13,768,506
3,640,564
2,826.130
4,468.577
9,034,403
8,244,940
880,013
890,402
3,377.379
2,267,937
1,842.264
1,409,516
855,364
566,463
1,107,792
865,610
1,380.100
5,263,278
574,651
1,201,597
1,113,860
987,278
798.787
$
124,707,115
119,341,493
72,202.405
18.641,399
7,242.661
11,225,581
3,047,548
5,935,242
10,228,917
2,897,696
2,201,369
3,077.743
6,479,743
5,859,275
739,588
604.584
2,965,951
1,689,506
1,448,556
1,698,543
843,375
335,815
881,921
772,830
995,254
4,530,515
507,506
1,072,983
866,412
567,493
762,136
647.078,059 -19.1
642,403,866
413,321,155
-18.2
-30.5
-12.7
-4.4
-14.8
+3.9
-17.0
-24.4
-11.6
+0.1
+6.9
-33.0
+14.4
-6.1
-25.3
-12.3
-31.5
+3.9
-24.1
-0.1
-17.6
+6.0
-4.0
3750
[vol.. 129.
FINANCIAL CHRONICLE
Condition of National Banks Oct. 4 1929.-The statement of condition of the national banks under the Comptroller's call of Oct. 4 1929 has been issued and is summarized below. For purposes of comparison, like details for previous calls back to and including June 30 1928 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 30, OCT. 3 AND DEC. 31 1928
AND MAR. 27, JUNE 29 AND OCT. 4 1929 (in Thousands of Dollars)
Figures are given in thousands of dollars.
June 30'28 Oct. 3 '28. Dec. 31 '28. Mar.27'29 June 29 '29. Oct. 4 '29.
7,691 banks 7.676 banks. 7.635 banks. 7,575 banks 7.536 banks. 7,473 banks.
Resources$
Loans and discounts (including rediscounts) a
15.144.995 15.116.869 b15.279,631 614.849,926 614.801.130 614,961,877
Overdrafts
10.138
15.606
10.193
12.257
11,638
15,533
United States Government securities owned
2,891.167 3.012.584 3.008.723 3.006.760 2.803.860 2,704.874
Other bonds, stocks. securities. &c owned
4.256.281 4,104.022 4.118.595 3,973.995 3.852.675 3.741,014
Customers' liability account of acceptances
414.573
429 034
484.728
397.333
472.486
531.305
Backing house, furniture and fixtures
721.229
746,419
747.684
726.267
730.182
7:32.455
i idler real estate owned
125.680
118.839
126.903
123,050
122 773
121,684
Reserve with Federal Reserve banks
1,453.383 1.467 535 1,496.316 1,404.528 1,344.951 1.320.427
Items with Federal Reserve banks in process of collection
448.182
567 942
Cash in vault
315.113
364.281
347.362
298.003
363.491
388.129
Amount due from national banks
1,020,320 1.556.235
Amount due from other banks, bankers and trust companies
417.465
4,184,693 3.385.661 2,569.098 2,970,190
Exchanges for clearing house
756.176
989.920
Checks on other banks in the same place
106.781)
Outside checks and other cash items
100.367
99.213
69.921
70.095
72.290
116.187
Redemption fund and doe from 'United States Treasurer
33.050
33,261
32.854
32,740
32.786
33.426
Acceptances of other banks and bills of exchange or drafts sold with endorsement
188,925
164.886
247.867
329.764
United States Government securities borrowed
17.877
18.545
21,929
20.186
35.425
20.472
Bonds and securities, other than United States, borrowed
3,358
Other assets
272.096
295.205
217.045
196.573
208,575
221.270
I
Total
28,508.239 28.925.480 30,589.156 29.021.912 27.440.228 27,024,310
LiabilitiesCapital stock paid in
1.593.856 1.615.744 1,616.476 1.633.271 1.627.375 1,671,274
Surplus fund
1,419,695 1,450.499 1.490.146 1,528.326 1.479.052 1,515,241
Undivided oroflts--net
557.437
549.624
538.744
491.681
555,873
487.504
Reserves for dividends, contingencies. &a
58.055
85.360
67.271
80.832
61.759
ReiservLs tor interest, taxes and other expenses accrued and unpaid
83.753
81.464
66.609
73,968
86,475
80.700
National bank notes outstanding
640.095
648.548
647.848
650.405
649,452
641,104
Due to Federal Reserve banks
35.618
49.745
Amount due to national banks
885.197 2.843.472
Amount due to other banks, bankers and trust companies
1,817.202
4,073.551 3.498.397 2,548.482 2,829,960
Certified checks outstanding
78,943
Cashiers' checks oltstand Ina
602.326
307.624
Dividend cheeks outstanding
28.404
Letters of credit and travelers' checks outstanding
12.389
Demand deposits
11,003,795 11.073.155 11.780.721 10,934.994 10.504.268 10,568,012
Time deposits (including postal savings)
8,296.638 8.310.891 8,306.938 8.166.596 8,317,095 8,301.751
United States deposits
185.916
113.333
272,893
186,170
228.243
202.274
fotal deposits.d
22,639,337 23,005,311 24,347,380 22,872,880 21,598,088 21,901,997
United States Government securities borrowed
17.877 1
18.545
20,472
35,425
49.660
41.690
Bonds and securities (other than United States) borrowed
3,358 f
Agreements to repurchase United States Government or other securities sold_ _
35.591
7.217
75.165
53.451
714,507
657,572
Bills payable (including all obligations representing borrowed money other than
rediscounts)
622.108 I 707.581
785,309
703.812
164,866
188.925
Notes and bills rediscounted
179.077 f
Acceptances of other banks and foreign bills of exchange or drafts sold with
endorsement
227.745
222.508
329.764
247.867
392,623
479.931
Letters of credit and travelers checks outstanding
17,934
Aceeptances executed for customers
411.763
420.754
524.725
473.509
18.648
20.618
Acceptances executed by other banks
19.173
26.133
23.248
20.918
20.186
21,929
Liabilities other than those stated above
58.814
85.123
82.416
79,922
117.890
83,467
Total
28,508.239 28.925.480 30.589.156 29.021,912 27,440.228 27,924,310
Details of Cash in VaultGold coin
16.637
16.877
16.105
11.691
15,572
15,237
Gold certificates
39,766
39.277
25,502
39,159
35,669
32,612
Clearing house certificates based on gold and old certificates
10
Clearing house certificates based on other specie and lawful money
44
Standard silver dollars
5.798
Subsidiary silver and minor coin
215,919
28.291
308.127
308,227
207,097
299,178
Silver certificates
25.013
Legal tender notes
21.730
National bank notes
58.181
Federal Reserve and Federal Reserve Bank notes
110.643
Details of Demand DepositsIndividual subject to check
9,926.692 9.851.699 10.505.598 9,615.080 9.071,077 9,382,903
Certificates due in less than 30 days
175,363
167.691
149,107
153,454
181.166
140,268
State and municipal
948,302 1,015,157 1,104.247
914.749
698.202
882.509
Deposits subject to less than 30 days' notice
8.814
Dividends unpaid
151.303
151,458
Other demand deposits
139,016
188,921
179.837
162,332
Details of Time DepositsCertificates due on or about 30 days
7.969,152 17.325.703 7,373.441 7.735.472 1.290,947 1,297,944
549.369
52,066 6,595.086 6,583,506
Other time deposits
) 620.685
275.064
287.971
292.958
State ana municipal
244,475
344,493
325,965
89.439
91.087
91.170
Postal savings
83,011
88,569
94,336
Percentages of Reserve11.33%
11.21%
11.43%
11.36
spentral Reserve cities
11.26%
11,057
7.39%
7.2479
7.20
7.37%
7.4070
Other Reserve cities
7.33%
8.52
All Reserve cities
8.84%
8.60%
8.86%
8.977
0
8.86%
4.93
4.93%
Country banks_
4.90%
4.9270
4.88%
4.86%
6.99%
6.72i
6.92%
7.06%
Total United States
6.96%
6.77%
a Includes customers' liability under letters of credit. b Excludes "acceptances of other banks and bills of exchange or drafts sold with indorse
due
from
aggregate
amount
of
banks.
d
Letters of credit and travelers' checks sold for cash and outment," now shown separately. c Included in
standing have not been included with total deposits for calls prior to Oct 3 1928.
1
Arrangements for the removal of the embargo on the export of gold
from Japan have now been completed and it was announced in Tokio
on the 21st inst. by the Japanese Finance Minister that the date of removal
was to be Jan. 11 next.
gold_
The Southern Rhodesian
output for the month of October last
amounted to 46,923 ounces, as compared with 45,025 ounces for September
1929 and 43.056 ounces for October 1928.
The balance of trade figures for India for October last were as follows
GOLD.
The Bank of England gold reserve against notes amounted to £132.- (in lacs of rupees):
Imports,
private merchandise
1923
103,434 on the 20th inst. (as compared with £131,928,886 on the previous
Exports. including re-exports, private merchandise
2627
Wednesday) and represents a decrease of £21,802,881 since April 29 1925- Gold, net imports
87
when an effective gold standard was resumed.
Silver, net imports
80
1
In the open market yesterday bar gold from South Africa to the value Currency notes, net imports
visible balance of trade in favor of India
548
of about £765,000 was available and realized 84s. 113-gd. per fine ounce. Total
Net balance on remittance of funds, against India
298
the
Home
and
The Bank of England secured £422,000. India £25.000,
SILVER.
Continental trade .03,000, and France £263,000.
The silver market has been dull. China has worked both ways and
Withdrawals from the Bank of England for France have continued there has
been
a
bear
covering orders, otherwise the market
continuance
of
as indicated in the figures below, which show a net influx of £2,568,435 has been rather featureless. The Continent and America have not taken
much interest, but the latter has still been more interested in making
during the week under review:
for near delivery. Demand, however, is not strong, and the
Nov. 21. Nov. 22. Nov.23. Nov. 25. Nov. 26. Nov. 27. purchases
£125,000 £421.600 £1,553.872 market does not yet appear to have much power of resistance.
Received____ £4,569 £1,149,326
The
386,153
difference
113.481
between the cash and two months' quotations narrowed
177,419
£2,000
Withdrawn
6,879
on the 25th inst. to Sid., but again widened to 3-16d. to-day.
The receipts indicated above include about £2.680,000 sovereigns from
In the issue of "The Times of India" of Nov. 9 it was stated that "the
Argentina and £125,000 in sovereigns from New Zealand. Of the with- Indian Mint refined silver that was delivered in Bombay on Oct. 22 for
drawals about £640,000 in bar gold was for France.
the first time has been well received be' up-country consumers and com. ,
I poi
The following were the United Kingdom imports and exports of gold mands the same price as imported bars.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 18th Inst. to mid-day on the 25th inst.:
registered from mid-day on the 18th inst. to mid-day on the 25th inst.:
Exports.
Imports.
£1,002,727
Imports.
Exports.
France
£7,960 Poland
58,273 France
Irish Free State
£13,041
6.500 Germany
£37,797 Irish Free State
346,346 Netherlands
British South Africa
852,634 France
9,200 Hong Kong
22,395
34,100 Belgium
Other countries
750 Switzerland
40,746
4,045 British India
27,990 British India
Austria
68,500 Other countries
11,588
30,566 Canada
British India
40,472
10,779 Other countries
Other countries
2.643
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written wader &Ito of
Nov. 27 1929:
£867,844
£1,510,781
£162,657
£87,770
DEC. 14 1929.]
FINANCIAL CHRONICLE
3751
INDIAN CURRENCY RETURNS.
CURRENT ASSETS AND LIABILITIES
(In Lacs of Rupees)GOLD.
Nov. 22. Nov. 15. Nov. 7.
Notes in circulation
18425
18426
18443
LiabilitiesAssetsSilver coin and bullion in India
11241
11287
11304 Gold coin
734,373,718.09 Gold ctfs. outstandIng__1,243,373,659.00
Silver coin and bullion out of India
Gold bullion
2,611,922,775.09 Gold fund, Fed. Reserve
Gold coin and bullion in India
3222
3222
3222
Board (Act of Dec. 23
Gold coin and bullion out of India
1913, as amended June
Securities (Indian Government)
3632
365§
55§
211917)
1,861.384,481.15
Securities (British Government)
330
285
285
Gold reserve
156,039,088.03
The stock in Shanghai on the 23d inst. consisted of about 83,800,000
Gold in general fund... 85,499,265.00
ounces in sycee, 129,000,000 dollars and 5,900 silver bars, as compared
with 83,800,000 ounces in sycee, 132,000,000 dollars and 5,300 silver
Total
3,346,296,493.18
Total
3,346,296,493.18
bars on the 16th inst.
Quotations during the week:
SILVER DOLLARS.
Bar Gold
-Bar Silver per Or. Std.LiabilitiesAssets$
$
2 Mos.
per Oz. Fine. Silver dollars
Cash.
492,256,628.00 Silver ctfs. outstanding_ 487,875,294.00
Nov. 21
22 15-16d. 84s. 1034d.
2231d.
Treasury notes of 1890
Nov. 22
23d.
22 13-16d.
84s. 113d.
outstanding
1,274,850.00
Nov. 23
2254d.
22 15-16d. 84s. 113.id.
3,106,484.00
Silver dollars in gen.Itmd
Nov. 25
22 11-16d
22 13-16d
84s. 1134d.
Nov. 26
22 13-16d. 84s. 11%d.
22 11-16d.
492,256,628.00
Total
492.256,628.00
Total
Nov. 27
229-16d.
22%cl.
84s. 1134d.
Average
22.708d.
22.875d.
845. 11.27d
GENERAL FUND.
The silver quotations to-day for cash and two months delivery are
IAabUttiesAssets$
both %d. below those fixed a week ago.
Gold (see above)
85,499,265.00 Treasurer's checks out941,254.11
Silver dollars (see above)
3,106.484.00
standing
United States notes__ -4,741,380.00 Depos. of Govt. officers:
ENGLISH FINANCIAL MARKET-PER CABLE.
6,022,653.56
Federal Reserve notes__
Post Office Dept
2.729,420.00
Board of Trustees,
Fed. Res. bank notes..
50,228.00
The daily closing quotations for securities, er.e., at London, National bank notes_ _- 36,211,008.50
Postal Say. System:
5% Reserve, lawSubsidiary silver coin_
as reported by cable, have been as follows the past week:
3,751,578.62
7,463,324.73
ful money
Minor coin
2,135.757.83
Sat.,
Mon.,
Wed.,
Thurs.,
Frt.,
504,856.13
Other deposits.__
Silver
bullion
4,583,852.58
Dec. 7. Dec. 9. Dec. 10. Dec. 11. Dec. 12. Dec. 13.
Postmasters, clerks of
Unclassified, collections,
Silver, p. oz.d. 22 11-16 22%
22%
22 9-16
22%
22%
courts,disbursingof&c
1,345,023.14
Gold, p.fine oz. 84.1134
84.1194
84.11%
84.11
84.1194
84.11%
48,544,202.62
Deers, &c
Deposits in Federal ReConsols, 294s_ _
_
52 3-16
5299
52%
52%
52%
serve banks
46,764,815.79 Deposits for:
British 58_ ---99%
9994
99%
99%
99%
-of
Fed
'
.
Redemption
Deposits
In
special
deBritish 494s._
93%
93%
9334
93%
93%
Res. notes(5% fd.,
positaries acct. of sales
French Rentes
76,287,720.19
of etfs. of indebtedness 71,680,000.00
gold)
(In Paris)Jr.
81.55
81.05
81.50
81.20
80.95
of nat'l
Redemption
Deposits
in
foreign dep.:
French War L'n
bank notes(5% Id.,
To
credit
of
1.031,798.49
Treas.
U.S
(in Paris)Jr. ___
106.10
105.85
106.20
106.20
106.15
27,382,700.47
lawful money)
To credit of other Gov'
Retirement of add.
The price of silver in New York on the same days has been:
ernment officers___
1,881,865.08
circulating notes,act
Deposits in nat'l banks:
Silver in N. Y., per oz. (eta.):
1,950.00
To credit of Treas. U.S
May 30 1908
8,387,170.16
Foreign
4934
49
4934
4934
4934
4934
To credit of other GovUncollected items, ex2,058,287.30
ernment officers__ - 18,271,522.06
changes. &c
Preliminary Debt Statement of the United States Dep.in Philippine Treas.
169,206.949.11
To credit of Treas. U.8
930,023.75
Nov. 30 1929.
123.894,243.89
Net balance
The preliminary statement of the public debt of the United
States Nov. 30 1929, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds2% Consols of 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
3% Panamas 01 1981
3% Conversion bonds
231% Postal savings bonds
8599,724,050.00
48,954,180.00
25,947,400.00
49,800.000.00
28,894.500.00
18,053,360.00
$771,373,490.00
First Liberty Loan of 1932-47:
334% Bonds
81,397.480,650.00
Bonds
5,005,450 00
434% Bonds
536,302,150.00
6%
634% Fourth Liberty Loan of 1933-38
1,938,788,250.00
6,268.289,050.00
434% Treasury Bonds of 1947-52
4% Treasury Bonds of 1944-54
334% Treasury Bonds of 1946-56
854% Treasury Bonds of 1943-47
334% Treasury Bonds of 1940-43
758,984,300.00
1,038,834,500.00
489,087,100.00
493,037,750.00
359.042.950.00
8,207,057.300.00
3,136,986,600.00
Total Bonds
Treasury NotesSer. A, 1930-32, maturing Mar. 16 1932
334% Ser. B, 1930-32, maturing Sept. 15 1932
Ser. C. 1930-32, maturing Dec. 15 1932
1134%
398%
2,648,600,550.00
1,658,283,000.00
Total interest-bearing debt
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to Apr. 1 1917
Second Liberty loan bonds 01 1927-42
Third Liberty loan bonds of 1928
% Victory notes of 1922-23
494% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
Amount Bonds
on Deposit to
Secure arrearston for National
Bank Notes.
$959,755,850.00
582,998,250.00
476,990.450.00
$2267,169,000.00
437,197,000.00
404,209,500.00
549,707,500.00
$16,422,300.940.00
$1,804,880.26
7,593,900.00
13,763,050.00
20,900.00
1,577.750.00
530,000.00
3,750,700.00
4,063,550.00
33,104,730.26
Debt Rearing no InterestUnited States notes
Loss gold reserve
$346.681,016.00
156,039,088.03
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency _
Thrift and Treasury savings stamps, unclassified sales, dm
$190,641,927.97
39,993,823.50
2,044,150.82
3,465,183.23
293,101,193.00
293,101,193.00
Total
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
.
We give below tables which show all the monthly changes
in national bank notes and in bonds and legal tenders on
deposit therefor:
12.115,417,390.00
$2,019,744,550.00
505.500,000.00
4% Adjusted service-Series 1930 to 1934-122,500,000.00
4% Civil service-Series 1931 to 1934
856.000.00
4% Foreign service-Series 1933 and 1934
TreasuryCertificates434% Ser. TD-1929, maturing Dee. 15 1929_494% Ser. TD2-1929, maturing Dec. 15 1929_
534% 8er. TM-1930, maturing Mar. 15 1930.09% Ser. TJ-1930, maturing June 16'1930--
Total
Note.-The amount to the credit of disbursing officers and agencies to-day was
$312.511,560.64.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve Bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $39.993.823.50.
42.246 895 in Federal Reserve Notes and 136.099,622 in National bank notes
are in the Treasury in process of redemption and are charges against the deposits
for the respective 5% redemption funds.
$
Nov. 30 1929
867,635,650
Oct. 31 1929
666,736,100
Sept. 30 1929
667.093.770
Aug. 31 1929
666.864,280
July 31 1929
666,407,040
June 30 1929
666.199,140
May 31 1929
666,233,140
Apr. 30 1929
666.221.390
Mar. 311929.....666.630.890
Feb. 28 1929
666,432,090
Dec. 31 1928
667,013,340
Nov.30 1928
667,508.440
Oct. 31 1928
667.168,440
8°34.29 1928
667,318.040
Aug. 311929
666,732,700
July 31 1928
666.643,200
June 30 1928
665.658.650
May 31 1928
667,491,900
Apr. 30 1928
666.196,460
Mar. 31 1928
666.866.710
Feb. 29 1928
667,011,210
Jan. 81 1928
686.230,710
Dec. 31 1927
867,127,710
Nov.30 1927
666,830.210
Oct. 31 1927
666.873,290
Sept.30 1927
668,985,790
Aug. 31 1927
667.143,790
July 31 1927
667.156.290
National Bank Circulation.
Afloat oilBolds.
Legal
Tenders.
$
664,115,977
861,822.047
652.823,980
649.297,990
657,764,443
662,773.570
683,328,203
663.364.517
661,924,472
659.651,580
662.904,627
663,931.957
862,705,675
660.463.912
660,518,182
658,463.423
658,732.988
681,522,450
661,127,600
662.412.992
661,481,322
659,332.017
862.380.082
663.340.675
663,167,030
862,742,593
663,747,178
661.550.768
$
37,465,128
28,508,768
38.564,685
38.652,573
39.707,550
41,520.872
89,651.731
38,720.772
36,750.627
35,231.759
35,877,502
36,248.802
37.446.779
37,688.747
38,299.802
38,926,224
40.887.664
39,757.992
38,814,509
38.802,227
38,250,372
38.407.517
38,623.507
39,060,424
39.825.664
40,537.019
41.052,614
42.987,269
Total.
$
701,581,105
700,328,815
691,388,665
687.950.563
697.471.993
704,294,442
702.979.934
702.085.289
698.675,099
694,883.339
698,782,129
700.180,759
700,152.454
698,152,659
698.817.984
897,389,647
699,620452
701,280,442
899,942.181
699.215,211
699,731,699
697,739,534
701.003.581
702,401.091
702,992.694
703,279,611
704.799,797
704,518.031
83,502,881 Fede al Reserve bank notes outstand ng Dec. 2 1929, secured by
lawful money, against 83,949,861 on Dec. 1 1928.
238,145,085.52
Total gross debt
818,691,550,755.78
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statement.]
Aug. 31 1919
When War Debt Was
Nov. 30 1928
At Its Peak.
A Year Ago.
928,596,701,648.01
Gross debt
$17,493,408,877.61
1,118,109,534.76
Net balance in general fund
91,026.728.92
Gross debt less net bal. in gen. fund_ .825.478.592.113.25
Oct. 31 1929
Last Month
$16,697,854,428.28
Gross debt
204,512,841.12
Net balance in general fund
$16,691,550,755.78
123,894,243.89
Gross debt less net bal. in gen. fund_ „816,493,341,587.16
$16,567,656.511.89
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Nov. 30 1929:
U. S. Bonds Held Nov. 30 1929 to SecureBonds on Deposit
Dec. 1 1929.
$17,402,382,148.69
Nov. 30, 1929
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
$
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama 01 1938
Totals
593,136,950
48,721,740
25,776,960
593,136,950
48,721,740
25,776,960
667,635,650
667.635,650
Treasury Cash and Current Liabilities.
The following shows the amount of National bank notes
The cash holdings of the Government as the items stood
and the amount of legal tender deposits Nov. 1 1929
afloat
the
in
following. The figures are
Nov. 30 1929 are set out
taken entirely from the daily statement of the United States and Dec. 1 1929 and their increase or decrease during the
Treasury as of Nov. 30 1929.
month of November:
3752
FINANCIAL CHRONICLE
National Bank Notes-Total AfloatAmount afloat Nov. 1 1929
Net increase during November
$700,328,815
1,252,290
Amount of bank notes afloat Dec. 1
Legal-Tender NotesAmount on deposit to redeem National bank notes Nov. 1
Net amount of bank notes redeemed in November
6701.581,105
$38,506,768
1,041,640
Amount on deposit to redeem National bank notes Dec. 1 1929
$37,465,128
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for November 1929
and 1928 and the five months of the fiscal years 1928-1929
and 1929-1930.
-Month of
Receipts-1929.
Ordinary
-$
Customs
44,125,953
Internal revenue:
Income tax
28,281,052
Mime11. internal revenue 50.489.440
Miscellaneous receipts:
Proceeds Govt.-owned securitiesForeign obligationsPrincipal
201,000
Interest
407,509
Railroad securities
1,196,164
All others
337,634
Trust fund receipts (reappropriated for Investml) 1,360,807
559,616
Proceeds sale of surp. prop_
Panama Canal tolls, &c
2,355,936
14,574,269
Other miscellaneous
Total ordinary
November -Five Month*
1929.
1928.
1928.
$
48,436,078 262,916,284 255,975,713
32,204.706
49,891,897
668,817,160
267,829,354
164,169
223,703
72,074
226,000
10,426,869
2,646,673
1,458.709
10,183,529
1,834,773
864,654
4,340,020
147,398
2,150,581
7,524.878
19.829,359
4,190,022
12,359,848
83,897.653
24,513,741
3,631,054
10,702,952
74,214,139
143,889,380 145,155,504 1,334,597,031 1,218,533,873
Expenditures.
Ordinary(Cheeks & warrants paid, &e.).
General expenditures
181.717,182 173,511,306
Interest on public debt a
14,576,408 15,574,177
Refund of receipts:
Customs
1,547.043
1,704,747
Internal revenue
5,391,443 17,700,493
Postal deficiency
10.000,000
Panama Canal
1,262,874
700,863
Operations In special acc'ts:
, Railroads
837,734
8382,653
War Finance Corporation-.
815,914
856,927
Shipping Board
1,839,198 1.085.633
Allen property funds
414,804
6342,763
Adjust service ctf. fund__
139,599
8374,759
Civil service retirement fund.
81,011
155.782
Invest. of trust funds:
Govt. Life Insurance
1,232,061
4,211,332
Dist. of Col. Teachers' Re83,652
17,351
tirement
For. service Retirement...
9,605
06,940
132,398
111,336
General Railroad Conting't
Receipts at-
208,105,984
433,561,628
916,927,874
233,628,098
869,941,622
243,435,363
8,533,833
43,468,783
35,000,000
5.530,296
8,436,889
74,397,185
30,000,000
3,506,993
6787,919
849.772
12,694,332
1,450,718
724,299
20,574,435
8863,645
6398,612
10,938,795
62,290,798
110,136
20,083.036
19,394,632
24,108,455
231,129
354,831
123,598
235.261
342,396
170.025
203,050
369,925,800
228.400
58,100
203,050
23,503
16,600
244,824,953
369,942,400
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of September,
October, November and December 1929:
Holdings Is U.S. Treasure Sept. 1 1929.
Oat. 1 1929.
Nos. 11929. Dec. 1 1929.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes__
Net national bank notes_ _
Net Federal Reserve notes
Net Fed'I Res. bank notes
Net subsidiary silver
Minor coin, &c
224,282,841
12,291,300
1,049.023
20,015,228
1,140.475
3.138
3.753.353
4,179.821
254,185,863
9,271,197
1,473,291
15,526,697
1,258.045
41,368
4,068,001
4,451,301
238,337,411
9,590,006
4,425,843
15,426,710
1,518.955
75,909
4,222.377
3,639,472
241,539,353
7,690,337
4,741,380
36,211,008
2,729,420
50,228
3,751,579
3,480,781
Total cash In Treasury
Lessgold reserve fund_ - -
266.720.179
156,039,088
290,275.763
156,039.088
277.236.883
156,039,088
300.194.087
156,039,088
Cash balance in Treas'y
Dep.in spee'l depositories.
account Treas'y bonds,
Treasury notes and certificates of indebtedness
Dep.in Fed'I Res. bank
Dep.in national banks:
To credit Treas. U. B
To credit dish. officers_
Cash in Philippine Islands
Deposits in foreign depts.
Dep.in Fed'I Land banks_
110,681,001
134,236,675
121,197,595
144,154,999
51,436.000
33,972,769
325.823,000
67,248.829
181,309,000
27,063.183
71,680,000
46,764,816
7,233.554
18,709.384
1.328,523
1,958.821
7,273,335
18,122,027
843,966
2,212,188
7,234,586
17,759,286
1,080,315
2,509,602
8,387,170
18,271,522
930,024
2,912,863
225.318.182
138.952,885
655,760,021
148,122,660
358.153,587
153,640.726
293,101,193
169,206.949
Available cash balance_
88.385.247 407.637,381 204,612,841 123,894.244
•Includes Dec. 1, 34.583,853 sliver bullion and $2,135,758 minor, &o., coin net
Included in statement "Stook of Money"
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbla.1981bs.bush.6018: ,ush.56 lbs.bush. 32 lbs.bush.481bs.bush.5811w.
193,000
Chicago
53,001 2,502,000
230,000
90.000 347,000
1,445,001
Minneapolis
518,000
366,611
278,000
101,000
Duluth
692.000
2,000
105.000
105,000
55,000
Milwaukee.._
34.000
8,000
678,000
66,000 228,000
11,000
Toledo
263,000
10,i 1 i
30,000
2.000
41,000
Detroit
23,000
10,000
4.000
Indianapolis_
33,000
758,000
86,000
2,000
St. Louis_
128.000
360,000
297,000
193,000
23,111
Peoria
33,000
37,000
534,000
61,000
52,00'
Kansas City_
915,000
387.000
66.000
Omaha
369,000
818.000
140,661
St. Joseph_
150,000
144.000
14,000
Wichita
396,000
12,000
4,000
Sioux City__.
26,000
,fli
288.000
60,000
Tot. wk.'29
Fame week '28
Same week '27
388,000 4.788,000
477,000 8,185,000
478,000 6,403,s i 1
6,991,000
9,535,000
6,569,'''
1,401,000 778,i o i
2,192,111 1,452,010
2,295,000 1.349,000
522,000
447,000
651,000
Since Aug.11929
8,588.000229.899,011 83,743,1 I I 74.637,000 44,683.00013,731,000
, 1928
9.509,000303,874,000 94,123,11 • 71.223,00085,248,000l8.058,000
1027_ _
A 37R ORR9RR ARO MA R9 117k nail 90 1Rs Ran AA ns7 rinn9R RaR OM
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Dec. 7, follow:
Receipts at-
244,514,950
Total expend,chargeable
against ord. receipts...218,407,354 213,628,978 1,542,703,914 1,652,095,501
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $40,120.83 and for the fiscal year 1930 to date
$217,172.78 accrued discount on war savings certificates of matured series, and for
the corresponding periods last year the figures include $69,566.68 and $350,577.78,
respectively.
b Excess of credits (deduct).
Net cash in Treasury
and in banks-.....
Deduct current liabilities_
Breadstuffs figures brought from page 3827.-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:
218,204,304 213,628,978 1.297,878,961 1,282,153,101
Pub, debt retiremla chargeable against ord.receipts:
Sinking fund
Purchases & retirem'ts from
foreign repayments
Received from torn gov'ts
under debt settlements_
Received for estate taxes_
Purchases & retiremls from
franchise tax receipts
(Fed. Res. and Fed. Intermediate Credit banks)
Forfeitures, gifts, &c
Total
CURRENT NOTICES.
-A comparative analysis of New York City banks and affiliates has been
prepared by Frank B. Rosa Co., Inc.,80 Wall St.. New York.
-The Equitable Trust Co. of New York has been appointed transfer
agent for the capital stock of Van Tassel Apartments, Inc.
-Potter & Co., members of the New York Stock Exchange,5 Nassau St..
New York, have issued an analysis of General Foods Corp.
-Parker, Robinson & Co., 120 Broadway, New York, are distributing a
circular on Central Public Service Corp. class A stock.
-An analysis of Consolidated Indemnity & Insur. Co. has been issued by
John McGuire,Inc., 120 Broadway, New York.
-The New York office of Bonbright & Co. announces a change in their
telephone number to Rector 2440.
-J. Roy Prosser & Co., 52 William St., New York, have prepared a
circular on Equitable Trust Co.
-Prince & Whitely,25 Broad St., New York,are distributing an analysis
of New York Central RR.
-Hitt, Farwell dr Co.,48 Wall St., New York, have prepared an analysis
of Adolf Gobel, Inc.
Sainnurcial andMisceilaneonsatm
Excess of ord. receipts over
tot. exp. chargeable against
ordinary receipts
Excess of total exp.chargeable
against ord. receipts over
ordinary receipts
74,517,974 68,473.474
Total ordinary
581,093,999
255,519,319
[VoL. 129.
Flour.
Wheat.
,ble.19818e.
New York._
330.000
44,111
Philadelphia.
Baltimore__
24,000
3,111
N'port News_
New Orleans*
45,111
Galveston_ _ _ _
Boston
25,141
Corn.
Oats.
Barley.
Rye.
.58 180.18558. 32 Os.bush.4St bs ,ush.fifilbs
110,000
12,006
2,000
5,0001
8
18,000
18
4,000
65,000
2.000
.60 lbs.
518,000
9,11'
11,000
102,000
12,000
44,000
12,000
2,''l
146,'''
Tot. wk.'29 471,1'1
652,000
73,
77,111
4,000
Since Jan.1'2923,285,111 58,444,000 17,067.000 15.476,06,24.449,900 3,418,001)
Week 1929._. 557,I II 7,701,000 1,438,a o 1 1.243,000 2.631.000
123,000
Since Jan.1'2825.694.11, 2.716.000 14.388.000 33,696,00054,825,00018,053.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Dec. 7, are shown in the annexed statement:
Exports fromNew York
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Bushus. Bushels.
1,159,000
16,000
24,000
403,000
521,000
1,729.000
48,000
Total week 1929.. 3,000,000
Sams tvssk 10911
R R511 Ail loon ion
Oats.
Flour.
Barley.
Rye.
Barrels. Bushels. Bushels. Bushels.
60,301
38,000
1,000
0,000
3,000
28,000
8.000
3,000
18,000 652,000
125,000
229,301
217.11110
8,000
2110 1107
18,000 690,000
400.000 2.783.001
The destination of these exports for the week and since
July 1 1929 is as below:
Floor.
Exports for Week
and Since
Week
Since
July 110Dec.7.
July 1
1929.
1929.
Wheat.
Week
Dec. 7
1920.
Since
July 1
1929.
Corn.
Week
Dec. 7.
1029.
Bushels. Bushels.
Barrels. Barrels.
Bushels.
United Kingdom. 97.758 1,711,772 1.386,000 32,228,000
Continent
106,373 1,797,941 2,498,000 44,506,000
So.& Cent. Amer. 7,000
16,000
497.000
223,000
West Indies
31.000
11,000
245,000
Other countries__ _ 7.170
484,000
209,881
Total 1929
Total 1928
Since
July 1
1929.
Bushels.
30.000
44,000
143,000
217,000
229.301 4,187.594 3,900,000 77,744,000
217.959 5A02M0 6.8511.431 170.036.336 1.220.170 3.054.678
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Bet. 1
M
Rate. B.
Asked.
$4%
Mar.
.16 1930-- tili% 10011121 10011a Sept, 15 1930-32
18 1930.-- 414% 100vn 100ra Mar. 15 1930-32 11)4%
Sent. 15 l930_... 3)6% 99ra 99ra Dec. 16 1930-32 1134%
99"I
99141
99un
99".
ogun
99%.
DEC. 14 1929.]
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
MN prices dollars per share)
Banks
New York
Bid
America
140
Amer Union._
Bryant Park•
Banks
Trust Cos.
Ask
N. Y.(Con.) Btrf AA
N. Y.(Con.) Bid
Ask
146 Seward
112 Fidelity Trust 42
105
45
175 U 8 lot $25...- 74
77 Fulton
600 650
75 Yorkville ____
220
Yorktowno___
210 Guaranty _
682 688
Central
155
Chase
157 159
Brooklyn
nt'l Germanic 47
54
Chath Phenix
Globe Exch._ 275 325 Interstate
32
36
Nat Bk & Tr 110 115 Peoples
450 625 Irving Trust__ 5512 57
Chemical ____ 70
73 Prospect
175 200
Commercial_ _ 450 500
Lawyers Trust
Continental. _ 37
39
Corn Exch.__ 183 187 Trust Cos.
Manufacturer* 134 138
New York.
Murray
260 290
Fifth Avenue_ 2850 3150 Banc& Comle
Mutual(WestFirst
5250 5350
Banana Tr_ 310 340
chester)____ 400 450
Grace
600
Bank of N Y_
dr Trust Co_ 695 720 N Y Trust... 248 252
Harriman _
1625 1725 Bankers Trust 140 144 Times Square. 55
70
Lefcourt
140 155 Bronx Co Tr_ 80
90 Title Gu & Tr 145
150
Liberty
110 120 Cent Hanover 319 324 United States_ 3000 3400
Chelsea Bank
Westches'r Tr 1050 1100
Manhattan... 121 125
& Trust Co_ 55
62
National City 231 235 County
270
Brooklyn.
Penn Exch.-- 75 100 Empire
407 415 Brooklyn _
805 825
Port Morris __ 40
_
New
85 Kings County 2850 3000
Public
120 125 - Equitable 'Fr_ 191
2
93 Midwood ____ 240 255
•State banks. I Now stock. z Ex-dividend. p Ex-stock div.
ti Es-rights.
New York City Realty and Surety Companies.
(.411 prices dollar, per share)
Bid
Alliance R'Ity 80
Am Surety... 108
Bond & NItg 0
($20 par)-- 86
Home Title Ins 58
Lawyers Mtge 47
Lawyers Title
& Guarantee 280
Ask
•
Bid
105 Lawyers West,
118
chest M & T 240
89 Mtge Bond_ 193
62 NY Title As
52
Mortgage.- 42
290 U 13 Casualty
96
Ask
Bid
Ask
N. Y. InvTrs.
285
let pref..._.. 98
26 Pre(_ __.I 97
203
Westchesteri
44
Title & Tr.' 150
170
134%
I
100
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
CIIARTERS ISSUED.
Dee. 3.-The National Bank of Benson, Minnesota
President: P. J. Leeman, Cashier: L. W. Scholes.
Dec. 4.-The Dakota Nat. Bank & Tr. Co.of Bismarck, N.Dak
President: J. C. Taylor. Cashier: J. P. Wagner. Succeeds The First Guaranty Bank, Bismarck, N. Dak.
Dec. 7.-The Pipostone National Bank. Pipestone, Minn
President: A. C. Walker. Cashier: A. Enger.
Capital.
$50,000
100,000
$75.000
VOLUNTARY LIQUIDATIONS.
Dec. 2.-The National Union Bank of Reading,Pa
Effective Nov. 30 1929. Lig. Agent: Thomas Breneiser, 200,000
Reading, Pa. Absorbed by The Reading Trust Co.,
Reading, Pa.
Dec. 2.-The Woodside Nat. Bank of Greenville, S. C
Effective Nov.25 1929. Lig. Committee: R. I. Woodside, 250.000
G. F. Norris, W. N. Watson, 0. P. Earle and J. W.
Arrington Jr., care of the liquidating bank. Absorbed
by The Peoples State Bank of South Carolina, Charleston, S. C.
Dec. 3.-The Citizens National Bank of Slippery Rock,Pa
35,000
Effective Nov. 30 1929. Lig. Comm.: C. R. Humphrey,
John A. ikeu and Elias Ritts, Slippery Rock. Pa.
Absorbed oy The First Nat. Bank of Slippery Rock,
Pa., No. 6483.
Dec. 3.-The First National Bank of College Springs, Iowa
50,000
Effective Nov. 25 1929. Lig. Comm.: Board of Directors
of The First National Bank of College Springs, Iowa.
Absorbed by Citizens State Bank of Clarinda. Iowa.
Dec. 5.-The Hempel National Bank of Logan, Ohio
50,000
Effective Nov. 15 1929. Lig. Agent: A. F. White, Logan,
Ohio. Absorbed by First National Bank in Logan, Ohio,
No. 7649.
Dec. 7.-The National Park Bank of Livingston. Mont
100,000
Effective Dec. 1 1929. Lig. Comm.: J. C. Vilas. D. A.
McCaw, Vard Smith, J. N. McCracken. It. II. Talcott and D. J. Fitzgerald, all of Livingston, Mont.
Succeeded by The National l'ark Bank in Livingston,
Mont., No. 13384.
Dec. 7.-The National State Bank of Columbia, S. C
200,000
Effective Dec. 3 1929. Lig. Agent: Peoples State Bank
of South Carolina, Columbia, S. C. Absorbed by
Peoples State Bank of South Carolina, Columbia. 8, C.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Dec. 2,-The Citizens and Southern National Bank,Savannah, Ga.
Location of Branch-No.20 Broughton St., West Savannah, Ga.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, wore sold at auction
in Now York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh.
1,000 Tonopah Midway Mining Co.
per $1
$1 lot
20 Public Reserve Financial, Inc.,
cl. A, par $50
$1 lot
200 Boston dr Montana Develop,
Co., Boston temporary ctfs., par
50c. lot
$5
Sahres. Stocks.
$ per share.
100 Thermiodyne Radio Corp., no
par
$2 lot
500 Bidgood Consolidated, par $1_ 10c.
5 Labor Temple Assn. of Buffalo &
Vicinity, Inc.. par $5
25c. lot
62 Buffalo Steel Car Co., Inc., no
par
50c. lot
31 Buffalo Steel Car Co.,Inc.,pfd.50c. lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per share.
3 perpetual memberships Mercantile
Library Co. of Philadelphia
70
75
5 Penn Nat. Bank, par $10
70
5 Penn Nat. Bank, par $10
149
5 Phila. Nut. Bank, par $20
68
40 Central Nat. Bank. par $10
450
8 First Nat. Bank of Phila.
1
511 Egan Rodgers Steel & Iron
4 Primus Coal Assn., common..._35 lot
$10101
10 Primus Coal Assn. pref
$1 lot
35 Penn Seaboard Steel
45 Corn Exchange Nat. Bank &
136%
Trust Co., par $20
1
100 Mercury Corp
10 Market Street Title & Trust.. _ _360
20 Market Street Title & 'Frost_ __ _351
10 Conway Theatre Ticket Office.510 lot
250 Interstate Trust Co., N. T•,
with 250 shs. Interstate Tr. CorPOIation.
353.i
3753
Shares. Stocks.
$ per Sit. Shares. Stocks.
$ per Sit.
150 Pine Needles Co., Inc., N. C.,
375 Country Club Area, Inc.,
common
Tampa, pref. debenture
1
$140 lot
30 Markeim-Coles-MacEwen Co.,
50 Brotherhood of Locomotive EnInc., Camden, N. J., pref.; 15
gineers Securities Corp. of Pa.,
common
class
A
134
5600 lot
20 Rockhill Coal & Iron Co. 8%
10 Brotherhood Investment Co.,
pref. Mts. of deposit
Cleveland,0., pref
70c.
$40 lot
50 Ftockhill Coal & Iron Co. 8%
10 Brotherhood Investment Co.,
Pref. ctfs. of dep
Cleveland, 0., pref., and 5 addi70c.
455 units Amer. Utilities Ar General
tional ass bonus
$6 lot
Corp
$40 lot 40 Anthracite Brick & Tile Co.
2 City Not. Bank & Trust Co
common
19034
$15 lot
100 Commercial Nat. Bank & Trust
14 Northern Liberties Gas Co.,
Co., par $10
par $25
34
36I:I
10 Citizens Nat. Bank & Trust Co.,
30 Safety Electric Sander Corp.._515 lot
• Jenkintown, Pa
100
21 Aberfoyle Mfg. Co. com
100
53 William Penn Title & Trust Co.,
Ctf. of interest, Mines Syndicate,
par $50
R. E. Stanley et al, syndicate
3934
50 Central Trust & Savings Co.,
mgrs., ctf. No. 43, dated June 1
par $10
25
1925
$15 lot
30 Cent. Tr. & Sav. Co., par $10_
253.4 $10,000 note of Anna H. Worthen
58 Finance Co. of Pa
and Arthur L. Worthen
$30 lot
41534
10 Franklin Trust Co., par $10_
59
$4,000 Wayne Coal & Iron ctf. of
10 Franklin Trust Co., par 310.... 58%
deposit 6%
13.1
290 Franklin Trust Co., par $10.... 5834 13 Union Bank & Trust
14
8 Provident Trust Co
655
67 Union Bank & Trust
1)..1
5 Fidelity-Phila. Trust Co
69034
5 Bankers Trust Co., par 350
BondsPer Cent.
81
45 Bankers Trust Co.. par $50
$5.000 Lehigh & New England Ter.
83
1 Manheim Trust Co., par 150
W'house Co. serial kl. 75, due
40
4 Manheim Trust Co., par 850......56
1940 (Aug. 1 1929 coupons at6 Jefferson Title & Tr. Co., par $30. 9034
550 lot
tached)
10 Broad St. Trust Co., par $50
$15 lot
6031 $5,000 Illinois Coal Co
13 Broad St. Trust Co., par $50_ 60
$10,000 Lehigh & New England Ter.
50 Northern Central Trust Co.,
1V'house serial 70, due 1935.... _330 lot
par 310
$5,000 Buffalo Packers
$21 lot
32
100 New National Oil Co. pref.
$200 New Nat. Oil Co. 1st M. 75,
v. t. c
due 1933
320 lot
52 lot
60 New Nat. Oil Co. corn. V. t. c..51 lot 20 Adelphia Bank & Trust
16
250 United Trunk Stores, Inc., pref
t
$2,000 Nixon & Co., Inc., cony.
II0 par
1
deb. 6s 1933
$8 lo
250 Grubnau Chemical Co., Waldo,
$9,000 17th & Locust Sts. Corp.
N. M., common
7 lot
2638. 65. due 1935
Shares. Stocks.
$ per Share.
80 Broadway Merchants Trust Co.,
Camden, N. J., par $20
65
46 Mortgage Co. of Pa., par $25. 20
160 Stuyvesant Ins. Co., par $25
534
30 Bankers Securities Corp., corn
65
100 Bankers Securities Corp. common v. t. c
6 Bankers Securities Corp. com- 63
mon v. t. c
60
10 Frankford & Southwark Pass.
Ry., par $50
171
1,000 Grand Rapids RR. common,
no par
25 It. M. Hollingsboad Co. Prof., 1
no par
25 R. M. Hollingshead Co. class A 12
common, no par
4
3,000 Pennsylvania Grand Opera
Co. pref., par $10
$30 lot
1,000 Radio Electric Clock Co.____ 13c.
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sta. Shares. Stocks.
$ per Sit.
15 Chase National Bank
167
106 White 011 Co.(Kansas)
$15 lot
10 Chase National Bank
167
1,000 Blaudell Oil Corp. (Del.),
40 Phelps Light & Power Co
$80 lot_
530 lot
no par
23.38434 Cornucopia Mines Oregon,
200 Viking Gasoline Corp. (Sr.
corn., par $10; 64,71934 pref.,
Va), no par
$20 lot
par $10
3650 lot 10 Brooklyn Academy of Music__ 15
50 Bela Blau, Inc. (N. Y.), pref.;
100 units Southern Stores Corp.,
50 common, par $1
$600 lot
consisting of 100 shares el. B (no
1,500 Bayshore Co.(Fla.),8% cum.
Par) and 100 slur. 7% cum. p1_5600 lot
pref.; 1,500 corn., no par__ _510,000 lot 174 28-100 Multiple Electric Prod$66.500 Bayshore Co., ser. A, 10ucts Co.(N. Y.)
$50101
yr. deb. 80. Sept. 15 1938; 1,330
1,240 Pecoval Royalty Trust, pref.
13ayshore Co. (Fla.) corn., no
ben. int., par $10; 1,240 common
Par: $2,660 13ayshore Co. (Fla.),
A ben. Int., par 310
$50101
8% coupon scrip. 1938, issue of
170 Wert Lumber Co., corn
250
Sept. 15 1929: 52,660 13ayshore
43 2-10 Northern Pacific Logging
Co. (Fla.), 8% coupon scrip.
Co., Ltd., corn.. no Par
3734c
1938, issue of March 151929.34,500 lot 72 Northern Pacific Logging Co.,
25 Brotherhood Investment Co.
Ltd., preferred
37I4c
(Ohio), 7% pref.; 12 common.
125 Amer. Foreign Trade Corp..
no par
$25 lot
corn.; 25 Amer. Foreign Trade
10 Brotherhood of Locomotive EnCorp.. pref.; 100 Investment &
gineers Sec. Corp. (N.Y.), cl. A
Securities Co. of Fla., corn.. Part
pref.; 5 class B, no par
$20 lot
paid sub.scr. receipt for 31.000
50 Neo-Techni Research Corp.
paid as first installment on stock:
(N. Y.) pref.; 50 corn., no par_520 lot
balance still uncalled for. 51,500,
100 Technicolor, Inc
47
$22 lot
100 New York Bottling Co., inc__510 lot 100 S. W.Straus & Co., Inc., of Del. 39
100 Brooklyn Cornell Utilities, Inc.,
100 Consolidated Distributors, Ine.$5 lot
corn„ interim certif., no par_ _3100 lot 120 Spreckels Sugar Corp. (Del.).
100 Brooklyn Cornell Utilities, Inc..
warrant
$12 lot
common, no par
$100 lot $10,000 North River Bridge Co.,
200 Brooklyn Cornell Utilities, Inc.,
certificate of indebtedness
$36 lot
preferred
1400 lot 100 Yukon Gold Co.. corn., par $5_ 46c
10 Fain Knitting Mills. Inc., corn.,
1-960 royalty interest in the north
no par; 20% preferred
west quarter of the north east
$6 lot
100 Ilabirshaw Electric Cable Co.,
quarter and the west half of the
common, no par
south west quarter of the north
55 lot
35,000 Spratt Copper & Gold Co..
east quarter of section 11. Town(Wash.), par 51
$1 lot
ship 9, north, Range 5 East, in
325 Stamford Land Co.(Fla.)
$3 lot
Seminole County, Okla
$210 lot
1,313 Realization Coal Co.(W.Va.)
120 Bertha-Consumers Co., pref _$30 lot
par $50
525 lot 3,090 Colombia Syndicate, par $1;
500 Contoocook Mills Corp., pref._ 50
1,000 Gold Coin Mining Co., par
100 United Wire A; Supply Corp.,
51; 10 Old Point Comfort Corp.;
corn. (R. I.), no par
1
$7,000 Deep Sea Fisheries, Inc.,
200 Broad Realty Corp., corn
1
lot 8s, Nov. 1 1931, ctf. of
17,570 Manufacturers Realty Comdeposit
51.500 lot
pany
$100 lot 600 Aero Gas Machine Co., Par $25:
$10,000 American Mine Owners
$2,000 Twin Falls Oakley Land
Mutual 10% surplus certif
$3 lot
dr Water Co.. irrigation bonds,
12 Oneida Land Co., common__ _ _53 lot
certif. of deposit
$23 lot
1,125 Mexico Northwestern Ry.
85 K. F. Textile Mills, Inc.: 10
Co., Ltd., common
$21 lot
Firsching Knitting Mills. Inc..
416 9-941-10,000 Salamanca Sugar
common
318101
Co., Prof.; 625 300-1,000 com_551 lot 1,000 Sanitarium Equipment Co. of
420 Townsend Wulff, Inc., pref.:
Battle Creek. Mich., corn., no
250 common, no par
3500 lot
par
$460 lot
550 B. B.& It. Knight Corp., el. C
100 Florida Blend Corp., cl. A, no
common v. t c
par; 50 cl. 13, no par
$10 lot
34
$8,007.75 claims against Allied
200 Melish Oil Corp. in Red River,
Grocers Wholesale Corp
$10 lot
no par
56 lot
1.500 May Manton Fashion Co.,
175 Seaboard Distributing Co.,
Inc., no par
55 lot
Inc.. corn., no par: 125 pref.,
$35,500 demand notes May Manton
1100 lot
no par
Fashion Co., Inc., without re100 Wickyup Corp.. no Par
$10 lot
course
$5 lot 12.292 Grand Central Mining Co_5105 lot
$1,250 demand notes May Manton
200 Latherizer Corp., pt., par 810.597 lot
Fashion Co., Inc., without re200 Latherizer Corp., common, no
course
par
$5 lot
$20 lot
50 Depollier Watch Corp., pref.,
90 Syracuse Washing Machine
no par; 388 1-3 corn., no par;
Corp.. cl. A corn., no par
8
84.6667% Oebs. due July 15'32_5151ot 150 Herat( Realty Co., corn.; 150
$8,059.71 claims against Depollier
Harcliff Realty Co.. pref.; 100
Watch Corp
lot
$10
Varick Oil Co.; $5.e00 Varick
$12,730.48 demand notes Foundries
011 Co., 6% deb. bonds
$40 lot
Service Corp., without recourse. _55 lot 600 Pelham Petroleum Co., corn.:
5505 demand notes Foundries Ser310 Pelham Petroleum Co., pref.;
vice corp.. without recourse_ _ _ _55 lot
44 E. 0. Painter Fertilizer Co_ _$65 lot
3540.04 claim against Foundries
75 Hanes Rubber
1
Service Corp
$5 lot 50 Fowler, Boyd. Leighton & Du
$250 demand notes New Process
Bois, corn.: .50 preferred
$7 lot
Multi-Castings Co.. without re'
7,525 Continental Asphalt & Petrocourse
$.5 lot
leum Co., 8% cum. cony. pref..
$657 claims against Hostess Pubstamped (Del.), Par $10
$25 lot
lishing Corp
$5 lot 400 Photomaton, Inc., class B
$5502 claims against F. F. von Wilcommon, no par
5250 lot
$5 lot 200 Photomaton, Inc., class B
mowsky
5544 75 claims against F. F. von
common, no par
$150 lot
55 lot 200 Photomaton, Inc., class B
Wilmowsky
$1,500 claims against B. and A.
common, no par
$150 lot
Lichtenstein
$5 lot 100 Photornaton, Inc., 8% pref..8600
_5600 lot
2,000 Meriden Oil Corp. (Del.),
6 Internat. Carbon Corp., pref.;
no par
9 Internat. Carbon Corp., rem.,
7%
1,500 Viking Gasoline Corp. (W.
no par; 1,000 Amer. TelegraphVa.), no par
$115 lot
Typewriter Co., par $10; 2,000
800 Viking Laboratories, Inc., no
Consol. Manganese Co., lime..
par
5170 lot
Par $1
$12 lot
3754
FINANCIAL CHRONICLE
Per Cent.
Bonds.
$ Per Rh.
Shares. Stocks.
10,000 Interocean Oil Co., cl. A..$200 lot $32,500 Trenton Bristol & Phila$35 lot
delphia 58, 1943
$200 Realty Sureties, Inc., 2d M.
E8 lot $231,500 United Fuel & Supply Co.
75, Oct. 1 1928
10-year 6% gold notes, April 15
50 Hodgman Rubber Co., pref.--El lot
$100 lot
1936, certif. of deposit
500 Manhattan Trans. Co., par $20.37 lot
$3 lot $6,500 United Fuel de Supply Co.
1,200 TIntic Co., par $5
let mtge. 6s, April 15 1941,
4 Sculco Holding Corp. (N. Y.),
$185 lot
certificate of deposit
3
no par
267 Salt's Textile Mfg. Co., 1st p133 lot $3,644.96 note of Compania Azucarera Salamanca, dated July 10
7,550 Deppe Motors Corp., par $10;
10
1923
$400 lot
736 preferred
$3,546.47 note of Compania Azu50 Independent Paper Mills, Inc.,
carers Salamanca, dated July 10
$20 lot
Prof., no par; 50 class B
10
1923
1,000 Occidental Petroleum Corp.,
$1,000 lot $5,000 Idaho Irrigation Co., Ltd.,
Par $1
income
$901.25
1928;
bond.
adj.
lot
60 Match Corp. of Amer., Cl. A_ _$70
$5 lot
bond
300 Rickenbacker Motors Co.,
$1 lot $40,000 National RR. Co. of
common, par $10
lot
_25
_
_
1926_
Mexico, assented 434s,
4.667 Hansen Rubber Products Co..
$30 lot $80,000 National Rys. of Mexico,
par $10
1928
Jan.
1957.
4345,
assented
Co.,
Crust
305 Aunt Mary's Pie
and subsequent coups Attached. 13%
$6 lot
pref.; 350 common, no par
$2,000 Delta Farms Reclamation
100 Central Stamping Co., pref.:
District No.2027,6% bonds. due
$425 lot
20 common
July 1 1934. July 1928 and subs.
258 Tao Tea Co., Inc., pref., par
$35 lot
attached
lot
coupons
$75
par
no
350; 518 common,
23.000 Kings Hill Irrigation Sr Pow.
1,500 United Mines of Guanajuato,
Co. 1st 6s. ($2,000 due May
Par 35; 200 Calumet & Jerome
1 1914, 3600 due May 11915, and
Copper Co.. par $1; 20 Jerome
$11 lot
$400 due May 1 1916)
Verde Develop. Co., par 50e.:
New Orleans Pontchartrain
$6,000
Co.,
Mining
Lake
5,000 Narrow
Bridge Co. 1st M.s.f.gold bonds,
Ltd., par $1; 200 Monitor Silver,
due Sept. 1 1949: March 1929 and
par $1: 2,000 Seguoyah 011 &
31,100 lot
subs, coupons attached
$100 lot
Refining Co., par $1
$5,000 Portsmouth Nansemond
200 Colombian Oil Concessions,
Bridge Corp., 1st s. f. 611s.
$5 lot
Inc., temp. ctfs., no par
Oct. 1 1947; Oct. 1929 and subs.
Taylor, Ewart Sr Co., Inc., part
$525 lot
coupons attached
payment receipt No. 1129 for
Consolidated Cortez
$214,319.65
and
par,
no
1,000 shares. pref.,
Silver Mines, 6% notes, due
1,333 1-3 shares corn., no par,
$35,000 lot
June 30 1930
of Durium Products Corp.('Del.),
$100 lot $500 Forty-five Fifth Ave. APO.,
62).t% Paid
N. Y. City, 1st M. 6145, Jan. 1
10,000 American London & Empire,
$300 lot
50
1935
deferred, no par
$193,000 Compagnie Generale de
2,000 Louisiana Land & ExploraMines en Bolivia, ser. B8% notes
31i
tion Co., no par
due Nov. 15 1926. with int, paid
1,500 Foundation Foreign, class A,
to and incl. May 15 1928._ ..$1,000 lot
no par
Yona-Varah Realty Corp..
$800
common,
Co.,
Rubber
50 Stanwood
$6 lot
2d M. 75, Sept. 11029
$1 lot
no par
$500 Realty Sureties, Inc., 2d M.
50 Magna Metals, corn. (N. J.),
$5 lot
1928
1
lot
Oct.
7s,
_.$3
par $10; 50 1st pref., par $10.$200 Realty Sureties, Inc., 2d M.
4,000 Greenpoint Metallic Bed Co.,
$8 lot
12
75, Oct. 1 1928
preferred
[VoL. 129.
By R. L. Day & Co., Boston:
$ per Rh.
$ per Rh. Shares. Stocks.
Shares. Stocks.
874-85i
116 Mass. Util. Associates
175
12 Boston National Bank
1834
210 Federal Nat'l Bank__110-10634-106 19 Albany Trust
53
30 Wesson Oil Co. pref
10 Webster & Atlas Nat'l Bank_ _225
9%
9134 100 Servel Inc
5 National Rockland Bank
9134
100 Electric Bond & Share
104
50 United States Trust Co
0.&E.L.
(undep.)
9034
Bedford
New
18
40-4934
Co
Trust
150 Beacon
95 Puritan Brick Co., 24 British
50 Bank of United States of New
Empire Steel Corp., Ltd.,54 Brit79
York units
fah Empire Steel Corp., Ltd.,
90
50 Medford Trust Co
2d pref. and 500 Producers Devel10 Central Trust Co.. Cambridge... 8834
$300 lot
opment Co
11534
100 West Point Mfg,Co
765 60-100 Caribbean Sugar Co.and
476 8-10 U. S. Worsted let pref.
180 Caribb. Sug. Co. pref.-31,000 lot
and 2,506 U. S. W.common-$125 lot
20% 116 4-6 Continental Cas. Co. of
25 Nashawena Mills
41
Ind
1 Arlington Mills18
160. 120 Hanover Fire Insurance Co- 5434
189 Great Falls Mfg. Co
lot
$1
Co
Oil
Shawmut
1,780
$25 lot
20 Fairhaven Mills pref
$2 lot
1,000 Shawmut Oil Co
8
50 Lancaster Mills pref
10
pref
Co.
Producing
Copley
2
4-90%
Cotton-903
65 Naumkeag Stearn
5134 1,000 Betty O'Neal Mines, 75 Boa.
3 Prov. Warren & tiris. RR
N. M. 011 Lease Synd., 1,000
44 Bost.& Me.RR.1st pref. A stp_ 80
Eastland Co. Roy. Synd., 6 1-10
130
stp
B
17 Bost.& Me. RR. let pf.
Villa Rica Boca Raton, 100 Ucan
42 Bost. & Me. RR. 1st pf. C'Ai:L.114
Safety Hair Cutter Corp., 50 At13 Bost.& Me. RR. let pf. D stp...164
%nth: Petrol. Co., 250 Avery
92%
8 Bost. & Me. RR. pref. stp
Petrol. Co., 170 Bukkinon Assn.,
70
5 Upper Coos RR.8% guar
10 Southern Field Petrol. Co., 6
70
Co
Ry.
60 Boston Elevated
Southern Field Petrol. pref., 25
750-707I4-71014
14 Boston Ins, Co
Nat. Dock Trust, 100 Goldbanks
200 Amer.Lon.& Emp.Corp. pt.__ 20
Quicksilver Co., 1,400 Multiune
200 Amer. Lon. & Emp. Corp. 6%
$300 lot
Carburetor Co
25
cum. pref
Protein Products Corp. v.t.c.- 100.
400
100
Min,
Co..
Amal.
Aguila
500
510 lot
100 Tintic Co
Mass. Coal & Power Co.. 300
33
106 Air Container Co
Santa Sofia Mines & MM. Co.
lot
$21
pref
Corp.
Lt.
Neon
Fed.
100
Lease
Oil
10 Boston New Mexico
1%
650 No. Texas El. Co. pref
Synd., 100 Prov. Coal Min. Co.
New
10
Co.,
Cranberry
Colonial
20
Rose
La
25
Co.,
Copper
Raven
50
$19 lot
England So. Corp
Cons. Mines Co., 3,000 Empire
4%
$8 lot 50 F. M. Hoyt Shoe Co. pref
Cop. Min. & Smelt. Co
27
A
Co.
Flintkots
20
let
1734
pref
100 Fisk Rubber Co.
lot
$50
50 Boston Dwelling House
25 Fisk Rubber Co. cony. lot pref.. 18
5 Boston Confectionery Co. let pref.S3 lot 110 New Hampshire Fire Insur%
69%-68%-68-67%-67
Co
ance
311 Caribbean Sugar Co. pref., 656
3759 lot 100 Beacon Part. Incorp. pref. A-- 1334
Caribbean Sugar Co
550
Co
Power
Water
Holyoke
10
100
pref.,
Co.
Mfg.
Gilman
100
10
$5001ot 1,200 Crown Lock class A
Gilman Mfg. Co
Per Cent.
Bonds5
25 F. H. Roberta pref. class C
8634
Jan.
1949
3s,
ex
reg.
Mass.
311,000
35
30 United Elastic Corp
35,000 Mass. reg ex 3%s Sept.1934 97
89
10 Towle Mtg. Co
$11,000 Boston Term. Co. 3348,
130 Wiggin Termini*Is Inc. pref.-- 15
8734
Feb. 1947
3310k
100 Winona Copper Co
$500 Columbia Ry., Gas & Elec.
69 The Capitol Theatres, Inc.,
80
1936
July
5s,
lst
Thepart. pref.; 139 The Capitol
81610k 51,000 Warren County Gas Corp.
atres, pref
1st coll. 85, Dec. 1938,ser. A with
50 L. A. Crossett Shoe Co. prof..... 550.
By Wise, Hobbs & Arnold, Boston:
1 ,
warrant for 10 shares of stock... 80
5 Perkins Lumber Co. Prof
Boston Montana Min. Corp.
$5,000
2
pref
Co.
Rh.
per
$
Packing
Tree
Pin
2
Rh
per
$
Shares.
Stocks.
Stocks.
Shares.
lot
1
March 1940,ser.
7s,
1 Pin Tree Packing Co
125 Nat. Shawmut Bk., par $25.71-715 25 Nat. City Bank, N.Y., par $20-246
Club, Inc.,
10 C. H. Ingersoll Dol. Penn pref._ 25c. $8,000 Pocasset GolfBH
60 Chase Nat. Bk., N. Y., par 320-165
95 N. C. Joint Stk. Land Bk. of
n10
Pen
Sept.
110.
58,
1936,
reg
Dol.
25
corn_
Ingersoll
H.
100.
20
200 Atlantic Coast Fisheries,
Durham,N.C
1534 $10,000 Tacoma Ry.& Pow.Co. 1st
$10 lot 700 Farms Co. A
6% 100 Coldak Corp., class A
30 York Mfg.Co
15
mtge. 55, stp. ctf. deP
512 Joint Stock Securities Mass-51c.-60c.
100 Everett Mills
1234 400 Claude-Neon Lights, Inc., corn.
15
par 31
30 Wamsutta Mills
2234
15%
10
25 Farms Co. of Mass., class A
10 Nat. Fabric& Finishing Co. pf
25e. 10 U.S. Worsted Corp., 1st pref.. 50
10 Conn. Mills Co.,com.cl. A
DIVIDENDS.
$5 lot
10
corn.:$30 1st pref. div.scrip
50 Conn. Mills Corp. let pref
Dividends are grouped in two separate tables. In the
35
500 Bay Shore, prof.: 500 corn.-225 lot
50 Hamilton Woolen Co
55 B B & R Knight Corp., pf. v.t. c. 5% 50 Automatic Straight Alrbrake
first we bring together all the dividends announced the
18
Co., lot Prof.: 500 Automatic
10 Arlington Mills
current week. Then we follow with a second table, in
lot
Co.,
com......350
Airbmke
Straight
80
260 Nashua Mfg. Co., pref
1034 24 E. A. Camilla° Co.,corn.;80 E.
5 Conn. Mills Co. let pref
which we show the dividends previously announced, but
$6 lot
A.Canonici Co., pref.;8 Pilgrim
100 Sharp Mfg. Co.. corn
which have not yet been paid.
16
Export Co., corn.; 80 Carter
1 Warwick Mills
325 lot
Macy Co..corn
9134
30 Farr Alpaca Co
The dividends announced this week are:
corn.;
Fire10
Corp.,
Servel
10 Naumkeag Steam Cotton Co....... 90% 100
proof Tile Co.; 10 Cinder Tile
110 B B & R Knight Corp. pref.... 634
Books Closed
When
Per
$700101
30
Co.,prof
150 Newmarket Mfg. Co.corn
Days Inclusive.
Cent. Payable.
Name of Company.
650. 60 City Central Corp., corn.; 25
18 Central Verrill:Int Ry
Central Corp., 7% pref.; 10 Cite
750
5 Washington Ry.& Elec
Railroads (Steam).
$12 lot
131
Central Corp.,6% pref
9,645 Old Colony
4% Jan. 2 Holders of rec. Dec. 14a
Albany & Susquehanna
110 254 Miami Beach Amusement Co.,
38 Samson Cordage Works
of rec. Dec. 13
$30 lot Boston & Maine, prior preferred (guar.)- .134 Jan. 1 *Holders
corn.:254 pref
100 Beacon Participations, Inc. cl.
Jan. 1 *Holders of rec. Dec. 13
.134
(guar.)
A
class
preferred,
lot
_362
corn.;
pf
25
First
13
3 No.Texas Elec. Co.,
A pref
of rec .Dec. 13
*Holders
1
Jan.
•2
First preferred, class B (guar.)
6714 750 Joyceland Ranch dz Game Re5 Draper Corp
*134 Jan. 1 *Holders of rec. Dec. 13
$25 lot
First preferred, class C(guar.)
serve, pref.; 150 corn
62 New England Pub. Serv. corn... 25
of rec. Dec. 13
*Holders
1
Jan.
*2%
(guar.)
D
class
First preferred,
1 Cass & Daley Shoe Co., corn., par
25 Beacon Participations, Inc.,
•134 Jan. 1 *Holders of rec. Dec. 13
'First preferred, class E (guar.)
14
350:3 Cass & Daley Shoe Co..PL:
Class A preferred
*Holders of rec. Dec. 13
1
Jan.
'134
Co.,
Whae.
Storage
Preferred
(guar.)
10 Bay State
6%
23 No. Bost. L. Prop. prof. v. C. e.
*134 Feb. 1 *Holders of rec. Dec. 27
Canada Southern
5634
prof.; 30 Needham Tire Co., pf.;
Par 350
Dec. 26 Holders of rec. Dee. 17
5
Chicago Burlington & Quincy
1534 5 Lowell Building Tr at: 10 The
100 Old Colony Invest. Trust
2% Jan. 10 Holders of rec. Dec. 26
common
Co.,
Wids Co.,com.;20 The Wids
Chic. Ind. & Louisville,
50 Wesson Oil& Snowdrift Co.,Ine
10 Holders of rec. Dec. 28
Jan,
1
$6 lot
Common (extra)
50
1st pref
pref
Jan. 10 Holders of rec. Dec. 26
2
Preferred
40 Wilcox Comb Co., Inc., cl. A....10 lot 10 Farmers Mfg. Co., 8% pref.; 10
*Holders of rec. Jan. 13
20
.
Jan
*5
$1 on Prof. Cincinnati Northern
10
common
103 Harris-Mowry Co. corn
Jan. 20 *Holders of rec. Dec. 27
Cleve. CM.Chic.& Bt. L., corn.(guar.). *2
100 Old Colony Trust Associates- 45
*Holders of rec. Dec. 27
20
Jan.
•114
Preferred kquar.)
100 Live Stock Imp. Co., Inc. par
Dec. 31 Holders of rec. Dec. 20a
Per Cent. Colorado & Southern, corn. (annual)._ 3
Bonds10 lot
$50
Holders of rec. Dec. 200
31
Dec.
2
Sept.
Beach
5s,
Palm
West
$6
preferred
Co.,
Tel.
$5,000
10 Associated
Utilities
First
Dec. 31 Holders of rec. Dec. 20a
4
20 flat
81
1935
Second preferred
pref.(with warrants)
*31 Dec. 10 *Holders of rec. Nov. 25
$5,000 West Palm Beach 58, due
Columbus & Xenia (guar.)
100 Internat. Superpr Corp.,corn._ 35
Jan. 5 *Holders of rec. Dec. 20
*2
20 flat Detroit Hillsdale & Southwestern
August 1934
1,000 Bethlehem Kid Co., pref., par
Jan. 15 *Holders of rec. Jan. 8
*3
15 lot $5,000 Cisco, Texas 5345, due Mar.
Detroit River Tunnel
$10
•31.61 Jan. 2 *Holders of rec. Dec. 20
30 flat Elmira & Williamsport. pref
1958
110
18 Boston Wharf Co
234 Feb. 1 Holders of rec. Dec. 270
31,000 Cisco, Texas 68, due Feb. 5
96
40 New England Pow. Asso., com
Great Northern. preferred
*214 Feb. 15 *Holders of rec. Feb. 1
30 flat Hudson & Manhattan Ry., pref
41
1956
30 Florence Stove Co
Dec. 27 *Holders of roe. Dec. 20
*5
Drain(Everglades
Florida
500.
$10,000
Indiana Harbor Belt (annual)
30 Lewis A Crossett Co., pref
Jan. 2 *Holders of rec. Dec. 6
*1
10 flat Lackawanna RR.of N. J. (guar.)
19101
age Dist.) 68,July 1938
250 Laconia Car Co.,corn
Feb. 1 *Holders of rec. Jan. 15
$12.50
$25,000 Eastern Mass.St.Ry.4348.
--•
common
(guar.)
RR.,
Coal
250 Amer., British & Continental
Alahoning
*31.25 Jan. 2 *Holden' of rec. Dec. 23
42 dr int.
5
January 1948
Corp., corn
Preferred
Jan. 29 *Holders of roe. Dec. 27
129
$10,000 Fort Lauderdale, Fla., 6s,
Michigan Central
100 United Securities Tr. Assoc..- 39
*334 Dec. 30 *Holders of rec. Dec. 23
80 & int. Mobile & Ohio
15
due January 1948
100 Old Colony Invest. Trust
Dec. 30 *Holders of rec. Dec. 23
*5
Extra
10 Heywood-Wakefield Co., corn- 834 3,000 Roubles, Imperial Russion
Feb. 1 Dec. 28 to Jan. 22
40
2
lot
1916
5115,
Gov't
Commerce
of
Chamber
RII.
(guar.)
Central
New
York
Boston
22
181
Inc.,
cester,
$35lot $2,500 Walden-Wor
Norfolk & Southern.-Dividend passed.
Realty Trust,2nd pref
Jan. 15 *Holders of rec. Dec. 31
.$2
5 lot Northern Central
10
78, (certificates deposit)
70 Whiting-Adams Co., corn
134 Feb. 1 Holders of rec. Dee. 31
$2,700 Walden-Worcester, Inc., 1st
Northern Pacific (guar.)
100 Nat. Liberty Ins. Co. of Amer.
10 lot Pittsburgh & Lake Erie
*$2.50 Feb. 1 *Holders of rec. Dec. 27
18
7s.(certificates of deposit)
corn., Par $5
•234 Dec. 31 *Holders of roe. Dec. 11
$10,000 Atlantic Fruit & Sugar. Inc
Providence & Worcester (guar.)
10 New England Power Co.6% pi.,
per
Jan. 2 *Holders of rec. Dec. 14
bond
•4
$11
8s.due 1949
10634 ex-div.
Rensselaer & Saratoga
Jan. 1 Holden] of rec. Dee. 21
*3
$5.000 K. C. Mexico & Oreint Ry.
Rome & Clinton
100 Peoples Nat. Fire Ins. Co.,
1912
1
(Aug.
Feb. I Holders of rec. Jan. 2
1951
2
Feb.
4s,
Co.,
21
Southern Ry.,corn. %guar.)
corn., par $5
Ili Jan. 15 Holders of roe. Dec. 26
coupons and subs, coupons on)...$2 lot
Preferred (guar.)
100 Baltimore Amer. Ins. Co. of
due
6s,
15 *Holders of rec. Dec. 27
Mines
Jan.
Gold
*6
Alaska
32,000
2934
Union
RR.
Troy
corn.,
(annual)
35
par
N. Y.,
*234 Jan. 10 *Holders of rec. Dec. 20
Mar. 1925 (Sept. 1 1916 coupons
United N.J. RR.& Canal (guar.)
300 Salamanca Sugar Co., corn..
$4 lot Virginian Ry., common (annual)
Dec. 31 *Holders of rec. Dec. 16
*8
and subs, coupons on)
834 lot
Par $10
$6,000 Salamanca Sugar Co., 1st
2,000 United Mineral Lands Assess8s, due July 1943 (July 1 1927
20 lot
Public Utilities.
ment, no. 7 paid, par 31
31.75 Jan. 2 Holders of roe. Dec. 14
coupons & sit s. coupons on)_ _$25 flat Alabama Power, $7 pref.(guar.)
Lumber
&
Coal
$100 Lackawana
$1.50 Jan. 2 Holders of rec. Dec. 14
$1,000 St. Lawrence Pulp & Paper
$6 preferred (guar.)
Co., 10-yr. coll, trust notes Dec.
31.25 Feb. 12 Holders of rec. Jan. 15
Co., 6s, Feb. 1925 (Feb. 1 1924
$5 preferred (quar.)
1921;8 Lackawana Coal & Lumcoupons & subs, coupons on)...1% flat American Commonwealths Powerber Co., capital stock, par $25:
31
Paper
$1.000 St. Lawrence Sulp &
Corn. A & B (pay. In class A stock)-- - e234 Jan. 25 Holders of rec. Dec.
1 Birmingham Ensley Bessemer
Co., 6s, Feb. 1929 (Feb. 1 1924
First and second pref.. nor. A (guar.)_ _ $1.75 Feb. 1 Holders of me. Jan. 15
Rd. Co.; 12 Coal Lands Securirec.
15
of
Jan.
flat
Holders
--1%
1
on)
Feb.
coupons
31.62
coupons az subs,
36.50 first preferred (guar.)
ties Co., par $50;3 Riordan Co.,
$1.50 Feb. 1 Holders of rec. Jan. 15
$2,000 Northern Texas Elec. Co.,
36 first preferred ,quar.)(No. 1)
Ltd., corn.; 10 Riordan Co.,
40 & int. American & Foreign Power5s. Jan. 1940
Ltd., let pref.; 20-30 B. B. & R.
Os,
Pref.allot. certifs., 65% paid (guar.)_• 1.1334 Jan, 2 *Holders of rec. Dec. 14
32,000 Wayne Coal Co., 1st
Knight Corp. corn. v. t. c.; 10
134 Jan. 2 Holders of rec. Dec. 16
Mar. 1937 (Mar. 1925 coupons dr
Amer. Public Service, pref. (guar.)
Wilmer & Vincent Corp. pref.
lot
$25
on)
$1.75 Jan. 2 Holders of rec. Dec. 14
subsequent coupons
Birmingham Elec. Co.,37 pref.(guar.)
(with warrants); $100 WickwIre
$1.50 Jan. 2 Holders of rec. Dec. 14
$1,000 K. City Joint Land Bank,
$6 preferred (quar.)
Spencer Steel Co. coupon 78,
134 Jan. 2 Holders of rec. Dec. 14
reg. 58, Nov. 1952 (certificates
Calgary Power, common (guar.)
Feb. 25 1930; $40 Wickwire SpenJ45% flat Carolina Power & Light, 37 pref. (guar.) $1.75 Jan. 2 Holders of rec. Dec. 14
of deposit)
cer Steel Co. reg. 75, Feb. 25
31.50 Jan. 2 Holders of rec. Dee. 14
$6 preferred (guar.)
$50 lot $1,000 Cuba Cane Sugar, 8s,__an.
1930
40 & int.
1930(certificate deposit)
25 Marine Midland Corp., par $10.. 39
DEC. 14 1929.]
Nants of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Jan.
*Holders of rec. Dec. 16
Chic., North Shore & Mllw., pref.(qu.)_
*1% Jan.
*Holders of rec. Dec. 16
Prior lien stock (guar.)
*Holders of rec. Dec. 17
"650. Jan.
Chic. Rap. Transit, pref. A (monthly)
*Holders of rec. Jan. 21
•65o. Feb.
Prior preferred, series A (monthly)
*Holders of rec. Feb. 18
Prior preferred, series A (monthly)... *650. Mar.
*Holders of rec. Dec. 17
•600. Jan.
Prior preferred, series B (monthly)
*Holders of rec. Jan. 21
Prior preferred, series B (month19)
•600. Feb.
Prior preferred, series B (monthly)... *800. Mar. 'Holders of rec. Feb. 18
.1114 Jan.
*Holders of rec. Dec. 31
Gold de Stock Teleg.(guar.)
*Holders of rec. Dec. 20
Cleveland Elec. Illuminating, corn.(qu.) *40c Jan.
*Holders of rec. Feb. 15
Preference (guar.)
'134 Mar.
50c Jan.
Columbus Electric & Power, corn.(qu.)_
Holders of rec. Dec. 10a
Holders of rev Dec. 10a
Preferred B (guar.)
134 Jan.
1% Jan.
Holders of rec. Dec. 10a
Second preferred (guar.)
Holders of rec. Dec. 10a
Preferred C (guar.)
1% Jan.
Holders of rec. Dec. 106
Preferred D (guar.)
134 Jan.
Dec. 3 Holders of rec. Dec. 15a
2
Cuban Telephone, common (guar.)
Preferred (guar.)
134 Dec. 3 Holders of rec. Dec. 15a
Community Telephone, porde. pt.(au.). •500. Jan.
*Holders of rec. Dec. 21
Consumers Power, $5 pref. (guar.)
Holders of rec. Mar. 15
$1.25 Apr.
Holders of rec. Mar. 15
6% Preferred (guar.)
114 Apr.
Holders of rec. Mar. 15
$1.65 Apr.
6.6% preferred (guar.)
1% Apr.
Holders of rec. Mar. 15
7% preferred (quar.)
50e. Feb.
6% preferred (monthly)
Holders of rec. Jan. 15
50o. Mar.
Holders of rec. Feb. 15
6% Preferred (monthly)
50e. Apr.
Holders of rec. Mar. 15
6% Preferred (monthly)
6.6% preferred (monthly)
Holders of rec. Jan. 15
55c. Feb.
550. Mar.
Holders of rec. Feb. 15
6.6% preferred (monthly)
55e. Apr.
Holders of rec. Mar. 15
6.6% Preferred monthly)
Denver Tramway Corp., pref. (quar.)_
76e. Jan.
Holders of rec. Dec. 14a
Elec. Bond & Share, corn.(in corn.stk.)_
% Jan. 1 Holders of rec. Dec. 13
Empire Power Corp.. pref. ((Nan)
$1.50 Jan.
Holders of rec. Dec. 17
Participating stock (guar.)
50c. Jan.
Holders of rec. Dec. 17
Fall River Electric Light (guar.)
*50e. Jan.
'Holders of rec. Dec. 16
Federal Public Service, pref.(quar.)
*1% Jan. 1 *Holders of rec. Dec. 31
Florida Power & Light, pref. (guar.)._
Holders of rec. Dec. 14
134 Jan.
Foreign Light & Pow.,$6 1st pref.(au.). $1.50 Jan.
Holders of rec. Dec. 20
Georgia Power Co., 36 pref. (quer.).
Holders of rec. Dec. 14
$1.50 Jan.
Holders of rec. Dec. 14
$5 preferred (quer.)
$1.25 Jan.
Hackensack Water, pref. A (qua?.)
4334c Dec. 3 Holders of rec. Dec. 146
Illinois Power & Light, $6 pref.(guar.).- $1.50 Feb.
Holders of rec. Jan. 10
Ilk Jan.
Holders of rec. Dec. 10
6% Preferred (guar.)
International Power. Ltd.. let pt.(qU.)- 134 Jan.
Holders of rec. Dec. 14
Internat. Telep. & Teleg. (guar.)
50c. Jan. 1 Holders of rec. Dec. 20
Iowa Public Service. $6 let pfd.(guar.). *$1.50 Jan.
*Holders of rec. Dec. 14
$6.50 preferred (guar.)
• 81.825 Jan.
*Holders of rec. Dec. 14
$7 first preferred (guar.)
*Holders of rec. Dec. 14
•$1.75 Jan.
$7 second preferred (guar.)
•$1.75 Jan.
*Holders of rec. Dec. 14
Jamaica Public Service. pref. (quar.)--- 134 Jan.
Holders of rec. Dec. 16
Kanaae Gas dc Elec.. pref. (guar.)
Holders of rec. Dec. 16
134 Jan.
Kentucky Securities Co., Corn.(guar.).- •134 Jan.
*Holders of rec. Dec. 20
Preferred (guar.)
*Holders of rec. Dee. 20
'134 Jan.
Lone Star Gee Corp., common (guar.)-- •20e. Dec. 3 *Holders of rec. Dec. 20
Long Island Lighting, common
10c. Jan.
Holders of rec. Dee. 16
Manhattan fly.. guaranteed (guar.) _
*Holders of rec. Dec. 20
•134 Jan.
Modified guarantee
*Holders of rec. Dec. 20a
'40e. Jan.
Michigan Elec. Pow. Co., 7% p1. (au.). 134 Jan.
Holders of rec. Dec. 16
6% preferred (qua?.)
Holders of rec. Dec. 16
134 Jan,
Middle West Telep., corn. A (No. l)._ *4334c Dec. 1 'Holders of rec. Dec. 5
Midland Utilities, 7% prior lien (guar.). 134 Jan.
Holders of rec. Dec. 21
6.% prior lien (guar.)
Holders of rec. Dec. 21
134 Jan.
Holders of rec. Dec. 21
7% pref. class A (guar.)
134 Jan.
6% pref. class A (guar.)
134 Jan.
Holders of rec. Dec. 21
Minnesota Power & Light,7% pfd.(qu.) 134 Jan.
Holders of rec. Dec. 14
Holders of rec. Dec. 14
$1.50 Jan.
$8 Preferred (guar.)
Mo. River-Sioux City Bridge, pref.(qu.) $1.75 Jan. 1 Holders of rec. Dee. 31
Mountain States Power Co.. pfd. (qu.)
134 Jan. 2 Holders of rec. Dec. 31
National Public Service, pref. A (guar.). 134 Jan.
Holders of rec. Dec. 17
N.Y.Power & Light Corp.,7% pfd.(qu) •134 Jan.
*Holders of rec. Dec. 16
*Holders of rec. Dec. 16
$8 preferred (guar.)
•$1.50 Jan.
Niagara Falls Power (guar.)
•750. Dec. 3 *Holders of rec. Nov.29
No. American Gas & Elec., class A (qu.) •1[40c. Feb.
*Holders of rec. Jan. 10
Northern States Power,corn. A.(au.) _
Holders of rec. Dec. 31
Feb.
2
7% preferred (guar.)
134 Jan. 2 Holders of rec. Dee. 31
6% preferred (qua?.)
134 Jan. 2 Holders of rec. Dec. 31
Northwest Louisiana Gas, pf.
*Holders of rec. Dec. 20
.(guar.)
*134 Jan.
Ohio Edison Co.,6% pref. (quer.)
Holders of rec. Feb. 15
134 Mar.
6.6% preferred (guar.)
1.65 Mar.
Holders of rec. Feb. 15
I% Mar.
Holders of rec. Feb. 15
7% Preferred (guar.)
1% Mar.
Holders of rec. Feb. 15
3% Preferred (guar.)
6% Preferred (monthly)
50c. Jan.
Holders of rec. Dec. 16
6% Preferred (monthly)
50c. Feb.
Holders of rec. Jan. 15
50c. Mar.
6% preferred (monthly)
Holders of rec. Feb. 15
55c. Jan.
6.6% Preferred (monthly)
Holders of rec. Dec. 16
6.6% preferred (monthly)
55c. Feb.
Holders of rec. Jan. 15
55c. Mar.
6.6% Preferred (monthly)
Holders of rec. Feb. 15
Pacific Gas & Elec., COM.(guar.)
*50e. Jan. 1 Elders of rec. Dec. 31
Pacific Lighting, pref. (guar.)
"$1.50 Jan. 1 *Holders of rec. Dec. 31
Pennsylvania Power & Light,$7 pf(qu.) $1.75 Jan.
Holders of rec. Dec. 14
$6 preferred (guar.)
31.50 Jan.
Holders of rec. Dec. 14
$125 Jan.
55 preferred (guar.)
Holders of rec. Dec. 14
Portland Electric Power, let pf.(qu.) _ _
Holders of rec. Dec. 14
134 Jan.
Prior preference (quer.)
134 Jan.
Holders of rec. Dec. 14
Porto Rico Rye., Ltd., pref.(guar.)
134 Jan.
Holders of rec. Dee. 14
80c. Dec. 3 Holders of rec. Dec. 20
Pub.Service Corp.of N.J.com(special).
Preferred (monthly)
•50c. Jan. 3 *Holders of rec. Jan. 2
Quebec Power (guar.)
'6234c Jan. 1 *Holders of rec. Dec. 27
Southern Union Gas (guar.)
*50c. Jan.
*Holders of rec. Dec. 24
South Pittsburgh Water. pref.(qu.)
134 Jan. 1
Holders of rec. Jan. 2
St. Louis Public Service, pref.(qu.)
$1.75 Jan.
Holders of rec. Dec. 20
Southeastern Power & Lt,$7 pref.(qu.)
$1.75 Jan. • Holders of rec. Dec. 14
$1.50 Jan.
$6 preferred (guar.)
Holders of rec. Dee. 14
Participating preferred (guar.)
$1.25 Jan.
Holders of rec. Dec. 14
Southwestern Bell Telep. Pref.(guar.) 134 Jan.
Holders of rec. Dec. 20
Southwestern Power at Light, pt.(qu.)
•ln Jan. 1 *Holders of rec. Dec. 16
Standard Gas & Elec., corn.(guar.)
8734c. Jan. 25 Holders of rec. Dee. 31
Prior preference (guar.)
154 Jan. 25 Holders of tee. Dec. 31
United Public Service, $7 pref.(guar.).- $1.75 Jan. 2 Holders of rec. Dec. 14
51.50 Jan. 2 Holders of rec. Dec. 14
$6 preferred (guar.)
United Public Utilities, $8 pref.(guar.). $1.50 Jan. 2 Holders of rec. Dec. 14
$5.75 preferred (qUar.)
$17-16 Jan. 2 Holders of rec. Dee. 14
Western Massachusetts Co.'s(guar.)._ 6234e. Dec. 31 Holders of rec. Dec. 16
Western Union Telegraph (guar.)
2
Jan. 15 Holders of rec. Dec. 23
Wisconsin Valley Elec., pref
3% Jan. 2 Holders of rec. Dee. 31
Banks.
American Union (guar.)
Bank of United Steles (guar.)
Bankus Corp. (oust.)
Bryant Park (quer.)
Eastern Exchange (guar.)
Fifth Avenue (guar.)
First National (guar.)
First Securities Co.(guar.)
Harriman Nat. Bk. & Tr. (stk. div.)_
Manhattan Co.(Bank of the) (guar.)._ _
Peoples National of Bklyn.(guar.)
Trade Dank of N. Y.(guar.)
Trust Companies.
Bank of N.Y.& Trust (guar.)
Extra
Bronx County (guar.)
Chemical Bank & Trust (guar.)
Midwood (Brooklyn)
Fire Insurance.
City of New York (qua?.)
Hanover Fire (guar.)
Sepcial
Home (guar.)
$1.50 Jan.
$1.50 Jan.
2 Holders of rec. Dec. 23
2 Holders of rec. Dec. 18
50c. Dec. 20 Holders of rec. Dec. 15
•$1.5 Ofleo. 3 0•Holders of rec.Dee. 20
"6
Jfl. 1 "Holders of rec. Dec. 31
Jan. 2 Holders of me Dec. 24
*5
Jan. 2'Holders of rec. Dec. 24
"20
33 1-3 Jan. 20 *Holders of rec. Jan. 14
80c. Jan. 2 Holders of rec. Dec. 20i
Jan. 1 Holders of rec. Dec. 10
3
$1.50 Jan. 4 Holders of rec. Dec. 24
$4.50 Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
$2
40e. Jan. 2 Holders of rec. Dee. 20a
'45c. Jan. 2'Holders of rec. Dec. 19
Dec. 31 Holders of rec. Dec. 20
3
Jan, 1 Holders of rec. Dec. 14
4
40c. Jan. 2 Dec. 21 to Dee. 31
20e. Jan. 2 Dec. 21 to Dec. 31
50e. Jan. 1 Holders of rec. Dee. 12
Name of COOIPO*1.
3755
Per
Whirs
Cent. Payable
Beige Closes
Days Incluelve.
Miscellaneous.
Jan. 2 Holders of rec. Dec. 20
$1
Acme Steel:Co.((War.)
Feb. 15 Holders of rec. Feb. 1
e25
Stock dividend
1% Dec. 31 Holders of rec. Dec. 20
Aeolian Co., prof. (guar.)
750, Jan. 15 Holders of rec. Dec. 31
Air Reduction Co.(qua?.)
1% Jan. 12 Holders of rec. Dec. 14
Alberta Pacific Grain, pref. (quar.)-40e,
Alemco Association, Inc.(qu.)(No. 1)....
All Amer. Utility Secur., pf.(qu.)(No.1) *4354c Dec. 1 *Holders of rec. Nov.20
Allis & Fisher, corn. (guar.)
*50c. Jan. 2 *Holders of rec. Dec. 14
$1.50 Jan. 2 Holders of rec. Dec. 14
Allied Amer.Industries $6 per pi.(au.)
Allied Laboratories, cony. pref.(qu.)- '8734c Jan. 1 'Holders of rec. Dec. 15
Allied Mills, Inc.(guar.)
"15e. Dec. 31 'Holders of rec. Dec. 20
Allied Refrigeration Indus.. pr. pt. (0111.) $1.50 Jan. 2 Holders of rec. Dec. 14
30c. Jan. 1 Dec. 22 to Dec. 31
Aluminum Goods Mfg. (qua?.)
600. Dec. 31 Holders of rec. Dec. 20
Amer. Brake Shoe ,k Fdy., corn. (qu.)....
1% Dec. 31 Holders of rec. Dec. 20
Preferred (quer.)
American Manufacturing, corn.(quar.)- "750. Mar. 31 *Holders of rec. Mar. 15
•75e. July 1 *Holders of rec. June 15
Common (guar.)
•75o. Oct. 1 *Holders of rec. Sept. 15
Common (guar.)
*75o. Dec. 31 *Holders of rec. Dec. 15
Common (guar.)
Amer. Manufacturing, pref. (guar.).- 1% Mar. 31 Holders of rec. Mar. 15
1% July 1 Holders of rec. June 15
Preferred (guar.)
Preferred ,quar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 15
American Seating (guar.)
*50c Jan. 1 *Holders of rec. Dec. 20
1% Jan. 1 Holders of rec. Dec. 20
American Service, pref.(guar.)
Jan. 2 *Holders of rec. Dec. 13
*1
American Tank Car (guar.)
American Thermos Bottle, pref. (an.) *8734c Jan, 21 *Holders of rec. Dec. 20
American Title & Guaranty (guar.)
$1.25 Jan, 2 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Jan. 4
Amer. Type Founders, corn.(guar.).- 2
1% Jan. 15 Holders of rec. Jan. 4
Preferred (guar.)
Apponaug Company,cons
4.5oe. Jan. 1 *Holders of rec. Dec. 14
•1% Jan. 1 *Holders of rec. Dec. 14
Preferred (guar.)
Jan. 2 "Holders of rec. Dec. 20
Associated Apparel Industries, corn.(qu) *$1
Apr. 1 'Holders of rec. Mar. 20
Common (guar.)
*31
.83.50 Jan. 1 *Holders of rec. Dec. 20
Atlanta Laundries, $7 prof
Jan, 2'Holders of rec. Dec. 21
Auburn Automobile. corn.(guar.)
*41
•f2 Jan. 2"Holders of rec. Dec. 21
Common (Day. in common stock)._
Jan. 10 *Holders of rec. Deo. 31
Automobile Bank. Corp., corn,(extra)-- *$1
Bankers Securities Corp.
115c 5 Holders of rec. Dec. 31a
7.
750. Ja
Common (guar.)
Holders of roe. Dec. 31a
94c+ Jan,
Common (extra)
Holders of rec. Dee. 31a
Jan.
Participating preferred (guar.)
. 15
1 Holders of tee. Dec. 31a
Participating pref. (partic. div.)
.50c
25c.
. Jan.
*Holders of rec. Dec. 20
Baxter Laundries, class A (guar.)
.. 15
1 *Holders of rec. Dec. 20
.1.17%5c.
Preferred (qua?.)
*Holders of rec. Dee. 31
Jan.
Bayuk Cigars, Inc., common (guar.)...
*Holders of rec. Dec. 31
Jan.
15
Preferred (guar.)
*134
Bearings Co.of America. 1st pref.(qu.)_ •154 Dec. 31 *Holders of rec. Dec. 16
Beatty Bros, common (guar.)
*50c. Jan. 2 *Holders of rec. Dec. 14
Benson & Hedges. Ltd, prof.(quar.)--- 1% Jan. 2 Holders of rec. Dec. 20
Bickford's. Inc., common (guar.)
25c. Jan. 2 Holders of rec. Dec. 18
Preferred (guar.)
6234c Jan. 2 Holders of rec. Dec. 18
"CM.Jan • 1 *Holders of rec. Dee. 20
Blltmore-Ero Manufacturing
Blltmore Hats (Canada). pref. (guar.). _
1% Dec. 16 Holders of rec. Dec. 12
Bisset (T. E.) Co., common (quar.)- -- *50e. Jan. 2 *Holders of rec. Dec. 16
s.134 Jan. 2'Holders of rec. Dec. 16
Preferred (guar.)
Blue Ribbon, Ltd. (guar.)
*7
55c.
0e. Jan. 2 *Holders of rec. Dec. 15
Boyd-Welsh Shoe (guar.)
Holders of rec. Dec. 23
4
Dee. 31 Holders of rec. Dec. 20
Brady, Cryan & Colleran
Dec. 31 Holders of rec. Dec. 20
Extra
2
Bridgeport Machine, Pref. (guar.)
1% Jan. 1 Holders of rec. Dec. 20
British American Oil, reg. stock (qua?.)
25e. Jan. 2 Dec. 13 to Dec. 31
50c. Jan. 2 Dec. 13 to Dee. 31
Registered stock (bonus)
5
0c.j
Ja
an. 2 Holders of coup. No. 12
Bearer stock (qua?.)
25c
Holders of coup. No. 12
Bearer stock (bonus)
British Type Investors, Inc.(bi-monthly)
Sc. Feb. 1 Holders of rec. Jan. 2
Broadway Market Corp., Cent.(extra).. *600. flea. 20 *Holders of rec. Dec. 1
BuildingProducts, class A (guar.)
50c. Jan. 2 Holders of rec. Dec. 17
*75c. Jan. 2 *Holders of rec. Dec. 16
Burco., Inc., pref. (guar.)(No. 1)
*25c. Jan. 1 "Holders of rec. Dec. 15
Burger Bros., corn.(guar.)
Jan. 1 "Holders of rec. Dec. 15
*2
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 15
*2
Preferred Misr./
July 1 *Holders of me. June 16
'2
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
*2
Preferred (guar.)
Burns as Co., Ltd., preferred (quar.)- •154 Jan. 1 *Holders of rec. Dee. 10
50c. Dec. 23 Holders of rec. Dec. 16
Byliesby (H. M.) dr Co.. pref. (quar.).1% Jan. 2 Holders of rec. Dec. 15
Canada Bread, class A & B (guar.)
Jan. 10 Holders of rec. Dec. 31
Canadian Foreign Investment, pre
_ 4
*1% Jan. 1 *Holders of rec. Dec. 20
Canadian Locomotive, pref.(quar.)
Canal Construction Co., pref. (guar.)._ •3734c Jan. 1 *Holders of rec. Dec. 20
700. Jan. 2 Holders of rec. Dec. 18
Cannon Mills (guar.)
1% Jan. 2 Holders of rec. Dec. 20
Cavanagh-Dobbs, Inc., pref. (qu.)
CeCo Mfg.,corn.(guar.)
6234c Jan. 1 Holders of rec. Dec. 20
Chain Store Product, Pref.(qu.)
'3734c Jan. 1 *Holders of rec. Dec. 20
Chase Brass & Copper. prof.(guar.)
.
- 1% Dec. 31 Holders of rec. Dec. 20
*Holders of rec. Dec. 4
Chestnut & Smith Corp. pref.(No. 1)- *5%
*Holders of rec. Nov. 15
"75c.
Chicago Corp.,cony. pref.
' (guar.)
*31.25 Jan. 1 *Holders of rec. Dec. 20
Chicago Towel, corn.(guar.)
'$1.75 Jan. 1 'Holders of rec. Dec. 20
Preferred (guar.)
Deo. 31
City Housing Corp
*el% Mar. 1 *Holders of tee. Feb. 15
City Ice it Fuel, stock dividend
'01 34 Sept. 1 *Holders of rec. Aug. 15
Stock dividend
•40c. Jan. 2 *Holders of rec. Dec. 20
City Machine & Tool (guar.)
•40e. Jan. 2 *Holders of rec. Dec. 20
Extra
Dec. 20 Holders of rec. Dec. 10
$1
Cleveland-Cliffs Iron, corn
450. Jan. 15 Holders of rec. Dec. 31
Cleveland Tractor, corn.(No. 1)
Dec. 20 Holders of rec. Dec. 10
Cliffs Corp.(qua?.)
$1
$1.50 Jan. 2 Holders of rec. Dec. 16
Com'wealth Secur.. Inc. pref.(qua?.)_..
Commonwealth Utility Corp.
Class B (1-40 share class B stock)
.
- (e) Jan. 1 *Holders of rec. Dec. 21
Compressed Industrial Gasses (guar.)._ _ *50c. Dec. 16 *Holders of rec. Nov. 30
Consolidated Dairy Products(guar.) _ _ *50c. Jan. 15 *Holders of rec. Dec. 31
•el% Jan. 15'Holders of rec. Dec. 31
Stock dividend
$3.50 Jan. 1 Holders of rec. Dec. 31
Consolidated Factors Corp., prof
Consul. Film Industries, corn.& pt.(qu.) •50c Jan. 2 *Holders of rec. Dec. 16
Cooper-Bessemer Corp., corn.(guar.).50c. Dec. 31 Holders of rec. Dec. 10
Preferred (guar.)
75c Dec. 31 Holders of rec. Dec. 10
Corporate Trust Shares
•35e. Dec. 31
Extra
.40c. Dec. 31
Crandall McKenzie & Henderson(qu.) - *50c. Jan. 2 *Holders of rec. Dec. 16
Cream of Wheat Corp.(guar.)(No. 1)._ '50c Jan. 27 *Holders of rec. Dec. 23
Extra
*250 Jan. 27 *Holders of rec. Dec. 23
Crosser Cense'. Gold. Min.& Mfg
•2c Jan. 10 *Holders of rec. Dec. 31
Crum dc Forster.com. A & Ban cl.B s(k.) e5
Dee. 28 Holders of rec. Dec. 18
Crunder Martin Mfg., corn
52.50 Dec. 3 Holders of rec. Dec. 3
Darby Petroleum, corn. (guar.)
.1250. Jan. 15 *Holders of rec. Dec. 31
Davenport Hosiery Mills, corn.(guar.)._
50c. Jan, 15 Holders of rec. Jan. 1
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 20
Denver Union Stock Yards,corn,(qu.) - '6234e Dec. 31 *Holders of rec. Dec. 20
Detroit Creamery, corn.(guar.)
•350. Dee. 23 *Holders of rec. Dec. 12
Detroit Electric. class A
'62%c Jan. 2'Holders of rec. Dec. 20
Detroit Steel Products (guar.)
•250. Feb. 1 Holders of rec. Jan, 11
Extra
•40e. Jan. 2 Holders of rec. Dec. 20
Devoe & Reynolds class A & B (guar.)._ "60c Jan. 1 *Holders of rec. Dec. 31
First and second Prof.(guar.)
•154 Jan. 1 *Holders of rec. Dec. 31
Diamond Shoe Corp.. corn.(guar.)
37340. Jan, 2 Holders of rec. Dec. 20
614% preferred (guar.)
1% Jan, 2 Holders of rec. Dec. 20
6% second preferred
3
Jan. 2 Holders of rec. Dec. 20
Dominion Textile Co.,Ltd.,eons.(guar.) $1.25 Jan. 2 Holders of rec. Dec. 16
Eagle (C. K.) dc Co., Inc.. pref. (quar.).
Nov. 30 *Holders of rec. Nov. 20
Eagle-Picher Lead, common (quar.)_ _
*20c. Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
'1% Jan. 15 *Holders of rec. Dec. 31
Eastern Manufacturing pref. (guar.)_ '8734e Jan, 1 *Holders of rec. Dec. 10
Emerson Electric Mfg. pref. (guar.)._
1% Jan. 1 Holders of rec. Dec. 20
Empire Safe Deposit (qua?.)
3
Dec. 30 Holders of rec. Dec. 236
Evans Auto Loading (guar.)
'6234c Jan. 2 *Holders of rec. Dee. 20
Ewa Plantation (extra)
•51.20 Dee. 10'Holders of rec. Nov.30
Fairfax Airports common(No.1)
250. Mar.30 Holders of rec. Mar. 1
Fanny Farmer Candy Shops COM.(qu.)
250. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
650. Dec. 31 Holders of rec. Dec. 15
3756
Neese of Company.
Per
When
Cent. Payable.
Books Closed
Days Incluau.
Miscellaneous (Cortlintied).
Fashion Park Associates. corn. (quar.).... 6234e. Dec. 31 Holders of rec. Dec. 23
Preferred(quay.)
154 Feb. 1 Holders of rec. Jan. 16
Fear (Fred) dr Co. common (guar.) -- 2
Dec. 15
Fidelity & Deposit Co. of Md.(qu.)
*$2.25 Dec. 31 *Holders of rec. Dec. 17
Fifth Ave. Bus Securities (extra)
32c. Dec. 30 Holders of rec. Dec. 130
Filene's(Wm.) dc Sons, pref.(guar.).- •154 Jan. 1 *Holders of rec. Dec. 16
Finance Co. of Amer. el. A & B (quar.)- - .1200. Jan. 15 *Holders of rec. Jan. 6
•4354 Jan. 15 *Holders of rec. Jan. 6
Preferred(quar.)
First Illinois Co. pref.(quar.)
4354 Jan. 2 Holders of rec. Dec. 20
Flour Mills of America, pref.(quar.)
$2
Jan. 1 Holders of mc. Dec. 14
Flushing Finance Co. pref
87 He Dec. 31 Holders of rec. Dec. 15
Foremost Dairy Products cony. pf.(OIL) •400. Jan. 1 *Holders of rec. Dec. 16
*25c. Jan. 1 *Holders of rec. Dec. 15
Formica Insulation (extra)
*Sl
Dee. 14 *Holders of rec. Dec. 5
FrankllnRy.Supply (quar.)
Fraser Cos.-Dividend passed.
Jan. 2 Dec. 15 to Jan. 2
3
French (Fred F.) Operators, Inc..
Dec. 20 *Holders of ree. Dec. 10
111
Co. (extra)
prefFick
Furness, Withy & Co., Ltd.
*re5
Jan. 7 *Holders of rec. Dec. 9
Amer. dep rots. for ord. mg.ohs
*50c. Jan, 15 *Holders of rec. Dec. 31
Fyr-Fyter„ class A (guar.)
*55 Jan. 1
Gainesville Mills
111 Jan. 1
Extra
Gardner Denver Co.common (oust.)--- *750. Jan. 1 *Holders of rec. Dec. 20
$2
Dec. 31 Holders of rec. Dec. 210
General Baking Co. pref.(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 18
General Baking Corp. wet.(guar.)
*50e. Jan. 1 *Holders of rec. Dec. 20
General Fireproofing, common (guar.)
•250. Jan. 1 *Holders of rec. Dec. 20
Common (extra)
General Printing Ink common (guar.).- - *6254c Jan. 1 *Holders of rec. Dec. 16
General Stock Yards common (guar.).-- *50e. Feb. 1 *Holders of rec. Jan. 15
*11.50 Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
50c. Jan. 1 Holders of rec. Dec. 19
Godchany Sugars, Inc., Cl. A (quar.)._ *2
Dec. 20 *Holders of rec. Dec. 15
Golden State Otutitting (guar.)
•154
Jan. 2 *Holders of rec. Dec. 19
(qu.)
Calif.,
pt.
&
Rub.
of
Goodyear Tire
Goodyear Tire & Rub.of Can.,corn.(qu) 111.25 Jan. 2 *Holders of rec. Dec. 14
154 Jan. 2 Holders of rec. Dec. 14
Preferred (quar.)
400. Dec. 21 Holders of rec. Dec. 10
Granger Trading (guar.)
154 Dec. 31 Holders of rec. Dec. 13
Great Lakes Towing, pref.(quar.)
Feb. 1 *Holders of rec. Dec. 14
Guardian Invest. Tr., corn.(in stock).-- *fl
*3754c Jan. 2 *Holders of rec. Dec. 14
Cony. and non-cony. pref. (quar.)
Guardian Railshares Inv. Tr., pf. (qu.)_ *3154c Jan. 2 *Holders of rec. Dec. 14
Guardian Pub. Util. Inv.Tr., pf (qu.)-- *250. Jan. 2 *Holders of rec. Dec. 14
Guardian Investors Corp.
81.75 Jan. 2 Holders of roe. Dec. 14
87 first preferred ((Mar.)
$1.50 Jan. 2 Holders of rec Dee. 14
$6 first preferred ((Plan)
750. Jan. 2 Holders of rec. Dec. 14
$3 second preferred (guar.)
1.37%c Jan. 1 *Holders of rec. Dec. 20
Gulf 011 Corp. (guar.)
500. Jan. 2 Holders of rec. Dee. 15
Gurd (C.) dr Co., corn.(quar.)
154 Jan. 2 Holders of rec. Dee. 15
Preferred (quar.)
*50e. Jan. 2 *Holders of rec. Dec. 20
Hamilton Nat. Steel Car (quar.)
•154 Jan. 2 *Holders of rec. Dec. 20
Hammermill Paper, pref. ((plan)
3
Jan. 15 Holders of rec. Jan. 1
Hancock Knitting Mills
*8154e Jan. 1 *Holders of rec. Dec. 20
Hayes-Jackson Corp., Pref.(quar.)
*50e Jan. 2 *Holders of rec. Dec. 14
Hazel Atlas Glass ((Plan)
1150. Jan. 2 Holders of rec. Dec. 14
Extra
•154 Dec. 31 *Holders of rec. Dec. 30
Heath (D. C.) ct Co., pref.(quar.)
.1450. Jan. 1 *Holders of rec. Dec. 20
Hercules Motors Corp. ((Vial%)
Hine & Douche Paper of Canada-25e. Jan. 2 Holders of rec. Dec. 16
Common (quar.)
be. Dec. 31 Holders of rec. Dec. 13
Hollinger Censor. Gold Mines
662-3c Jan. 1 *Holders of rec. Dec. 20
Home Dairy Co., class A (No. 1)
•75e. Dec. 31 *Holders of rec. Dec. 24
Home Title Insurance (guar.)
*210. Dec. 31 *Holders of rec. Dec. 24
Extra
50e. Dec. 26 Holders of rec. Dec. 20
Homestake Mining (monthly)
*250. Jan. 1 Holders of rec. Dec. 21
Hunts Ltd., el. A & B (quar.)
•25e. Jan. 1 Holders of roe. Dec. 21
Class A & B (extra)
*S1
Jan. 1 *Holders of rec. Dec. 20
Hydraulic Brake Assn. (on.)(No. l)
.175e. Jan. 1 *Holders of rec. Dec. 15
Ideal Cement (guar.)
*50c. Dec. 21 *Holders of rec. Dec. 15
Special
1100. Dec. 21 *Holders of rec. Dee. 15
Christmas dividend
Jan. 2 *Holders of rec. Dec. 21
Independent Pneumatic Tool (guar.).- 111
1
11
Jan. 2 *Holders of rec. Dec. 21
Extra
500 Feb. 15 Holders of rec. Jan. 24
Indiana Pipe Line (guar.)
250 Feb. 15 Holders of me. Jan. 24
Extra
350 Jan. 2 Dec. 7 to Dec. 15
Insurance Securities, Inc. (qaur.)
45e Jan. 15 Holders of rec. Dec. 31
Insuranshares Corp. olDeLcom. A(No. 1)
*250
Jan. 1 *Holders orf cc. Dec. 15
Intercoast Trading (guar.) (No. 1)
•750 Dee. 31 *Holders of rec. Dec. 17
Interlake Steamship,corn.(No.1)
Dec. 31 *Holders of reo. Dec. 17
oil
Common (extra)
111
Apr. 1 *Holders of roe. Mar. 20
Common (Qum-)
200. Jan. 2 Holders of roe. Dec. 16
Internat. Buttonhole Sewing Mach.(411.)
o
milted.
pref.-DIM
end
'Internal Combustion Eng.,
•100. Dec. 31 *Holders of rec. Dec. 20
International Holding de Investing
Internat. Nickel of Can.. pref. (quar.).._ *154 Feb. 1 *Holders of rec. Dec. 28
Internat Paper,& Pow 7% pref. (guar.) *18 Jan. 15 *Holders of rec. Dec. 26
*1% Jan. 15 *Holders of roe. Dec. 26
6% preferred (guar.)
•800. Dec. 15 *Holders of rec. Nov.25
Internat. Proprietaries, Ltd., B
Insuranshares Corp. of N. Y., pref.(au.) 154 Jan. 15 Holders of ree. Dec. 31
Iron Fireman Mfg., common (extra)... *50c. Mar. 1 Holders of rec. Feb. 15
111.75 Jan. 1 Holders of rec. Dec. 5
$7 preferred (guar.)
3734c Jan. : Holders of rec. Dec. 18
Irving Air Chute (guar.)
(quar.)
El Jan. 1 Holders of roe. Dec. 20
common
Island Creek Coal,
81.50 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Mc.Jan. 1 Holders of rec. Dec. 16
Jonas & Naumberg Corp.. prof.(11uar.)• 81.125 Jan. 1 Holders of rec. Dec. 20
Kalamazoo Stores (quar)
*el 14 Jan. 1 'Holders of roe. Dee. 20
Stock dividend
380. Jan. 25 Holders of roe. Jan. 10
Kaufmann Dept. Stores, corn.(quar.)*50c. Jan. 1 Holders of rec. Dec. 20
Kaynee Co., corn. (quar.)
•1254c Jan. 1 Holders of roe. Dec. 20
Common (extra)
•154 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
•4354c Jan. 2 'Holders of rec. Dec. 15
Kaybee Stores, class A (guar.)
•154 Jan. 2 'Holders of rec. Dec. 20
(on.)
pref.
Kelth-Albee-Orpheum Corp.,
Ken-Rad Tube & Lamp,corn. A (quar.) •3754c Jan. 1 1Holders of rec. Dee. 21
(qtr.)
Pref.
114 Jan. 1 Holders of rec. Dec. 15
Corp.,
Investing
Kent Garage
Krisch Co., common-Dividend Passed.
•450. Jan. 2 'Holders of rec. Dee. 13
Preferred (guar.)
Jan. 11 Holders of rec. Dec. 21
Kroger Grocery & Baking,stk. dividend_ e2
Mar. 1 Holders of rec. Feb. 10
el
Stock dividend
June
2 Holders of rec. May 10
el
Stock dividend
1 Holders of rec. Aug. 11
Sept.
el
Stock dividend
250. Dec. 14 Holders of rec. Dec. 4
Laclede Steel (guar.)
*Holders of rec. Dec. 4
Dec.
14
*250.
Extra
*50e. Jan. 1 *Holders of rec. Dec. 14
Lane Druste. pref. (quar.)
*Holders
of rec. Dec. 21
1
Jan.
1
14
Laurens Cotton Mills
Jan, 2 Holders of rec. Dec. 21a
3
Lawyers Title ez Guaranty (quar.)
50c. Deo. 31 Holders of reel Dec. 20
Leland Electric (owe.)
154 Jan. 2 Holders of rec. Dec. 23
Liberty Baking Corp., pref. (guar.).- _
*50c. Jan. 31 *Holders of rec. Dec. 27
Lion Oil Refining (guar.)
50c. Jan. 1 Holders of rec. Dec. 18
(guar.)
Ludlum Steel, common
11.625 Jan. 1 Holders of rec. Dec. 18
Preferred (guar.)
*250. Dec. 28 *Holders of rec. Dec. 16
Lunkenheimer Co. (special)
.1150. Dec. 15 *Holders of rec. Dec. 10
Mahon (B. C.) Co.(extra)
Manufacturers Underwriting Corp.(qu.) •25c. Jan. 10 *Holders of rec. Dec. 31
•25e. Jan. 10 *Holders of rec. Dec. al
Extra
1150. Jan. 2 *Holders of rec. Dec. 14
Marine Bancorporation (quar.)
.1154 Jan. 1 *Holders of rec. Dec. 20
Marion Steam Shovel, pref.(quar.)
Marlin Rockwell Corp., corn. (gust.)... *50e. Jan. 2 *Holders of rec. Dec. 20
*750. Jan. 2 *Holders of rec. Dee. 20
Common (extra)
*51.50 Jan. 2 *Holders of rec. Dec. 20
Common (special)
•81.125 Dec. 23 *Holders of roe. Dec. 11
Maryland Casualty (guar.)
*50c. Dec. 23 *Holders of rec. Dec. 11
Extra
*250. Jan. 1 *Holders of rec. Ded. 13
Maud Muller Candy(guar.)
•250. Jan. 1 *Holders of rec. Dec. 13
Extra
McAleer Mfg., pref. (guar.)
1150. Jan. 2 *Holders of rec. Dec. 20
'62)4c Feb. 1 *Holders of rec. Jan. 15
McCall Corp.. new stock (guar.)
McGraw Electric Co.,corn.(quar.)
50c. Jan. 2 Holders of rec. Dec. 20
McGraw-Hill Publishing. corn.(quar.)_
50c. Jan. 1 Holders of rec. Dec. 20
*50e. Jan. 2 *Holders of rec. Dec. 21
McQuay-Norrls Mfg. (guar.)
*el Jan. 2 Holders of rec. Dec. 21
Stock dividend
Monarch Royalty Corp., pref. (mthly.). 154c. Jan. 10 Holders of me. Dec. 31
Class A preferred (monthly)
1250 Jan. 10 Holders of rec. Dec. 31
(VoL. 129.
FINANCIAL CHRONICLE
Name of' Conspany.
Per
When
Cent. Payable.
Boats Claud
Days India**.
Miscellaneous (Colllialard).
McLellan Stores Co., Prof. A& B (qu.)-- •134 Jan. 2 *Holders of me. Dec. 20
•1110. Dec. 31 *Holders of rec. Dec. 13
Moreland Oil, com.B (guar.)
•5e. Dec. 31 *Holders of me. Dec. 13
Common B (extra)
111.25 Dec. 31 *Holders of roe. Dec. 21
Morris Finance, class A (guar.)
*210. Dec. 31 *Holders of rec. Dec. 21
Class B (quar.)
*50c. Jan. 2 *Holders of rec. Dec. 20
Motor Products, corn. (quar.)
Mount Vernon Woodberry Mills, prof... 1154 Dec. 31 *Holders of rec. Dec. 14
Jan. 2 Holders of rec. Dec. 20
2
Murphy(G.C.) Co., pref.(guar.)
1150. Jan. 2 *Holders of rec. Dec. 17
National Battery. pref. (guar.)
200. Jan. 2 Holders of me. Dec. 9
National Cash Credit, corn.(guar.)
(1) Jan. 2 Holders of rec. Dec. 9
Cora.(3-100th share corn. stock)
15e. Jan. 2 Holders of rec. Dec. 9
Preferred (guar.)
20e. Jan. 2 Holders of rec. Dec. 9
Preferred (extra)
Preferred (3-100ths sh. pref. stock).-.. (f) Jan. 2 Holders of roe. Dec. 9
National Cash Register, class A (guar.)- *75e. Jan. 15 *Holders of roe. Dec. 30
111 Jan. 15 *Holders of rec. Dec. 30
Class A (extra)
*53 Jan. 3 *Holders of rec. Dec. 16
Class B (annual)
'Si Jan. 3 *Holders of rec. Dec. 16
Class B (extra)
25e. Jan. 15 Holders of rec. Dec. 31
National Fuel Gas(guar.)
•1
Jan. 10 *Holders of roe. Dec. 20
National Industrial Loan (No. 1)
Jan. 10 Holders of rec. Dec. 20
Nat. Indus. Loan Corp.(mthly.)(No. 1).. 1
154 Dec. 31 Holders of rec. Dec. 16
National Licorice, pref. (guar.)
National Recording Pump50e. Dec. 31 Holders of rec. Dec. 20
Convertible and managers shs. (extra)
*2
Jan. 1 *Holders of rec. Dec. 15
National Relining, pref. (quar.)
Dec. 16 *Holders of rec. Dec. 10
12
1
National Sewer Pipe, corn.(No.1)
1100. Dec. 16 *Holders of rec. Dec. 10
Preferred (guar.)
154 Dec. 31 Holders of rec. Dee. 21
National Supply, pref. (guar.)
.1$3
National Trust (Toronto) (Guar.)
112
Extra
40e. Jan. 2 Holders of rec. Dec. 19a
Neet, Inc., cony. class A (quar.)
50e. Dec. 31 *Holders of rec. Dec. 16
.
Nelson (Berman) Co. (quar.)
Newberry (J. J.) Realty, pref. A (gust.). 1.1.54 Feb. 1 *Holders of me. Jan. 16
'1)4 Feb. 1 *Holders of rec. Jan. 16
Preferred B (guar.)
50e. Dec. 28 Holders of rec. Dee. 18
N.Y.& Ilonduras Rosario Mln.(speciall _
*6
Jan. 2 *Holders of rec. Dec. 28
N. Y. State Realty-Terminal
Dec. 16 *Holders of me. Dec. 12
•3
Northwestern Yeast, corn. (quar.)
Dec. 31 *Holders of rec. Dec. 24
*3
Common (extra)
Novadel-Agene Corp., corn. (quar.)--- •50e. Jan. 1 *Holders of rec. Dec. 20
•154 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
1210. Jan. 2 *Holders of rec. Doe. 18
N. Y. Petroleum Royalty (guar.)
*200. Dec. 31 *Holders of rec. Dec. 20
Occidental Petroleum
*2
Jan. 2 *Holders of rec. Doe. 20
Ogilvie Flour Mills, corn.(quar.)
*2
Jan. 1 *Holders of rec. Dec. 20
Ohio Leather, 1st pref.(quar.)
•154 Jan. 1 *Holders of rec. Dec. 20
Second preferred (quar.)
1130. Dee. 20 *Holders of rec. Dec. 10
Onornea Sugar (monthly)
*600. Dee. 20 *Holders of roe. Dec. 10
Extra
Jan, 2 Holders of roe. Dec. 2
7
Ontario Tobacco Plantations, prof
*3750 Nov. 25 *Holders of rec. Nov. 15
Orange Crush Co. (our.r.)
*2
Jan. 2 *Holders of rec. Dec. 20
Orpheum Circuit, pref. (guar.)
81.50 Jan. 15 Holders of rec. Dec. 31
Otis Elevator, corn. (quar.)
1150. Jan. 1 *Holders of roe. Dec. 21
Paragon Refining, pref. A (guar.)
60c. Jan. 2 Holders of rec. Dee. 19
Paramount Cab Mfg.(quar.)
*250. Jan. 2 *Holders of rec. Dec. 23
Parke. Davis & Co.(guar.)
•350. Jan. 2 *Holders of rec. Dec. 23
Special
Ponder (D.) Grocery, class B (quar.)_ _ *25c. Jan. 1 *Holders of rec. Dec. 16
*25e. Jan. 1 *Holders of rec. Dec. 16
Class B (extra)
.125e. Jan. 2 *Holders of rec. Dec. 9
Peoples Drug Stores, corn. (guar.)
50c. Jan. 1 Holders of rec. Dec. 20
Perfect Circle Co. (guar.)
*35c. Dec. 20 *Holders of rec. Dec. 14
Petroleum Rectifying (extra)
lc. Jan, 1 Holders of rec. Dec. 25
Petroleum Royalties, pref.(monthly).Preferrd (extra)
He. Jan. 1 Holders of rec. Dec. 25
Phila. Co. for Guaranteeing Mtgs. (qu.) *50c. Dec. 31 *Holders of rec. Dee. 20
*40e. Dec. 31 *Holders of rec. Dec. 20
Extra
Philadelphia Dairy Prod., pref.(guar.).* 31.625 Jan. 2 'Holders of me. Dec. 20
3754e. Jan. 1 Holden; of roe. Dec. 15
Pierce Governor (guar.)
Jan. 2 *Holders of rec. Dec. 26
Pierce Petroleum, preferred
113
Pilot Radio & Tube, class A (quar.)... *30e. Jan. 2 *Holders of rec. Dec. 20
25c. Jan I 2 Holders of rec. Dec. 20
Polyn.es NM., corn. (quar.)
Price Brothers Co., common (guar.).- 154 Jan. 2 Holders of rec. Dec. 14
134 Jan. 2 Holders of roe. Dee. 14
Sinking fund preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 240
Procter & Gamble Co., pref. (guar.) ___
50e. Jan. 1 Holders of rec. Dec. 24a
Prudential Co.. corn. (quar.)
1.54
Jan. 1 Holders of rec. Dec. 240
Preferred (guar.)
1850 Jan. 1 Holders of rec. Dee. 244
Preferred (extra)
*3754c Dec. 15 *Holders of roe. Dec. 1
Rapid Electrotype
35e. Jan. 2 Holders of rec. Dec. 16
Reece Button Hole Machine (quer.)--Sc. Jan. 2 Holders of roe. Dec. 16
Reece Folding Machine (guar.)
1
.1.Y.
Jan. 2 *Holders of rec. Dec. 21
Regal Shoe, prof. (guar.)
'
e134 Jan. 1 *Holders of roe. Dec. 16
Reliable Stores (guar.)(in stook)
*6254c Jan. 1 *Holders of rec. Dec. 24
Ritter Dental Mfg., corn. (quar.)
*500. Jan. 1 *Holders of roe. Dec. 24
Common (extra)
Roach (Hal) Studios-Dividend passed
$1.50
Jan. 2 Holders of rec. Dec. 15
pref.(qu.)
Rockaway Point Development
*50c. Jan. 1 *Holders of rec. Dec. 20
Roth Packing, common (guar.)
Dec. 23 *Holders of rec. Dec. 13
Safety Car Heating & Lighting (gust.)... *2
Dec. 23 *Holders of roe. Dee. 13
*2
Extra
154 Jan. 1 Holders of rec. Dec. lla
Safeway Stores, 6% pref. (guar.)
1 Holders of rec. Dec. 110
Jan.
154
7% Preferred (guar.)
*40c. Jan. 1 *Holders of rec. Dec. 20
Sally Frocks (guar.)
*87 Hc Feb. 15 *Holders of rec. Jan. 31
Schletter & Zander, pref.(guar.)
*8754c May 15 *Holders of rec. Apr. 30
Preferred (quar.)
Schoeneman (J.), Me., let pref.(guar.). 154 Jan. 2 Holders of roe. Dec. 15
nd
end tted.
-Divide
Schulte-United Sc. to $1 Stores.
50c. Jan. 2 Holders of rec. Dec. 14
Second Internat. Securs., corn. A.(qtr.).
75e. Jan, 2 Holders of rec. Dec. 14
First preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 14
Second preferred (quar.)
Secord (Laura) Candy Shops, pref. (qu.) '1% Dec. 31 *Holders of roe. Dec. 15
Dec. 24 *Holders of rec. Dec. 17
.
115
Securities Corp. General, corn. (special).
Selberling Rubber, common -Dividend omitt ed.
154 Jan. 1 Holders of rec. Dec. 18
Sellers(G. I.) dr Sons Co. pref.(guar.) _Seth Thomas Clock common (extra)..-.- *250. Dec. 23 *Holders of rec. Dec. 13
Shaffer Oil & Refining, pref. (quar.)--- 1% Jan. 25 Holders of rec. Dec. 81
Shattuck (F. G.) Co., corn. (quar.)---- 1150. Jan. 10 *Holders of rec. Dec. 20
1100. Jan. 1 *Holders of rec. Deo. 20
Shawmut Association (quar.)
*2H Dee. 31 *Holders of rec. Dec. 10
Singer Manufacturing (guar.)
.
3H Dec. 31 *Holders of roe. Dec. 10
Extra
•3754c Dec. 31 *Holders of rec. Dec. 20
Southern Dairies, class A (quar.)
Jan. 15 *Holders of rec. Jan. 1
*25e.
Southland Royalty (guar.)
Southwestern Engineering, pref. (quar.) *50o. Jan. 1 *Holders of roe. Dec. 20
Jan. 2 *Holders of rec. Dec. 24
*8
Standard Coupler pref. (annual)
Standard Investing Corp., pref.(qu.)..* 81.375 Feb. 15 *Holders of rec. Jan. 27
1.37% Feb. 15 Holders of rec. Jan. 27
Standard Investing, pref. (guar.)
*4354c Feb. 1 *Holders of rec. Jan. 7
Stanley Works, corn. (guar.)
*50c. Dec. 30 *Holders of rec. Dec. 21
Starrett (L. S.) Co., corn. (quar.)
*25e. Dec. 30 *Holders of rec. Dec. 21
Common (extra)
*114 Dee. 30 *Holders of roe. Dec. 21
Preferred (quar.)
112.50 Dec. 81 *Holders of rec. Dec. 16
State Title dr Mortgage (guar.)
Steel Co. of Canada, ordinary (guar.). 4354e. Feb. 1 Holders of rec. Jan. 7
43540. Feb. 1 Holders of rec. Jan. 7
Preference (guar.)
11314 Jan. 1 *Holders of rec. Dec. 15
Stone (H. 0.)
corn. (guar.)
Preferred (oust.)
*15i Jan. 1 *Holders of rec. Dec. 15
Co.,
Studebaker Mall Order, el. A (quar.)--- *50.e Jan. 1 *Holders of rec. Dec. 20
Jan. 15 Jan. 1 to Jan. 7
Sullivan Machinery (guar.)
$1
111.75 Jan. 1 *Holders of rec. Dec. 18
Sunshine Biscuits, let prof.(qute.)
*20e. Jan. 2 *Holders of rec. Dec. 14
SuPertest Petroleum, corn. (guar.)
•200. Jan. 2 *Holders of rec. Dee. 14
Common (extra)
*20c. Jan. 2 *Holden of rec. Dec. 14
Ordinary (guar.)
*20e. Jan. 2 *Holders of rec. Dec. 14
Ordinary (extra)
1.154 Jan. 2 *Holders of rec. Dec. 14
Preferred A (guar.)
11754c Jan. 2 *Holders of roe. Dec. 14
Preferred B (guar.)
Taggart Corp., corn. (guar.) (No. 1)-- - •250 Jan. 2 *Holders of rec. Dee. 14
Taylor Milling (guar.)
*6214e Jan. 2 *Holders of rec. Dee. 10
Extra
1100. Jan. 2 *Holders of red. Dec. 10
*300. Feb. 1 *Holders of tee. Jan. 15
TelautograPh Corp. (quar.)
'Sc. Feb. 1 *Holders of rec. Jan. 15
Extra
*300. Jan. 1 1*Holders of roe. Dec. 23
Thompson (J. R.) Co.(Monthly)
110e. Feb. 1 *Holders of rec. Jan. 23
Monthly
*30c. Mar. 1 *Holden of rec. Feb. 21
Monthly
l'ime-O-Stat Controls, Cl. A (quar.)... .50e. Jan. 1 *Holders of rec. Dec. 20
DEC. 14 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Tiutie Standard Mining (guar.)
*20e. Dec. 24 *Holders of rec. Dec. 13
Extra
*20c. Jan. -3
Torrington Company (guar.)
•750. Jan. 2 *Holders of rec. Dec. 19
Extra
*50e. Jan. 2 *Holders of rec. Dec. 19
Trumbull-Cliffs Furnace, pref. (quar.)
1H Jan. 1 Holders of rec. Dec. 20
'Puckett Tobacco, corn. (guar.)
*1
Jan. 15 *Holders of rec. Dec. 31
Common (extra)
*2
Jan. 15 *Holders of rec. Dec. 31
"15.4 Jan. 15 'Holders of rec. Dec. 31
Preferred (guar.)
244 North Bay Shore Drive, Inc.. pref..
3
Dec. 31 Dec. 15 to Jan. 1
22 West 77th St., Inc., pref
3
Dec. 31 Dec. 15 to Jan. 1
Union Commerce Co.(guar.)
•80c. Jan. 2'Holders of rec. Dec. 12
Unit Corporation, pref. (guar.)
50e. Jan. 1 Holders of rec. Dec. 20
United Amusement Corp., Ltd
.50e. Elec. 15 *Holders of rec. Nov.30
United Biscuit pref. (guar.)
'1,' Feb. 1 *Holders of rec. Jan. 10
United Carbon common (guar.)
*50c. Jan. I 'Holders of roe. Dec. 12
United Engineering & Fdy,. corn.(extra) .
30c. Dec. 23 *Holders of rec. Dec. 16
United Linen Supply class A
"87IS c Jan. 1 *Holders of rec. Dec. 20
Preferred B (guar.)
*$1.50 Jan. I *Holders of rec. Dec. 20
United Porto Rican Sugar, pref. (gu.).
_ 8734c Dec. 31 *Holders of rec. Dee. 16
'
United Shoe Machinery, corn. (guar.)._ 62lie Jan. 6 Holders of rec. Dec. 17
Preferred (guar.)
373.0 Jan. 8 Welders of rec. Dec. 17
U.S.Bobbin & Shuttle common (guar.). "75c. Dec. 31 *Holders of rec. Dee. 20
"1,4 Dec. 31 'Holders of rec. Dec. 20
Preferred (guar.)
U.S. Cold Storage,common (Quar.)---- •50c. Jan. 2 "Holders of rec. Dec. 20
Common (extra)
*50e. Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 *Holders of rec. Dec. 20
U. S. Foil, common A & B (guar.)
25e. Jan. 2 Holders of rec. Dec. 14a
Preferred (guar.)
1,‘ Jan. 2 Holders of rec. Dec. 14a
U. S. Lumber
'11.50 Jan. 2 *Holders of rec. Dec. 20
U. S. securities Invest. (guar.)
'
3754e Jan. 2 *Holders of ree. Dec. 16.
Universal Pictures let pref.(guar.)
Jan. 1 *Holders of me. Dec. 20
"2
Van Camp Milk, pref. (guar.)
Dec. 2 *Holders of rec. Nov. 26
*1
Van Camp Packing, pref. (guar.)
Jan. 1 *Holders of rec. Dec. 21
Van Sicklen Corp. class A (guar.)
"50e. Jan. I 'Holders of rec. Dec. 21
Waialua Agricultural Corp
*We. Dec. 21 *Holders of rec. Dec. 11
Ward Baking Corp., pref.(guar.)
1,4 Jan. 2 Holders of rec. Dec. 17
Weeden & Co.(guar.)
*600. Jan. 1 *Holders of rec. Dec. 20
Extra
•50e. Jan. 1 *Holders of rec. Dec. 20
Western Canada Flour Mills, corn.(qu.)_ "35c. Dec. 16 *Holders of rec. Nov.30
4.1,4 Dec. 16 *Holders of rec. Nov. 30
Preferred (guar.)
Western Electric Co., common (guar.)._
Dec. 31 Holders of rec. Dec. 26
Common (apecial)
Dec. 31 Holders of rec. Dec. 26
Western Tablet dr Stationery, corn.(qu.)
Preferred (guar.)
Westinghouse Elec. & Mfg., corn. (qu.)..
Jan. 31 *Holders of rec. Dec. 31
Preferred (guar.)
Jan. 15 *Holders of rec. Dec. 31
Westland 011 Corp
Dec. 27 Holders of rec. Dec. I4a
White Eagle Oil& Refg.(guar.)
Jan. 20 'Holders of me: Dec. 31
White Star Refining (guar.)
Jan. 2 *Holders of rec. Dec. 16
Will & Baumer Candle common (qu.)-Feb. 15 Holders of rec. Feb. 1
Wilson & Co. Inc., pref. (guar.)
Jan. 2 Holders of rec. Dec. 16
Winn & Loveit Grocery class A (guar.)_
Jan. I Holders of rec. Dec. 21
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 21
Wolverine Tube(guar.)
Jan. 2 *Holders of rec. Dec. 13
Extra
Jan. 2 *Holders of rec. Dec. 13
Woodruff & Edwards, Inc., class A (qu.)
Jan. 1 *Holders of rec. Dec. 20
Worcester Salt
Dec. 31 *Holders of rec. Dec. 24
Wurlitzer (Rudolph). pref. (guar.)
Jan. 2 *Holders of rec. Dec. 20
Zoller (William) Co., corn,(01.)(No. 1)
Dec. 31 *Holders of rec. Dec. 20
Common (Payable in common stock)Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
Dec. 31 'Holders of rec. Dec. 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Alabama Great Southern ord
Dec. 27 Holders of roe. Nov. 27
52
Ordinary (extra)
$1.50 Dee. 27 Holders of rec. Nov.27
Preferred
Feb. 13 Holders of rec. Jan. 10
$2
Preferred (extra)
$1.50 Feb. 13 Holders of rec. Jan. 10
Atch. Topeka & Santa Fe preferred
234 Feb. 1 Holders of rec. Dee. 276
Atlanta Birmingham & Coast prof
234 Jan. 2 Holders of rec. Dec. 13
Atlantic Coast Line BR., corn
334 Jan. 10 Holders of rec. Dec. 120
Common (extra)
134 Jan. 10 Holders of rec. Dec. 12a
Augusta & Savannah
"234 Jan. 5 *Holders of roe. Dec. 15
Extra
•25e. Jan. 5 *Holders of rec Dec. 15
Bangor & Arooe..com.(old & new)(gnat.)
870. Jan. 1 Holder, of MC. Nov.30.
Preferred (guar.)
1j( Jan. 1 Holders of rec. Nov 300
Beech Creek (guar.)
50e. Jan, 2 Holders of roe. Dec. 18a
Boston & Albany (guar.)
23( Dec. 31 Holders of rec. Nov. 30
Buffalo & Susquehanna, prat
Dec. 80 Holders of roe. Dec. 103
2
Canadian Pacific, corn.(guar.)
254 Dee. 31 Holders of rec. Dee. 20
Central of Ga. Ry
334 Dec. 31
Chesapeake Corp.(guar.)
75e. Jan. 1 Holders of rec. Dec. 6a
Chesapeake ek Ohio,corn.(guar.)
234 Jan. 1 Holders of rec. Dec. 6a
Jan. I Holders of roe. Dec. 60
Preferred (guar.)
Chicago & North Western, corn
234 Dec. 31 Holders of rec. Dec. 2a
Preferred
34 Dec. 31 Holders of rec. Dec. 2a
1,4 Dec. 31 Holders of rec. Nov.29a
Chic. It. I.& Pacific,corn.(guar.)
3,‘ Dec. 31 Holders of rec. Nov. 29a
7% preferred
Dec. 81 Holders of rec. Nov.290
3
6% Preferred
Dec. 24 'Holders of rec. Dec. 7
Cine. N.0.& Texas Pacific common.__ _ *4
•3
Dec. 24 'Holders of rec. Dec. 7
Common (extra)
134 Dec. 31 Holders of ree. Dec. 20
Cincinnati Union Terminal, prat
•10c. Dec. 10 *Holders of me. Nov.25
Columbus & Xenia (extra)
Consolidated RIts.. of Cuba prof.(cm.).- 134 Jan. 2 Holders of rec. Dec. 10a
Cuba Northern Rys., common
$4.40 Dec. 27 Holders of rec. Dec. 27a
8
Feb. 1 ffolders of rec. Jan. 156
Cuba RR.. pref.(guar.)
234 Dec. 20 Holders of rec. Nov. 280
Delaware & Hudson Co.(guar.)
2
Dec. 31 Holders of rec. Dec. lea
Erie RR. lot and 2nd preferred
Gulf Mobile & Northern pref.(guar.)._
134 Jan. 2 Holders of rec. Dec. 200
Hocking Valley, coin.(guar.)
234 Dee. 31 Holders of rec. Dec. Ca
2
Jan. 2 Holders of rec Dec. ha
Illinois Central leased lines
1,4 Jan. 6 Holders of rec. Dec. 26a
Joliet & Chicago (guar.)
Lehigh Valley common (guar.)
87)40 Jan. 2 Holders of rec. Dee. 14a
$1
Jan. 2 Holders of roe. Dec. 19a
Common (extra)
Preferred (quer.)
$1.25 Jan. 2 Holders of rec. Dec. 14a
$1.13 Jan. 15 Dec. 14
Little Schuylkill Nay., RR.& Coal
to Jan. 15
1
Jan. 2 Holders of rec. Dec. 16
Maine Central. common (guar.)
Dec. 80 Holders of rec. Dec. 140
Midland Valley. eon. (extra)
$1
Miseouri-Itan.-Texas pref. A (quar.)___
13( Dec. 31 Holden of rec. Dec. 140
Missouri Pacific pref. (guar.)
134 Dec. 31 Holders of rec. Dec. 13a
Preferred (fleet accum. din.)
134 Dec. 31 Holders of rec. Dec. 13a
2 Jan. 2 Holders of roe, Dec. 20
Mobile & Birmingham. preferred
52.125 Jan. 2 Holders of rec. Dec. 70
Morris & Essex
N. Y. Chicago re St. Louis, corn.(gu.)
134 Jan. 2 Holders of roe. Nov. 15a
Preferred series A (guar.)
134 Jan. 2 Holders of roe. Nov. 154
$2.50 Jan. 2 Holders of roe. Dec. 16a
New York & Harlem corn. & pref
194 Jan. 2 Holders of rec. Dec. 140
N.Y.Lackawanna & Western (quiz.)
1)4
Jan. 2 Holden of rec. Dee. ea
N.Y.. N.H.& Hartford, oom.
1)( Jan. 2 Holders of rec. Dec. Ca
Preferred (gnat.)
2
Dec. 19 Holders of rec. Nov. 300
Norfolk & Western, cam. (guar.)
4 Dec. 19 Holders of
Common (extra)
ree. Nov. 304
431 Jan. 10 Dec. 25 to Jan. 10
Northern Securities
.01,( Jan. 2 *Holders of roe. Dec. 14
Old Colony (guar.)
1
Jan. 2 Holders of rec. Dec. 6a
Pere Marquette,corn.(guar.)
Prior pref. and pref.stocks(guar.).- 134 Feb. 1 Holders of roe. Jan. 26
Jan. 2 Holders of rec. Dee. 10a
corn.(qu.)
Pittsb. Ft. Wayne &
1,4 Jan. 7 Holders of rec. Dec. 100
Preferred (guar.)
Plush. McKeesp. & Yough.(guar.). - - $1.50 .Tan. 2 Holders of rec. Dec. 16a
Pittsburgh & West Va.,corn.(guar.).- 134 Jan. 31 Holders of rec. Jan. 150
50e. Jan. 9 Holders of rec. Dec. 19a
Reading Company 2d Prof• (gnat.)
Rich.. Fredericksburg & Potomac
•4
Dec. 31 *Dec. 22 to Jan. 2
Common stock and div. obligationi
Dee. 31 'Dee, 22 to Jan. 2
Cora, stock and die. oblig.(extra)----
Name of Company.
3757
When
Per
Cent. Payable.
Railroads (Steam) (Concluded).
St. Louis-San Francisco, corn.(gust.)
22
Preferred (guar.)
134
Preferred (guar.)
134
134
Preferred (guar.)
Preferred (guar.)
134
Bt. Louis Southwestern pref.(guar.)- -- 13(
154
Southern Pacific Co.(guar.)
Texas & Pacific common (guar.)
13(
•1X
Preferred (guar.)
Union Pacific, corn.(guar.)
234
Books Closed,
Days Inclusive.
Jan. 2 Holders of roe. Dec. 2a
Feb. 1 Holders of rec. Jan. 24
May I Holders of rec. Aim. 12.
Aug. 1 Holders of roe. July be
Nov. 1 Holders of rec. Oct. la
Dec. 31 Holders of rec. Dec. ha
Jan. 2 Holders of roe. Nov.280
Jan. 2 Holders of roe. Dec. 140
Dec. 31 *Holders of rec. Dec. 14
Jan. 2 Holders of rec. Dee. 26
Public Utilities.
Amer. Cities Pow.& Lt. class A (gust.). (b) Feb. 1 Holders of rec. Jan. 4
(5) Feb. 1 Holders of rec. Jan. 4
Class B (guar.)
Amer. & Foreign Power, $7 pref. (qu.)_ $1.75 Jan. 2 Holders of rec. Dec. 14a
$1.50 Jan. 2 Holders of rec. Dec. 14a
$6 preferred (guar.)
25c. Jan, 2 Holders of roe. Dec. 12
Amer. Gas & Elec.. corn.(guar.)
(f) Jan. 2 Holders of rec. Dec. 12
Common (1-50 share common stock)
Preferred (guar.)
$1.50 Feb. 1 Holders of rec. Jan. 10
Amer. Power & Light, $6 prof. (guar.)-- $1.50 Jan. 2 Holders of rec. Dec. 140
ci rec. Dec. 14a
780. Jan. 2 Ho',1
$5 preferred (guar.)
Amer. Public Utilities, prior pref. (gu.)- 134 Jan. 2 Polders of re:. Dec. 14
194 Jan. : 1.olders of ..?^. Dec. 14
Participating preferred (guar.)
Jan. I. Holders of rec. Dec. 10
$1
Amer. Superpower Corp.. corn
81.50 Jan. 2 Holders of rec. Dec. 10
First preferred (guar.)
Jan. 2 Holders of rec. Dec. 10
:.1.59
Preference
$8
(guar.)
a I, Jan. 111 Holders et rec. Dec. 20a
Amer. Telep. & Teleg.(guar.)
Amer. Wat. Wks.& Elec. $8 1st pf.fgu.) St.50 Jan, 2 Holders of rec. Dec. I2a
Arkansas Natural Gas. pref.(guar.)---- •180 Jan. k *Holders of rec. Dec. 20
*k50c Feb. 1 *Holders of roe. Jan. 10
Associated Gas & Elec.. class A (gill
Associated Tel. & Tel.. class A (quar.).... *SI Jan. 2 *Holders of rec. Dec. 17
*25e. Jan. 2 *Holders of rec. Dec. 17
Class A (partcipating dividend)
*15.‘ Jan. 2 *Holders of rec. Dec. 17
7% preferred (guar.)
*51.50 Jan. 2 *Holders of rec. Dec. 17
$6 preferred (guar.)
Barcelona Tract., Lt.& Pr., pref.(qu.)- •134 Dec. 31 *Holders of ree. Dec. 18
Jan, 15 Holders of roe. Dec. 23
Bell Telephone of Canada (guar.)
2
Bell Tel. of Pa., 834% pref. (gust.).._
154 Jan. 16 Holders of rec. Dec. 200
Boston Elevated Ry.corn.(guar.)
134 Jan, 2 Holders of roe. Dec. 10
Jan. 2 Holders of rec. Dec. 10
First preferred
4
Preferred
334 Jan. 2 Holders of rec. Dec. 10
Brazilian Tr., Light dr Pow.. prof.(qu.)- 134 Jan. 2 Holders of rec. Dec. 16
British Columbia Power, clam A
50c. Jan, 15 Holders of rec. Dec. 3
kiklyn.-Mann.'Fran. pref. set. A (qu.)
51,50 Jan. 15 Holders of rec. Dec. 310
Preferred. series A ((Mara
$1.50 Ape. 15 Hold, of reo. Apr. 1 '80e
Brooklyn Union Gas(guar.)
$1.25 Jan. 2 Holders of rec. Dec. 2a
Buff.. Niagara & East. Pow.,corn.(an.)
'
3734c Dec. 30 *Holders of me. Dec. 15
Class A (oust.)
'
373.4e Dee. 30 'Holders of rec. Dec. 15
Preferred (guar.)
*40e. Jan. 2 *Holders of rec. Dec. 16
First preferred (guar.)
•$1.25 Feb. 1 *Holders of rec. Jan. 15
California-Oregon Power, 7% pt (q.). 194 Jan. 15 Holders of rec. Dec. 31
134 Jan, 15 Holders of rec. Dee. 31
6% Preferred (guar.)
Canada Northern Power, corn.(guar.).15c. Jan, 28 Holdeis of rec. Dee. 31
Preferred (guar.)
134 Jan, 15 Holdere of rec. Dec. 31
Central Atlantic States Sere., pref.(qu.) 194 Jan. 1 Holders of rec. Dec. 20
Central Ill. Pub. Sere., $8 prof. (guar.) 81.50 Jan. 1 *Holders of rec. Dee. 31
Central Public Service, class A (quar.) o4334c Dec. 15 Holders of rec. Nov.25
$6 preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 12
$7 preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 12
Central States Elec. Corp., corn. (guar.)
100. Jan. 1 Holders of rec. Dec. 5
Common (payable in common stock)
f234 Jan. I Holders of rec. Dec. 6
194 Jan. 1 Holders of rec. Dec. 5
7% Pref., issue of 1912(gum.)
Jan. 1 Holders of rec. Dec. 6,
1
6% Preferred (guar.)
Cony, pref., series 0( 1928 (guar.)__.. (s) Jan. 1 Holders of rec. Dec. 5
Cony. pref., series of 1929 (quar.)_- (a) Jan. 1 Holders of rec. Dec. 5
Central States Power & Light, pref.(gt.) 51.75 Jan. 2 Holders of rec. Dec. 5
Central States Utilities Corp., Pfd .(qu.) $1.75 Jan. 2 Holders of res. Dec. 5
Cincinnati & Bub. Bell Telephone (guar.) $1.12 Jan. 2 Holders of rec. Dec. 18
Cities Service Power & Light•41 2-3e Dec. 1 *Holders of rec. Dec. 1
$5 preferred (monthly)
•58 1-3c Dec. 1 *Holders of rec. Dec. 1
$6 preferred (monthly)
57 preferred (monthly)
*50c. Dec. 1 *Holders of rec. Dec. 1
Cleveland fly, common (guar.)
Holders of rec. Dec. 26
134 Jan.
Columbia G.& E.Corp..corn.(in stk.)
123 Mar,3 Holders of rec. Feb. 28
Consul. Gas El L.& P.,Balt.,com.(qu.)
*Holders of rec. Dec. 14
•90c. Jan.
•14i Jan.
5% preferred A (gnat.).
*Holders of rec. Dec. 14
*Holders of rec. Dec. 14
•199 Jan.
6% Preferred D (guar.)
*Holders of rec. Dec. 14
preferred
E
(guar.)
'154 Jan.
54%
Dee. 1 Holders of rec. Nov. Ila
Consolidated Gas(N.Y.) cam.(quar.)._ $1
Holders of tee. Dec. 28a
$1.25 Feb.
Preferred (guar.)
Holders of roe. Dec. 14
Consumers Power. $5 pref.(guar.)
$1.25 Jan.
Holders of rec. Dec. 14
6% preferred (guar.)
194 Jan.
Holders of roe. Dec. 14
1.65 Jan.
0.6% preferred (quit.)
Holders of roe. Dec. 14
194 Jae.
7% Preferred (guar.)
Holders of rec. Dec. 14
8% preferred (monthly)
50o. Jan.
Holders of rec. Dec. 14
550. Jan,
6.6% Preferred (monthly)
Holders of rec. Dec. 120
Continental Gas & Elec., corn.(gust.)$1.10 Jan.
7% prior preferred (guar.)
Holders of rec. Dec. 12a
194 Jan.
Continental Pass. fly, (Philadelphia)._ _ $2.50 Dec. 3 Holders of rec. Nov. 300
Dakota Central TeleP.. corn. (guar.)... •$2 Jan.
Common (guar.)
*52 Apr.
•1y.i Jan.
6I4% Preferred (guar.)
•1yi Apr. 1
654% preferred (guar.)
Detroit Edison (guar.)
Jan. 15 Holders of rec. Dec. 200
2
Duke Power common (guar.)
Jan. 2 Holders of rec. Dec. 14
Jan. 2 Holders of rec. Dec. 14
Common (payable In corn. stock)
12
Preferred (guar.)
1,1 Jan. 2 Holders of rec. Dec. 14
East Kootenay Power. pref. (guar.)
134 Dec. 16 Holders of rec. Nov.30
East. Mass. St. fly., adj. stock (quar.)13.4 Jan. 2 Holders of rec. Dec. 16
Electric Power & LightAllotment ctfs.. full paid (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 10a
Allotment ars. 60% paid (gust.)...- $1.05 Jan. 2 Holders of rec. Deo. 10a
Preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 10a
El Paso Electric Co.. pref. A (quar.)
'
134 Jan. 2 *Holders of rec. Jan. 16
Empire Gas & Fuel.6% pref.(monthly)- *50e. Jan. 2'Holders of too. Dec. 14
634% preferred (monthly)
,54 1-6e Jan. 2 *Holders of res. Dec. 14
•58 I-3c Jan. 2 *Holders of reo. Dec. 15
7% preferred (monthly)
8% preferred (monthly)
•66 2-3c Jan. 2 *Holders of rec. Dec. 14
Engineers Public Sere., corn. (quit.)...
250. Jan. 2 Holders of tee. Dec. 20
$5 cony. Preferred (guar.)
$1.25 Jan, 2 Holders of rec. Dec. 24
$5.50 cum. pref. (guar.)
51.375 Jan. 2 Holders of rec. Dec. 2a
Federal Light & Tract., corn. (guar.)
3734e Jan. 2 Holders of rec. Dec. 13a
Corn (Payable in corn. stock)
fl
Jan. 2 Holders of me. Dec. 13a
Federal Water Service, $7 pref.(guar.).- 51.75 Jan. 1 Holders of rec. Deo. lea
$64 preferred (guar.)
51.626 Jan. 1 Holders of rec. Dec. 18a
$8 preferred (guar.)
$1.50 Jan. 1 Holders of tee. Dec. 16a
Frankford & Southwark fly. (guar.).- $4.50 Jan. 1 Dec. 2 to Jan. 1
General Gas dr Elec. class A*13(qu.)
a3734 Jan. 2 Holders of rec. Nov.290
Corn. A & (extra)
n500 Jan. 2 Holders of rec. Nov.300
87 preferred A (guar.)
$1.75 Jail. 2 Holders of tee. Nov.29e
$8 preferred A (guar.)
Jan, 2 Holders of Mo. Nov.29e
56 preferred (guar.)
$1.50 Dec. 15 Holders of rec. Nov. 16
36 pref. series B (guar.)
$1.50 Dee. 15 Holders of rec. Nov. lb
General Public Service. corn.(In stock)- r3 Dec. 31 Holders of rec. Dec. 2.
•1 1.37% Feb. 1 *Holders of rec. Jan. 10
$5.50 preferred (guar.)
$6 preferred (guar.)
*51.60 Feb. 1 *Holders of rec. Jan. 10
Gen. Water Works & Elec., com. A (qu.)
500. Jan. 2 Holders of roe. Dec. 16
31.625 Jan. 2 Holders of tee. Dec. la
$64 Preferred (guar.)
$7 preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dee. 16
Germantown Pass. Hy.(mina.)(qu.)-4,3 1.31,( Jan. 7 *Holders of rec. Dee. 17
Illinois Bell Telephone (guar.)
*2
Dec. 31 *Holders of rec. Dec. 30
Illinois Power,8% prof.(guar.)
134 Jan. 2 Holders of roe. Dec. 16
7% preferred (guar.)
1,4 Jan. 2 Holders of rec. Dec. 16
Indiana Hydro-Elec. Pow.. pref.(qu.)_ _
134 Dec. 15 Holders of rec. Nov. SO
Indianapolis P. az L., 694% pref. (cm.). 154 Jan. 1 Holders of rec. Dec. 5
Indianapolis Water Co., Prof. set A (qu.) 134 Jan. 1 Holders of roe. Deo. 120
Internat. Power Securities. common
$1
Dee. 15 Holders of me. Nov.30
$8 preferred A
$3
Dec. 15 Holders of rec. Nov.30
Internat. Superpower. cam. (guar.)._ _
280. Jan. 1 Holders of rec. Dec. 15
Common (payable In common stock)- 1234 Jan. 1 Holders of rec. Dec. 15
3758
Name of Company.
Wks
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
94234e Jan. 1 Holders of rec. Dec. 13
Inland Utilities, class A (quar.)
Internat. Utilities, class A (quar.)
8734c Jan. 15 Holders of rec. Dec. 300
51.75 Feb. 1 Holders of rec. Jan. 18
37 preferred (quar.)
$1.75 Jan. 2 Holders of rec. Dee. 5
Interstate Power,$7 pref. (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 5
$6 preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 16
Jersey Central Power dr Lt.7% Pt.(OIL)134 Jan. 1 Holders of rec. Dec. 16
8% preferred (quar.)
Kan. City Power dr Light, pref. B (qu.) $1.50 Jan. 1 Holders of rec. Dec. 144
Jan. 1 Holders of rec. Dee. 14
Kansas City Pub.Serv., pref. A (qu.)
$1
13d Jan. 2 Holders of rec. Dec. 20
Kentucky Securities, corn.(quar.)
134 Jan. 15 Holders of rec. Dec. 20
Preferred (quar.)
234 Dec. 16 Holders of rec. Dec. 2a
Laclede Gas Light, corn. (quar.)
235 Dec. 16 Holders of rec. Dec. 20
Preferred
134 Dee. 16 Holders of rec. Nov. 29
Lexington Utilities, pref. (quar.)
Long Island Lighting 7% pref. A (quar.) 134 Jan. 1 Holders of rec. Dec. 16
134 Jan. 1 Holders of rec. Dec. 16
6% preferred B (quar.)
Louisville Gas & Elec., corn. A & B (qu.) 43590 Dec. 29 Holders of roe Nov. 3154
dl% Jan. 2 Holders of rec. Dec. 134
Mackay Cos., common (quar.)
Jan. 2 Holders of rec. Dec. 134
dl
Preferred (quar.)
Manhattan By. modified guarantee
$1.25 Dee. 17 Holders of rec. Nov. 29a
Deferred rental of Jan. 1 1928
Memphis Power & Light, $7 pref.(au.). $1.75 Jan. 2 Holders of rec. Dec. 14
$1.50 Jan. 2 Holders of rec. Dec. 14
$6 preferred (quar.)
Mohawk & Hudson Pow., 2d pref. (qu.) $1.75 Jan. 2 Holders of roe. Dec. 20
Monongahela West Penn Pub. Service
4334e Jan. 1 Holders of roe. Dec. 14
Preferred (quar.)
23.5 Jan. 15 Holders of roe. Jan. 6
Montreal Tramways(quar.)
Nassau & Suffolk Ltg., pref. tquar.) -134 Jan. 1 Holders of rec. Dec. 16
134 Jan. 1 Holders of roe. Dec. 16
Nat. Elec. Power,7% pref.(quar.)
135 Jan. I Holders of roe. Dec. 16
6% preferred (quar.)
$1.75 Jan. 2 Holders of roe. Dec. 10
National Power &Light. $7 Pt.(nuar.)
400 Dec. 15 Holders of rec. Nov. 27
National Public Service, corn. A (quer.).
New England Pow. Assn., corn.(quar.). *50c. Jan. 15 *Holders of rec. Dec. 31
134 Jan. 2 Dec. 11 to Jan. 1
Preferred (quar.)
New England Public Service•$1.75 Deo. 15 *Holders of rec. Nov.30
Prior lien preferred (Wan)
Dec. 31 Holders of rec. Dec. 10
2
New England Tel. & Tel.(quar.)
N.Y.& Queens El. Lt. & Pr.. com.(qu.) 587 34c Dee. 14 *Holders of rec. Nov. 29
134 Jan, 2 Holders of roe. Dec. 146
New York Steam Co., 7% pref.(qu.).
134 Jan. 2 Holders of rec. Dee. 140
6% preferred (quar.)
1% fan. 15 Holders of roe. Dec. 20
New York Telephone. pref.(quar.)
*$1.50 Dec. 15 *Holders of rec. Dec. 5
N. Y. Water Service, pref. (quar.)
10e. Dec. 31 Holders of rec. Nov. 30a
Niagara & Hudson Power, corn.(Waal.).
North American Co., corn, On corn. stk.) 3214 Jan. 2 Holders of roe. Dee. Sc
750
Jan. 2 Holders of roe. Dec 50
Preferred (quar.)
North Amer. Utility See.. let pt.(qu.) _ _ $1.50 Dec. 16 Holders of me. Nov. 30
Northern Ohio Power dr Lt.6% pf.(qu.) 135 Jan. 2 Holders of rec. Dec. 13
134 Jan. 2 Holders of rec. Dee. 13
7% preferred (quar.)
50c Jan. 25 Holders of rec. Dec. 31
Northern Ontario Power, corn.(quar.)
(quar.)
134 Jan. 25 Holders of rec. Dec. 31
Preferred
•$1.50 Jan. 2 *Holders of roe. Dec. 16
Northwestern Telegraph
134 Jan. 2 Holders of me. Dec. 14
North West Utilities, prior pref.(qu.) -Jan
2 Holders of rec. Dec. 16
*$1
Nova Scotia L. dr P.com.(No. 1)
1 Holders of rec. Dec. 20
134 Jan
Ohio Bell Telephone, pref.(quar.)
Ohio Electric Power 7% pref.(guar.)... 134 Jan. 1 Holders of rec. Dec. 18
135 Jan. 1 Holders of rec. Dee. 16
6% Preferred (quar.)
134 Dee. 16 Holders of roe. Nov. 30
Oklahoma Gaa dr Elec.. pref.(quar.)
134 Dec. 31 Holders of me. Dec. 204
Pacific Telep.& Teleg., corn.(quar.) _
135 Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
Panama Power & Light pref.(guar.).-- 134 Jan. 2 Holders of roe. Dec. 13
Penn Central Lt.& Pow.$5 pref. (qu.).... $1.25 Jan. 1 Holders of rec. Dec. 160
700. Jan. 1 Holders of rec. Dec. 16
$2.80 preferred (qual.)
51.50 Feb. 1 Holders of rec. Jan. 20
Penn.-Ohio Pow.& Lt.,$6 prof.(quar.)
134 Feb. I Holders of roe. Jan. 20
7% preferred (quar.)
60e Jan. 2 Holders of rec. Dec. 20
7.2% preferred (monthly)
600 Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
55c Jan. 2 Holders of rec. Dec. 20
6.6% Preferred (monthly)
55c Feb. 1 Holdets of rec. Jan. 20
8.6% preferred (monthly)
Pennsylvania Gas dr El. Co.,$7 pt.(qu.). •$1.75 Jan. 1 *Holders of rec. Dec. 20
Jan. 1 *Holders of rec. Dec. 20
•134
Preferred
(quar.)
7%
750. Jan. 2 Holders of rec. Dec. 13
Pennsylvania Water & Power (quar.)
Jan. 1 Holders of rec. Dee. 126
3
Peoples Gas, preferred
160o. Jan. 2 Holders of ree. Dec. 7
Peoples Light & Power class A (quar.)
550. Dec. 30 Holders of roe. Dec. 10
Philadelphia Electric new corn.(qual.)...
$1.25 Feb. 1 Holders of rec. Jan. 10
$5 preferred (guar.)
50c Jan. 1 Holders of rec. Dec. 100
Philadernhia Elec. Power, pref.(quar.)
'134 Jan. 10 *Holders of rec. Dec. 3)
Piedmont dr Northern By.(quar.)
134 Jan. 2 Holders of rec. Doe. 150
Postal Teleg. dc Cable 7% pref. (qu.) Dee. 20 Holders of rec Nov 30
Power Corp. of Canada, corn. (interim) $1
135 Jan. 15 Holders of red. Dec. 31
Preferred
(quar.)
6%
75c. Jan. 15 Holders of rec. Dec. 31
6% Partic. pref.(quar.)
300 Jan. 2 Holders of rec. Dec. 14
Providence Gas(guar.)
200. Jan. 2 Holders of rec. Dec. 14
Extra
Jan. 1 Dec. 21 to Jan. 2
Public Serv. Co.of Oklahoma corn.(qu.) 2
134 Jan. I Dee. 21 to Jan. 2
7% prior Hen stock (qual.)
134 Jan. 1 Dec. 21 to Jan. 2
6% prior lien stock (qual.)
Public Service Corp. of N.J.. corn.(qu ) 6.5e. Dee. 31 Holders of rec. Dec. 2a
2
Dec. 31 Holders of rec. Dee. 2a
8% Preferred (quar.)
159 Dec. 31 Holders of rec. Dec. 2a
7% Preferred (quar.)
$1.25 Dec. 31 Holders of roe. Dec. 2a
$5 preferred (quar.)
50e. Dee. 31 Holders of rec. Dec. 2
6% prof. (monthly)
134 Dec. 31 Holders of rec. Dec. 2
Public Serv. Elec. dr Gas,7% pref.(qu.)_
Dee. 31 Holders of rec. Dec. 2
135
634% preferred (qual.)
Queens Born Gas & Elec.6% pref.(qu.)_ •154 Jan. 1 *Holders of rec. Dec. 20
87350 Jan. 1 Holders of nee. Dec. za
Radio Corp. of Amer., pref. A (qu.)
1 Holders of rec. Doe. 20
$1.25 Jan
Preferred B (quar.)
1 Holders of me Dee Za
350 Jan
Original pref
Dee.
14
*Holders of rec. Nov. 30
•134
(qu)
nf.
A
San Joaquin Light &Power 7%
*114 Dee. 14 *Holders of rec. Nov. 30
8% Preferred B (quar.)
Jan. 1 %Dec. 2 to Jan. 1
Second dr 3rd Ste. Pass. By., Phila.(qu.) $3
.
62%c Jan. 10 *Holders of rec. Dec. 20
Shawinigan Water & Power (quar.)
Southern Calif. Edison, pref. A (quar.)- 4334c. Dec. lb Holders of rec. Nov. 20
3734c.
Dec. 15 Holders of rec. Nov. 20
(quar.)
Preferred B
3434c. Jan. 15 Holders of me. Dec. 20
Pref. ser. C(quar.)
50e. Jan. 15 Holders of rec. Dec. 20
Original preferred (quar.)
134 Jan, 15 Holders of rec. Dec. 20
Southern Canada Power 6% pref. (qu.)
134 Dec. Id Holders of rec Nov.30
Southern Colorado Power. prof (qu.).
*134
Jan. 2 *Holders of rec. Dec. 16
(qu.)Southwestern Gas & Elec., pref.
Southwestern Light dr Power, corn. A_.... *53 Dec. 31 *Holders of rec. Dec. 16
Jan. 1 *Holders of roe. Dee. 16
*51.50
Preferred (guar.)
Springfield Gas & Elec. pref. A (qu.).... $1.75 Jan. 2 Holders of rec. Dec. 14
Dec. 16 Holders of roe. Nov. 300
Si
Standard Gas dr Elec., pref.(quar.)
Superior Water, Light & Pow., pf. (qu.) •134 Jan. 2 *Holders of rec. Dee. 14
134 Jan. 2 Holders of rec. Deo. 14
Tennessee Elec Power,5% 1st pf.(qu.). _
134 Jan. 2 Holders of roe. Dee. 14
8% lot preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 14
7% 1st preferred (quar.)
$1.80 Jan. 2 Holders of roe. Dec. 14
7.2% let preferred (quar.)
50e Jan. 2 Holders of roe. Dec. 14
6% lst preferred (monthly)
60c Jan. 2 Holders of rec. Dec. 14
7.2% let preferred (monthly)
Jan. 1 holders of rec. Dec. 15
134
Power.
pref.
(quar.)
-Louisiana
Texas
Jan. 2 Holders of rec. Dec. 19a
Twin City Rap.Tr.. Minneap.,com.(qu.) 1
134 Jan. 2 Holders of rec. Dec. 19a
Preferred (quar.)
27 *Holders of rec. Nov. 30
Dec.
•350.
Union Natural Gas (Canada) (quar.).....
.05e. Dec. 27 *Holders of rec. Nov. 30
Extra
27 *Holders of rec. Nov. 30
Dec.
e5
.
r
Stock dividend
Jan. 1 Holders of rec. Dec. 14a
Union Passenger By.(Philadelphia)_... $4
21.50 Jan. 1 Holders of rec. Dec. 90
Union Traction (Philadelphia)
75e. fan. 2 Holders of rec. Dec. 5a
United Corporation, pref. (guar.)
United Gas & Elec. Corp. pref. (quar.).... 134 Jan. 1 Holders of rec. Dee. 16
United Gas & Improvement25c. Dec. 31 Holders of roe. Nov. 300
Now common (qual.)(No. 1)
$1.25 Dec. 31 Holders of rec. Nov. 30a
$5 preferred (qual.)
15e. Feb. 1 Holders of rec. Jan. 150
United Lt. & Pow., new com.A &B (qu.)
75e. Feb. 1 Holders of roe. Jan. 15a
Old common A dr B (qual.)
Jan. 2 Holders of rec. Dec. 18a
$1.50
(quar.)
Preferred
31.75 Jan. 2 Holders of rec. Dec. 5
Utah Power & Lt., $7 pref.(quar.)
$1.50 Jan. 2 Holders of rec. Dec. 5
$6 preferred (qual.)
250. Jan. 2 Holders of rec. Dec. 7
Utilities Power & Light, corn.(qual.)..0500. Jan. 2 Holders of rec. Dec. 70
Class A (quar.)
25c Jan. 2 Holders of rec. Dec. 7
Class B (quar.)
7% preferred spurn.)
134 Jan. 2 Holders of roe. Dee. 7
[VOL. 129.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Public Utilities (Concluded).
Virginia Elec. & Power,7% pref.(qu.)_ _
8% preferred (OUar.)
Virginia Public Service 7% pref.(quar.).
6% preferred (quar.)
Western Pow., Lt.& Telep. pt. A (qu.)_ _
.West Penn Elec. Co., class A (guar.)
West Penn Power Co.,7% pref. (quar.)_
6% preferred (quar.)
West Philadelphia Pass. By
Winnipeg Elec. Co. pref. (quar.)
Wisconsin Pow. & Lt. 7% pf. (qu.)--Wisconsin Public Serv., pref.(qu.)
635% preferred (qual.)
Banks.
Bank of America N. A.(quar.)
Bancamerica-Blair Corp. (qual.)
Chase National (quar.)
Chase Securities Corp.(quar.)
Chatham Phenix Nat. Bank & TrustNew $20 par stock (qual.)(No. 1)_ _
Flatbush National(No. 1)
National City Bank (quar.)
National City Co.(quar.)
City Bank Farmers Trust (guar.)
Public Nat. Bank & Trust (qual.)
Trust Companies.
Banca Commerciale Italians Trust (qu.)
Bank of Europe Trust (quar.)
Extra
Bankers (quar.)
Chelsea Bank & Trust (quar.)
Continental Bank & Trust (quar.)
Guaranty (qual.)
Irving Trust (quar.)
Manufacturers (guar.)
U. S. Trust (quar.)
Books Closed,
Days Inclusive.
Dec. 20 Holders of rec. Nov. 296
Dec. 20 Holders of roe. Nov. 29a
Jan. 1 Holders of roe. Dee. 10
Jan. 1 Holders of roe. Dec. 16
Jan. 1 Holders of rec. Dec. 15
Dee. 30 Holders of rec. Dec. 170
Feb. 1 Holders of rec. Jan. 4a
Feb. 1 Holders of rec. Jan. 4a
Jan. 1 Holders of roe. Decc.146
Jan. 1 Holders of roe. Dec. 6
Dec. 18 *Holders of roe. Dec. 2
Dec. 20 Holders of rec. Nov. 30
Dec. 20 Holders of rec. Nov.30
$1.125 Jan. 2 Holders of rec. Dee. 160
$1
Jan.
2 Holders of roe. Dec. 110
*51
ml
Jan.
Jan.
2 *Holders of roe. Dec. 16
1 Holders of rec. Dec. 15
$1
Jan.
1 Holders of rec. Dee. 7
$1
Jan.
2 Holders of rec. Dee. 20
*235 Jan. 2 *Holders of rec. Dee. 16
75c. Jan. 2 Holders of rec. Dec. 20
25e. Jan. 2 Holders of roe. Dec. 20
75e. Jan. 2 Holders of roe. Dec. 11
6234e Jan. 2 Holders of rec. Dec. 204
30c. Dec. 16 Holders of rec. Dee. 70
Dec. 31 Holders of rec. Dec. 11
5
40e. Jan. 2 Holders of roe. Dec. 3
*31.50 Jan. 2 *Holders of rec. Dee. 16
Jan. 2 *Holders of rec. Dec. 20
15
Fire Insurance.
Brooklyn Fire (qar.)
Special
*forth River (qual.)
Rossia (qual.)
300 Janl'30
450. Dec. 20
50c. Dec. 15
55c Jan. 2
Holders of roe. Dec. 20
Holders of rec. Dec. 10
Holders of rec. Dec. 6
Holders of me. Dec. 14a
Miscellaneous.
•5 c. Jan. 1 *Holders of roe. Dec. 18
Abbott Laboratories (quar.)
Abitibi Power & Paper, 7% pref. (quar.) 134 Jan. 2 Holders of roe. Dec. 20
134 Jan. 20 Holders of rec. Jan. 106
6% Preferred (quar.)
Acme Glove Works (Montreal)813jo
Dec. 15 Holders of roe. Nov. 30
(guar.)
let preferred
750. Dec. 15 Holders of roe. Nov.30
Second preferred (qual.)
Jan. 2 *Holders of rec. Dec. 20
*$1
Acme Steel (quar.)
Feb. 15 *Holders of rec. Feb. 1
Stock (Hy.(sub). to meeting Jan. 21)_ _ *e25
400. Dec. 31 Holders of rec. Dec. 184
Adams Express, new COM.(guar.)
159 Dec. 31 Holders of rec. Dec. 186
Preferred (quar.)
Addressograph Internat., corn.(qual.)_'
3734c Jan. 10 *Holders of rec. Doe. 21
Marl 30 *Holders of rec. Feb. 20
*el
Ainsworth Mfg.stock div.(quar.)
*el
Jun 2 30 *Holders of rec. May 20
Stock dividend (guar.)
62 He Jan. 2 Holders of rec. Dee. 208
Airways Elec. Appliance, corn.(quar.)
'134 Ian. 2 *Holders of rec. Dec. 20
Preferred (quar.)
*2
Dee. 20
Alexander & Baldwin, Ltd. (extra)
150. Dec. 18 Holders of rec. Nov.30
Allegheny Steel, corn.(monthly)
25c Dec. 18 Holders of rec. Nov. 30
Common (extra)
Allied Chemical de Dye Corp. 010m.(qu.) $1.50 Feb. 1 Holders of roe. Jan. 150
Common (one-twentieth sh. corn. stk. (f) Jan. 3 Holders of rec. Dee. 110
134 Jan. 2 Holders of roe. Dec. 110
Preferred (quar.)
Jan. 1 *Holders of rec. Dec. 14
Allied Motor Industries prof. (guar.).- •$1
2)0 Jan. 2 *Holders of rec. Dec. 13
.
Alliance Investment, corn. quar.)
11 Jan. 2 *Holders of roe. Dec. 13
Common payable in corn,stock)
Allied Products Corp., corn. A (guar.).- *8714e Jan. 1 *Holders of rec. Dec. 16
75e. Feb. 15 Holders of roe. Jan. 240
Allis-Chalmers Mfg. corn.(qual.)
63e. Jan. 2 Holders of me. Doe. 19
Aloe(A. S.) Co. common (quar.)
154 Jan. 2 Holders of rec. Doe. 19
Preferred (guar.)
Aluminum Co. of Amer. pref. (quar.)--- •1 34 Jan. 1 *Holders of rec. Dec. 14
•500 Dee. 81 *Holders of reo. Dec. 15
Aluminum Mfrs.. corn. (quar.)
O134 June 30 *Holders of reo. June 15
Preferred (quar.)
•134 Sept. 30 *Holders of rec. sops. le
Preferred (qual.)
•
183 Dee. 81 *Holders of reo. Dec. 18
Preferred (quar.)
75e Jan. 15 Holders of rec. Dee. 27
Amalgamated Elec, Corp., Ltd., pt.(qu.)
134 Jan. 15 Holders of rec. Dec. 31
kmer. Art Wks., corn. & H.(guar.)
Jan. 1 *Holders of roe. Dec. 16
575e
American Bakeries common (guar.).•139 Jan. 1 *Holders of rec. Dec. 16
Preferred (guar.)
Jan. 2 Holders of me. Dec. 106
50e
American Bank Note. corn.(guar.)
Dec. 30 Holders of roe. Dec. 106
$1
Cbmmon (extra)
Dec. 30 Holders of roe. Dee. 100
Common (payable In common Stock) /10
Jan,
2 Holders of roe. Dec. 10a
750
Preferred (Guar.)
$1.75 Jan. 1 Holders of roe. Dee. 204
Amer.Drown Boveri, Elec., prof.(qu.)
Holders of rec. Jan. 316
Feb.
15
51
American Can. corn. (quar.)
154 Jan. 2 Holden, of rec. Dec. Ha
Preferred (guar.)
51.50 Jan. 1 Holders of rec. Dec. 166
Amer. Car & Fdy. common (guar.)
134 Jan. 1 Holders of roe. Dec. 160
Preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 210
Amer. Chain, pref. (guar.)
50e Jan. 1 Holders of roe. Dee. 120
American Chicle, eon]. (qual.)
25e Jan. 1 Holders of roe. Dee. 12a
Common (extra)
13-4 Jan. 2 Holders of roe. Dec. 14
American Cigar pref. (quar.)
Dec. 22
to
Dec. 21 Dec. 1
31
Amer. Coal of Allegany Co.(extra)
60e Dec. 31 Holders of rec. Dec. 12
Amer. Colortype, corn.(guar.)
40e Jan. 15 Holders of rec. Dee. 20
Amer. Commercial Alcohol corn.(quar.)_
Jan. 15 Holders of rec. Dec. 20
12
Common (payable in corn. stock)
$1.75 Feb. 1 Holders of rec. Jan. 10
Preferred (quar.)
Jan.
2 Holders of rec. Dog. 14
40c
Amer. Cyanamid corn. A & B (guar.)._ _
American Depositors Corp.Dec.
31
110
Corporate Trust shares (extra)
500 Dec. 23 Holders of roe. Dee. 120
Amer. Encaustic Tiling. corn,
134 Jan. 2 Holders of rec. Dec. I3a
American Express (guar.)
Dec. 14 Holders of ree. Doe. 5
2
Amer. Fork & Hoe, Wm.(quar.)
Amer. Founders Corp. new corn.(spec.)- 33 1-3c Feb. 1 Holders of rec. Jan. 15
Feb. 1 Holder; of rec. Jan. 15
New common (1-70th sh. corn. stock).
Feb. 1 *Holders of rec. Jan. 15
*AI
Old common (extra)
873-40 Feb. 1 Holders of roe. Jan. 15
7% first Prof. series A (quar.)
Feb.
1 Holders of roe. Jan. 15
87%c
7% first pref. series B (quar.)
700. Feb. 1 Holders of roe. Jan. 15
6% first pref. series D (quar.)
373-5e Feb. 1 }folders of rec. Jan. 15
6% second pref. (quar.)
Amer. Furniture Mart Bldg. pref.(qu.). *139 Jan. 2 *Holders of roe. Dec. 20
Jan. 2 *Holders of 'eo. Dee. 17
*1
(flier. Hardware Corp. (quar.)
Jan. 2 Holders of rec. Dee. 146
$2
Amer. Hawaiian 8.0.common
350. Jan. 2 Holders of roe. Dec. 140
Amer. Home Products Corp.(mthly.)
American Locomotive, corn. (guar.).- $2 Dee. 31 Holders of rec. Dec. 13
15-4 Dee, 31 Holders of rec. Doe. 13
Preferred (quar.)
*50e. Dec. 31 *Holders of roe. Dee. 12
Amer. Maize Products, corn.(quar.)-Dec. 31 *Holders of rec. Dee. 12
•80e.
Common (extra)
*134 Dec. 31 *Holders of roe. Dec. 12
Preferred (quar.)
76e. Dec. 31 Herders of rec. Dee. 15
American Manufacturing, corn. (guar.).
134 Dec. 31 Holders of roe. Dec. 15
Preferred (quar.)
Amer. Pneum. Service, 1st pref.(quar.) •8714c Dec. 31 *Holders or roe. Dee. 21
Dec. 31 *Holders of rec. Dee. 21
O75e.
Second preferred (guar.)
Amer. Radiator & Std. Sanitary Corn.37%c Dec. 31 Holders of roe. Dee. Ila
Common (qual.)
50c. Jan. 15 Holders of rec. Dec. 3I6
Amer. Rolling Mills, corn.(quar.)
$1.25 Jan. 2 Holders of rec. Dee. 100
Amer. Safety Razor (quar.)
7.5e. Jan. 2 Holders of rec. Dec. 116
American Snuff, corn.(quar.)
500. Jan. 2 Holders of rec. Dec. 110
Common (extra)
135 Jan. 2 Holders of rec. Dec. 116
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 156
2
Amer. Shipbuilding, COM.(guar.)
15-4 Feb. 1 Holders of rec. Jan. 15
Preferred (quar.)
75c. Jan. 15 Holders of roe. Jan. 20
Amer. Steel Foundries. corn.(quer.)_ _
134 Dec. 31 Holders of roe. Doe. 14a
Preferred (quar.)
50c. Jan. 2 Holders of rec. Dec. 140
American Stores (quar.)
DEC. 14 1929.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Amer.Sugar Refg.common(guar.)
13‘ Jan. 2 Holders of rec. Deo. 56
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 50
American Surety (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 14a
American Thread, preferred
1234e. Jan. 1 Holders of rec. Nov. 30a
American Tobacco preferred (qua?.)
134 Jan. 2 Holders of roe. Dec. 10a
Amer. Vitrified Products, corn.(quar.)_
500. Jan. 15 Holders of rec. Jan. 4
*Hi Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
American Wringer, corn
75c. Jan. 2 Holders of roe. Dec. 18
Amer. Writing Paper. prof.(quar.)
750. Dec. 31 Holders of rec. Dec. 20
Amer. Yvette Co., pref.(guar.)
*500. Jan. 2 *Holders of rec. Dec. 16
Amer.Zinc, Lead & Smelt. prof.(qu.)_
81.50 Jan. 1 Holders of roe. Dec. 120
Amrad Corp.(guar.)
"25c. Jan. 1 *Holders of rec. Dec. 20
Stock dividend
Dec. 31 *Holders of rec. Dec. 20
"e4
Anchor Cap Corp., corn. (guar.)
60c Jan. 2 Holders of rec. Dec. 206
81.625 Jan. 2 Holders of rec. Dec 20a
Preferred (guar.)
Anchor Post Fence, corn.(guar.)
*50e Jan. 1 *Holders of rec. Dec. 14
Anglo-Persian Oil. corn.(Interim)
Deo. 28 *Holders of roe. Dec. 2
*5
Arcadia Mills common & preferred
*82.50 Jan. 1
Armour & Co. of Del., pref.(quar.)_. 154 Jan. 2 Holders of rec. Dec. 106
Armour & Co.(III.). prof.(guar.)
1,4 Jan. 2 Holders of rec. Dec. 106
Armstrong Cork. corn. (guar.)
•50c. Jan. 1 *Holders of rec. Dec. 16
Common (extra)
•37340 Jan. 1 *Holders of rec. Dec. 16
Arrow-Hart & Ilegeman Elec. com.(qu.) 75e. Jan. 1 Holders of rec. Dec. 16
81.625 Jan. 1 Holders of rec. Dec. 16
Preferred (guar.)
Artloom Corp.. corn. (guar.)
500. Jan. 1 Holders of tee. Dec. 16a
Art Metal Construction (guar.)
•500. Jan. 2 *Holders of rec. Dec. 16
Extra
•3734c Jan. 2 *Holder's of rec. Dec. 11
Associated Breweries. corn.(quar.)
.50e. Dec. 30 Holders of rec. Dec. 14
Preferred (qua?.)
1M Jan. 1 Holders of rec. Dec. 14
Associated Laundries of Am., corn.(qu.)
5c. Jan.
Holders of rec. Nov. 29
Common (payable in common stock)
11
Jan.
Holders of rec. Nov. 29
Associated 011 (guar.)
500. Dec. 3 Holders of ree. Dec. 9a
Associates Investment Co., corn, (guar.) *El Dec. 3 *Holders of rec. Dec. 21
Atlantic Gulf & West Indies 8.8. Lines.
Preferred (qua?.)
Deo. 81 Holders of roe. Deo. 11e
81
Atlantic Refining (guar.)
25e. Dec. 16 Holders of rec. Nov. 21a
Extra
250. Dec. 16 Holders of rec. Nov.216
Atlantic Steel, corn.(guar.)
•134 Dec. 31 *Holders of rec. Dec. 20
Common(extra)
•2
Dec. 31 'Holders of rec Dec. 20
Atl. Terra Gotta Co.,prior pref.(Qum.) _
134 Dec. 16 Holders of rec. Dec. 5
Preferred (guar.)
1
Dec. 23 Holders of roe. Dec. 5
Atlas Powder, corn.(guar.)
$1 Dec. 10 Holders of rec. Nov. 29a
Common (extra)
$1 Dec. 10 Holders of rec. Nov. 29a
Autocar CO., prof.(guar.)
2
Dec. 15 Holders of rec. Dec. 5
Automatic Washer preferred (quar.)- -- •500. Jan. 1 *Holders of rec. Dec. 15
Automobile Finance
*25e. Dec. 20 *Holders of rec. Nov.30
Autostrop Safety Razor. el. A (qua?.)
750. Jan. '2 Holders of rec. Dec. 100
Babcock & Wilcox Co.(guar.)
•134 Jan. 1 *Holders of rec. Dec. 20
Extra
2
Jan. 2 Holders of rec. Dec. 20
Quarterly)
114 Apr. 1 Holders of roe. Mar. 20
Backstay Welt Co.(quar.)
*50e. Jan. 2 *Holders of roe. Dec. 20
Extra
*10c. Jan. 2 *Holders of rec. Dec. 20
Stock dividend
*el
Jan. 2'Holders of rec Dec. 20
Baker (J. T.) Chemical Co., corn. (qu.) *18T(o Dec. 31 *Holders of rec. Dec. 14
Common (extra)
*11Tio Dec. 31 *Holders of rec. Dec. 14
Bakers Share Corp.. corn. Wu.)
'
134 Jan. 1 *Holders of rem Nov. 1
Balaban dt Katz, corn. (guar.)
•750. Dec. 27 *Holders of rec. Dec. 16
Preferred (guar.)
'131 Dee. 27 *Holders of reo. Dec. 16
•1yi Dec. 14 *Holders of rec. Nov. 30
Baldwin Co.6% pref. A (guar.)
Baldwin Locomotive Works, new corn
8714e Jan. 1 Holders of rec. Dec. 130
Preferred
334 Jan.
Holders of rec. Dec. 6a
Baldwin Rubber, pref. A (guar.)
*3714c Dec. 31 'Holders of rec. Dec. 20
Bancroft (Joseph) & Sons Co., com.(gu.) 6214c Dec. 3 Holders of rec. Dec. 16a
Bankers Capital Corp.. prof.(quar.)_..._ *32
Jan. 1 *Holders of rec. Dec. 81
Barker Brothers Corp. corn. (quar.)..
50c. Jan.
Holders of rec. Dec. 146
Convertible preferred (guar.)
134 Jan.
Holders of rec. Dec. I4a
Beath(W.1).1 dc Son, Toronto, class A- 800. Jan.
Holders of rec. Dec. 16
Beatrice Creamery. com.(guar.)
81 Jan. 2 Holders of rec. Dec. 140
Preferred (guar.)
15( Jan.1 2 Holders of rec. Dec. 146
Beech-Nut Packing (qua?.)
750. Jan. 10 Holders of roe. Dec. 24
Belding-Corticelli. Ltd., pref.(guar.).
- 134 Dec. 14 Holders of roe. Nov.30
Beige Canadian Paper. pref. (quar.)_ _
134 Jan. 2 Holders of rec. Dec. 4
Bandit Aviation ,quar.)
50e. Jan. 2 *Holders of rec. Dec. 10
Berry Motor (guar.)
300. Jan. 2 Holders of rec. Dec. 20
Beat & Co. new com.(guar.)(No. 1)
50e Dec. 16 Holders of rec. Nov. 25a
Bethlehem Steel common (guar.)
*$1.50 Feb. 15 *Holders of rec. Jan. 18a
Preferred (guar.)
•13.i Jan. 2 *Holderif of rec. Dec. 6a
Sinks Mfg.,cl. A cony. pref.(guar.)..._ 56iie Jan. 1 Holders of rec. Dec. 20
Bird & Sons (guar.)
*25c. Jan. 2 *Holders of rec. Dec. 26
Blaw-Knox Co. common (extra)
300. Dec. 23 Holders of rec. Dec. 136
Blumenthal(Sidney)& Co.,Ine.pf.(qu.)
13,
1 Jan. 2 Holders of rec. Dec. 16a
Bobbs-Merrill Co.(guar.)
*5631c Mar. 1 *Holders of rec. Feb. 20
Quarterly
*56)ic June 1 *Holders of rec. May 20
Bohack (II. C.) Co., cum.(extra)
*62 tic Dec. lb *Holders of rec. Nov. 30
Bohn Aluminum & Brass (guar.)
750. Jan. 2 Holders of rec. Dec. 136
Eloise Chirp, Oil Corp., class A kquar.)
20e. Dec. 15 Holders of rec. Nov.30
Bonner Company, class A (guar.)
3736 Dec. 31 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 16a
Borg-Warner Corp. common (quar.)..
$1
•$1.75 Jan. 2 *Holders of rec. Dec. 16
Preferred (guar.)
Boston Wharf Co
334 Dec. 31 Holders of rec. Dec. 2
Boston Woven Hose & Rubb., com.(qu.) $1.50 Dec. 16 Holders of rec. Dec. 2
Common (extra)
Dec. 16 Holders of rec. Dec. 2
$2
3
Dec. 16 Holders of rec. Dec. 2
Preferred
*50e. Deo. 2 *Holders of rec. Nov. 16
Brach (E. J.) & Sons (guar.)
50e. Dec. 3 Holders of rec. Dec. 20a
Briggs dr Stratton Corp.(guar.)
•300. Jan.
Brill° Mfg., corn. (guar.)(No. 1)
*Holders of rec. Dec. 15
*50c. Jan.
Class A (guar.)
*Holders of rec. Dec. 15
Brockway Motor Truck pref. (guar.)... .1.1M Jan.
*Holders of roe. Dec. 10
•1%
Brown Durrell Co.,634% pref. (guar.).
1/1/80 *Holders of rec. Deo. 16
Brunswick-Balke-Collender. pref. (tin.). 154 Jan. 1 Holders of rec. Dec. 20
$1
Dec. 14 Holders of rec. Nov. 22
Buckeye Pipe Line (guar.)
250. Jan. 2 Holders of rec. Nov. 27a
Bucyrus-Erie Co., common (guar.)
6234c Jan. 2 Holders of rec. Nov.276
Convertible preferred (guar.)
134 Jan. 2 Holders of rec. Nov. 27a
Preferred (guar.)
25c. Deo. 31 Holders of rec. Dec. 10a
Budd Wheel, corn. (quar.)
13$ Deo. 31 Holders of rec. Dec. 10a
First preferred (quar.)
400. Dec. 81 Holders of rec. Dec. 170
Bullard Co. common (quar.)
•75c. Jan. 2 *Holders of rec. Dec. 20
Burnham Trading Corp.(qu.)(No. 1)
134 Jan. d2 Holders of rec. Dec. 13a
Burns Bros. pref.(quar.)
*50c. Feb. 1 *Holders of rec. Dee. 27
Bush Terminal common (guar.)
Common (payable in common stock) *1134 Feb. 1 *Holders of rec. Dec. 27
*134 Jan. 15 *Holders of roe. Dec. 27
Debenture stock (guar.)
Bush Terminal Bides, preferred (qua?.) *131 Jan. 2 *Holders of rec. Dee. 17
50c. Dec. 24 Dec. 10 to Dec. 25
Butte Copper & Zinc Co
50e Dee. 31 Holders of rec. Dec. 13a
Butte & Superior Mining (guar.)
11( Feb. 1 Holders of rec. Jan. 13a
Byers(A. M.) Co. pref.(guar.)
Byllesby (H. M.) Co. A & B (guar.)_ _
50e Dec. 23 Heide's of rec. Dec 16
$1
Class A & B (extra)
Dec. 23 Holders of rec. Dec. 16
250 Deo. 24 Holders of rec. Dec. 10a
By-Products Coke Corp.(qua?.)
•50o. Jan. 2 *Holders of rec. Dec. 20
California Ink class A
•500. Jan. 2 *Holders of rec. Dec. 20
Class B (guar.)
California Packing Corp.(guar.)
$1 Dec. 16 Holders of rec. Nov. 30o
32.50 Dec. 23 Holders of rec. Dec. 66
Calumet & Arizona Mining ,quar.)
Calumet & Hecht Cons. Copper Co.‘qu.) $1.60 Dec. 31 Holders of rye. Nov. 30a
*500. Jan. 1 *Holders of rec. Dec. 15
Campe Corp. common (guar.)
•500. Apr. 1 *Holders of rec. Mar. 10
Common (guar.)
*134 Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
•134 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Nov. 30
Canada cement. prof. (guar.)
$1.25 Jan. 15 Holders of rec. Jan. 26
Canada Dry Ginger Ale (qua?.)
3714e Dec. 16 Dec. 1 to Dec. 14
Canada Malting (guar.).
Jan. 2 Holders of rec. Dec. 14
Canada Permanent Mtge. Corp.(guar.) 3
Hi Jan. 2 Holders of tee. Dec. 16
Canada Steamship Lines Pref. (guar.)._
$1
Dec. lb Holders of rec. Nov. 30
Canada V Ire A Cable, class A (quar.)
14 Dec. 15 Holders of rec. Nov. 30
Preferred (guar
440. Jan. 10 Holders of reo. Dec. 26
Canaidan Car d0 Fdy.. Ltd., pref.(qu.)
Canadian General Elec.. prof. (qua?.)_ 8734e Jan. 1 Holders of ree. Dec. 14
37340 Jan. 2 Holders of rec. Dec. 16
Canadian Gypsum & Alabaster
Jan.
Carey (Philip) Mfg. common (guar.)... •52
*Holders of rec. Dec. 7
Jan.
*Holders of rec. Dec. 7
Common (payable in common stock)-•12
•11.4 Deo. 81 *Holders of rec. Dee. 21
Preferred ((mar.)
Name of Company.
3759
Per
TVhen
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Canfield 011.cont.& Prof.(guar-)
$1.75 Dec. 31 Holders of roe. Nov.20
Capital Administration Co.. pref. (qu.)_
134 Jan. 1 Holders of rec. Dec. 160
'131 Jan. 2 *Holders of ree. Dec. 20
Carnation Co., pref. (guar.)
•114 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
Carnation Milk Products*1 Jan 2'30 *Holders of roe. Dec. 21
Common (Payable in common stock)
.3734e Jan. 1 *Holders of rec. Dec. 20
Carpel Corp
Carter (William) Co., pref.(guar.)
•134 Dec. 16 *Holders of rec. Dec. 9
134 Jan. 1 Holders of rec. Dec. 120
Case (J. I.) Co., corn. (guar.)
Hi Jan. 1 Holders of rec. Dec. 126
Preferred (guar.)
Celanese Corp. of Amer. let prof
33.50 dJan. 1 Holders of rec. Dec. 17
134 dJan. 1 Holders of rec. Dec. 17
7% cum. prior pref. (guar.)
Celotex Co. common (guar.)
•75e. Dec. 31 "Holders of rec.. Dec. 14
*1.34 Dec. 31 *Holders of rec. Dec. 14
Preferred (guar.)
Central Aguirre Associates (quar.)
37350 Jan. 2 Holders of rec. Dec. 216
Central Alloy Steel Col p., corn.(guar.)_
50c. Jan. 10 Holders of rec. Dec. 246
134 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Central Coal dr Coke pref.(guar.)
Hi Jan. 15 Holders of rec. Dec. 31a
Century Electric Co.common (quar.)
1
Jan. 1 Holders of ree. Dec. 155
*37310 Jan. 1 *Holders of rec. Dec. 20
Chain Store Products pref. (guar.)
Champion Shoe Mach., prof.(guar.)--- *131 Jan. 1 *Holders of rec. Dec. 25
*31310 Jan. 15 *Holders of rec. Dec. 25
Chapman Ice Cream (guar.)
Checker Cab Mfg.(monthly)(No.
Mc. Jan. 2 Holders of rec. Dee. 166
Monthly
Mc. Feb. 3 Holders of rec. Jan. 16a
Mc. Mar. 3 Holders of rec. Feb. 176
Monthly
Chelsea Exchange Corp., Cl. A & B (qu.) 250. Feb. 15 Holders of rec. Jan. 31
25c. May 15 Holders of roe. May 1
Class A & B (quar.)
*6234c Feb. I *Holders of coo. Jan. 15
Cherry-Burrell Corp. corn. (guar.)
Preferred (guar.)
•134 Feb. 1 'Holders of rec. Jan. 15
Cliesebrough Mfg. Consol. (guar.)
$1
Dec. 30 Holders of rec. Dec. 100
Extra
Dec. 30 Holders of rec. Dec. 10a
$1
Chicago Flexible Shaft. corn. (qua?.)_
*Mc. Jan. 1 *Holders of ree. Dec. 20
Common (quar.)
*30e. Apr. 1 *Holders of rec. Mar.20
Common (qua?.)
*Mc. July 1 *Holders of rec. June 20
0300. Oct. 1 *Holders of rem Sept. 20
Common (guar.)
Chicago Pneumatic Tool prof.(quar.)
'87340 Jan. 1 *Holders of rec. Dec. 20
Lhleago Yellow Cab (monthly)
250. Jan. 2 Holders of rec .Dee. 206
Monthly
25c. Feb. 1 Holders of rec. Jan. 206
Monthly
250. Mar. 1 Holders of rec. Feb. 190
Chickasha Cotton 011 (guar.)
75e. Jan. 2 Holders of rec. Dec. 10
Chile Copper Co. (guar.)
87340 Dec. 30 Holders of rec Dee. 46
Extra
$1.50 Dec. 30 Holders of rec. Dec. 4a
Chrysler Corp. (Guar.)
75c. 112130 Holders of rec. Dec. 20
Cincinnati Advertising Products (qu.)._ *50e. Dec. 31 *Holders of rec. Dec. 20
Extra
•31 Dec. 15 *Holders of rec. Dec. I
Stock dividend
•el0 Jan. 15 *Holders of rec. Jan. 1
Cincinnati Ball Crank corn.(guar.)
*25e. Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
*56c. Dee. 31 *Holders of rec. Dec. 15
Cities Service, corn. monthly)
234e Jan. 2 Holders of rec. Dec. 15
Common (payable in common stock). 134 Jan. 2 Holders of rec. Dec. 15
Preference & preference BB (mthly.).
5Gc. Jan. 2 Holders of rec. Dec. 15
Preference B (monthly)
Sc Jan. 2 Holders of rec. Dec. 15
Clark (D. L.) Co.(guar.)
*31140 Jan. 1 *Holders of rec. Dec. 15
Clark Equipment, corn.(quar)
75e. Deo. 16 Holders of rec. Nov. 290
Claude Neon Elec. Prod. (go.)
*26o Jan 1'30 'Holders of rec. Dee. 19
Stock dividend
*3
Jan1'30 *Holders of rec. Dec. 19
Stock dividend
July1'30 *Holders of rec. Jan. 20
*3
Cleveland Automatic Mach., pref. (qu.) 134 Dec. 31 Holders of rec. Dec. 13
Cleveland Builders Supply (guar.)
*50c. Apr. 1 *Holders of rec. Mar. 15
Cleveland-Cliffs Iron pref.(qual.)
$1.25 Dec. 16 Holders of rec. Dec. 5
Cluett, Peabody & Co. pref.
134 Ian. 2 Holders of rec. Dec. 210
Coca Cola Bottling Sec.(guar.)
•250. Jan. 15
Quarterly
•250. Apr. 15
Quarterly
•25e. July 15
Quarterly
•25e. Oct. 15
Coca-Cola Co., common (quar.)
Jan. 1 Holders of rec. Dec. 126
$1
Class A
$1.50 Ian. 1 Holders of ree. Dec. 126
Coca-Cola Internat. Corp., corn.(qu.)_ 32
Jan. 1 Holders of rec. Dec. 126
ClassA
Jan. 1 Holders of rec. Dec. 12
$3
Coen Cos., class A (guar.)
*37310 Jan. 15 *Holders of rec. Dec. 31
Coleman Lamp & Stove common (guar.) il$1.
Jan. 1 *Holders of rec. Dec. 13
Colgate-Palmolive-Peet Co. corn. ((U.). 62140 Jan. 7 Holders of rec. Dec. 16
1 ;1 Joni'30 Holders of rec. Dec. 7
Preferred (guar.)
Colts Patent Fire Arms Mfg. Blum )*50e. Dec. 31 'Holders of rec. Dec. 13
Columbia Invest., corn. (qu.)(No. 1)-- *30c Feb. 1 'Holders of rec. Jan. 25
Columbia River Packers Assn. (quar.) •37340 Dec. 20 *Holders of rec. Dec. 5
Comrnerelal Credit common (quar.)
50e. Dec. 31 Holders of rec. Dec. Ila
Class A convertible (guar.)
75e. Dec. 31 Holders of rec. Dec. lla
634% first preferred (guar.)
134 Dec. 31 Holders of rec. Dec. Ha
8% preferred (guar.)
500. Dec. 31 Holders of rec. Dec. lla
7% first preferred (guar.)
4334e Dec. 31 Holders of rec. Dec. lla
Commercial Credit Co.(Louisiana) Pf
2 Dee. 31 Holders of rec. Dec. 21
Commercial Invest. Trust, COM. (guar.) 40c. Jan. 1 Holders of rec. Dec. 5a
Common (payable In common stock).- 1134 Jan. 1 Holders of rec. Dec. 50
7% first preferred (guar.)
144 Jan. 1 Holders of rec. Dec. 60
634% first preferred(guar.)
134 Jan. 1 Holders of rec. Dec. 56
Cony. preference opt.sec. of 1929(qu.) (u) Jan. 1 Holders of rec. Dec. 54
Comm.Solvents, new corn.(No. 1)(qu.) 25e. Jan. 1 Holders of rec. Dec. 136
Commonwealth & Southern Corti.Community State Corp.. A & B (quar.). 154 Deo. 81 Holders of ree. Deo. 20
Conde Nast Publications, Inc.. com.(gu) 50e. Jan, 2 Holders of rec. Dec. 176
Conduits Co., Ltd., corn. (guar.)
2.36. Jan. 1 Dec. 18 to Dee. 31
Preference (guar.)
134 Jan. 1 Dec. 18 to Dec. 31
Congress Cigar (guar.)
$1.26 Jan. 2 Holders of rec. Dec. 140
Extra
25e. Jan. 2 Holders of rec. Dec. 146
Consolidated Cigar common (guar.).51.75 Jan. 7 Holders of rec. Dec. 204
• Prior preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 150
Consol. Gold Fields of South AfricaAmer. dep. recta, for ord. bearer she- - (1) 'Dee. 18 Holders of rec. Nov. 21
Consolidated Ice (Pittsburgh). uref....- '131 Dec. 15 *Holders of rec. Dec.
Consumers Co., prior preferred (guar.)_ _ *134 Jan. 1 *Holders of rec. Dec. 14
Container Corp. of Am.class A (qua?.)...
300 Jan. 1 Holders of rec. Dec. lla
Preferred (guar.)
13‘ Jan. 1 Holders of rec. Dec. 11
Continental Halting pref.(guar.)
$2
Jan. 2 Holders of rec. Dec. 160
Continental Can, pref.(guar.)
13( Jan. 1 Holders of rec. Dec. 166
Continental Casualty (guar.)
Jan. 2 *Holders of rec. Dec. 14
*4
Continental Diamond Fibre (quar.)
_
750 Dec. 31 Holders of rec. Dec. 140
Continental Shares, Inc., corn.(qu,),,.._
250 Jan. 2 Holders of rec. Dec. 16
Prof. ser.B sh. and cony. pref.(qua?.). 134 Dec. 16 Holders of rec. Dec. 2
Continental Steel Prof. (quar.)____
*1% Jan.
*Holders of rec. Dec. 18
Cookeville Co., Ltd., Prof.(quar.)
I
Dee. 16 Holders of rec. Nov.30
Copper Range Co.(qua?.)
*500. Jan. 1 *Holders of rec. Dec. 14
Coronet Phosphate
134 Jan.
Holders of rec. Dec. 14
Coty,Inc.(guar.)
506. Dee. 3 Holders of rec. Dec. 166
Crane Co., corn. (guar.)
4344e. Dec. 1 Holders of rec. Nov. 30
Preferred (guar.)
1% Dec. 16 Holders of rec. Nov. 30
Croaky Radio (quar.)
250. Jan. 1 Holders of rec. Dec. 200
Stock dividend
M
Deo. 31 Holders of roe. Dee. 80
Crowley Milner & Co.. corn.(guar.).
*50e. Dec. 31 *Holders of rec. Dec. In
Crown Cork Internat. class A (qua?.)..
2543. Jan. 2 Holders of rec. Dec. 10a
Crown Cork & Seal, pref. (guar.)
*68c. Dec. 16 *Holders of rec. Nov.30
Crown Willamette Pap.,com (qu.)(No.1) U.
Dec. 15
First preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 13a
Second preferred (guar.)
$1.50 Jan. 1 Holders of ree. Dec. 13
Crown Zellerbach Corp.,corn.(guar.)._ _
25e. Jan. 15 Holders of rec. Dec. 31a
Crucible Steel, pref. oqua?.)
134 Deo. 31 Holders of rec. Dec. 160
Cuban Tobacco, corn
$1
Dec. 31 Holders of rec. Dec. 14
Preferred
234 Dec. 31 Holders of rec. Dec. 14
Cumberland Pipe Line (wan)
$1
Dec. 16 Holders of rec. Nov.30
Cuneo Press. pref.(guar.)
•134 Deo. 15 *Holders of roe. Deo.
Preferred (guar.)
•134 Mar. 15 *Holders of ree. Mar.
Curtis Manufacturing (guar.)
'6234e Jan. 2 *Holders of rec. Dec. 14
Curtis Publishing. coin. (monthly)
500. Jan. 2 Holders of rec. Dec. 200
Preferred (guar.)
1 114 Jan 1'30 Holders of rec. Dec. 200
Curtiss Aeroplane & Motor (guar.)
500. Dec. 26 Holders of rec. Deo. 10
Cutler-Hammer, Inc. (qua?.)
88c. Dec. 16 Holders of rec. Dec. 56
Stock dividend
e20 Jan. 15 Holders of rec. Jan. 2
David & Frere, Ltd., Canada,el. A (au.) 56e Dec. 15 Holders of rec. Nov. 13
Decker (Alfred)& Cohn Co.. corn.(au). *500 Dec. 16 *Holders of rec. Dec. 5
Deco Refreshment, InC, corn. (011.)---- .25e Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
*871,4e Jan
I Holders of rec. Dee 20
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
•1 Le, Jan. 2 *Holders of rec. Dec. 14
Deere A Co , corn (filar.)
"22.50 Dec. 18 *Holders of rec. Dee. 2
Del. Lackawanna & West. Coal.(qui.)
Dec. 15 Holders of rec. Nov. 30
2
Derk Manufacturing, pref. (finer.)
20c Jan. 2 Holders of rec. Dec. 14
Detroit & Cleveland Navigation (euara_
*20c Dec. 16 *Holders of rec. Nov. 30
Detroit Motor Sus, corn
Diamond Else. Mfg. common (quar.)--- •50e Dec. 30 *Holders of rec. Dee. 20
•500. Dec. 22 *Holders of rec. Dec. 20
Common (special)
Dec. 30 'Holders of ree. Dec. 20
•P2
Common (payable In corn. stock)
*1% Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
Dee, 18 Holders of rec. Nov. 300
2
Diamond Match (tiler.)
Diesel-Wemmer-Gilbert Co., corn. (qu.) "371.4c Dec. 16 "Holders of rec. Dec. 10
Doehler Die Casting 7% pref.(quer.) _ _ _ •87(.4c Jan. 2 *Holders of rec. Dec. 21
*51.75 Jan. 2 *Folders of rec. Dec. 21
57 preferred (quar.)
25c. Jan. 20 Holders of rec. Dec. 310
Dome Mines, Ltd. (finer.)
1% Jan. 2 Holders of rec. Dec. 18
Dominion Glass, corn, & Pref.(M)
1% Dec. 3 Holders of rec. Dec. 23
Dominion Rubber pref. (quar.)
Holders of roe. Dec. 16a
30e, Jan.
Dominion Stores (finer.)
•25e. Dec. 2 *Holders of rec. Dee. 14
Donalioes. Inc.. class A Mar.)
of rec. Dec. 14
*Holders
2
Dec.
•10e.
Class A (extra)
'11-4 Dec. 2 *Holders of rec Dec 14
Preferred (quar.)
*Holders of red. Nov. 30
*81 Jan.
Draper Corp.(gear-)
*Holders of rec. Nov. 30
Jan.
*S1
Extra
*Holders of rec. Dec. 18
Dunham (James H.)& Co.,corn. (qu.) _ _ •1% Jan.
of rec. Dec. 18
'Holders
Jan.
"1%
First preferred (quar.)
*Holders of rec. Dec. 18
*1)4 Jan.
Second preferred (guar.)
Jn 153 Holders of rec. Dec. 310
$1
Dunhill Internat. common. (quar.)
Jo 1530 Holders of rec. Dec. 810
fl
Common (payable In core. stock)
Ap15'30 Holders of reo. Apr. 10
$1
Common (finer.)
Ap15'30 Holders of roe. Apr. la
fl
corn.
in
(payable
Common
stock)
50c. Feb. 15 Holders of rec. Feb. la
Duplan 011k Corp.. corn
Ian. '2 Holders of rec. Dec. 15a
2
Preferred (quar.)
Dee. 14 Holders of rec. Nov. 270
Du Pont(El.) de Hem.& Co., com.(qu $1
70e. Jan. 4 Holders of rec. Nov. 27a
Common (extra)
1)4 Ian. 25 Holders of rec. Jan. 100
Debenture stock (011ar.)
$1.75 FebV30 Holders of res. Dec. 81
Eastern Bankers Corp.. pref. (quar.)
1.12)4 Jan. I *Holders of rec. Dec.. 15
Eastern Gas & Fuel Assoc. pr. pref _ -'1)4 Ian. 1 "Holders of rec. Dec. 15
6% preferred Bluer.)
37%c Jan. 1 Holders of rec. Dec. 16a
Eastern Rolling Mill(guar.)
50e. Jan. 1 Holders of rec. Dec. 16a
Extra
e2 Jan. 1 Holders of rec. Dec. 16a
Stock dividend
Jan. 2 *Holders of rec. Dec. 18
_ "11
Eastern Steamship Lines, corn.(qu.)
•1% fan. 2 'Holders of rec. Dec. 18
First preferred (finer.)
*87 Sic Jan. 2 "Holders of roe. Dec. 18
Preferred (guar.)
25c Dec. 21 Holders of roe. Nov. 20
East Butte Copper Mining Co
East Michigan Steel Fdy.com(in com.stk) 12% Dec. 15 Holders of rec. Dec. 1
Eastern Utilities Investing Corp-$1.25 Jan. 2 Holders of ree. Nov. 30
Prior preferred (guar.)
81.25 Jan. 2 Holders of rec. Nov. 30a
Eastman Kodak, corn. (quar.)
75e Ian. 2 Holders of rec. Nov. 30a
Common (extra)
1)4 Jan. 2 Holders of rec. Nov. 300
Preferred Killar•1
750. Feb. 1 Holders of rec. Jan. 150
Eaton Axle & Spring (finer.)
1 Holders of rec. Dec. 10
6e. Ian
Ecquadorlan Corp., Ltd.. com (quer.) _ _
33i Jan. I Holders of rec. Dec. 10
Preferred
Edison Bros. Stores, Inc., pref. (quar.). 1% Dec. 16 Holders of rec. Nov. 30
1% Dec. 16 Holders of rec. Dec. 20
Eitingon Scheel Co., 1st pref. (quar.)._ _
3754c Dec. 14 Holners of rec. Nov. 29
El Doran() 011 Works (guar.)
50e Jan. 2 Holders of rec. Nov. 20
Extra
Electric Auto-Lite Co.,corn.(quer.) _ _ _ $1.50 Jan. I Holders of rec. Dec. 14a
144 Jan. I Holders of rec. Dec. 14a
Preferred (quar.)
Electric Controller & Mfg., corn. (quar.) $1.25 Ian. 1 Holders of rec. Dec. 20
Elec. Stor Bat.. corn. & pf. (in corn stk 1 100 5 ubi. to elkhldrs, meeting Apr. 16
Electric Storage Battery, corn. & pf.(qu) 51.25 Jan. 2 Holders of rec. Dee. Pa
Emerson Bromo-Seltzer, A (No. 1) (qu.) •50c Jan. 2 *Holders of rec. Dec. 14
.50e. Jan. 2 •Hoirters of rec. Dec. 14
Class B (No. I) ,quar.)
Jan. 2 "Holders of rec. Dec. 14
311
Preferreu (No. 1)
, Dee, 24 Holders of rec. Nov. 30e
50
Emporium Capwell Corp. (finer.)
Endicott Johnson Corp., corn.(quar.)_ _ _ $1.25 Jan. I Holders of rec. Dec. 18a
1% Jan. 1 Holders of ree. Dec. 180
Preferred (fluer.)
311e, Dec. 15 Holders of rec. Dec. 4
Equitable Financial Corp.. el. A (qu.).
Jan, 2 Holders of rec. flee. 20
2)4
Guar
Title
Equitable Mtge.&
234 Jan, 2 Holders of roe. Dec. 20
Extra
Equitable Office Bldg. Corp.,com.(qu.) _ 82%e. Jan, 2 Holders of rec. Dec. 16a
2 Holders of rec. Dec. Its
1% Jan
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 28
2
Erskine-Danforth Corp.. pref. (qu.)
Excellent Tool Corp. common (quar.).__ 0300. Jan. 2 *Holders of rec. Dec. 15
Dec. 15 "Holders of rec. Dec. 1
"1
Exeter 011 (monthly)
75c Dee. 31 Holders of rec. Dec. 12o
Fairbanks itiiirse & 'o , corn. (guar.). _
1
Jan.
Dee. 17
62(.4e
Faultless Rubber (quar.)
154 Dec. 16 Holders of rec. Nov. 250
Federal Mining & Smelt.. Pref. (quar.)
•311e .lan. 2 *Holders of rec. Dec. 14
Federal Mogul Co eorn (friar.)
20c, Jan. 2 Holders of rec. Dee, 18a
Federal Motor Truck (finer.)
Dec. le 'Holders of rec. Dee. 5
*2
Federal Terra Cotta (finer.)
Dec. 16 'Holders of rec. Dee. 5
*2
Extra
Federated Business Publications.82.14c Jan. 2 *Holders of rec. Dec. 20
1st preferred Bluer.)
1% Jan. I Holders of rec. 1 rec. 1
Feltman dr Come Shoe Stores, pf.
50e. Dec. 31 Holders of rec. Dec. 13a
Ferry Cap & Screw, corn.(quar.)
16c. Dec. 30 Holders of rec. Dec. 136
(filter.)
Securities
Fifth Ave. Bus
First Bank Stock Corp. (MinneaPolls)- - *250 Dec. 31 "Holders of rec. Dec. 21
Jan. 2 Holders of roe. Dec, lea
623.4c
(quar.)
corn.
Stores,
National
First
IL, Jan. 1 Holders of rec. Dee. leo
Flontheim Shoe, pref. (quer.)
75c. Dec. 15 Holders of rec. Nov. 300
Follansbee Bros., common (quar.)
I ti Dec. 15 Holders of rec. Nov. 30
Preferred (quer 1
of rec. Dec. 20
Foote Bros. Gear de Mach. corn. (quar.). •300. Jan. I *Holders of
rec. Dec. 20
•1% Jan. 1 "Holders
Preferred (quar.)
of rec. Dec. 5
Holders
16
Dec.
65e.
Foote-Burt Co . corn. (guar.)
*35e. Jan.:, 1 *Holders of rec. Dec. 14
Formica Insulation (guar.)
50o. Jan. 2 Holders of roe. Dee. I2a
Foster Wheeler Corp., corn.(finer.)
51.75 Jan. 2 Holders of rec. Dec. 12a
Preferred (quar.)
'1)4
Dee. 15 *Holders of rec. Nov. 30
(qu.).
pref.
6%
Investment,
Foundation
Jan. 15 Holders of rec. Dec. 30
51
Fox Ellin Co., class A and 11 (finer.)
•134 Jan. 1 "Holders of rec. Dec. 15
Frank (A. B.) Co., pref. (finer.)
•1% Apr. 1 *Holders of rec. Mar. If
Preferred (quar.)
•1% July 1 "Holders of rec. June 15
Preferred Bluer.)
•134 Oct. 1 *Holders of rec. Sept. 15
(finer.)
Preferred
Dec. 1 to Dec. 16
French (Fred F.) Investing Co., pref___. 33.4 Dec. 16
3% Dec. le Dec. 1 to Dee. 16
French (Fred F.) Security Co., pref. _
Holden, of rec. Dec. IS
I
Jan.
$1.50
(qua
pf
pr.
Fuller(George A.)Co.. partle.
1 Holders of rec. Dec. 10
Cum. partic. 2de prefrente (quar.)_ $1.50 Jan.
Holdens of rec. Dec. 6a
16
Dec.
$1.25
(finer.)
Gamewell Co., corn.
30c Jan. 2 fielders of rec. Dee. 14
Garlock Packing, corn. (filler.)
1 *Holders of reo. Dec. 20
General Amer. Investors,8% Pfd.(qu.) •1% Jan. 1 Holders of rec. Dec. 130
Jan.
General Amer. Tank Car, corn. Mar.). $1
11 Jan. 1 Holders of rec. Dee. 110
Common (payable In ems. stociO_ _
16 Holders of rec. Nov. 26a
Dec.
$1
(quar.)
1)(No.
corn.
General Asphalt.
25e. Dec. 30 Holders of rec. Des. 16
General Development Co
134 Jan.d31 Holders of rec. Dec. 16a
General Electric common (quar.)
150. Jan.d31 Holders of rec. Dec. lea
Special stock (quar.)
1Si Jan. 2 Holders of rec. Dec. 14a
General Mills, Inc.. pref. (quar.)
Dec. 12 Holders of rec. Nov. 23s
75e
(quar.)
corn.
Corp.,
General Motors
300. Jan. 3 Holders of rec. Nov. 23s
Common (extra)
1)4 Feb. 1 Holders of rec. Jan. 6a
6% debenture stock (altar.)
134 Feb. 1 Holders of rec. Jan. 6a
6% Preferred (quar.)
1% Feb. 1 Holders of rec. Jan. Oa
7% preferred (quar.)
Ian. 1 *Holders of rec. Dec. 17
.50e.
_
(quar.)__
A
General Paint Corp.. class
'3714e Jan. 1 'Holders of rec. Dec. 17
Class B (quar.)
Holders of rec. Dec. 14
General Public Utilities, pref. (guar.)._ _ $1.75 Jan. 2
Holders of rec. Dee. 100
General Railway Signal, corn. (guar.) _ 81.25 Jan. 1 Holders of rec. Dec. 100
13-4 .lan. 1
Preferred (floar.)
of rec. Dec. 18
General Steel Castings pref. (guar.).- •31.50 Jan. 2 *Holders of rec. Dec. 20
0300. Jan. 1 'Holders
Gerlach-Barklow Co. corn. (quar.)
of rec. Dec. 20
*Holders
1
Jan.
.50c.
Preferred Bluer.)
$1.75 Dec. 18 Holders of rec. Dee. 2
Giant Portland Cement, pref
'75c. Jan. 1 *Holders of rec. Dec. 20
Cladding alcflear Co. corn.(quar.)
Jan. 1 'Holders of rec. Dee. 15
'250
1)
(No.
flarvester(qua
Gleaner Combine
•82.50 dDee.20 *Ifoldera of ree &Dec. 10
Glen Alden Coal (quar.)
12
•500. Jan. 2 *Holders of rec. Dee. 120
Glidden Co., corn. (quar.)
Jan. 2 Holders of rec. Dec.
fl
Corn. (payable In corn. stock)
120
13'4 Jan. 2 'Holders of rec. Dec. 111
Prior, preferred (quar.)
134 Jan. 1 Holders of rec. Dec.
Godchaux Sugars, Inc., Prof. (guar.)._ _
Jan. 1 Holders of rec. Dee 15
Godman (II. C.) Co.(payable In stock). fel
[VoL. 122.
FINANCIAL CHRONICLE
3760
Name of Company.
When
Per
Cent. Payable,
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Goldberg (S. M.) Stores, $7 pref.(quar.) $1.75 Dec. 16 Holders of rec. Dec. 2
•37Sie Jan. 1 'Holders of rec. Dec. 10
Goldblatt Bros., (quar.)
$1.50 Dec. 31 Holders of roe. 1)er. 170
Gold Dust Corp., pref. (guar.)
400. Dec. 10 Holders of rec. Nov. 3f)
Golden Cycle Corp. (quar.)
Goldman Sachs Trading Corp.el% Jan. 2 Holders of rec. Dec. 15
Stock dividend (quar.)
Its Jan. 2 Holders of rec. Dec. 10e
Goodrich (11 F.) Co . pref. over.)
51.75 Jan. 2 "Holders of rec. Dec. 19
Goodyear Textile Mills pref. (quar.)
$1.25 Feb. 1 Holders of reo. Deo. 31a
Goodyear Tire & Rubber, corn.(quar.)
$1.75 Jan. 1 Holders of rec. Nov. 30a
F.r,t ',referred (guar.'
nothalll Silk Hosiery Co., corn. Bluer.).. 62(.4r Ian. 1 Borders of rec Dee. 12a
Jan, 2 Holders of recs. Dec. 20
2
Goulds Pumpe, Inc., common (quar.)___
134 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
"26e Dee. al "Holders of roe Dee. DO
Orson Bared. varnish (quar.)
Dee. 31 Holders of rec. Dec. 17a
$1
Granite City Steel (quar.)
25c. Jan. 1 Heluers of rec. Dec. 120
Dram (W T.) Co., corn. (liner.)
ogle. Jan. 2 *Holders of rec. Dec. 16
Gray Processes Corp
"50e. Jan. 2 *Holders of ree. Dec. 18
Extra
1% Dec. 31 Holders of rec. Dec.413
Great Lakes Towing, corn. (quar.)
Great Northern Iron Ore PropertleeDec. 28 Holders of rec. Dec. 6a
52
CertIfIcatee of beneficial interest
700. Jan. 2 Holder, of rec. Dec. 14o
Great Western Sugar, corn. (finer.)
2 Holders of rec. Dec. 14a
Jan.
134
Preferred (quar.)
Jan. 6 Holders of rec. Dee. 12a
$2
Greene Cananea Copper (finer.)
13-4 Jan. 2 Holders of rec. Dec. 14
Greenfield Tap & Die,6% pref.(qua
Jan. 2 Holders of rec. Dee. 14
2
8% Preferred (quar.)
800. Jan. 1 Holders of rec. Dec. 15
Greif Bros. Cooperage, corn. A (quar.).Jan. 2 *Holders of rec. Dec. 16
*50c.
(finer.)
Co.
Crigsby-Grunow
.50e. Mar. 1 *Hold. of roe. Feb. 18'39
Gruen Watch, common (quar.)
'1)4 Feb. 1 *Hold, of roc Jas. 21 '$O
Preferred (quar.)
rtdria
GuEnz
an-Detrolt Group, Inc., Mar.). *50e. Dec. 31 *Holders of rec. Dee. 10
.25c. Dec. 31 *Holders of rec. Dee. 10
Guenther Publishing Corp.(annual) _ _ _ _ $50 Jan. 2 Holders of rec. Dec. 16
500. Jan. 2 Holders of rec. Dec. 20
Guenther (Rudolph)-Russell Law, Inc_ _
Jan. 2 Holders of rec. Dee. 160
1
Gulf StatesSteel,
(finer.)
134 Jan. 2 Holders of me. Dec. 18a
Preferred (floor.)
25c. Jan. 2 Holders of rec. Dec. 20
Habirshaw Cable & Wire (quar.)
•373-41' Dec. 16 *Holders of rec. Des. 2
hall
Lunn, Co. (finer.)
'l2 3.4c Dec. 16 •Holt,ers of lee. Dee. 2
Extra
(C.M.)
Hamilton Bridge (Canada) pf. (qu.)- 134 Feb. 1 Holders of reo. Jan. 15
1% Jan. 1 Holders of rec. Dee. 20
Francs(P. H.) Knit., pref. (quar.)
Hanna (M. A.) Co.. lot pref. (quar.)_
134 Dec. 20 Holders of rec. Dem 50
134 Dec. 31 Holders of rec. Dec. 31
Hansen Storage (Milwaukee), common
Dec. 31 Holders of rec. Dec. 31
4
First and second preferred
1% Jan. '2(1 Holiiers of rec. Jan. 100
flarbison-s% rioter /tetra, ,Ire% (qtrar.)_
Harnischfeger Corp., corn. (qu.)(No. 1) *45c. Jan. 1 *Holders of rec. Dec. 15
•51.75 Jan. 1 *Holders of roe. Dec. 15
Preferred (filler.)
Jan. 1 Holders of rec. Nov. 150
Hawaiian Pineapple (stock dividend) - e20
Jan. 2 Dee 2$ to Jan. 1
Flayee Body Corp. (finar.) (Pay. in MI 2
*25e Dee. 15 'Holders fe rec. Nov. 15
Hecht Mining (filler.)
51.25 Jan. 2 Holders of rec. Dee. 100
Helmet (George W.) Co. corn. (quar.)
Jan. 2 Holders of rec. Deo. 106
$2
Common (extra)
1% Jan. 2 Holders of rec. Dec. 100
Preferred Bluer.)
75c, Deo. 24 Holders of reo. Dec. 130
Hercules Powder common (finer.)
Deo. 24 Holders of rec. Dee. 13a
$I
Common (extra)
35c Dee. 27 Holders of rec. Dee. 22
Hi beard.8 pence,Bartlett & Co.(nith ly.)
562 Sic Ian. 2 Holders of rec. Dec. 16a
Flolland Furnace, corn. (quar.)
25c Ian. 2 Holders of rec. Dee. lea
Common (extra)
'3% Ian. 2 *Holders of rec. Dec. 16
Pr•rerred
•50e. Dec. 18 *Holders of rec. Dec. 5
Honolulu Corso!. 011 (quar.)
*50c. Dee, 16 "Holders of rec. Dec. 5
Extra
.60e Dec. 31 *Holders of rec. Deo. 15
Heekins Mfg.(guar.)
*60c. Dec. 31 *fielders of rec. Dec. 15
Extra
floudallle-Hershey Corp., cl. A (quar.). '62 tie Jan. 2 *Ilolders of rec. Dee. 20
'50c. Jan. 2 *Holders of rec. Dec. 20
Class II (quar.)
Household Finance Corp.
75e, Jan. 15 Holders of roe. Dec. 31a
Participating pref.(finer.)
12 Jic Jan. 15 Holders of rec. Dec. 310
Participating pref. (extra)
Jan. 2 Holders of reo. Dec. 140
50e.
Household Products (extra)
51.25 Jan. 2 Holders of roe. Dec. 110
(I raison Motor Car (guar.)
•50c. Jan. I *Holders of rec. Dec. 12
Humble OH& Refining (guar.)
"b0c. Dec. 14 *Holders of rec. Nov. 14
Hydro-Elec. Securities. coin.(quar.)_-250 Ian. 2 Holden; of rec. Dee. 10
Ilygrade Lamp. corn. (quar.)
Jan. 2 Holders of rec. Dec. 10
51.625
Preferred )quar.)P
•60e. Jan. 15 *Holders of reo. Jan. 3
Illinois Brick (quar.)
*60e. Apr. 15 *Holders of rec. Apr. 3
Quarterly
.60e. July 16 *Holders of rec. July 3
Quarterly
•60e. Oct. 15 *Holders of rec. Oct. 3
Quarterly
Dec. 4
to
Dec. 18 Nov IS
Sill
()Oriole Pipe Line
Imperial Tob. of Canada, ord. Interim,.. *FiSic. Dec. 30 *Holders of rec. Dec. 6
.11k•. Dec. 30 *Holden' of rec. Dee. 6
Final
Improved Glass Process, founders shares *30e. Dec. 20 *Holders of reo. Dee. 14
, of ree. Nov. 25
Bk. I >ye. 20 iloider,
eeorporittpd I ev,tors (extra/
50c. Jan. 2 Holders of reo. Dee. 20
Industrial Acceptance common (quar.)
134 Jan. 2 Holders of ree. Deo. 20
First preferred (quar.)
Jan. 2 Holders of roe. Dec. 20
2
Second preferred Bluer.)
50e. Jan. 2 Holders of rec. Dee. 20
&mond preferred (extra)
Dec. 31 Holders of ree. Dec. 96
$1
Ingersoll Rand Co. common (special)
Jan, 2 Holders of rec. Dec. 96
3
• Preferred
Jan. 6 fielders of rec. Dec. 19a
Inspiration Consol. Copper Co.(finer.) _ _ $1
fusee Utilities Investment
*SI 37 Jan. 2 *Holders of rec. Dec. 16
Prior preferred (filar.)
81.50 Jan. 10 Holders of rec. Dec. 21a
Internat. Business Machines (guar.)._
Jan. 10 Holders of roe. Dec. 2I0
e5
Stock dividend
Dec. 31 Holders of reo. Dec. 110
51
International Cement common (quar.)
Jan. '2 Holders of rec. Dec. 20
i morn:atonal Equities Corp. cl. A (qu.) _ 87
lan. 15 Holders of eve Dee. 24a
8234c
(floor.)
_
.
international tlarvester. ewe.
Jan. 15 Holders of rec. Dec. 280
International Match common (quar.).--51
15 IIolders of rec. Dec. 260
Jan.
$1
Participating Preferred (guar.)
25e. Dec. 31 Holders of roe. Nov. 30a
Internat. Nickel of Canada, corn. (qu.)
Dec. 20 Holders of rec. Dec. 12
$1
International Paint (Canada) A & IS. _
25e. Dec. 16 Holders of coup. No. 23
Internat. Petroleum bearer stock
250. Dee. 16 Dee. 8 to Dec. 16
Registered stock
75c. Fel). 1 Holders of rec. Jan. 136
Internat. Printing ink, corn.(quer.)- 14 Feb. 1 1folders of red.. Jan. 13a
Preferren (guar.)
•650. Dec. 15 *Holders of rec. Nov. 25
Internat. Proprietaries class A (quar.)
•10o. Deo. 15 "Holders of rec. Nov. 25
Class A (extra)
1% Jan. '2 Holders of tee Dee. lea
International Salt (quar.)
75e. Jan. 2 Holders of rec. Dec. 10
International Shoe, corn. ((War.)
50e Jan. 2 Holders of ree. Dec. 15
Preferred (monthly)
134 Jan. I Holdere of rec. Dec. 120
International Silver, pref. (qu.)
I nternittlonal Tea Stores, Ltd.
Amer. dep rights for ord, reg. shs _ _ _ *.te12 Jan. II *Holders of rec. Dec. 14
750. Jan. 2 Holders of rec. Dec. 7
International Text Book
Jan. 2 Holders of roe. Dec. 18
2
Intertype Corp. lst pref.(finer.)
Jan. 2 Holders of res. Dec. 16
3
Second preferred (guar.)
Dec. 16 Holders of rec. Dec. 10
150.
(quar.)
Investment Fund of N. J.
50e. Jan. 1 Holders of rec. Dec. 160
Investors Equity, corn. (qual.)
Jan. 1 Holders of rec. Deo. 16
$3
Se preferred See. A
52.75 Jan. 1 Holders of rec. Dec. 16
$5.50 preferred Set. B
•50c. Mar. 1 *Holders of rec. Feb. 15
Iron Firemen Mfg.(extra)
50c. Dee. 31 Holders of roe. Nov. 30
Isle Royale Copper Co.(quar.)
'750. Jan. 2 *Holders of rec. Dee. 14
Jefferson Electric, corn. (quar.)
75c Jan. 15 fielders of rec. Dee. 3I0
Jewel Tea, common (quar.)
750. Jan. 18 Holders of rec. Dec. 280
Johns-Manville Corp.. corn. (qtutra
144 Jan. 2 Holders of roe. Dec. 120
Preferred (quar,)
*50c. Jan. '2 *Holders of ree. Nov. 15
Joint investors, common A (finer.)
•25e. Jan. 2 *Holders of rec. Nov. 15
Common A (extra)
•e400 Dec. 20 *Hoidens of rec. Dec. 10
Common A (stock dividend)
fan. 2 *fielders of rec. Nov. 15
"53
Preferred
13-4 Jan, 2 Holders of rec. Dec. 130
Jones & Laughlin pref. (quer.)
*15c. Dec. 31 "Holders of rec. Dee. 21
Kalamazoo Vegetable Parchment (qu.) _
50e. Dec. 15 Holders of roe. Nov. 30
Katz
,ra
(fil er.)Coit
(e
)rn. (quer.)(No. 1)
co
25c. Dec. 16 Holders of rec. Nov. 30
Co Drugm raon
$1.625 Jan. 1 Holders of rec. Dee. 14
Preferred
1% Jan. 2 Holders of rec. Dec. 10
Kaufmann Dept. Stores, pref.(quer.)- 082340 Jan. 15 *Holders of roe. Dee. 31
Kawrieer Company (guar.)
Kelly Island Lime & ransport (quar.).. 82 Sic Ian. 1 Holders of tee. Dec. 20
50e. Jan. 1 Holders of rec. Dec. 20
Extra
50c. Jan. 2 Holders) of rec. Dee. 200
Kelsey-Hayes Wheel, corn. (fiber.)
$1.25 Jan. 2 Holders of roe. Nov. 290
Kennecott Copper Corp. (qual.)
DEC. 14 19291
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Kenneth Mfg.(guar.)
•25e. Jan. 2 *Holders of rec. Dec. i4'
Kilburn Mill(guar.)
•1
Dec. 16 *Holders of rec. Nov. 3
Kimberly-Clerk Corp.. corn.(guar.)- 823.4c Jan, 1 Holders of rec. Dec. 12a
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 12a
Common (eafia)
50c. Jan. 1 Holders of rec. Dec. 12a
King Philip Mills(guar.)
'134 Jan. 2 'Holders of rec. Dec. 20
Extra
"5
Dec. 24 'Holders of rec. Dec. 3
Kinney (G. R.) Co., Inc., corn.(qu.)_ _
25e. Jan. 2 Holders of rec. Dec. 170
Knapp-Monarch Co.. corn
50c. Dec. 20 Holders of rec. Dec. 10
Preferred (guar.)
8134e. Jan. 1 Holders of rec. Dec. 16
Knox Hat. cont.(guar.)
*51.50 Dec. 16 "Holders of rec. Nov. 15
Now corn, non-voting (guar.)
"51.50 Dec. 16 "Holders of rec. Nov. 15
Koppers Gas & Coke, pref (guar.)
"114 Jan. 2 'Holders of rec. Dec. 11
Kraft-Phenix Cheese, corn. (guar.)
3734c Jan. 1 Holders of rec. Dec. I20
Preferred (guar.)
134 Jan. 1 Holders of rec. Dee. 120
Kresge (S. S.) Co.. corn.(guar.)
40e. Dec. 31 Holders of rec. Dec. 10a
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 100
Kuppenheimer (B.) & Co.. corn
SI Jan. 2 Holders of rec. Dec. 240
Laboratory Products (quar.)
•75c. Jan. 2 'Holders of rec. Dec. 20
Stock dividend
•e3
Jan. 15 'Holders of rec. Dec. 20
Lake Erie Bolt & Nut (quar.)
750. Dec. 15 Holders of rec. Nov. 20
Lake Shore Mines, Ltd. (quar.)
30c. Dec. 16 Holders of rec. Dec. 2
Lambert Co. (guar.)
52 Jan. 2 Holders of rec. Dec. 170
Lamson & Sessions, coin.(guar.)
623.4c. Dec. 15 Holders of rec. Nov. 20
Common (extra)
51
Dec. 15 Holders of rec. Nov. 20
Landers, Frary & Clark ((Mara---- •713e. Dee. 31 •Holdare of rec. Dee. 21
Lane Bryant.Inc, new com.(qu.)(No. 1)_
50c. Jan. 1 Holders of rec. Dec. 16
Langendorf United BakeriesClass A and B (quar.)
•50c Jan. 30 *Holders of rec. Dec. 30
Leath & Co. common (No.))
•250. Dec. 31 'Holders of rec. Dec. 20
Preferred (guar.)
.87 4, Jan. 2 'Holders of rec. Dec. 15
Lehigh Portland Cement, pref. (quar.)
134 Jan. 2 Holders of rec. Dec. 14a
Lehigh Val. Coal Corp. pref. (quar.)
75c Jan, 2 Holders of rec. Dec. 12a
Lehigh Valley Coal Sales (guar.)
90e Dec. 31 Dec 13
to
Dec. 31
Lerner Stores Corp., corn.(guar.)(No.1) •50c Dec. 16 *Holders of rec. Dec. 6
Leslie California Salt (guar.)
•56e Dee. 15 'Holders of rec. Dec. 2
Lessings, Inc.(guar.)
25c Dec. 31 Holders of rec. Dec. 11
Extra
50 Dec. 31 Holders of rec. Dec. 11
Libby McNeil & Libby, preferred
"33.4 Jan. 1 *Holders of rec. Dec. 20
Liberty Shares Corp.stock dividend
•el
Dec. 31
Stock dividend
•el
Mar.3I $
Liggett ee Myers Tobacco. pref. (qu.)___
134 Jan. 1 Holders of rec. Dec.
Lily Tulip Cup Corp., coin.(qu.)(No. 1) 373.c Dec. 16 Holders of rec. Dec. 10
2
Preferred (quar.)
134 Dee. 31 Holders of rec. Dec. 16
Lindsay Light, Pref. (guar.)
'134 Jan. 4 'Holders of rem Dec. 21
Liquid Carbonic Corp.(guar.)
"51
Feb. 1 *Holders of rec. Jan. 20
Loetv's,
ommon (quar.)
75c Dec. 31 Holders of rec. Dec. 130
Common
Inc.,iextra)
The. Dec. 31 Holders of rec. Dec. 130
Loose-Wiles 131scult, 1st pref. (quar.)_ _ _
134 Jan. 1 Holders of rec. Dec. 18a
Lord dr Taylor. corn .(quar.)
234 Jan. 2 Holders of rec. Dec. 170
Lorillard (P.) Co., pref. (guar.)
134 Jan. 2 Holders of rec. Dec. lila
Loudon Packing (guar.)
'75c Jan. 2 "Holders of rec. Dec. 16
Stock dividend
"c25
Feb. I *Holders of rec. Jan. 15
Lunkenhelmer Co. corn. (guar.)
•373.4e Dec. 14 *Holders of rec. Dec. 4
Preferred (guar.;
•1% Dee. 31 *Holders of rem Dee. 21
Lyons-Magnos. the.. el. A ((lltar.)
'373'4c Jan. 1 "Holders of rec. Dec. 15
Mactadden Publications preferred
"S3
Jan. 10 'Holders of rec. Dec. 31
Slack Trucks, inc. (luar.)
$1.50 Dec. 31 Holders of rec. Dec. 160
Macy (R. II.) & Co , corn.(quar.)
50e Feb. 15 Holders of rec. Jan. 2,I0
Common (payable in corn. stock)
f5 Fr.b. 15 Holders of ree. Jan.'29a
Magnin (1.) & Co.(quar )
•37
ian. 15 "Holden of rec. Dec a.
Mallinson (II
)& Co., pref (guar.)
134 Ian, 1 Holders of rec. Dee. 2(1.J
Manhattan Shirt preferred (guar.)
14 Jan, 2 Holders of rec. Dec. 16
Manischewtte (B.) Co.. con, (in stk .)_ _ _ ...ft
Mar. 1 "Hoiden' of rec. Feb. 20
Com (pay in corn. stock)(guar.)._ _ . •0
June 1 'Holders of rec. May 20
Si ft's. & Merchants Securities corn. A pi ti) '373.4c Jan. 2 'Holders of rec. Dec. 16
Prior preferred (guar.)
'51.75 Jan. 15 *Holders of rec. Jan. 2
Mapes Consol. Mfg.(guar.)
750. Jan. 1 Holders of rec. Dec. 16
merchant Calculating Mach. (quar.)
'40e Jan. 15 *Holders of roe. Dee. 31
Margay Oil Corp.(quar.)
50c Jan. 10 Holders of rec. Dec.
Marine Midland Corm (qu.)(No. 1)___ _ "300 Dec. 31 'Holders of rec. Dee. 20
2
Mascot Oil (monthly)
•1
Dec. 25 'Holders of rec. Dec. 15
Mathieson Alkali Works, corn. (guar.)._
50c. Jan. 2 Holders of rec. Dec. 176
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. 170
Maytag Co. common (guar.)
37%c Jan. 1 Holders of rec. Dec. 146
Common (extra)
500 Jan. 1 Holders of rec. Dec. 140
MeColl-Frontenac 011, Ltd
the. Dec. 15 Holders of rec. Nov. 15
McKee (A. 0,) <SE Co. class A (quar.)..75c. Jan, 1 Holders of rec. Dec. 20
McKeesport Tin Plate common (guar.). Si
Jan. 2 Holders of rec. Dec. 166
Common (extra)
500. Jan. 2 Holders of rec. Dec. 160
McKesson & Robbins. Inc..pf. ser.A(q.) 871....e, Dee. 16 Holders of rec. Dee. 20
Mead Johnson & Co. (quar.)
"75e. Jan. 1 *Holders of rec. Dec. 15
Extra
•25c. Jan. 1 "Holders of rec. Dec.
Mercantile Discount pref. A (guar.)... _ "50e. Jan. 2 *Holders of rec. Dec. 15
Merchants & Miners Transit. (guar.)... "6214c Dec. 31 "Holders of erc. Dec. 15
14
Merck Corp., preferred (qum.)
51 Jan. 2 Holders of rote. Dee. 17
Mergenthaler Linotype (quar.)
01.50 Dec 31 Holders of rec. Dec. 4a
Extra
250. Dec. 31 Holders of rec. Dee. 46
Mesta Machine common (guar.)(No.1)_ .53
Jan. 1 "Holders of rec. Dec. 16
Common (extra)
.$1
Jan. 1 *Holders of rec. Dec. 16
Metalcraft Corp. common (special)
.10e. Dec 2 "Holders of rec. Dec. 10
Metal Textile Corp., corn.(qu.)(No. I).
25e. Jan. 15 Holders of rec. Jan. 1
Participating preferred (extra)
25e. Jan. 15 Holders of rec.
Metro-Goldwyn Pictures, pref.(quar.)_. 47%c Dec. 14 Holders of rec. Jan. 1
Nov. 300
Metropolitan Ice preferred
*Mc. Jan. 2 "Holders of rec. Dec. 14
Metropolitan Paving Brick, Pref. (qu.)._
1 34 Jan. 1 Holders of rec. Dec. 13
Metropolitan Title Guaranty (No. 1)_
$1
Jan. 2 Holders of rec. Dec. 15
Mexican Petroleum common (guar.)._ _ _ *3
Ian. 20 'Holders of ree. Dec. 31
Preferred (gum.)
•2
Jan. 20 'Holders of rec. Dec.
Midland Royalty Corp.. $2 pref.((M.)- *50e. Dee. 16 *Holders of rec. Dec. 31
5
Midland Steel Products common (guar.) Si
Jan, 1 Holders of ree. Dec. 12
Common (extra)
71c. Jan. 1 Holders of rec. Dec. 12
Preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 12a
Preferred (extra)
134 Jan. 1 Holders of rec. Dee.
Midland United Co.. corn. (in corn. stk.) 1134 Dec. 24 Holders of rec Nov. 12a
30
Nlidvale Co. (guar.)
51
Jan. 1 Holders of rec. Dec. 14
Milgrim (H.) & Bros.. Inc., pt. (qua
$1.75 Jan, 1 Ilolders of rec. Dec. 10a
Miller & Hart, Inc., pref.((luar.)
'87 Sic Jan. 1 *Holders of rec. Dec. 15
Miller (I.) at Sons, corn.((uar.)
50e. Jan. 1 Holders of rec. Dec. 14
Milner Co.. Inc.. common ((luar.)
"25c. Jan. 1 'Holders of rec. Dee. 16
ineapolls-Honeewell Bag, coin
$1.50 Feb. 15 Holders of rec. Feb. 4a
Mining Corp. of Canada
. 121.4c. 1)ec. 19 Holders of rec. Dec. 4
Minneapolis Honeywell Regula. (extra).
50e. Feb. 15 Holders of rec. Feb. 4a
Mock, Judson, Voehringer Co. pf.
. (qtr.). 1% Jan. 1 Holders of rec. Dec. 14
Mohawk Carpet Mills (guar.)
75c. Dec, 31 Holders of rec. Dec. 10a
oloney Electric common A (guar.)
Dec. 20 Holders of rec. Dec. 5
Si
Monighan Mfg., corn. A O(oar.)
•45e. Jan. 1 *Holders of rec. Dec. 20
Monroe Chemical, corn.(guar.)
37 Sic Jan. 1 Holders of rec. Dec. 14
Preferred (guar.)
87 Sic Jan. 1 Holders of rec. Dec. 14
Monsanto Chemical Works (guar.)
31340 Jan. 2 Holders of rec. Dee. 14a
Stock dividend (guar.)
el% Jan. 2 Holders of rec. Dec. 14a
Montgomery Ward & Co., class A (qu.)_ •$1.75 Jan. 1 'Holders of roe. Dec. 21
Montreal Cottons, 1.td., corn. (guar.)
154 Dec. 15 Holders of rec. Nov. 30
Preferred ((liar.)
134 Dee. 15 Holders of rec. Nov. 30
Montreal Loan & Mortgage (atmr.)
Dec. 16 Holders of rec. Nov. 30
3
Morrell (John) & Co.. corn.(guar.)
90e, Dec. 15 Holders of rec. Nov. 26
ortgage-Bond Co. (guar.)
Dec. 27 Holders of rec. Dec. 23
2
Mother Lode Coalition Mines
20e. Dec. 31 Holders of rec. Dec. 9a
afountaIn Producers (guar.)
400. Jan. 2 Holders of rec. Dee. 14a
Muskegon Piston Ring (guar.)
Jan. 2 Holders of rec. Dec. 15
Muskogee Company
Dec. 14 Holders of rec. Dec. 4
$4
Myers(F. E.) & Bros. Co., coin.(guar.)
500. Dec. 31 Holders of rec. Dec. 146
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 14
Nachmann-Springfield (guar.)
.75c. Jan. 2 *Holders of rec. Dec. 16
Nat. Belles-Hess, new coin.(guar.
250. Jan. V' holders of ree.Jan.2'30a
el
Stock dividend (guar.)
Jan. 15 Holders of rec. Jan. 2a
National Biscuit. corn. (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 30a
National Breweries common (guar.).- $I
Jan, 2 Holders of rec. Dec. 16
Preferred (qua?.)
134 Jan. 2 Holders of rec. Dec. 16
National Brick preferred (guar.)
I % Dec. 16 Holders of roe. Nov 30
National Candy common (guar.)
4334e Jan. 1 Holders of rec. Dec. 126
First and second preferred
134 Jan. 1 Holders of rec. Dec. 12a
Name of Corrapcmg.
3161
Wkim
Per
Coal. Parable.
Books Ck..se•
Days Inclusive.
Miscellaneous (Confintiedl,
National Dairy Products, corn.(Qua?.)..
50c Jan. 2 Holders of rec. Dec. 3a
Common (payable in corn. stk.) (qu.)_ 11
Jan. 2 Holders of rec. Dec. 3a
Corn.(payable In corn. stock (quar.)
fl
Apr. 1 Holders of rec. Mar. 30
Cora. (payable In corn. stock) (qua?.). fl
July 1 Holders of rec. June 3a
Corn.(payable in corn, stock) (guar.)_ .fl
Oct. 1 Holders of rec. Sept. 3a
Preferred A (guar.)
.13( Jan. 1 'Holders of rec. Dec. 3
National-Erie Co. class A (guar.)
.50e. Jan. 1 'Holders of rec. Dec. 15
National Fireproofing common
2
Jan. 6 Holders of rec. Dec. 14
National Grocers, pref
Dec. 31 Holders of rec. Dec. 21
3
Netionel Investors.
24 Jan. I Holders of rec. Dec. 10
% pref
Nattonal Lead, corn. (guar.)
134 Dec. 31 Holders of rec. Dec. 13a
Preferred A (guar.)
134 Dec. 14 Holders of rec. Nov. 29a
Preferred class B (guar.)
114 Feb. 1 Holders of rec. Jan. 17a
National Securities (stock d)vidend)_. 0
,10
'Holders of rec. Nov. 30
National Standard Co.(guar.)
•75e. Jan. 2 'Holders of rec. Dec. 20
Extra
•25e. Jan. 2 'Holders of rec. Dec. 20
National Steel Car
50e. Jan. 2 Holders of rec. Dec. 20
National Sugar Refining (guar.)
50e. Jan. 2 Holders of rec. Dec. 2
National Supply Co., coin. (extra)
52 Dec. 24 Holders of rec. Dec. 146
National Surety (guar.)
$1.25 Ian. 2 Holders of rec. Dec. 170
National Tea common (quar.)
500. Jan. 1 Holders of rec. Dec. 14
National Transit (guar.)
•25e. Dec. 16 "Holders of rec. Nov. 30
Extra
"25e. Dec. 16 •Holaers of rec. Nov. 30
Nebel(Oscar) Co., Inc., common Paul
6214c Jan. 2 Holders of rec. Dec. 14a
Neill Corporation, lit pref Mar.) -'5 1,314 Jan. I 'Holders of rec. Dec. 16
Neptune Meter, cl. A & B (guar.)
50c. Dec. 16 Holders of rec. Dec. 2
Nevada Consol. Copper Co. (guar.) _ _
75e. Dec. 31 Holders of rec. Dec. 136
Newberry (J. J.) Co., corn ((uar.)
"27 Sic Ian. 1 'Holders of rec. Dec 16
New Haven Clock common (guar.)
371-ic Jan. 1 Holders of rec. Dec. 21
Newton Steel common (guar.)
75c, Dec. 31 Holders of rec. Dec. 200
Preferred (guar.)
•$1.50 Jan. 31 'Holders of rec. Jan. 15
New York Investors 1st pref
Jan. 15 Holders of rec. Jan. 6
3
New York Transit (guar.)
400. Jan. 15 Holders of rec. Dec. 27
Extra
100. Jan. 15 Holders of rec. Dec. 27
New York Transportation, corn. (guar.) •500. Dec. 28 'Holders of rec. Dec. 13
Nichols Copper Co., class A (quar.)- '4334e Jan. 2 'Holders of rec. Dec. 20
NobIltt Sparks Industries (guar.)
'75e. Jan. 1 *Holders of rem Dec. 20
Stock div.(6% pay. 13.4% quar.) .•el 54 Jan. 1 "Holders of rec. Dec. 20
Niagara Share Corp. common (qua?.)
•124c Jan. 15 *Holders of rec. Dec. 31
Nickel Holdings Corp. (guar.)
600. Jan. 3 Holders of rec. Nov. 300
Nipissing Mines, Ltd. (guar.)
'734c. Jan. 20 'Holders of rec. Dee J31
Noranda Mines (guar.) (No. 1)
75e. Jan. 2 Holders of rec. Dec. 10
North American Creameries corn. A(qu.) 'Mc. Dee. 31 'Holders of rec. Dec. 18
North American Provision, pref. (guar.) '134 Jan. 2 *Holders of rec. Dee. 10
North Central Texas Oil pref (quar.)14 Ian. 2 Holders of rec. Dec. 10
Northern Paper Mills common (quar.).. •50c. Dee. 31 *Holders of rec. Dec. 15
Northern Pipe Line
$2
Jan. 2 Holders of rec. Dec. 16
Northland Greyhound Lines (No. I)_.. "70e len. 1 "Holders of rec. Dec. 20
Northwest Bancorp.. corn. (guar.)
•45e. Jan. 1 'Holders of rem Dec. 20
Ohio Confection (guar.)
31 4c Dee. 16 Holders of rec. Dec. 6
Ohio Electric & Controller (guar.)
•14 Dec. 14'Holders of rec. Dec. 10
Ohio Oil (Qua?.)
"&0c. Dec. 14 'Holders of rec. Nov. 15
Extra
•50c. Dec. 14 "Holders of rec. Nov. 15
Ohio Seamless Tube pref.((uar.)
1.4 Ian, 2 Dee. 14 to Jan. 1
Oil Shares, Inc., common ((luar.)
37340 Dec. 20 Holders of rec. Dec. 100
Oliver Farm Equip, contr. pref. (qua?.).
750. Jan. 1 holders of rec. Dec. 100
Prior pref. series A (guar.)
51.50 Jan. I Holders of rec. Dec. 10a
°aver United Filters, Inc. el. B (qu.)_
*50e. Jan. 2 "Holders of rec. Dec. 20
Omnibus Corporation, prof. (guar
2
Jan, 2 Holders of rec. Dee. 130
Oneida Community corn. dr pfd.(qu.)
4334c Dee. 14 Holders of rec. Nov. 30
Otis Elevator, pref. (guar.)
I
Jan. 15 Holders of rec. Dec. 310
Otis Steel. corn. ,quar.)
623.4c Jan. 1 Holders of rec. Dec. 1/la
Preferred Mar.)
134 Jan. 1 Holders of rec. Dec. 19a
Ovington's participating preferred
400. Jan. 1 Holders of rec. Dec. 14
Owens Illinois GlassCommon (payable In common stock) _
Jan, 1 Holders of rec. Dec. 160
15
Preferred ((uar.)
"134 Jan. 1 "Holden* of rec. Dec. 16
Pacific American Co. (guar.)
'50c Feb. 1 'Holders of rec. Nov. 18
Pacific Associates ((luar.)
"lade Feb. 15 "Holders of roe. Jan. 31
Pacific Coast Glass common (quar.)..
"300 Jan. 15'Holders of ree. Dec. 31
Common (extra)
"el
Dec. 20 'Holders of rec. Dec. 2
Pacific Portland Cement corn. (speclal)- •2
Dee. 18 *Holders of roe. Dee. 14
esekard Motor Car .
15e. Dec. $1 Holders of res. Deo. 120
Paepcke Corp., corn. (guar.)
'134 Feb. 15 'Holders of rec. Feb. 8
Preferred (guar.)
'14 Jan. 1 *Holders of rec. Dec. 24
Page-llershey Tubes, I.td., corn.(qu.)_ 51
Jan. 2 Holders of rec. Dec. 20
Preferred (quo?.)
14 Jan. 2 Holders of rec. Dec. 20
Paraffine Cos (guar.)
$1
Dec. 27 Holders of rec. Dec. 17
Stock dividend
Dec. 27 Holders of rec. Dec. 17
2
Paramount Famous Lasky Corp.
Common (guar.)
750 Dec. 28 Holders of rec. Dec. 6a
Park & Tliford, Inc. (guar.)
75c Jan. 19 Holders of ree. Dec. 30a
Stock dividend
1
Jan. 14 Holders of rec. Dec. 30a
Quarterly
75e Apr, 14 Holders of rec. Mar. 290
Stock dividend
Apr, 14 Holders of rec. Mar. 29a
1
Patine Mines & EnterprisesInterim div.-4 shillings, equal to .9733
Dec. 24 Holders of ree. Dec. 70
Penick & Ford, Ltd., common
25c Dec. 16 Holders of rec. Dec. 2a
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 13a
Penney (J. C.) Co. pref.((mar.)
$1.50 Dec. 31 Holders of rec. Dec. 20a
Penn-afex. Fuel
Dec 1 'Holders of rec. Dec. 5
031
Penn Traffic
7%I% Feb. 1 Holders of rec. Jan. 15a
Perfection Stove (monthly)
"37,,e Dec. 3 *Holders of rec. Dec. 18
Pet Milk common (guar.)
31 tie Jan. 1 Holders of rec. Dec. lla
Preferred (quer.)
1 Holders of rem Dec. 11
134 Jan
Petroleum Corp of Am.(qu.) (No. I). 37 Sic Dec. 31 Holders of rec. Dec. 2
Petroleum Exploration ((uar.)
"50e. Dec. 16 'Holders of rec. Dec. 5
Extra
"25c. Dec. 16 *Holders of rec. Dec. 5
Pettibone Mulliken Co. pref. (guar.)... *134 Jan. I *Holders of rec. Dec. 21
Phelps Dodge Corp. (guar.)
75c Jan. 2 Holders of rec. Dec. 66
Philippe (Lou(s) Inc class A (guar.) _ _
400 Jan, 1 Holders of rec. Dee. 19
Phillip, Petroleum (guar.)
50e Jan. 2 Holders of rec. Dec. 166
Stock dividend
e5
Holders of rec. Dec. 16a
Pickwick Corp.. 5% pref. ((uar.)
2
Dec. 25 Holders of rec. Dec. 15
Pie Bakeries of Am.clas.s A (guar.)
50e. Jan. 1 Holders of rec. Dec. 14
Preferred ((uar.)
1 N Jan. 1 Holders of rec. Dec. 14
Pittsburgh Plate Glass, corn. (gum.).-- *50e. Dec. 31 "Holders of rec. Dec. 10
Common (extra)
Dec. 31 "Holders of rec. Dec. 10
*S1
Pittsburgh Steel common (guar.)
•1
Jan. 2 *Holders of rec. Dee. 26
Pittsburgh Steel Foundry common (qu.) •25c. Jan. 15'Holders of rec. Jan. 2
Common (extra)
•250. Jan. 15 *Holders of roe. Jan. 2
Preferred (guar.)
"14 Jan. 2 Holders of rec. Dee. 15
Pittaniont Copper Co., corn
250. Dee. 20 Holders of rec. Nov. 20
Plymouth Cordage (guar.)
0134 Jan. 20 "Holders of rec. Dec. 31
Extra
•I 4 Dec. 20 'Holders of rec. Dec. 4
Poly met Mfg.,new corn(pay.in com.stk.) el
Jan. 2 Holders of rec. Dec. 20
Port Alfred Pulp & Paper, pref.(quar.)_ _
14 Dec. 15 Holders of rec. Nov.
Porto Rican Amer. Tobacco el. A (qu.) _ _ $1.75 Jan. 10 'Holders of rec. Dec. 30
Class A (sect accumulated dividends) _ •51.75 Jan. 10 "Holders of rec. Dec. 20
20
Powdrell & Alexander. Inc., corn,(speca) $1
Dec. 16 Holders of rec. Dec. 2
Preferred (guar.)
0114 Jan. 2'Holders of rec. Dec. 18
Prairie Oil & Gas (guar.)
500. Dec. 31 Holders of refl. Noe. 306
Extra
250. Dec. 31 Holders of rec. Nov. 306
Prairie Pipe Line (guar.)
75c. Dec. 31 Holders of rec. Nov. 306
Extra
50c.
Dec. 31 Holders of rec. Nov. 306
Pratt & Lambert Co. (guar.)
'51
Jan. 2 "Holders of rrc. Dec. 16
Extra
*51
Jan. 2'Holders of rec. Dec. 16
Premier Gold Mines ((uar.)
60. Jan. 4 Holders of rec. Dec. 11
Pressed Metals of Amer.. prof.
_ '134 Jan. 1 'Holders of rec. Dec. 12
Pressed Steel Car, pref. (guar.)
134 Dec. 31 Holders of rec. Dec. 20
Procter & Gamble Co. pref.(guar.)
134 Dee. 14 Holders of roe. Nov. 250
Pro-phy-lac-tie Brush. pref.(guar.)
134 Dec. 18 Holders of rec. Nov. 30
Public Investing Co. (guar.)
25e. Dec. 16 Holders of rec. Nov. 15
Extra
12 tie. Dee. 16 Holders of rec. Nov. 15
Pure 011 5Si% pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 10
6% Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 10
8% Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 101
Quaker Oats common (guar.)
'$1
Jan. 15 *Holders of rec. Dec. 31
Preferred (quer.)
'1)4 Feb. 28 *Holders of rec. Feb. 1
nay bestos-Manhattan, Inc. ((uar.) _ _ _ _
65e. Dec. 16 Holders of rec. Dec. 20
Real Silk Hosiery Mills, corn. (quar.)_
$1.25 Jan. 2 Holders of rec. Dee. 130
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 130
3762
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
*3734o Dec. 15 *Holders of roe. Nov.30
Reeves(Daniel) Inc. com.(guar.)
.0131 Dec. 15 *Holders of reo. Nov.30
Preferred (guar.)
Reliance Grain (Canada) pref. (qua?.)... 1M Dec. 15 Holders of roe. Nov.30
Reliance Mfg.(Illinois) common (guar.). •3734c Jan. 1 *Holders of rec. Dec. 19
*14 Jan. 1 *Holders of rec. Dec. 19
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 15
Reliance Mfg. (Massillon, 0.) (guar.).- $1
50c. Jan. 1 Holders of rec. Dec. 7a
Remington-Rand Co. corn.(special)._
1 Holders of rec. Dec. 76
Jan.
14
First preferred (guar.)
Jan. 1 Holders of rec. Dec. 7a
2
Second preferred (guar.)
*Holders of rec. Dee. 7
1
Jan.
prof.
1st
*154
Remington Typewriter
(MO
Jan. 1 *Holders of rec. Dec. 7
*2
Second preferred (guar.)
200. Jan. 2 Holders of rec. Dec. 106
Reo Motor Car common (guar.)
Jan. 1 Holders of rec. Dee. 106
al
Republic Brass class A (guar.)
14 Feb. 1 Holders of roe. Jan. 10o
Preferred (guar.)
35e. Jan. 2 Holders of rec. Dec. 14
Republic Investing pref. (quar.)
1M Jan. 2 Holders of rec. Dee. 126
Republic Iron & Steel, pref. (guar.)
•750. Jan. 15 *Holders of rm. Jan. 1
Republic Supply (guar.)
Apr. 15 *Holders of ree. Apr. 1
•750.
Quarterly
•750. July 15 *Holders of roe. July I
Quarterly
*75c. Oct. 15 *Holders of rec. Oct. 1
Quarterly
Jan. 1 Holders of rec. Dee. 106
Revere Copper & Brass class A (guar.).- 31
14 Feb. 1 Holders of rec. Jan. 106
Preferred (guar.)
Jan. 1 Holders of rec. Dec. lba
$3
Reynolds Investing $6 pref
Reynolds(R. J.) Tobacco75c. Jan. 2 Holders of rec. Dec. 180
Common and common B (guar.)
•4334c Feb. 1 *Holders of rec. Jan. 4
Richfield 011, preferred (guar.)
15
Rich ice Cream Co., common (ex(ra)... •250. Feb. 1 *Holders of rec. Jan.
75c. Jan. 1 Holders of rec. Dec. 20
(guar.)
Richman Bros. common
*5.50. Jan. 2 *Holders of rec. Dec. 14
Rike-Kumler Co. common
'134 Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
Hold.of rec. Jan.6 1930
Cr)
$1
Rio Grande 011
Deo. 18 Holders of reo. Dec. 14
$1
Rogers Paper Mfg., class B
Holders of rec. Dec. 20
1
Jan.
750.
(quar.)____
common
Tool,
Jr
Ross Gear
250. d.lan. 2 Holders of rec. Dec. 136
Royal Baking Powder. common (quar.)_
134 dJan. 2 Holders of roe. Dec. 136
Preferred (guar.)
Dec. 15 Holders of rec. Dec. 1
Royalty Corp. of Am. part. pl.(mthly.) 1
g Dec. 15 Holders of rec. Dec. 1
Participating preferred (extra)
Dec. 14 Holders of rec. Nov.30
$1
Co
Ruberold
Dec. Ila
Safeway Stores, Inc., common (guar.). m$1.25 Jan. 1 Holders of rec.
Jan. 2 *Holders of rec. Dec. 21
*53
Bt. Croix Paper preferred
Mar. 20
to
8
Mar.
20
Mar.
50c.
St. Joseph Lead Co.(guar.)
250. Mar. 20 Mar. 8 to Mar. 20
Extra
500. June 20 June 10 to June 20
Quarterly
25c. June 20 June 10 to June 20
Extra
50c. Sept.20 Sept. 10 • to Sept.21
Quarterly
250. Sept. 20 Sept. 10 to Sept.21
Extra
50c. Dec. 20 Dec. 10 to Dec. 21
Quarterly
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
St. L. Rocky Mtn.&Pao Co.,corn.(qu.) 50c. Dec. 30 Holders of rec. Dec. 166
14 Dec. 30 Holders of rec. Dec. lea
Preferred (auar.)
134 Jan. 2 Holders of rec. Dee. 13
St. Maurice Valley Corp.. pref. (qu.)
St. Regls Paper, new common (guar.).- 25e. Jan. 2 Holders of rec. Dec. 10
134 Jan. 2 Holders of rec. Dec. 10
Preferred (guar.)
*10e. Jan. 2 *Holders of rec. Dec. 15
Salt Creek Consol 011 (guar.)
*150e. Jan. 1 *Holders of rec. Dec. 10
Sangamo Elec., corn. (guar.)
*14 Jan. 1 *Holders of rec. Dec. 10
Preferred (guar.)
'1(4 Feb. 15 *Holders of rec. Feb. 1
2d pref.(quar.)
Savage Arms
50c Dec. 15 Holders of rec. Nov.30
(quar.)
Corp.,
Schiff Co. common
14 Dec. 15 Holders of rec. Nov.30
Preferred (guar.)
Schlesinger (B. F.) Sons Co. cl. A (qu.)_ *3734c Jan. 2 *Holders of rec. Dec. 15
*134 Jan. 2 *Holders of rm. Dec. 15
Preferred (quar.)
*374c Dec. 30 *Holders of rec. Dec. 16
Schletter & Zander, corn.(guar.)
*1234c Dec. 30 *Holders of rec. Dec. 10
Extra
Jan. 2 Holders of rec. Dec. 126
a
Schulte Retail Stores, pref. (quar.)
350. Dec. 31 Holders of rec. Dec. 176
Scott Paper, common (guar.)
Dec. 31 Holders of rec. Dec. 17a
12
In
common
stock).
Common (payable
Jan. 1 *Holders of rec. Dec. 16
*51
Scoville Mfg.(guar.)
Scruggs-Vandervoort-Barney Dry Goods
Jan. 2 Holders of rec. Dec. 21
3
First preferred
334 Jan. 2 Holders of rec. Dec. 21
Second preferred
Feb. 1 Holders of rec. Jan. 15o
el
(qua?.)
&
Co.
Roebuck
stock d1v.
Sears.
May 1 Holders of rec. Apr. 140
el
Stock dividend (guar.)
100
qecond National Investors. pref. ((Ia.).- $1.25 Jan. 1 Holders of rec. Dec.
18 Holders of rec. Nov. 30
Dec.
1234c
Segal Lock & Hardware, corn.(guar.)...
150
Selected Industries $535 prior stock (qu.) 51.375 Jan. 2 Holders of rec. Dec.
650. Jan. 1 Holders of rec. Dec. 18
Service Stations, Ltd., Can., cl. A (qu.)_
Dee.
7
roe.
of
*50e. Jan. 1 *Holders
Sheffield Steel, corn. (guar.)
Jan. 1 *Holders of roe. Dec. 7
*fl
Common (Payable in corn, stock).
7
Dee.
rec.
of
*Holders
1
Jan.
*1)(
Preferred (guar.)
35c. Dec. 31 Holders of rec. Dec. ba
Shell Union 011 Corp. corn. (guar.)
9
Dec.
rec.
of
Holders
2
Jan.
194
(guar.)
pref.
cony.
534% cum.
rec. Dec. 14
Sherwin-Williams Co. Canada com.(qu.) 400. Dec. 31 Holders of
Sc. Dec. 31 Holders of rec. Dec. 14
Common (extra)
rec. Dec. 14
of
Holders
31
Dec.
134
Preferred (guar.)
*50c. Dec. 15 *Holders of rec. Nov.30
Signal Royalties(guar.)
rec. Nov. 22
of
*Holders
2
Jan.
*50c.
(special)
Simmons-Boardman Pub.
40e. Dec. 14 Holders of rec. Nov. 296
Simms Petroleum (quar.)
50c. Jan. 15 Holders of rec. Dec. 14a
Sinclair Consolidated 011 (guar.)
500. Dec. 16 Holders of rec. Nov. lba
Skelly Oil (guar.)
Sloss-Sheffield Steel & Iron, pref.(guar.) 134 Jan. 2 Holders of rec. Dec. 20
Dec. 15 Holders of roe. Dec. 5
624c
(qua?.)
Smallwood Stone
$1.25 Dec. 20 Dec. 1 to Dec. 11
Solar Refining
75e. Dec. 15 Holders of rec. Dec. 10
Southern Acid & Sulphur
Dee. 31 *Holders of reo. Dec. 2
*51
Southern Pipe Line
.50e. Dec. 30 *Holders of roe. Dec. 14
South Penn Oil (guar.)
Dec. 30 *Holders of rec. Dec. 14
•1234
Extra
500. Jan. 2 Holders of rec. Dec. 100
South Porto Rico Sugar DOM.(/1/1M.)-Jan, 2 Holders of rec. Dec. 106
2
Preferred (guar.)
Southwest Dairy Products, Prof. (guar.) *14 Jan. 1 *Holders of reo. Dee. 10
$1 Dec. 31 Holders of rec. Dec. 16
South West Pa. pipe Lines (guar.)
50e. Jan, 15 Holders of rec. Dec. 28a
Bpald1ag (A. G.) & Bros.. com.(quar.).
iIC Jan. 1 Holders of rec. Dec. 146
Spans, Chalfant & Co., Inc.. pt. (cru.)._
250. Dec. 31 Holders of rec. Dec. 16a
Sparks-WIthington Co.common (guar.).
134 Dec. 18 Holders of rec. Dec. 6
Preferred (guar.)
75e. Dee, 31 Holders of rec. Deo. 15
Sparta Foundry Co., com. (guar.)
50c. Deo, 31 Holders of rec. Dee. 15
Common (extra)
Jan. 15 Holders of tee. Dec. 31
125
Common (payable in common stock).
*55c. Dec. 31 *Holders of rec. Dec. 30
Square D Co. class A (quar.)
2 Holders of roe. Dec. 6a
Jan.
3734c
RAO
com.
Standard Brands,
$1.75 Jan. 2 Holders of tee. Dec. 6a
Preferred series A (guar.)
Holders of rec. Nov. 20
Dec.
20
$I
(guar.)
Chemical
Standard
rec. Dec. 16a
Standard Commercial Tobacco com.(qu.) 25e. Jan. 2 Holders of
*34 Jan. 2 *Holders of rec. Dec. 18
Preferred
rec. Dec. 15
of
*Holders
2
Jan.
*50c,
Standard Dredging prof. (qtlar.)
824e Dec. 16 Holders of roe. Nov. 18a
Standard 011 (Calif.) (guar.)
roe. Nov. 16o
of
Holders
18
Dec.
2
stock)
in
(payable
Extra
'62340 Dec. 18 *Holders of rec. Nov. 16
Standard 011(Indiana)(Qum.)
16 *Holders of rec. Nov. 16
Dec.
•250.
Extra
500. Dec. 18 Holders of roe. Nov. 30a
Standard Oil (Kansas)(quar.)
25e. Dec. 16 Holders of rec. Nov. 306
Extra
Dec. 31 Dec. 17 to Dee. 30
•40c.
(q*Iar.)
Standard 011(Kentucky)
•40c. Dec. 31 Dee. 17 to Dec. 30
Extra
Dee. 20 Nov.30 to Dee. 20
8234c
(quar.)
Nebraska
of
011
Standard
250. Dec. 20 Nov.30 to Dee. 20
Extra
250. Dee. 18 Holders of reo. Nov. 156
Standard 011 of N. J.(guar.)
25e. Dec. 18 Holders of rec. Nov. 15a
Extra
400. Dec. 18 Holders of rec. Nov. Ito
Standard 011 (N. Y.)(Qum.)
Jan. 2 Holders of roe. Dee. 8
824o.
(quar.)
corn.
(Ohio)
Standard 011
Standard Royalties Wetumka Corp.
lo. Dec. 14 Holders of rec. Nov.30
Preferred (monthly)
Standard Royalties Wewoka Corp.
lc. Dec. 14 Holders of rec. Nov.30
Preferred (monthly)
Corp.
Wichita
Royalties
Standard
lc. Dec. 14 Holders of rec. Nov.30
Preferred (monthly)
131 Jan. 1 Holders of rec. Dec. 18
Standard Textile Products pt. A (qu.)
Jan. 1 Holders of rec. Dec. 18
134
Preferred class B (guar.)
of rec. Dee. 18
Standard Textile Products, pref. A (V.) 131 Jan. 2 Holders
Jan. 2 Holders of reo. Dee. 16
134
B
Preferred (guar.)
of rec. Nov. 18
Holders
14
Dec.
Stanley Works common (in corn. stock). *125
ree. Jan. 7
Steel Co.of Canada corn. & pt.(guar.)_ _ 4340 Feb. 1 Holders of
of rec. Dec. 20
*Holders
1
Jan.
.500.
Prof.
(guar.)
Truck
Sterling Motor
[vol. 129.
FINANCIAL CHRONICLE
Noose of Company,
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Stewart-Warner Corp.Feb. 15 Holders of rec. Feb. 56
e2
New $10 par stock (in stock)
Jan. 15 Holders of rec. Dec. 18a
$2
Stone Jr Webster, Inc
Jan.
2 Holders of rec. Dee. 16
374c
1)
(No.
com.(qu.)
Inc.
Strauss (Nathan)
Strawbridge Jr Clothier 7% pf.(qu.)_.... *14 Jan. I *Holders of rec. Dec. 15
•75c. Dee. 21 *Holders of rec. Dec. 10
Stroock (8.) Co.(guar.)
25c. Dee. 16 Holders of roe. Nov. 35a
Bun Oil, corn. (quer.).
Dec. 16 Holders of rec. Nov. 25a
19
Corn. (payable In corn. stock)
Jan. 1 Holders of rec. Dec. 23
*274c
(qu.)
A
el.
Cement
Portland
Superior
Jan. 1 Dec. 11 to Jan. 9
2
Swift Jr Co. (guar.)
824c Jan. 2 Holders of rec. Dec. 10
Taylor Milling (guar.)
•15c. Feb. 1 Holders of rec. Jan. 17
Teck Hughes Mines (guar.)
25e. Dec. 18 Holders of rec. Nov. 30a
Tennessee Copper & Chem. Corp.(qu.)_
750. Jan. 1 Holders of rec. Dee, 66
Texas Corporation (guar.)
Dec. 18 Holders of rec. Dee. 2a
$1
Texas Gulf Sulphur (auar.)
5o
Texas Pacific Coal Jr 011 (pay-1n stock).... e234 Dec. 31 Holders of rec. Doe.
2 Holders of rec. Dec. 20a
Jan.
400.
_
1)__
(No.
(guar.)
Thatcher Mfg. com.
Jan. I Holders of roe. Dec. 106
31
Third National Investors Corp., com
.300. Jan. 1 Holders of roe. Dec. 20
Thompson Products clam A&B (quar.)
*300. Jan. 1 Holders of roe. Dee. 20
Class A&B (extra)
•131 Mar. 1 Holders of rec. Feb. 20
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 10
51.50
((mar.)
pref.
Inc.
Thompson Spa
Thompeon-Starrett Co., Inc., pfd.(cm.) 874c. Jan. 1 Holders of reo. Dec. 11
9a
Ttde-Water Assoc. Oil, pref. (quar.)___ - 134 Jan. 2 Holders of rec. Dee.
200. Dec. 31 Holders of rec. Dec. 9a
Tide-Water 011, COM.(guar.)
15c. Jan. 2 Holders of rec. Dec. 20a
Timken Detroit Axle, corn.(qu.)
cl5e. Jan. 2 Holders of rec. Dec. 20a
Common (extra)
flea. 20 Holders of rec. Dee. 5
$1
Todd Shipyards (guar.)
Dec. 1
Traung Litho. & Label class A (Uttar.) *3734c Dec. 15 eHolders of rec. Dec.
16
Jan. 1 Holders of rec.
14
(guar.)
Tr -Continental Corp. pref.
824c Jan. 2 Holders of rec. Dec. 20
Trims Products Corp., com.(guar.)
26a
Dec.
rec.
of
Holders
15
Jan.
300.
(guar.)
Co.
Steel
Truscon
Mar. 6 Holders of roe. Jan. 80
e8
Stock dividend
Dec. 18 Dee. 1 to Dee. 18
3
Tudor City Eighth Unit, new we!
Chicago
Bldg..
Twenty Wacker Drive
•$1.50 Jan. 15 *Holders of rec. Dec. 31
Preferred (quar.)
Jan. 2 Doe. 21 to Dee. 31
4
Ulan Jr Co.8% preferred
334 Jan. 2 Dee. 21 to Dec. 31
734% preferred
Underwood Elliott Fisher Co.
$1.25 Dee. 31 Holders of rec. Dec. 12a
Common (guar.)
14 Dee. 31 Holders of ree. Dee. 12a
Preferred (guar.)
$1.75 Dec. 30 Holders of rec. Dee. 30
Preferred series B (guar.)
850. Jan. 1 Holders of rec. Nov. 290
Union Carbide Jr Carbon (guar.)
•25c. Dec. 31 *Holders of rec. Dee. 23
Union Twist Drill, corn.(guar.)
*14
Dec. 31 *Holders of rec. Dec. 23
Preferred (guar.)
reo. Dee, 10a
United Aircraft Jr Transport, pref.(qu.) 750. Jan. 1 Holders of
334 Jan 1'30 Holders of rec. Dee. 16
United Carbon. partlo. pref.(quar.)
rec. Dec. 130
of
Holders
2
Jan.
134
United Dyewood Prof. (guar.)
United Founders Corp.
of
reo. Nov.30
Holders
2
Jan.
stock
corn.
share
Corn.(1-17th
Jan. 2 Holders of reo. Dec. 4a
51
United Fruit (guar.)
15e. Dec. 18 Holders of roe. Dee. 2
United Pacific Corp. partio.pf.(mthly.)_
131 Jan, 2 Holders of roe. Dec. 20o
United Piece Dye Wks. 34% pf.
11.4 Jan. 2 Holders of rec. Dec. 20
United Securities, Ltd. pref.(ea.)
250. Dec. 31 Holders of rec. Nov. 27
1).
(No.
(qu.)
A
corn.
Plan
Thrift
United
Dec. 310
U. S. Cast Iron Pipe Jr Fdy.,corn.,(qu.) 50e. Jan. 20 Holders of rec.
300. Jan. 20 Holders of rec. Dec. 310
First Jr second pref. (guar.)
Dee. 130
rec.
of
Holders
1
Jan.
34
U.S. Distributing new pre:
•40c. Dec. 31 *Holders of rec. Dec. 14
U.S. Gypsum common (guar.)
Dec. 14
rec.
of
*Holders
31
Dec.
'134
Preferred (guar.)
14 Jan. 2 Holders of rec. Dee. 100
U.S. Leather, prior pref. (guar.)
Jan. 1 *Holders of coo. Dee. 21
*51
U. S. Playing Card (guar.)
*260. Jan. 1 *Holders of roe. Dec. 21
Extra
$1.25 Dec. 18 Holders of roe. Nov. lba
U.S. Realty Jr Improvement
14 Dee. 30 Holders of rec. Nov. 300
(guar.)
corn.
U.S. Steel Corp.,
I Dee, 30 Holders of rec. Nov. 30a
Common (extra)
Jan. 2 Holders of roc. Dee. 16a
SI
U. S. Tobacco common (guar.)
Jan. 2 Holders of rec. Dee. 160
134
Preferred (guar.)
Dec. 27
United Thrift Plan, A (guar.)(No. R.-- •250. Dec. 31 *Holders of rec. Dec.
20
Holders of rec.
1
(monthly).
Inc.
Radio,
Coln
Universal
20
Dee.
rec.
of
Holders
1
Special
*50c Jan. 2 *Holders of rec. Dec. 13
Universal Products (quar.)
Holders of roe. Nov. 15
'Upper Canada Investment Trust, p1.(qu) 131
Dec. 31 Holders of rec. Dec. 130
$4
Utah Copper (guar.)
Dec. 31 Holders of rec. Dec. 13a
$4
Extra
Dee. 20 Holders of roe. Nov.30
51
Vacuum Oil (guar.)
250 Dee. 20 Holders of rec. Nov.30
Special
Dee. 17 Holders of rec. Dee. 14
14
(guar.)
Valvoline 011 common
Jan. 1 Holders of rec. Dee. 18
2
Preferred (quar.)
Dec. 31 *Holders of rec. Dee. 20
n1
Vanadium Alloys Steel
Dec. 16 Holders of rec. Dec. 2a
51
Vanadium Corp. (extra)
Van de Kamm Holland2 *Holders of rec. Dec. 18
Jan.
*50c.
Dutch Bakers (guar.)
*80c. Dec. 15 *Holders of rec. Dec. 1
Viking Pump Prof. (guar.)
*50c. Jan. 2 *Holders of rec. Dec. 14
Vogt Mfg. (guar.)
*500 Apr. 1 *Holders of rec. Mar. 15
Quarterly
50c. Jan. 2 Holders of roe. Dec. 18
Vortex Mfg.. corn
134 Jan. 20 Holders of rec. Jan. 96
(qua?)
Vulcan Detinning pref.
Jan. 20 Holders of rec. Jan. 9a
84
Preferred (acc't accum. dim.)
134 Jan. 20 Holders of fee. Jan. 9a
Preferred A (guar.)
Jan. 20 Holders of rec. Jan. 9a
89
Preferred (acc't accum dim)
'134 Ian. 2 *Holders of rec. Dec. 19
Wahl Co.. Pref.(guar-)
Dee. 30 *Holders of roe. Dec. 14
•360.
Warm Jr Bond. clam B (guar.)
374c Jan. 2 Holders of rec. Dee. 20a
Waldorf System Inc. corn.(guar.)
Jan. 2 Holders of rec. Dec. 20
20e.
Preferred (guar.)
•134 Jan. 1 *Holders of rec. Dec. 20
Walgren Co. pref. (guar.)
Walker (Hiram), Gooderham
260. Dec. 18 Holders of roe. Nov. 30
Jr Worts (Var.)
50c. Dee. 16 Holders of rec. Dee. ba
Walworth Co.. com.(guar.)
Dec. 31 Holders of rec. Dec. 20
75e.
Preferred (guar.)
50c. Jan. 15 Holders of rec. Dee. 31a
Warner Co., corn. (guar.)
50o. Jan. 15 Holders of rec. Dec. 310
Common (extra)
14 Jan. 2 Holders of rec. Dec. 20a
Preferred (guar.)
500. Jan. 2 Holders of roe. Dee. 126
warner-Quinlan Co.,corn.(guar.)
Jan. 2 Holders of roe. Dee. 18a
2
Warren Bros., corn. ((mar.)
Jan. 2 Holders of rec. Dee. 18a
1
Common (extra)
750. Jan. 2 Holders of rec. Dee. 18a
First preferred (quar.)
87340. Jan. 2 Holders of rec. Dee. 18
Second preferred (quar.)
50e. Jan. 2 Holders of rec. Dec.d14.4
Warren Foundry Jr Pipe (guar.)(No. 1).
*50e. Jan. 1 *Holders of me. Dec. 15
Waukesha Motors common (guar.)
Waysgamack Pulp Jr Paper (qua?.)230. Jan, 2 Holders of rec. Nov. 15
For month of December
2 Holders of rec. Dec. 200
Webster Eisenlohr, Inc., pref. (qu.)--- 134 Jan. 18 *Holders of rec. Nov. 30
'50. Dec.
Wellington 011 (guar.)
*Holders of reo. Nov.30
18
'Sc.Deo.
Extra
500. Jan. 1 Holders of rec. Dee. 14a
Wesson Oil Jr Snowdrift, CO/D
'134 Jan. 6 *Holders of rec. Dec. 20
West Coast Oil pref. (guar.)
of rec. Dec. 20
Western Grocers, Ltd.(Canada). Pf.(gu) 134 Jan. 15 Holders of
rec. Dee. 144
14 Jan. 2 Holders
Western Reserve Invest. part. Pt. (qu.)
Holders of rec. Dec. 14a
western Res. Inv. Corp.6% pref.(qu.). 14 Jan. 2 Holders
roe. Dec. 18a
of
2
Jan.
300.
Westmoreland, Inc. (guar.)
20e. Deo, 16 Holders of reo. Dee. bo
Special
of rec. Dee. 180
Holders
2
Jan.
80c.
Special
Dec. 15 Holders of rec. Dec. 10
10
Willard(W.E.) Jr Co.. Inc., common_
Jan. 2 Holders of rec. Dec. 16
Will Jr Hamner Candle. pref. (guar.).- 2
Weston Electrical Instrument,
25c. Jan. 2 Holders of roe. Dec. 190
Common O(mar.) (No. 1)
50e. Jan. 2 Holders of tee. Dee. 19a
Clam A (guar.)
Jan. 2 Holders of rec. Dec. 18
2
West Point Mfg.(guar.)
Jan. 2 Holders of rec. Dec. 18
1
Extra
Jan. 1 Holders of rec. Dec.d14a
50e.
Wextark Radio Stores, COM.(guar.)._
of rec. Dec. 20
Wheatsworth, Inc., common (guar.).- •250. Jan. 1 *Holders
Deo, 14 Holders of rec. Dec. 4
500.
(guar.)._
com.
Metal
Products,
Wheeler
rec. Dee. 120
of
Holders
31
Dec.
50c.
White Motor (guar.)
12
White Motor Securities pref.(guar.) - $1.75 Dee. 31 Holders of roe. Dec.
rec. Dee. 20a
of
Holders
2
Jan.
75e.
White Rock Mineral Springs. corn. rqu.)20a
roe.
of
Dec.
Holders
2
Jan.
$1
Common (extra)
134 Jan. 2 Rohrer's of rec. Dec. 20
First preferred Amin)
394 Jan. 2 Holders of rec. Dec. 20
Second preferred Auer.)
Jan. 2 Holders of rec. Dee. 20
5
Second preferred (extra)
131 Jan 2'30 Holders of roe. Dee. 16a
Willys-Overland Co. preferred (guar.) -
lk
DEC. 14 1929.]
3763
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusive.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Dee. 6:
Miscellaneous (Concluded).
824c Dec. 31 Holders of rec. Dec. 204
Wilcox Rich Corp., class A (quar
506. Dec. 31 Holders of rec. Dec. 20a
Class B (quar.)
Winters dr Crampton Mfg.,cl. B (spec.). *25c. Dec. 20 *Holders of rec. Dec. 5
•75c. Dec. 15 *Holders of rec. Nov. 20
Winton Engine. prof. (guar.)
Wilshire Mod'!Bldg.(Los Angeles), corn. •$1.50 Dec. 15'Holders of roe. Dec. 1
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
1% Jan. 2 Holders of rec. Dec. 16
Wilson& Co. prof. (quar.)
1% Jan. 1 Holders of rec. Dec. lie
Wood (Alan) Steel, pref.(guar.)
FOR THE WEEK ENDED FRIDAY. DEC. 6 1929.
Jan. 2 Holders of rec. Dec. 100
Worthington Pump & Mach., pf.
. A (qu.)
hi% Jan. 2 Holders of rec. Dec. 10a
Pref. A (acct. seem. dividends)
NATIONAL AND STATE. BANKS-Average Figures.
134 Jan. 2 Holders of rec. Dec. 100
Preferred B (quar.)
hi b4 Jan. 2 Holders of rec. Dec. 10a
Preferred B (acct. accum. dive.).250. Jan. 2 Holders of rec. Dec. 200
Wrigley (Wm.) Jr., Co.(monthly)
OtherCash Res., Dep., Dep. Other
25c. Feb. 1 Holders of rec. Jan. 20a
Monthly
Gross
Including N. Y. and Banks and
50c. Mar. 1 Holders of roe. Feb. 20a
Monthly
Gold. Bk.Notes. Elsewhere. Trust Co.. Deposits
Loans.
25e. Apr. 1 Holders of rec. Mar. 250
Monthly
Apr.
19a
Holders
of
rec.
25o.
Monthly
$
5
$
$
5
Manhattan-$
Jan. 2 Holders of rec. Dec. 14a
Yale dr Towne Mfg. (guar.)
$1
Dec. 14 Holders of rec. Dec. 2a Bank of U. 5____ 229.287,000 106,000 6,978,000 29,014,000 2,274,000 213.588,00
Si
Special
2,069,40
237,800
218,000
2,530,000
Bryant Park Bk.
.750. Dec. 16 *Holders of rec. Dec. 2
Yellow Taxi of N.Y.(quar.)
17,969,00
1.505,000 1,430,000
_
Young(L. A.) Spring dr Wire. corn.(qu.) 75c. Jan. 2 Holders of rec. Dec. 126 Chelsea Exch.Bk. 20,852,000
107,928 23,593,15
Youngstown Sheet & Tube corn. (qu.)-- $1.25 Jan. 1 Holders of rec. Dec.d13a Grace National- 22,797,994 2,000 109,937 2,155,145
2,829,10
91.200
153,300
91,700
3,524,800 32,900
Jan. 1 Holders of rec. Dec.d136 Port Morris
Preferred (guar.)
Public National_ 147,392,000 31,000 2,704,000 10,103,000 19,263,000 149,715,00
Brooklyn
•From unofficial sources. t The New York Stock Exchange has ruled that stock
435.800 4,887,40
433.300
68,600
8,171,000 13,700
The Brooklyn Nat
will not be quoted ex-dividend on this date and not until further notice.
89,000 7,300,00
542,000
101,000
New York Curb Market Association has ruled that stock will not be quoted ex- Peoples Nat..... 7.400,000 5,000
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
TRUST COMPANIES-Average Figures.
b Amer. Cities Power & Light dividends are as follows: On class A stock at
option of stockholders, 75e. cash or 1-32 share of class B stock; class B, 234% in
Res've Dep., Depos.Other
class B stock.
Gross
N. Y. and Banks and
Cash.
Loans.
f Payable in common stock. g Payable in scrip. h On account of accumulated
Elsewhere. Trust Cos. Deposits.
dividends. I Payable in preferred stock.
$
$
$
5
(North American Co. stock dividend Is at rate of 140th share for each share held.
$
Manhattan-21,500 49.235,301
48,628.200 10,724,900 1,333,400
American
k Payable either in cash or one-fortieth share class A stock for each share held.
15,352,50(
109,600
842,800
Bank of Europe & Tr. 16,208,500
24,942,341
847,364 1,511,295
25,241,488
I Unless stockholder notifies company by close of business Dec. 18 of his election Bronx County
86,843,900 *5,453,400 5,872,500 3,374,500 85,302,601
to take cash, Utilities Power & Light dividends will be paid in stock as follows: Empire
160,522 16,818,931
138,999 1,173,605
17,063,907
Common, one-fortieth share com, stock; class A, one-fortieth share class A stock: Federation,.
16,005,80(
300,200
18,739,400 *2,230,200
class B, one-fortieth share class B stock.
Fulton
388,519,000 3,849,000 52,902,000 2,505,000 347,223,001
Manufacturers
m Stockholders of Safeway Stores have option of taking cash or 134% in stock by United
75,475,031
4,868,667 9,181,277
88,255,478
States
notifying Chase Nat. Bank up to Dec. 23.
Brooklyn121,510,701
118,657,100 2,808,000 15,439,200
n Payable in common A stock at rate of $25 per share unless written notice of Brooklyn
2,344,40:
24,933,121 1,682,858 7,351,365
Kings County
election to take cash Is given prior to Dec. 23.
Bayonne
N.
J.o Or 234% in class A stock.
311.786 8.858,581
752.916
239.595
Mprhskrdest8.544.511
p Electric Bond & Share dividend is 134% payable (3-200ths of a share) in common
stock. Similar dividend at same rate is payable on common stock issued after
* Includes amount with Federal Reserve Bank as follows: Empire $3,693.200.
Dec. 13 1929 for common stock of the Electric Investors, Inc., under plan of re- Fulton 52,103,800.
organization.
r Rio Grande 011 stock to be placed on a $2 per annum basis. The company
declared $1 payable July 25 1929 and intends to declare another $I payable on or
before Jan. 25 1930. The stock dividends are 1% shares on each 100 shares, the
• first 134% having been declared payable April 25 with the intention to declare a
second 114% payable on or before Oct. 25.
Acme Steel stock dividend subject to stockholders' meeting Jan. 21.
Boston Clearing House Weekly Returns.-In the
g Holders have option of applying dividend to purchase of additional shares at following we furnish a summary of all the items in the
rate of 1-40th of a share for each share held.
Boston Clearing House weekly statement for a series of weeks:
s Central States Electric cony. pref. dividend payable in common stock at rate
of 3-32 shares of common on each share of 1928 series prof. and 3-64 share common
BOSTON CLEARING HOUSE MEMBERS.
on each share of 1929 series prof., or $1.50 cash.
I Consolidated Gold Fields of South Africa dividend is 15 pence per share, less
tax and deduction for expenses of depositary.
Nov. 27
Dec. 4
Changes from
Dec. 11
1929.
1929.
Previous Week
1929.
u Payable in common stock at rate of 1-52 share common for each share cony.
company
of
his
desire to take cash
prof. opt. series of 1929 unless holder notifies
as rate of $1.50 per share.
82.975,000
82,975.000
Capital
in class A stock at stockholders' option.
o Or 2
121,279.000 121.279,000
Surplus and profits
121,279,000 Unchanged
to Less deduction for expenses of depositary.
Loans, disc'ts & invest'te_ 1,165,406,000 -17,887,000 1,183.093.000 1,190,448,000
713,068,000 -16,501.000 729,567,000 729,119,000
I Sold ex-dividend on Nov. 27 on account of Exchange being closed on Nov. 28, Individual deposits
Due to banks
159,838,000 -5,065,000 164,903.000 170.187,000
29 and 30.
-782,000 273,738.000 274,244.000
Time
272,956,000
deposits
y Payable in cash or 2% In common stock.
4,212,000
3.587.000
2,506,000 -1,081,000
United States deposits.- _
38.795,000
z Holder must notify company on or before Dec. 18 of his desire to take cash, Exchanges for Crg House
46,217.000
41,535,000 -4.682,000
90,737,000 102,895,000
otherwise dividend will be paid in class A common stock at rate of 1-56 share.
88,459,000 -2,278,000
Due from other banks
89,062,000
91,277,000
88,045,000 -3,232.000
North American Gas & Electric dividend optional either cash or class A stock at Reeve In legal deposit's..
8,095,000
+184,000
8,486.000
8,670,000
Cash in bank
rate of one-fortieth share.
2,445.000
3,172,000
1,847,000 -1,685,000
Reeve excess in F.R.Bk.
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, DEC. 7 1929.
Clearing House
Members.
*Capital.
*Surplus and Net Demand
Undivided
Deposits
Average.
Profits.
Time
Deposits
Average.
$
$
$
$
6,000,000
14.240.000
68,975,000
9,860,000
Diink of N.Y.A Tr. Co
22.250,000
43,228,400 191,378,000
44,161,000
B1t. of the Manhattan Co
35.775,000
39,281,300 169,231,000
55,252,000
Biink of America N. A-110,000,000 128,952,400 a1140472,000 198,376,000
Yfi%Bona' City Bank
15,000,000
21,317,400 218,713.000
18,210,000
CASemical Bank & Tr. Co90,000,000 198,809,000 b937,970,000 114.986,000
,
' Trust Co
UImania
116,200,000 119,380.500 156.094,000
36,420,000
01eat.Ph.Nat.Bk.&Tr.Co
79,033,800 379,265,000
21,000,000
44,709,000
BlIt. Han.Bk.& Tr. Co
22,804,200 199,417,000
12,100,000
30,171,000
orn Each. Bk Trust Co
10,000,000 102,357,300 268.150,000
15,854.000
FlInt National Bank
50,000,000
82,750,000 336,916,000
58,180,000
Ir!ring Trust Co
6,000,000
11,275,400
11.140,000
607,000
0ontinental Bk.dr Tr. Co.
84,076,000
CIbase National:Dank-. 105,000.000 136,206,100 e840.138,000
500,000
3,814,100
24.910,000
965,000
FlLfth Avenue Bank
45,238,500
48,500,000
d532,407,000
Quitable Trust Co
57,752,000
25,000,000
82,753,800 e432,400.000
56.972,000
13,token Trust Co
10,000,000
24,498,700
35,733,000
itle Guar.& Trust Co__
1,598,000
95,617,400
98,000,000
40.823,000
5,088,000
11Idelity Trust Ca
4,508,200
3,000,000
18.050.000
1,878,000
Liswyers Trust Co
12,500,000
34,047,700
174.819,000
22,212,000
ew York Trust Co
7,000,000
8,418,700
45,088,000
om'l Nat. Bk.& Tr. Co.
8,725.000
1,500,000
2,822,200
34,519,000
arriman N.B.& Tr. Co_
5,567,000
Clearing Non-Members.
ity Bk. Farmers Tr. Co.
Iech'es Tr. Co., Bayonne
Totais
10,000,000
500,000
11,093,900
860,500
8.317,000
3,115,000
1,481,000
5,367,000
621.825.300 1.121.307.000 8.288.058 505
570 atc non
'As per official reports: National. Oct. 4 1929; State. Sept. 27 1929; Trust Co's,
Sept. 27 1929. f As of Oct. 81929. g As of Oct. 2 1929.
Includes deposits in foreign branches: (a) $314,030,000;(b) $160,387.000;(c) $13,036,000; (d) $142,184,000; (e) $87,524,000.
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Dec. 5, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Dec. 5 1929.
Two Cipher* (00)
omitted.
Trust
Members of
F.R.System Companies.
Nov. 28
1929.
Nov. 21
1929.
Total.
$
$
7,500,0
69,185,0
81.885,0
69,185,0
69,185,0
Capital
16,671,0 230,499,0 230,499,0 230,499,0
Surplus and profits... 213,828,0
68,313.0 1,180,874,0 1,191,587,0 1,198,734,0
Loans, discts. & invest. 1,112,581,0
384,0
44.968,0
45,352,0
42,428,0
42,613,0
Exch. for Clear. House
13,0
94,498,0
96,511,0 101,716,0 105,968,0
Due from banks
958,0 143,514,0 143,450,0 149,443,0
142,558,0
Bank deposits
30,894,0 649,493,0 661,007.0 668,348.0
Individual deposits..- 618.599,0
18,477,0 227,060,0 227,275,0 224,839,0
210.583,0
Time dep05115
48,327,0 1,020,087,0 1,031,732,0 1,040,830,0
Res. with legal dopes.. 971,740,0
69,732,0
69,732,0
71,100,0
71.788,0
Res. with F. It. Bank_
5,685,0
5,685,0
5,530,0
5,118,0
Res. with F. R. Bank_
14.182,0
1,389,0
15,571,0
14,219,0
13,478,0
Cash in vault*
7,074,0
90,988,0
90,849,0
83,914,0
90,384,0
Total res. & cash held_
Reserve required
Excess reserve and cash
In vault
*Cash in vault not counted as reserve for Federal Reserve member
3761
FINANCIAL CHRONICLE
[VOL. 129.
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, De2.12,and showing the condit;on
of the twelve Reserve banks at tho close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each i)f the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3714, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 11 1938.
Dec. 11 1929. Dec. 4 1929. Nov. 27 1926 Nov. 20 1929. Nov. 13 1929. Nov.6 1929. Oct. 30 1929. Oct. 23 1929. Dec. 12 1928
RESOURCES.
$
Gold with Federal Reserve agents
1,628,207,000 1,642,065,000 1,629,465,000 1,548,485,000 1,550,885.000 1,476.471,000 1,543,841,000 1,546,526,000 1,172,296,000
Gold redemption fund with U.8. Tress_
76,287.000
76,787,000
76,287,000
68,069,000
76,287,000
65,939.000
76,247.000
76,247,000
77,666,000
Gold held exclusively agst. F. R. notes 1,704,994,000 1,718,352,000 1,705,752,000 1,624,772,000 1,627,132.000 1,552,718.000 1,009,780,000 1,614,595,000 1,249,962,000
Gold settlement fund with F. R. Board
523,502,000 550,717,000 593,449,000 718,728,000 733,907,000 801,196.000 791.887.000 779.661.000 730,827,000
Gold and gold certificates held by banks.. 735,652,000 723,897.000 688,227,000 698,195,000 678,131,000 664,990,000 619,284,000 640.757,000 646,186,000
Total gold reserves
Reeerves other than gold
2,964,143,000 2,992.966.000 2,987,428,000 3,041.695,000 3,039,170.000 3,018.904,000 3,020.951,000 3,035,013,000 2,626,975,000
145,719,000 145.782.000 147,192,000
153,933 147 808,000 151,727,000 156,057.000 154,833,000 118,878,000
Total reserves
Ron-reserve cash
Bills discounted:
Secured by U. S. Govt. oblIgations
Other bills discounted
3,109,867,000 3,138,748,000 3,134,620.000 3,195,628.000 3,186,978.000 3,170,631,000 3,177,008.000 3,189,848,000 2,745,853,000
79,883.000
76,472,000
79,061,000
91,042,000
92,617,000
79,945,000
85.276,000
81.996,000
60,046,000
398,729,000
370,193,000
424,932,000
447,378,000
463.173,000
449,176,000
429,160,000
470,398,000
470,342,000
501,013.000
512,632,000
478,248,000
532,388,000
458,650,000
372,352,000
424.006,000
Total bills discounted
Bills bought in open market
U. 8. Government eecuritle.:
Bonds
Treasury notes
Certificates of Indebtedness
768.922,000
321,840,000
872.310.000
256,518,000
912,349,000
257,315,000
899,558,000
283,831,000
971,355,000
299,512.000
990,880,000
330,374,000
991,038,000
339.88.5,000
796,358,000 1,028,352,000
379,383,000 494,323,000
50,971,000
193,374,000
142,589,000
37,955.000
183,413,000
133,776,000
62.791,000
134,649,000
128,658,000
76.791,000
121.998,000
127,739.000
S0,530,000
108,677.000
123,349,000
77,252.000
114,117,000
101,380,000
81.261,000
120,294,000
01,133,000
37,955,000
71,375,000
26,374.000
53,497,000
116,173,000
65,837,000
Total U. S. Government securities
Other securities (yes note)
Foreign loans on gold
386,934,000
13,603,000
355,144,000
18,698,000
326,098,000
18.698,000
326,528,000
20,348,000
312,556,000
22,881,000
292,749,000
23,631,000
292,688,000
25,131.000
135,704,001
25,211,000
235,507,000
4,415,000
650,795,000
377,557,000
Total bills and securities (see note)_ _ _ _ 1,491,299,000 1,502,670,000 1,514,460,000 1,530,265,000 1,606,304,000 1.637,634,000 1,648,742.000 1,336,656,000 1,762,597,000
Gold held abroad
Due from foreign banks (see note)
724,000
724,000
728,000
723,000
726,000
721,000
722.000
727,000
726,000
Uncollected items
682,707,000 689,918,000 676,919,000 789,400,000 938,259,000 713,484,000 772,955,000 776,614,000 795,957,000
3ank premises
59,172,000
59,171,000
59,157,000
59,120,000
59,059,000
59,037,000
58.944,000
59.036,000
60,606,000
All other resources
13,021,000
11,928,000
11,637,000
11,493,000
11,553,000
10,625,000
11,335,000
10,061,000
0.238.000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see sole)
Other deposits
5.433,322.000 5,483,042,000 5,476,577,000 5,677,676.000 5,895.496,000 5,674,839,000 5,754,363,000 5.451,970,000 5,435,846,000
1,018,314,000 1,938,470,000 1,930,181,000 1,924,990,000 1,937,167,000 1,918,327.000 1,880,192,000 1,857,332.000 1,813,720,000
2,396,984.000 2,401.001,000 2,375.650,000 2,518,202,000 2,607,973,000 2,557.708,000 2,651.608.000 2.378.097.000 2,408,967.000
3,310,000
25,340.000
18.936.000
35,847,000
11,157,000
18.907,000
31,010,000
15,837,000
29,724,000
5,880,000
5,774,000
5,021,000
5,480,000
6,000.000
5.313,000
5,709,000
7,059,000
5,920,000
19.519.000
20,562,000
20,519,000
19,995,000
20,811.000
20,187,000
28,669,000
20,217,000
22,078,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,425,693,000 2,452,683,000 2,437,037,000 2,562,613.000 2,645,941.000 2,622,700,000 2,696,471.000 2,421,932,000 2,465,967,000
620,399,000 623,940,000 641,558,000 723,722,000 847,085,000 669,531.000 714,209.000 711,073,000 735,000.000
168,357,000 168,388,000 168,321,000 167,854,000 167,311,000 167,120,000 167,025,000 187,025,000 146,868,000
254,398,000 254.398.000 254,398,000 254,398,000 254,398,000 254,398,000 254.390,000 254,308,000 233,319,000
46,161,000
45,163,000
45,082,000
44.099.000
40,972,000
43,594.000
40,210,000
42.068,000
42,763,000
Total liabilities
5,433,322,000 5,463.042.000 5,476.577,000 5.677,676,000 5,895.496.000 6,674,839,000 5,754,363.000 5,451,970.000 5,435,846,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
68.2%
68.1%
68.4%
67.7%
66.4%
61.4%
66.3%
66.0%
70.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
71,6%
71.5%
71.8%
71.2%
69.4%
69.8%
64.2%
69.5%
74.5%
Contingent liability on bills purchased
for foreign correspondents
617,659,000 505,491,000 509,380,000 510,172,000 508.290,000 508,354,000 500,833.000 486,956,000 284,014,000
Distribution Si, Maturit6es1-15 days bills bought In open market _
1-15 days bills discounted
1-15 days U. El. certif. of Indebtedness.
1-15 days municipal warrants
18-30 days bills bought In open market _
18-30 days bills discounted
18-30 days U. S. certif. of indebtedness..
16-30 days municipal warrants
31-60 days bills bought in open market _
31-60 days bills discounted
81-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
31-90 days bills bought in open market _
41-90 days bills discounted
31-90 days U. 8. certif. of indebtedness
31-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
'
,yes 00 days certif. of indebtedness
Over 00 days municipal warrants
8
74,963,000
692,626,000
490,000
176,762,000
588,602,000
62,751,000
125,000
99,308,000
60,820,000
93,042,000
667,708.000
61,453,000
50,000
36,346,000
70.713,000
556,000
63,078,000
81,928,000
76,510,000
65,415,000
58,250.000
100,000
99,086,000
92,360,000
60,000
8,803,000
32,669,000
25,000
6,600.000
40,410,000
481,000
6,058,000
43,954.000
621,000
16,118,000
79,838.000
18,000
526,000
16,801,000
72,323,000
17,000
93.268.000
65,403,000
.17,000
698,000
17,994,000
69,918,000
65,270,000
674,184,00
570,000
55,706,000
735,624,000
215,000
63,032,000
783.901,000
925,000
70,968,000
784,594,000
1.300,000
95,715,000
603,173,000
3.800,000
60,158,000
61,074,000
57,243,000
600.000
145,298,000
100,644,000
00,000
531,000
12,676,000
47,283,060
13.090,000
66,158,000
69,280,000
60,159,000
49,342,000
46,503,000
51.616.000
37.294.000
52.609,000
153,690,000
103,655,000
53,368,000
1,131.000
22,733.000
47,418,000
1,006,000
148,739.000
96,972,000
46.228,000
125,000
56.966,000
47,160,000
133,870,000
94,601,000
40,964.000
725,000
86,755,000
49,726,000
111,603,000
84.054,000
5,217,000
600.000
131,233,000
48,596.000
1,225,000
15,380,000
69,706,000
1,478.000
12,505,000
54,227,000
406,000
1,789,000
10,501,000
48,860,000
436,000
3,538,000
7.920,000
17,357,000
125,000
429,000
16,973,000
56,746,000
17,000
175,007,000
886,179,000
10,126,000
125,000
95,793,000
38,793,000
90,000
147,077,000
54,253,000
72,446,000
31,328,000
4,000,000
17,869,000
55,711,000
V R. notes received from Comptroller.._ 3,687,654,000 3,617,348,000 3,601,128,000 3,597.498,000 3.528,280,000 3,496,402,000 3,505.025.000 3.524.381,000 2,989,120.000
7 R. notes held by F. R. Agent
1,220,468,000 1,167,103,000 1,172.108,000 1,170,449,000 1,089,170.000 1,088,715,000 1,176.625,000 1,213,020,000 746,295,000
Issued to Federal Reserve Banks
2.458,186,000 2,450,245,000 2,429,020,000 2,427,049,000 2,439,110,000 2,407.687,000 2,329,300,000 2.311,361,000 2,242,825,000
Herr SecuredSy void and gold certificates
342,937,000 355,695,000 355,695,000 357,715,000 357.715.000 358,835,000 403,405.000 405,590,000 341,207,000
Geld 1114.imptIon fund
101,890,000
cold luad-Federal Reserve Board__ 1,285,270,000,1,286,370,000 1,273,770,000 1,190,770,000 1,193,170,000 1.117,636,000 1,140,436,000 1.140,930,000 729,199,000
1,014,119,000'1,094,771,000 1.125,269,000 1,136,223,000 1,223,599,000 1,264,526.001)1,275,809,000 1,083,125,000 1,443,842,000
Er eligible paper
2,672.326,000 2,736,836,000 2,751,734.000 2,684,708,000 2.774,484.0002.740.597.000 2.819,710.000 2.629.651,000 2,616,138,000
Total
*Revised figures.
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added In order to show senararely the amount of balances held abroad and &TIMMS clue
so foreign correspondents. In addition. the caption, "All other earning assets." previously made up of Foreign Intermediate Credit Bank debentures. WI44 changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF BACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 11 1938
Tiro ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicaoo. St. Louis. Minneap Kan.City. Dallas. Ban Nov.
Federal Reserve Bank 01RESOURCES.
$
s
$
3
$
$
$
$
$
5
$
$
3
Joh!! with Federal Reserve Agents 1,628,207.0 224,917,0 314,913,0 115,000,0 114,900,0 71,190,0 113,280,0 269,564.0 77,800,0 54.157,0 50,000,0 30,723,0 191,763,0
76,787,06,928,0
16,814.0 4,920,0 6,493,0 3,180,0i 4,169.0 11,420,0 6,734.0 3,970,0 3.241,0 2,459.0 6.459.0
bold rein fund with U.S. Treas.
Gold held excl. agst. F. R. notes 1,704,994,0 231,845,0
2old settle't fund with F.11.Board 523,502,0 25,066,0
2old and gold et's held by banks_ 735,652,0 30,783,0
331,727,0 119.920.0 121.393.0 74,370,0117,449.0280.984,0 84,534.0 58,127,0 53,241,0 33,182.0 198,222,0
98.253,0 42,543,0 84,923,0 18,045.0 6,305.0 94,944,0 26,972,0 20,807,0 43,599,0 24,486,0 37,559,0
458,232,0 43,333,0 40,052,0 11.254.0 3,383.0 94,738,0 6,268,0 5.270,0 5,567,0 0.031,0 27.741,0
Total gold rwerves.
Reserve other than gold
888.212,0 205.796,0 246.368,0 103.669,0 127.137,0470,666,0 117,774,0 84,204,0 102,407.0 66,699.0 263,522,0
43.303.0 10,433,0 6,715,0 5,153,0, 17,276,01 11,671,0 9,831,0 2,629,0 5,139.0 5,602,0 13,021.0
1
931,515,0 216.229,0253,003,0 108,802,0 144.413,0 482,337.0 127.605.0 86.833,0 107,546,0 72,301,0 276,543,0
24,340,0 2,303,11 3.530,0 5,189.1 4,365.01 8.000,0 4.598,0 1,957.0 2.105,0 2,560,0 5,736,0
2,964,148,0 287,694,0
14.5,719,0 14,966,0
Total reserves
3,109,867,0 302,660.0
Von-reserve cash
76,472,0 11,780,0
31115 discound:
discounted:
See. by U. S. Govt. obligations 398,729,0 19,299,0
Other bills discounted
370,193,0 20,488.0
Total bills discounted
31115 bought in open market
I
- . 8. Government securities:
Bonds
Ireasury notes
3ort1ficates of Indebtedness
rota! U. S. Gov't securities
768.922,0 39,787,0
321,840,0 11,647,0
109,744,0 34.401,0 55,271,0
45,533,0 38,723,0 47,503,0
t
155,277.0 73,124,0 102,774,0
145,180.0 8,052,01 27,470,0
50,971.0 1,923,0
193.374,0 5,387.0
142,589,0 10,034.0
4,772.0 1,910,01 2,087,0
114.987,0 13.081,0 11,230,0
65,096,0 17,678.01 4.259,0
2,486.0
1,041,0
1,041.0
26,0 22,304,0 1,598,0
3,377.0 10,501,0 12,154.0
5,380.0 19,289.0 7,951,0
1 386.934,0 17,344,0
184,835,0 32,689,0' 17,576,0
4.568,0
8,783.0 52,094,0 21,703,0 12.433,0
11,078.0 6.183,01 64.937.0 15.092,0 7,922,0 19,289,0 4,383.0 51,130,0
26,905,0 38,562.0; 54.498,0 14,732,0 12,858,0 32.847,0 16,479.0 21.065,0
1
37,983,0 44,745,0 119,435,0 29.824,0 20,780,0 52,136,0 20.862,0 72.195,0
16,239,0 18,395,0, 35,835,0 2.203,0 3.412,0 15,704.0 9,557.0 28,146,0
1
5,252,0
5,319,0
1,862,0
263.0
2.800.0
8.545,0
68,0
5,454,0 10,600,0
5,983,0 1.216,0
3,063,0 19,982,0 11,884,0
DEC. 14 1929.]
AESOURCES (Conauded)Two ciphers (00) omitted.
Other securities
Foreign loans on gold
3765
FINANCIAL CHRONICLE
Boston.
Total.
New York.
Phila.
s
$
5
5
13.603,0, 1.000,0
1
1,491,299,01 69,778,0
54,0
724,0,
682,767,0. 68,157,0
59,172.01 3,702,0
130,0
13,021,0
7.100,0
Cleveland Richmond Atlanta. Chicago. St. Louis. Mfrowsy. Kan.City. Dallas. San Fran
$
1,150,0
5
s
$
$
$
s
$
$
1,353,0
1,500,0
1,500,0
492,392,0 114,995,0149.320,0 58,790,0 71,923,0 208,865,0 53,730,0 37,978.0 70,903,0 50,401.0 112.225,0
24;0
24,0
52,0
18,0
29,0
28,0
99,0
33,0
70.0,
74,0
219,0
179,621,0 57,638,0 61,027.0 52,518,0 21,213,0 82,471,0 32,686,0 15,059,0 42,348.0 29,646,0 40.383.0
16.087,0 1,762,0; 6,535,0 3,395.0 2,744,0 8,529,0 3,997,0 2,110,0 4,140,0 1,922,0 4,249,0
367,0
523,0
155,0
591,0
386,0
596,0
233,0; 1,189,0
4,466,0
615.0 3,770,0
1
157,221,0
439,711,0
227,221.0
144,546,0
223,031,0
790,896,0
5,433,322,01456,261,0 1.648,640.0 393,230,0.474,767,0 229,342.0 248,456,0
Total resources
LIABILITIES.
1
F. R. notes in actual circulation_ 1,918.314,0 207.435,0 323,352.0 164,324,0,190,081,0 94,767,0 146,016,0 311,200,0 92.198,0 65,388,0 88,293.0 49,014.0 186,246,0
Deposits:
Member bank-reserve acc't_.. 2,396,984,0 148,318,0 1,012,403,0 131,825,01 179,292,0 64,240.0 61,722,0 340,504,0 78,683,0 53,966,0 87,369,0 64,406,0 174.256,0
78,0
103,0
227,0
770,0
152,0
51.0
481.0
116,0
30,01
437,0
857.0
8,0
3,310,0
Government
380,0
174.0
174,0
132.0
211.0
723,0
206,0
243.0
507,0:
538,0
2,202,0
390,0
5,880.0
Foreign bank
32,0 8,621,0
68,0
212,0
299,0
665,0
110,0
113,0
106,01 1,759,0
7,289,0
19,519,0
245,0
Other deposits
Total bllis and securities
Due from foreign banks
Uncollected items
Bank premises
Ali other
1
1
Total deposits
Deferred availability items
Capital paid in
ilurplue
All other liabilities
2,425,693,0 148,961,0 1.022,751,0 132,468,0182,026,0 64,712.0 62,519,0 341,943,0 79.345,0 55.080,0 87.838,0 64,715,0 183,335,0
620,399,0 66,238,0 152,464,0 52,499,0 56,239,0 49,186,0 20,819.0 74,215,0 33,167,0 12,347,0 36,032,0 29.065,0 38,128,0
64,889,0 16,482,0 15,646,0 6,086,0 5,384,0 20,034,0 5,267,0 3,087,0 4,284,0 4,462,0 11,418,0
168,357,0 11,318,0
71.282,0 24,101,0 26,345,0 12,399.0 10,554,0 36,442,0 10,820,0 7,082,0 9,086.0 8,690,0 17.978,0
254,398,0 19,619,0
13,902,0 3,356,0, 4,430,0 2,192,0 3,164,0 7,062,0 2,234,0 1,562,0 1.658,0 1,275,0 2,606,0
46,161,0 2.690,0
5.433,322,0 456,261,0 1,648,640.0 393.230.0 474,767,0 229,342,0 248,456.0 790,896,0 223,031,0 144,546,0 227,221,0 157.221,0439,711.0
Total liabilities
Memoranda.
74.8
63.6
72.1
61.1
74.4
73.8
68.2
69.2
71.6
84.9
69.2
7.29
68.0
Reserve ratio(per cent)
Contingent liability on bills per
517,659,0 38,239,0 157,489,0 49,607,0 52,708,0 23,770,0 20.153,0 70,794,0 20,670,0 12.918,0 17,053,0 17.053,0 37,205,0
chased for foreign correspond't
11'. R. notes on hand (notes rec'
from F. R. Agent leas notes Ii
559_872.0 53.174.0 221.395.0 18.669.0 23.054.0 20.362.0 30.281.0 61.894.0 15.233,0 6,908,0 12,481,0 8.566,0 67.855.0
etrealatIoni _
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 11 1929.
Federal Reserve Agent as-
Boston.
Teal.
New York.
Two ciphers (00) omitted.
$
5
W.R.notes reed from Comptroller 3.687.654,0533.859.0
E.R.notes held by F.IL Agent__ 1,229,468,0 73,250,0
1.R.notes lensed to F. R. Bank_ 2,458,186,0 260,609.0
Osilateral held as security for
B. R. notes Issued to F. R.Bk.
Gold and gold certificates_-__ 342,937,0 35,300,0
Gold redemption fund
Gold fund-F.R.Board
1,285,270,0 189.617,0
Eligible paper
1,044,119,0 51,357,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.C4ty. Dallas. SanTraz.
Phila.
s
s
$
$
s
$
5
5
5
$
$
957,397,0 242,653,0 322,715,0 171,953,0 282,517,0 534,694,0 135,281,0 124,898,0 137,434,0 77.852,0 366,401.0
412,650,0 59,660,0 109,580,0 56,824.0 106,220.0 161.600,0 27,850,0 52,602,0 36.660.0 20.272,0 112,300.0
544,747,0 182,993,0 213,135,0 115,129,0 176,297,0 373,094,0 107.431.0 72,296,0 100,774,0 57.540.0254,101.0
166,287,0 28,600,0 14,900,0 16.190,0
17.223,0 35,000,0
7,800,0 14,157,0
7,480,0
148,626,0 86,400,0 100,000,0 55,000,0 105,800,0 269 564,0 70,000,0 40,000,0 50,000,0 13,500,0 156.763,0
271,170,0 68,817,0 128.852,0 52,078,0 63,068,0 154,974,0 31,705.0 23,997,0 67,489,0 30,378,0 100,234,0
586,083,0 183,817,0 243.752,0 123,268,0 176,348,0 424,538,0 109,505,0 78,154,0 117,489,0 61,101,0 291,997,0
2.672,326,0 276,274,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3714, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. B. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks Is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank In the San
Francisco district with loans and investments of $135,000.000 on Jan. 2 which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS DECEMBER 4 1929. (In millions of dollars.)
Federal Reserve District-
Taal.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan. City Dallas. San Fran.
Loans and Investments-total
$
23,142
$
1,556
$
9,294
$
1,253
$
2.185
Loans-total
17,538
1.220
7.004
962
7,889
9,649
514
706
3,511
3,493
504
458
5,604
336
2,290
2,755
2,849
160
176
1,227
1,062
1,766
261
106
18
13,714
6,722
33
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash to vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Dank
$
$
400
692
483
$
1,957
2,691
535
278
468
373
1,409
1.299
1,392
247
288
87
191
122
346
104
269
422
987
119
652
149
121
224
109
549
54
65
291
361
38
111
66
55
102
122
68
42
307
241
41
12
39
10
261
39
44
7
29
55
11
82
8
108
20
1,025
925
4
352
235
1
317
225
2
1,884
1,206
3
380
222
1
233
129
475
177
286
138
3
769
937
3
62
163
89
191
52
104
79
107
205
428
65
125
53
79
125
203
62
100
156
191
54
72
23
35
116
23
26
47
24
77
667
628
$
3,343
1,580
508
508
743
837
192
317
143
366
291
605
158
83
208
284
321
74
84
846
82
76
17
129
31
@FedFRASER