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VOL. 131.

financial Tixtranicle

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The Financial Situation.
These are times of great anomalies in the business
and financial world, and of all the anomalies reeently witnessed, the action this week, late on Tuesday, by the Federal Reserve Bank of New York in
further reducing its rediscount rate from 2 % (a
figure already the lowest on record since the establishment of the Federal Reserve System 16 years
ago) to the still lower and abnormal figure of 2%,
certainly ranks as the foremost. It is indeed difficult to account for it on rational grounds. Both the
stock market and the grain markets responded yesterday by further sharp breaks in prices.
Various explanations have been offered for the
step, but none of them seems adequate for the purpose. The daily papers, in their news columns, tell
us—after pointing out not only that the 2% rate is
the lowest since the establishment of the Reserve
System in 1914, but also the lowest rate quoted at
the present time by any central bank in the world,
the next lowest rates being, first, those of the Banks
of France, Switzerland, and Belgium at 2I/ %, and
secondly, those of the Banks of England and Holland at 3%—that the reduction is to be viewed as

NO. 3418.

offering new evidence of the strength of the Federal
Reserve System. But no one in the whole of this
wide world has ever dared to insinuate that the Federal Reserve Banks collectively, or any of them separately, did not hold a position of impregnable
strength. On the contrary, with a gold stock running close to three billion dollars, the chief concern of nearly all writers on the subject has been
that holding such a mass of gold they were in a
position where their very strength involved general
detriment, that holding such an immense stock of
the metal they could and should part with some of
it for the benefit of the rest of the world. And the
point that has always been especially stressed has
been that these large gold holdings were far in excess of their needs and that Reserve credit could be
expanded almost indefinitely, without the remotest
possibility of any impairment of the required gold
reserves. The argument in that regard admits of no
question. Hence there was obviously no occasion
for a new demonstration of strength, the Reserve
System's ability to cope with any situation or any
emergency that might arise having never been in
It has also been urged that the intention is to
speed the revival of business activity, and that this
week's further decrease in the rate is part of the easy
money policy deliberately entered upon by the Reserve authorities with a view of facilitating business
recovery and stimulating trade activity. That, of
course, has an air of plausibility, and is in consonance with the course pursued by the Reserve authorities in the past. But that makes the action
no less anomalous and does not deprive the 2% rate
of its abnormal character, nor offer any evidence in
justification for it. Money and credit are available
in unlimited amounts, and business does not lie prostrate because of the lack of either.
Far from ordinary bank credit being scarce, in
which case only there would be warrant for intervention on the part of the Reserve institutions, it is
so cheap and redundant as to be embarrassing. But
here again we are butting our heads against a stone
wall. Business cannot be revived by any such
means, and it is folly to think it can. All through
the current year 1930 the Federal Reserve authorities have been engaged in carrying out their easy
money policy by the twofold process of lowering
their discount rates and forcing Reserve credit out
through their open market operations in the ,purchase of United States Government securities and
of bankers' acceptances, and the result has been an
inglorious failure of the attempt. Business has
grown steadily worse, instead of being improved
thereby. As one evidence, the steel mills of the
country are working at less than 40% of their capacity. We repeat, therefore, that the restoration of



trade and liusiness cannot be brought about by any
such meretricious methods, and in saying this we
are using the word "meretricious" advisedly.
The whole easy money policy as an aid to trade
revival rests upon a fallacy and embodies a whole
series of errors. It proceeds upon the assumption
that business is depressed because of lack of bank
credit, when the exact reverse, as already stated, is
the case, as evidenced by the great plethora of idle
money and the exceedingly low rates prevailing for
all classes of loans, including commercial paper and
bankers' acceptances, as well as the rates charged
customers of the bank for loans over the counter.
•The Federal Reserve authorities, as well as political circles in Washington, are obsessed with the idea
that all that is necessary for a return of the activity
prevailing before the stock market crash of the
autumn of 1929 is to swell still further the volume
of idle funds. They are listening to the pratings of
a new school of economists who reject the notion
that enduring prosperity is to be achievved only by
adherence to sound business methods, and the lowering of costs by the use of improved machinery and
other similar devices. These individuals cannot
see virtue in anything except constant additions to
the supply of gold and currency, and expanding
banking accommodation. They entirely overlook
the fact that it was not alone the stock market and
stock prices that were inflated at the time of the
crash in the autumn of 1929, but everything else,
and that we are now suffering the ill consequences
of both.
The country is now struggling to get back to a
sound and stable level and away from the inflated
basis which is the chief source of our present suffering, but the Reserve authorities would keep ladling
out Reserve credit in the same old way, when their
aim should be to remove the inflation which has
proved so harmful and destructive.
Instead they would embark the country upon a
new era of inflation, which would have no other ending than that under which the country is now suffering. The resulf can only be to delay still longer the
coming of trade recovery. In the long run the member banks will be found no more inclined to borrow
at the Reserve Banks with the rediscount rate at 2%
than they were with the rate 2 %, or 3%, or 4%.
This is so because they cannot find employment for
additional funds, having more credit available for
loans and investments than they can now put out
at a profit, no matter how small.
But though the member banks cannot be induced
to borrow, for the reason stated, the Reserve Banks
hope to attain the same ends through their open
market operations, as already stated. We pointed
out a week ago that in the four weeks from Nov. 19
holdings of Government securities had increased
from $595,773,000 to $692,434,000, the increase in
the latest week having followed almost entirely as a
result of the sale of temporary certificates of indebtedness to the Reserve Banks by the United
States Treasury pending the collection of the instalment of the income taxes which fell due on Dec. 15.
This week with the Treasury certificates in
amount of $109,000,000 eliminated the holdings of
United StatesGovernment securities show a decrease
of only $50,758,000. On the other hand, holdings of
bank acceptances by the 12 Reserve Banks, which in
the same four weeks had increased from $178,273,000 to $251,591,000, have the present week fur-

[Vol,. 131.

ther increased to $259,837,000. It deserves to be
pointed out, moreover, that this week the Federal
Reserve Bank, following the reduction in its rediscount rate, also further reduced its buying rate for
bankers' acceptances from 17 s% to 134% on bills
with maturities up to 120 days, furnishing further
illustration of the abnormal length to which the easy
money policy is being carried.
All this, of course, is attended by an increase in
the volume of Federal Reserve notes outstanding
We showed last week that the total of Reserve notes,
in circulation between Nov.19 and Dec. 17 had risen
from $1,383,604,000 to $1,596,168,000; this week the
amount has further increased to $1,721,897,000. In
short, the Reserve Banks are undertaking to overcome the havoc produced by the inflation of 19271929 by new inflation. Inflation is their whole stock
in trade. But that is precisely the condition of
things the country must get away from before business recovery can be counted upon, and the Federal
Reserve easy money policy is calculated to retard
and delay the time of recovery.
We are also told that the further reduction in the
rediscount rate must act to improve the condition
of the bond market. This is the same thing we
were told when previous reductions in the discount
rate were made. The argument on that point is that
with the borrowing rate at the Reserve Bank cut to
such abnormally low figures—and even the 2 %
rate was abnormal—the banks will be induced to
purchase bonds for investment so as to yield a
higher rate of return instead of employing their
funds in making loans, and that as a consequence
bond values will rise. It seems to be admitted quite
generally that it is idle to hope for any improvement
in trade until the level of bond values improves.
But just the reverse of this has happened, just as
has been the case with the attempt to stimulate
trade revival by reducing the rediscount rate of the
Federal Reserve Bank.
Bond prices have not improved while the Federal
Reserve Bank has been engaged in giving effect
to its easy money policy. Rather, bond prices during
the last two months have suffered really frightful
declines, the bond market having become fully as demoralized as the stock market, even some high-grade
issues having dropped 15 to 25 points in the interval,
quite contrary to the ordinary experience with bond
prices, which as a rule fall or rise by mere fractions. It is known, too, that bankers' shelves are
loaded with new bond issues, which no attempt is
being made to offer for sale, because conditions for
their flotation are so unfavorable. Thus here, too,
the policy of easy money and Reserve credit inflation has been as ineffective to improve the bond mar•ket as it has been to revive business.
One other explanation is offered for the new cut
in the rediscount rate, namely, that the action is
likely to be helpful in inducing an outflow of gold
from this country to Europe—if not actually causing an outflow of the metal at least easing the situation of the Bank of England and protecting it in
some measure from further drains on its stock of
the metal. It is quite within the realm of probabilities that the directors of the Federal Reserve Bank
of New York had this in mind when making the new
cut in rate. Governor Harrison of the New York
Reserve Bank has recently had conferences with
the heads of several of the European central banks,
including the Governor of the Bank of England, and

DEC. 27 1930.]


considering the readiness the New York Reserve
authorities have always displayed in coming to the
aid of European banks it would not be strange
if that thought had been behind the move in reducing the Federal Reserve rediscount rate.
But here also questions arise as to just how the
reduction in rate will really work. This paper is
not among those who believe that the course of the
Reserve Banks should be shaped in accordance with
the desires of central banks of other countries. The
Reserve Banks will be doing well if they limit
themselves to considerations bearing upon home
affairs, and we are of the conviction that while
private banks should be at all times free to assist
foreign banks, if they deem it wise, our Reserve
Banks should never become involved with the central
banks of other countries, and, most important of all,
that the gold reserves of the Reserve Banks should
not in any way be subject to the control, direct or
indirect, of the central banks of other countries.
But we do not intend to discuss that point here,
We are considering merely the possible effects of
this week's reduction to 2% in the rediscount rate
of the New York Federal Reserve Bank.
The Bank of England rate has been and remains
at 3%. With the New York Reserve rate 2 %,the
British bank had a margin of 12 of 1% to protect it
against drains upon its gold stock that might arise
out of differences in discount rates. With the Reserve rate down to 2% this margin of protection is
increased to a full 1%. On the other hand, however, in the case of the Bank of France, where the
discount rate is 2 %, the same as the old rate of
the New York Federal Reserve Bank, the French
bank would seem to gain a distinct advantage for
drawing gold, at least from the United States, and
indirectly perhaps from London, since obviously the
New York Reserve rate at the new figure of 2% will
be / of 1% lower than the French bank rate. Other
things being the same, there will now be an inducement to transfer floating balances from this side to
France. Mere again, therefore, it is quite possible
that the lowering of the New York rate will act in
precisely the opposite way from that intended. The
chief trouble now is that the Bank of France is
drawing gold from all parts of the world, at a time
when it already has an excessive amount of the
metal. It would be a pity if this movement were
accelerated through the unfortunate action this week
of the New York Reserve Bank.
In the meantime bank failures keep coming with
unpleasant frequency in all parts of the country.
And, unfortunately, too, big banks are now being
drawn into the vortex. This week there has been a
big bank suspension in Philadelphia and another of
considerable size in this city, in addition to that of
the Bank of United States two weeks ago. The
Philadelphia closing down was that of the Bankers'
Trust Co., which at the time of the last bank call
on Sept. 24 had aggregate resources of $55,508,119.
It is an institution which under the leadership of
Samuel H. Barker, a former newspaper man in the
financial field, has been spreading out with great
rapidity. It had119 branches. The bank was closed by
order of the Pennsylvania State Secretary of Banking, and the reason given was "a 'steady seepage'
of deposits due to withdrawals in the last few days."
The bank in this city which became embarrassed
was the Chelsea Bank & Trust Co., with main office


at 20 East 45th Street, but having also six branches
in different parts of the city. This bank was closed
on Tuesday by Joseph A. Broderick, State Superintendent of Banks, after runs on the institution, at
its main office and its several branches, marked in
some instances (according to newspaper accounts)
by rioting which "threatened the stability of the
institution." This bank was not a member of the
Clearing House, nor a member of the Federal Reserve System. It will remain for the future to determine the precise cause of both the bank closings
of this week.
The Federal Reserve statements this week, which
are for the week ending Wednesday evening, reflect
the presence of some unusual influences—all serving
to add to the volume of Reserve credit outstanding.
The United States Treasury, which was a borrower
at the Reserve institutions a week ago to the extent
of $109,000,000 on one-day certificates of indebtedness has passed out of the picture and that item,
therefore, does not figure in the present week's
return. Nevertheless, Reserve credit outstanding
this week is $73,598,000 larger than it was last week,
and this is the fifth consecutive week during which
the total of Reserve credit outstanding has been
increasing, with the result that the amount of Reserve credit now outstanding (as measured by the
aggregate of the bill and security holdings of the 12
Reserve Banks) stands at $1,356,395,000 as compared with $985,380,000 on Nov. 19, showing an
expansion in the five weeks in the large sum of
Additional significance is given this large expansion in the volume of Reserve credit outstanding—
and it should not•escape notice that the volume of
Reserve notes in circulation has increased in much
the same amount, having risen from $1,383,604,000
Nov. 19 to $1,721,897,000 Dec. 24, indicating currency inflation to that extent—the whole possesses
added significance because it has occurred while
trade and business are extremely depressed, consequently diminishing credit requirements on that
account, and it has also occurred while prodigious
liquidation has been in progress on the Stock Exchange, brokers' loans having fallen Dom $2,185,000,000 Nov. 19 to $1,920,000,000 Dec. 24.
Of the $371,015,000 increase in the bill and security holdings, $243,312,000 represents direct borrowing by the member banks, the discount holdings of
the 12 Reserve institutions having risen from $205,037,000 Nov. 19 to $448,349,000 Dec. 24. In addition, however, the Federal Reserve authorities have
undertaken to help the movement along through
their open market operations by adding to their
holdings of acceptances and their holdings of :United
States Government securities. Acceptance holdings
have increased during the five weeks from $178,273,000 to $259,837,000, and the holdings of United
States Government securities from $595,773,000 to
$641,676,000, this last being the present week's total
notwithstanding the elimination during the week
of the $109,000,000 one-day certificates of indebtedness representing temporary borrowing a week ago
by the United States Treasury, to which reference
has already been made.
In seeking for the causes of this great expansion
in Reserve credit outstanding and which the Reserve
authorities have so signally aided, having, as noted
at the outset of this article, gone so far the present



week as to reduce the rediscount rate here in New
York to 2%—a number of these causes come readily
to mind, though none of them seem adequate to
account for the full extent of the inflation, especially
considering the diminished requirements of credit
for trade and business and for stock market operations, both of which have fallen to low ebbs. One
prominent cause at this season of the year is the holiday demand for money. This leads to demands upon
the member banks for currency, which these latter,
in turn, at least in part, undertake to satisfy by extra
borrowing at the Reserve institutions. This holiday
demand, however, one would imagine, must have
been offset by the curtailment in the requirements
of the Stock Exchange and in the call for the ordinary commercial needs.
There is yet another factor that must have acted
to swell the volume of Reserve credit outstanding,
at least as far as direct borrowing by the member
banks is concerned; the additions to Reserve credit,
resulting from the open market operations of the
Reserve Banks, are of course entirely the voluntary.
action of the Reserve authorities themselves. We
have reference to the numerous bank suspensions
which have been occurring all over the country—
the Bank of United States and the Chelsea Bank &
Trust Co. in this city, the Bankers' Trust Co. in
Philadelphia, and scores of bank suspensions elsewhere. These would naturally induce more or less
borrowing at the Reserve institutions on the part of
commercial banks generally for the purpose of fortifying against contingencies and to be prepared for
runs and the drawing down of deposits generally.
What effect the further lowering the present week
of the rediscount rate here at New York from 21 2
to 2% had this week in adding to Reserve credit
it is impossible to say. The reduction was not announced until after the close of business on Tuesday
evening, and therefore was operative for only one
day, namely, Wednesday. But as bearing on that
point it may be noted that for the week ending Wednesday night the discount holdings of the Federal
Reserve Bank of New York increased from $77,740,000 to $141,486,000. For the 12 Reserve Banks
combined, the discount holdings increased during
the week from $331,321,000 to $448,349,000, and the
acceptance holdings increased from $251,591,000 to
• $259,837,000; the holdings of United States Government securities, owing to the elimination of $109,000,000 of Government borrowing, fell from $692,434,000 to $641,676,000. But notwithstanding the
elimination of this Government item the aggregate
of the bill and securities holdings increased during
the week, as already indicated further above, from
$1,282,797,000 to $1,356,395,000. The total of Federal Reserve notes in circulation increased during
the week from $1,596,18,000 to $1,721,897,000.
As far as brokers' loans here in New York City
are concerned, there has been a further substantial
decrease in the grand total as shown by the reporting member banks in the New York Federal Reserve
district. This makes the thirteenth successive week
of decrease in the amount of these loans on securities to brokers and dealers by the reporting member
banks in New York City. The further decrease the
present week is $88,000,000, and the total contraction for the 13 weeks is no less than $1,302,000,000.
, The aggregate of these loans now is only $1,920,000,000, whereas on Sept. 24 it was $3,222,000,000.
As for this week's changes, the loans for own account

For... 131.

made by the reporting member banks increased from
$1,184,000,000 to $1,262,000,000, but loans for account of out-of-town banks fell from $395,000,000 to
$294,000,000, and loans "for account of others" from
$430,000,000 to $363,000,000.
The stock market, after its strength the latter
part of last week, has again displayed considerable
weakness the present week. There have been quite a
number of contributing causes. At the half-day
session last Saturday the market evinced a declining tendency, with, however, no sharp general losses,
the declines following mainly as the result of realizing sales made at the close of the week after several
days' rise in values. On Monday the course of prices
at first was rather uneven on a diminished volume of
trading, but when the news came of the failure of
the Bankers' Trust Co. of Philadelphia, an institution with resources in excess of $50,000,000, prices
took a downward turn, with moderate losses all
around. On Tuesday the market again at first developed a rising tendency, but then there came news
of the closing of the Chelsea Bank & Trust Co. of
this city by the State Superintendent of Banking,
and this once more had an unsettling effect without,
however, leading to any pronounced general break.
On Wednesday the market developed a firm tone on
a small volume of trading, and in some quarters this
was ascribed to the action of the New York Federal
Reserve Bank, after the close of business the day
before, in reducing its rate of rediscount quite unexpectedly from 21 2% to 2%, but appeared to be due
almost entirely to the closing of accounts preparatory to the Christmas holiday on Thursday and to
the development of a general lethargy in trading
incident to the holiday season. Quite an acquisition
of strength was given the copper shares by the action
of the Anaconda Copper Co. in keeping the quarterly dividend rate unchanged at 62Y a share in2c.
stead of making a further reduction in addition to
the reduction made the previous quarter from 87Y
a share to 62y a share. At the same time the Ana2c.
conda Wire & Cable Co. and the Andes Copper Mining Co., both controlled by the Anaconda Copper
Co., also declared unchanged quarterly dividends
of 25c. a Share.
On Friday, after the Thursday holiday, the market, still under the influence of the holiday spirit,
was very dull, with at first no pronounced movement in prices except that the railroad list continued to shade off owing to the unfavorable character of the November statements of earnings which
came to hand for a number of different roads and
systems. As the day wore on, however, general weakness developed, though the copper stocks continued
to manifest strength owing to the appreciation in the
market price of the metal. The merchandise stocks
appeared to be special sources of weakness. This
eventually led to a sharp break all around. The call
loan rate on the Stock Exchange remained unaltered
all through the week at 2%,until Friday, when there
was an advance to 24%;in the outside market call
money was obtainable the early part of the week
at 112%, but on Wednesday and Friday there were
no concessions from the Stock Exchange figures.
Trading on the Stock Exchange kept steadily
dwindling; the Christmas holiday season contributed strongly to that end. At the half-day session
on Saturday the sales were 1,027,780 shares; on
Monday they were 2,104,325 shares; on Tuesday,

DEC. 27 1930.1



2,543,185 shares; ell Wednesday, 1,582,338 shares; again
st 70%; New Haven at 7178 against 78%;
'Thursday was Christmas Day, and on Friday, Unio
n Pacafic at 176% against 179%; Southern
1,800,60 shares. On the New York Curb Exchange Pacif
ic at 90 against 951
4; Missouri-Kansas-Texas
the sales last Saturday were 286,700 shares; on at
16 against 20; St. Louis-San Francisco at 42/
Monday,504,200 shares; on Tuesday,618,600 shares; again
st 49%; Southern Railway at 47% against
on Wednesday 487,200 shares, and on Friday, 57%;
Rock Island at 47 against 53%; Chesapeake
& Ohio at 38 against 41; Northern Pacific at 48
As compared with Friday of last week, prices again
st 50%, and Great Northern at 59 against 60.
show quite general declines. General Electric
The oil shares have shown considerable steadiness
closed yesterday at 42% against 44% on Friday of Stan
dard Oil of N. J. closed yesterday at 465
last week; Warner Bros. Pictures at 131 8 against again
st 47% on Friday of last week; Standard Oil
14%; Elec. Power & Light at 37% against 391/ ;
4 of Calif. at 44% against 4538;
/ Simms Petroleum at
United Corp. at 151 4 against 1678; Brooklyn Unio 71/
s bid against 7; Skelly Oil at 101
/ against 1138;
Gas at 1011 against 10414; American Water Work Atlan
tic Refining at 173 against 18/ Texa
at 52 against 54; North American at 60% against Corp.
at 29% against 31%;Pan American B at 33%
63%;Pacific Gas & Elec. at 44% against 45; Stand again
st 25 bid; Richfield Oil at 5% against 5;
Philard Gas & Elec. at 57% against 58%; Consolidated lips
Petroleum at 13% against 13%; Standard
Gas of N. Y. at 81% against 84%; Columbia Gas
& of N. Y. at 211 8 against 22, and Pure Oil at
Elec. at 33% against 33%; International Harvester again
st 9%.
at 45% against 50%; J. I. Case Threshing Mach
The copper stocks have been benefited by
at 86 against 102; Sears, Roebuck & Co.
at 4378 action of the Anaconda Copper Co. in maint
against 49%; Montgomery Ward at 153
4 against the old rate of dividend, also the advance
in the mar18%; Woolworth at 52% against 56%;
Safeway ket price of the metal. Anaconda Copper
closed yesStores at 41% against 47%; Western Unio
n Tele- terday at 28 against 26% on Friday of last
graph at 124 against 126%; American Tel.
& Tel. at Kennecott Copper at 22% against 2078; Calu
met &
174% against 177%; Int. Tel. & Tel. at
19% against Hecla at 8% against 878; Calumet &
Arizona at 34
221s; American Can at 109% against 11278;
/ United against 32%; Granby Consolidated Copp
er at 16%
States Industrial Alcohol at 55 against 58; Com- again
st 15; American Smelting & Refining
at 383
mercial Solvents at 15 against 161 8; Shattuck & Co. again
st 42, and U. S. Smelting & Refining &
at 2114 against 22%; Corn Products at 6958 again
st at 20 against 20.
72, and Columbia Graphophone at 8 against 838
Allied Chemical & Dye closed yesterday at
Stock quotations on the important European
exagainst 188% on Friday of last week; E. I. du
Pont changes worked irregularly lower in extre
mely quiet
de Nemours at 85 against 87%; National Cash
Reg- pre-holiday sessions this week. Fixed-i
nterest issues
ister at 30 against 3214;International Nickel
at 14% were somewhat higher in London and
Berlin Wednesagainst 1478; Timken Roller Bearing at
421 8 day, after the news of the discount rate
reduction in
against 441 8; Mack Trucks at 341 8 against
37; Yel- New York reached those centers, but
this action prolow Truck & Coach at 9% against 10; Johns-M
an- duced no effect otherwise. Considerable
ville at• 53 against 55; Gillette Safety Razor
at was occasioned in the London market regar
ding the
18% against 23; National Dairy Products at
37% motive behind the lowered rate,
dispatches said.
against 39%; National Bellas Hess at 4 again
st 3; Trading in most European stock
markets was conAssociated Dry Goods at 2014 against 24 bid;
Texas fined to the first three days of the
week, with the
Gulf Sulphur at 4514 against 46%; American ForChristmas holidays occasioning a suspension
eign Power at 27 against 301 General American
of acti/
vities from Wednesday night to next Mondoy
Tank Car at 55% against 60; Air Reduction
mornat 9514 ing. Developments in the commerci
al and financial
against 101; United Gas Improvement at 26
against spheres during the active period
were not especially
27, and Columbian Carbon at 73% against 77/
significant, with the exception of the
rediscount rate
The steel shares did not hold up any better
than reduction in New York. British,Fren
ch and German
the rest of the list. U. S. Steel closed yesterday
at foreign trade figures for November,all
137% against 14078 on Friday of last week;
published over
Bethle- the last week-end,showed a conti
nuance of the receshem Steel at 4878 against 5318; Vanadium at
51% sions that have characterized
the entire year, but
against 55%, and Republic Iron & Steel
at 11 the fall is now more drastic
since the normal seasagainst 13%. In the motor stocks Auburn
Auto onal decline is added to that
occasioned by the busifluctuated sharply, but within a much narr
ower ness depression. Some enco
uragement is gained, on
range than last week. General Motors closed yeste
rday at 3438 against 3478 on Friday of last week the other hand, from the lessened rate of decline in
; the prices of important commo
dities, and there were
Chrysler at 16% against 16%; Nash Motors
at 26 several predictions of an early
turn for the better
against 2678; Auburn Auto at 94 against 106%
; on this basis in the London
market. Arrangements
Packard Motor Car at 8% against 878;
/ Hudson were made in Great
Britain, Tuesday, for a threeMotor Car at 22% against 23, and Hupp Moto
rs at months' trial of the recent
adjustment in the dis8 against 8%. The rubber stocks have
continued pute over working hours in the
coal mining industry,
quiet. Goodyear Rubber & Tire closed
yesterday and the spectre of a strike in this
important industry
at 47% against 4778 on Friday of last week;
United is thus definitely removed for
the time being. The
States Rubber at 1238 against 13%, and
the pre- French market was unsettled
by the prospect of
ferred at 22 against 23%.
further political difficulties and by disqu
The railroad list has again yielded readily
ieting reveto lations in the Oustric bank failure
selling pressure. Pennsylvania RR. closed
yester- Unemployment remains a problem
of undiminished
day at 56% against 59 on Friday of last week;
Erie seriousness in all the important indus
trial countries
RR. at 25 against 27%; New York Central
at of Europe, with the German figur
es climbing most
112% ex-div. against 119; Baltimore & Ohio at 66
quickly at present.



[VoL, 131

The London Stock Exchange was quiet and dull interested banks, dispatches said, and the buying in
at the opening Monday, with most members putting such quarters soon reversed the trend. Considerable
in a delayed appearance, owing to a heavy fog which covering by short sellers followed, and the early
covered all of England. Prices moved irregularly losses were completely wiped out in most cases.
at first, but the tendency became firm later on as The close, however, was irregular. Selling orders apbuying appeared in the copper, tin and nickel metal peared in volume on the Boerse Tuesday, with most
groups. International stocks were mostly a bit of the operations of this character attributed to forlower, but British industrials advanced. British eign sources, particularly Swiss and Italian.
funds were exceptionally dull with quotations Stocks in most sections moved downward in conseslightly easier. Prices in general were lower on the quence, with electrical issues most affected. Some
London Exchange Tuesday. Almost all issues were gains were shown, however, in the banking and mineasier at the opening and in many sections weakness ing sections, while shipping issues also improved.
prevailed throughout the session. British funds The close was uneasy. The Boerse was stimulated
moved downward with the rest of the market in to a small degree Wednesday, when news of the rethe early dealings, but quotations recovered in this discount rate reducion in New York was received,
department as the session progressed and some is- but the optimism engendered by this incident was
sues registered gains. At the opening Wednesday, mild and short-lived. The view was taken that any
cognizance was promptly taken of the lowered redis- good effects of the measure will only be felt in
count rate in New York and prices of gilt-edged Europe if and when the British and Continental
issues were bid up. British Government funds were central banks announce similar reductions. After
especially strong. Stocks also improved somewhat, its initial spurt the market turned about and lost
although movements were small in view of the re- most of the preyious gains.
stricted trading that characterized the last hours
Quiet and unostentatious diplomatic moves were
before the long holiday suspension. In British
reduction in New again reported this week in the campaign to bring
conjecture regarding the bank rate
York the most popular view was that the action was about a naval understanding between France and
taken solely with the object of aiding business recov- Italy to the end that these powers may eventually
ery in the United States. In some quarters it was be brought into full participation in the London namaintained that the lowering of the rate is part of val treaty of 1930. It was disclosed in a Rome disa plan by international banking interests to check patch of last Saturday to the New York "Heraldthe gold drain on England. There were no dealings Tribune" that R. L. Craigie, naval expert and chief
on the British market Thursday or yesterday, and of the American division of the British Foreign Of• fice, had arrived in the Italian capital some days
to-day also is an Exchange holiday.
Prices on the Paris Bourse moved steadily down- previously for lengthy conversations with high
ward in the initial session of the week and quotations Italian officials on the Italo-French naval impasse.
for most stocks reached their lowest level of the Regarding the tenor of Mr. Craigie's discussions
year. In some instances the quotations were the nothing was revealed, but it was indicated that his
lowest for as much as five years, reports said. The efforts were considered a continuation of the steps
better tendency on other exchanges in the shares of of a like nature taken two months ago by United
companies producing the base metals caused no States Ambassador Hugh L. Gibson, who made uneffect in Paris on this occasion and prices dropped obtrusive visits to Paris and Rome in connection
in this group as well as all others. The approach with naval affairs. "Behind all these efforts," - he
yearly settlement, due after the four-day Rome dispatch said, "is the fear that until France
of the
Christmas suspension on the Bourse, aroused the and Italy are brought into a full five-power treaty
greatest interest and occasioned more than a little the three-power London naval accord must remain
uneasiness. Shares in the banking, coal, steel, open to danger of being upset by French or Italian
chemical and utility groups were the heaviest suf- building plans." Such remarks relate, of course,
ferers. In Tuesday's session the downward ten- to the contingency clause in the London treaty,
dency of all shares was resumed on the Bourse, and whereunder Britain, the United States, and Japan
gloomy reports from other markets added to the may build beyond the treaty limitations if they condecline. Waves of selling caused some sharp price sider their standards menaced by the building of
reductions, and the liquidation did not cease until powers not signatory to the treaty. The clause was
the last hour, when a small rally developed. The inserted, it is understood, at the instance of Great
to maintain
final upturn did not suffice to wipe out the earlier Britain, in order to enable that country
its customary standard of equality with any two
losses and virtually all stocks closed lower for the
day. Heavy declines again followed Wednesday, Continental naval powers.
After completing his conversations in Rome, Mr.
with a drop of 625 francs in the price of Bank of
session. The Craigie stopped off in Paris Tuesday on the way
France shares the chief incident of the
the situation in the
fall "left an extremely bad impression from which back to London. He discussed
is conductthe market failed to recover," a report to the New French capital with Rene Massigli, who
said. Other French issues were off ing all discussions of naval matters for the French
York "Times"
sharply, while international stocks were somewhat Foreign office. Paris reports revealed that the
more stable. The weakness continued to the close. Rome discussions of the British expert were
with Foreign Minister Dino Grandi, and this fact
In Paris opinion the New York bank rate reduction
intiis designed chiefly to aid the banking situation in caused some pessimism in Paris, where it was
to mated that the negotiations, in order to be successthe United States, although some inclination
Preplace a wider interpretation on the step also was ful, would probably have to be conducted with
mier Mussolini direct. Little promise was held out
further adThe Berlin Boerse was weak at the start of trad- as a result of Mr. Craigie's talks, of a
mediation between
ing Monday, but offerings were readily absorbed by vance along the road of naval

DEC. 27 1930.]


France and Italy. "It is understood," a report to
the "Herald Tribune" said, "that no new offers or
suggestions have been made by Italy, and that the
present situation is such that France cannot any
longer postpone replacement of old vessels without
allowing Italy to gain in fact the parity she has
been claiming in theory. It is considered certain
here that the naval building holiday between the
two countries will be allowed to lapse automatically
on Dec. 31." In a Washington report of Tuesday to
the New York "Times" it was indicated that the
efforts for full participation by France and Italy
in the London naval treaty have been continuing
for months and show no signs of abating. The negotiators are exercising every care to appear merely
as advisers and not as principals in the conversations, it was said. "The effort was first undertaken
by Great Britain," the dispatch said,"and the United
States then lent its good offices, while Japan also
gave its counsel. The effort is being made in the
realization that so long as France and Italy remain
only on the fringes of the London naval treaty, building by either of them beyond certain points may
force Great Britain and the United States to undertake building beyond points contemplated in the
treaty. The abstention of France and Italy is regarded as a threat to the effectiveness of the limitation pact."
Adjournment of the House of Commons late last
week for the Christmas holidays placed British political affairs temporarily in the background in that
-country, and attention was centered early this week
-on developments relating to India. Debate in Parliament, when the session is resumed on Jan. 20,
promises to be a lively affair, as announcement was
made just before adjournment that the Labor Government will introduce a Trades Dispute and Trades
Union bill designed to remove the restrictions
placed on trade union activities by the preceding
Conservative Government. A further measure for
electoral reforms also will be introduced, and this
bill promises to arouse almost as much controversy
as the other. The most prominent of the Indian
developments was the appointment on Dec. 19 of
Viscount Willingdon, retiring Governor-General of
Canada, as the new Viceroy to succeed Lord Irwin,
whose five-year term as the head of the Indian Government will expire in April. Lord Willington, who
is 64 years old, has had a varied career in overseas
service in the Empire, and his appointment met with
general approval in England. He was Governor of
Bombay from 1913 to 1919, and Governor of Madras
for the five following years. The appointment occasioned surprise, however, as Lord Willingdon is a
At the Indian Round Table Conference in London further efforts were made to adjust the dispute
between Hindus and Moslems regarding the share
of either religious faction in the suggested new Government of India, which is to function under the
Constitution now being debated by the conference.
The chief differences between the two factions relate,
it is understood, to the safeguards for religious
minorities in areas where both faiths are practiced.
The British Government takes the view, a London
dispatch to the Associated Press said, that no policy
can be settled upon for India until the Hindu-Moslem representatives settle their own diffcrences.
Negotiations were conducted toward this end until


early this week, when the Round Table Conference
adjourned until next Monday for the holidays. At
the time of adjournment the prospects of an amicable arrangement appeared bright, according to London reports. There is, in the meanwhile, but little
diminution of the unrest in India. Sir Geoffrey de
Montmorency, Governor of the Punjab, was shot and
slightly wounded by a would-be assassin in Lahore
Tuesday. Serious riots near Rangoon were reported
at the same time.
The new Cabinet formed in France last week by
Premier Theodore Steeg took a surprise step on
Dec. 19 by announcing adjournment of the Parliamentary session for the holidays, although it had
been decided originally to continue the session until
Dec. 23. The Chamber of Deputies will not reconvene until Jan.13,and the new Government will thus
have a welcome opportunity to formulate its policies
and strengthen its Parliamentary support. In the
voting on adjournment the Steeg Ministry was upheld by a majority of 11, as against only 7 in the
original vote on the question of confidence. Vacancies caused in the Steeg Cabinet by the disconcerting
resignations of Minister of Pensions Robert Thoumyre and four Under-Secretaries were filled by M.
Steeg Tuesday. Maurice Dormann, a representative of the disabled veterans' group in the Chamber,
was appointed to the Pensions post. The life of the
Cabinet will depend, when the Chamber reconvenes,
on the attitude of the Socialists under the leadership of Leon Blum.
Much prominence was again given in France this
week to the Parliamentary investigation into the
affairs of Albert Oustric, whose operations are
alleged to have caused the suspensions of the Oustric
bank and several institutions affiliated with that
financial organization. The downfall of the Tardieu Ministry was due largely to disclosures of a
connection between M. Oustric and Raoul Peret,
Minister of Justice in the Tardieu regime. Further
revelations early this week caused the suspensions
from his post of M.Remy,Under-Director of the Discount Department of the Bank of France. The investigators found, a dispatch to the New York
"Times" said, that M.Remy had a personal account
with the Oustric bank. Formal charges were lodged
against M. Oustric, Tuesday, of fraud and violation
of the law governing business concerns. The committee suspended its investigation for the holidays,
but before doing so made provisions for hearing
many prominent political personages in France,
such as MM. Aristide Briand and Joseph Caillaux.
Measures to meet the Italian budgetary deficit,
which Premier Mussolini has charged is due directly
to the financial situation in the United States, were
considered at a Cabinet meeting in Rome last Saturday. A Treasury statement, published on the same
day,indicated thatthe deficit for the firstfive months
of the current fiscal year is $43,700,000. Decision
was reached at the Cabinet meeting, a dispatch to
the New York "Times" said, to decrease expenditures in several important directions. Appropriations for various ministries were decreased by a
total of $15,000,000, and this, added to the savings
effected by the recent decrease in the salaries of State
employees, will relieve the budget in the remaining
months of the fiscal year by about $35,000,000. "This
saving will not be sufficient for balancing of the



budget," the "Times" report said, "but experts, taking into account the increase of revenue which
usually occurs at the end of the fiscal year, believe
the deficit will not be serious." The deficit for the
year is now expected to aggregate $23,000,000, it is
said. Some reductions in freight rates on Italian
State Railways were decreed in the effort to bring
charges for all Government services to the level of
four times pre-war costs. Some interest was occasioned early this week by a trial in Rome before a
special military tribunal, of eight persons accused of
being members of an organization said to be secretly
plotting overthrow of the Fascist regime. An American-born Italian woman, Signora Adolfo de Bosis,
was among those accused of the plot, which appeared
to consist of the writing and distribution of incendiary pamphlets. After recanting and expressing
regret, Signora de BO6iS was acquitted, as were also
four others of the accused. Of the three who were
found guilty, two were sentenced to 15 years and one
to two years' imprisonment.
Conditions in Spain remained this week in the
quiet state to which they were quickly restored by
the Berenguer Government after the insurgent movements in the army and aerial forces on Dec. 12 and
15, and the general strikes in important cities on
following days. During and after these demonstrations the Government made arrests on a wholesale
scale, latest estimates indicating that perhaps
10,000 persons were imprisoned because of their real
or alleged connection with the revolt. The Cabinet
in Madrid was faced early this week by a curious
problem, occasioned by the circulation of a manifesto which amounted to a mass "confession" of
complicity in the conspiracy by thousands of Spaniards. This document, addressed to a military
judge, declared that the signers were guilty "morally
and materially of plotting to obtain through a military and civil uprising the justice and political dignity which to-day are possible only under a republic." Many eminent Spaniards affixed their signatures to the manifesto, reports said. Order was so
speedily restored, however, that the Cabinet reached
a tentative decision last Saturday to rescind the
decree establishing martial law on Jan. 1, if no more
untoward developments occur.
In an interview granted Leland Stowe, correspondent of the New York "Herald Tribune," Premier Berenguer declared late last week that numerous important political changes would soon be
effected in Spain and that he himself will resign
before the end of next March. Not only will the dictatorship be ended by that time, Senor Berenguer
asserted, but national elections will have been held
and a new Constitution drawn up. In a general dispatch on the Spanish developments, sent from
Madrid Monday, the correspondent remarks that
King Alfonso for the moment can still count on the
army's support. "By armed force he may retain his
throne for months or possibly years," the dispatch
continued. "But with the snuffing out of the latest
military revolt the spiritual revolt against continued
dictatorship and monarchy without a Constitution
has multiplied to the point where already it is
threatening the Spanish throne. From now on the
continuance of Alfonso on the throne will remain
subject to constant attacks unless the King himself bows to the twentieth century style of democratic monarchs."

FoL. 131.

A significant change in Soviet leadership was
announced in Moscow late last week, when Alexis I.
Rykoff was relieved of his post as President of the
Council of People's Commissars, which corresponds
to the Premiership in most countries. He is succeeded in this important office by Viacheslav
llolotoff, who is a member of the Politburo and
one of Joseph Stalin's lieutenants. This change,
effected by the Dictator, Joseph Stalin, is one of
the clearest indications of the course of Russian
political affairs available in many months. It demonstrates that absolutue power is still retained by M.
Stalin, who held no office in the Soviet Government
from 1923 until this week, and acted merely as Secretary-General of the Communist party. M. Rykoff
held the office of President of the Council of People's
Commissars for almost seven years in direct succession to Lenin. Within recent months a growing opposition between M. Rykoff, with his more moderate
views, and M. Stalin, with his renewed extremism,
has been intimated in Russian reports. This dispute
related mainly to the five-year industrialization program, now to be completed in four years, if possible.
M.Rykoff, together with Nicolai Bukharin and other
prominent Right Wingers, favored some restraint
in the five-year plan, whereas Stalin and his followers desired to plunge ahead. Recantations were
made by the Right Wingers, but M. Rykoff was
nevertheless given a month's "sick leave" in November, and this appeared to indicate important
changes. In the light of the present happenings it
appears also that the curious treason trial recently
held in Moscow was another preparation for the Governmental changes.
The fall of M. Rykoff from power was made complete last Sunday when the Central Control Commission of the Communist party removed him from
the powerful Politburo and appointed G. K. Ordzhonikidze in his place. The new member of the
Political Bureau, like the new President of the
Council, is a close friend and collaborator of M.
Stalin. Of the prominent Right Wingers only M.
Bukharin, who is a member of the Supreme Economic Council, thus remains in a high post, and it
is generally assumed by Moscow observers that he
also will be dropped, leaving Stalin supreme. A
further significant move was announced in Moscow
Thursday, when M. Stalin took office in the Soviet
Government for the first time since 1923, at which
date he resigned from the Commissariat of Nationalities. He has now elected to become a plain member
of the Council of Labor and Defense, which is considered one of the three "interlocking directorates"
that run the Russian Government. The reorganization of the Council, with M. Stalin as a member, is
described in a Moscow dispatch to the New York
"Times" as a "concentration of power for the strenuous days to come." A further step toward centralization of power was announced at the same time.
This consists of the creation of a new Committee of
Fulfillment, which is to "verify the progress of the
national program and strengthen Soviet discipline."
Careful study is to be made by the State Department in Washington of the quick succession of provisional Governments in Guatemala before a final
decision is reached on the question of recognition.
Three Governments followed each other in Guatemala last week with bewildering swiftness. The
resignition of the duly elected President, Lazaro

DEC. 27 1930.]


Chacon, on account of illness, was followed by the
formation of a provisional regime under Baudillo
Palma. A military junta, organized by General
Manuel Oreliana, upset the Palma regime and took
over the Government after a sharp encounter in
which 57 persons were killed or wounded. The coup
d'etat brought up the problem of recognition in
Washington, where it was indicated that no action
will be taken until the physical condition of Senor
Chacon is definitely ascertained. General Orellana
formed a new Cabinet of Liberals this week to replace the Conservative Cabinet named by former
President Chacon. The question posed in Washington was whether the United States will continue to
adhere to its policy of supporting the Central American treaty of 1923, whereunder the Central American Governments agreed not to recognize any
regime among them that came into power by means
of revolution. While not a signatory to this treaty,
the United States announced that it would support
the principle. In a discussion at Washington, Monday, of the problem now raised in Guatemala, Secretary of State Stimson declared that the United
States will continue to support the 1923 treaty. He
declined to say, however, whether this would prevent
recognition of the Oreliana regime in Guatemala.
"We are now engaged," Secretary Stimson said, "in
trying to ascertain the facts in regard to what has
happened in Guatemala,in order that we may intelligently act under our policy initiated by Secretary
Hughes in respect to the treaty made by the five
Central American republics in 1923."
There have been no changes this week in the discount rates of any of the European central banks.
Rates remain at 6% in Spain; at 5 % in Austria,
Hungary, and Italy; at 5% in Germany; at 4% in
Norway and Ireland; at 3 % in Sweden and Den/
mark; at 3% in England and Holland, and at 2 %
in France, Belgium, and Switzerland. In the London open market discounts for short bills yesterday
were 2%@2/ against 2 @2%% on Friday of
last week, while three months bills were 2 5 1
/ 6%
against 2 % on Friday of last week. Money on
call in London yesterday was 114%. At Paris the
open market rate continues at 2 %,but in Switzer/
land there has been an advance from 11 8% to 11 4%.
The Bank of England statement for the week
ended Dec. 24 had not yet been made public last
night, due to the Christmas holiday on Thursday,
and Friday being Boxing Day, both holidays.
The statement of the Bank of France for the week
ended Dec. 20 records a gain in gold holdings of 383,000,000 francs. Owing to this gain the total of the
item now stands at 53,283,460,037, francs, which
compares with 41,387,433,556 francs the same time
last year and 31,834,518,586 francs two years ago.
Increases appear in credit balances abroad of 307,000,000 francs and in bills bought abroad of 2,000,000
francs. Notes in circulation expanded 71,000,000
francs raising the total of notes outstanding to 75,369,195,445 francs. Circulation the previous year
stood at 67,149,168,395 francs and the year before
at 61,913,826,555 francs. French commercial bills
discounted and creditor current accounts show gains
of 223,000,000 francs and 632,000,000 francs while
advances against securities declined 43,000,000 francs.


Below is given a comparison of the various items for
the past three years:
Status as of
for Week.
Dec. 20 1930. Dec. 21 1929. Dec. 22 1928.
Gold holdings- - - -Inc. 383,000,000 53,283,460,037 41,387.433,556 31,834,518,586
Credit bale. abr'd_Inc. 307,000,000 6,683.167,374 7,290,641,236 13,656,684,904
French commercial
bills discounted_Inc. 223,000,000 7,219,558,727 7,210,057,108 3,830.284,740
Bills bought abed_Ino. 2,000,000 19,375,534,059 18,149,199,824 19,152.918,394
Adv.aget.securs—Deo. 43,000,000 2,930,147,422 2,543,886,719 2,211,453,512
Note circulation- -Inc. 71,000,000 75,369,195,445 67,149,168,395 61,913,826,555
Cred. curr. accte--Inc. 632,000,000 23,713,267,039 19,322,210,547 1

Lowering of the rediscount rate at New York
from 2 % to 2% was the outstanding development
in a money market that remained quiet all week
owing to the holidays. This action was announced
Tuesday after a prolonged meeting of the directing
board of the New York Reserve Bank, held thus
early in the week because of the Christmas holiday,
Thursday. No reason for the reduction was given,
and money brokers were unable to suggest any
plausible explanation. The rate now in effect is the
lowest in the history of the Reserve System, and also
the lowest discount or rediscount figure quoted at
present in any market. Some confusion in the bankers' bill market followed Wednesday, as the Reserve
institution lowered its bill buying rates as well.
Some dealers in bills followed the cut in rates, but
others maintained their old figures, and by the close
of business Wednesday all houses were again quoting the rates prevalent before the Federal Reserve
action was taken.
Call loans on the Stock Exchange were quoted at
2% in all sessions from Monday to Wednesday, while
business was of course suspended Thursday. Renewals yesterday were again 2%, but new loans
were advanced later in the day to 2 %, and this
figure was maintained to the close. The firmer
course of the market was also reflected in the
"Street" dealings, where overflow funds are placed.
Trades were reported in the outside market at 12
Monday, and some further dealings at that level
again appeared Tuesday, notwithstanding call loan
withdrawals by the banks amounting to V5,000,000
in that session. No concessions were reported in
the "Street" market Wednesday, and none occurred
yesterday, as the banks withdrew a further $40,000,000. The higher call loan rate yesterday refleets merely the normal year-end tightening of the
money market. Brokers' loans for the week to Wednesday night, as reported by the Federal Reserve
Bank of New York, declined a further $88,000,000,
making the aggregate drop in the uninterrupted decline of the last 13 weeks $1,302,000,000. Gold movements from Dec. 18 to 22 consisted of imports of
$13,026,000, no exports being noted. There was an
increase of $10,026,000 in ear-marked gold.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, the rate remained at the
single figure of 2% on Monday, Tuesday, and Wednesday, this being the rate both for renewals and
for new loans, but on Friday, after renewals had
again been effected at 2%, there was an advance to
2 %. The demand for time money has shown no
improvement, due to the large amount of money
available elsewhere at more attractive rates. Quotations remain at 2@2 % for 30-day money, DA@
2 % for 60 days, and also for SO-day accommoda/
tion, 2 % for four months, and 2 @2/ for five
/ 3
and six months. The demand for prime commercial



paper in the open market continued good on Monday
and Tuesday, but the market was very quiet after
Christmas, with little or no paper moving in or out.
Rates are unchanged, choice names of four to six
months' maturity being quoted at 234@3%, while
/ /
names less well known are offered at 314@3 %.
For prime bank acceptances the market was quite
active during the fore part of the week, but the demand fell off on Friday after the Christmas holiday.
As noted elsewhere, the rediscount rate of the New
York Federal Reserve Bank was, by announcement
Tuesday evening, reduced from 212 to 2%, begincaused some demoralization
ning Wednesday. This
in the rates for acceptances at the opening Wednesday morning,some of the dealers marking their rates
down fractionally. This proved very temporary,
however, the larger dealers refusing to make any
change, and by the end of the day all dealers were
again quoting the former rates unchanged. The
Reserve Bank's purchasing rate for acceptances was
marked down on Wednesday from 178% to 13 %
for bills maturing in four months or less. The rate
for five and six months remains open for determination at the time the bills are offered. The Reserve
Banks this week further increased their holdings of
acceptances from $251,591,000 • to $259,837,000.
Their holdings of acceptances for foreign correspondents decreased slightly, falling from $434,006,000 to $432,327,000. The posted rates of the
American Acceptance Council remain at 2% bid and
178% asked for bills running 30 days, and also for
60 and 90 days; 2 % bid and 2% asked for 120
days, and 2/% bid and 2 % asked for 150 days
and 180 days. The Acceptance Council no longer
gives the rates for call loans secured by acceptances.
Open market rates for acceptances also remain unchanged, as follows:

[VOL. 131.

As a result of this action, rather than from any
activity in the market, sterling sold as high as
4.85 13-16 on Wednesday, up 8.00 3-16 from Tuesday's closing figure. On Thursday, Christmas, there

was no market. Friday was also a holiday in England, Dec. 26, Boxing Day; though cable transfers
here were quoted as high as 4.853s. The range this
week has been from 4.85% to 4.85 11-16 for bankers'
sight bills, compared with 4.85 11-32 to 4.85 9-16
last week. The range for cable transfers has been
from 4.85% to 4.853/8, compared with 4.85 9-16 to
4.853 a week ago. Except for the marking down
of the New York Federal Reserve Bank rate there
is no essential change in the sterling situation, but
under the circumstances this move is expected to
give a firmer tone to sterling and there is a revival
of talk of a probable reductioa in the Bank of England's rate cf rediscount, which[still remains at 3%,
in face of a 23/2% level in Belgium, France, and
,3% basis. In the
Switzer land. Amsterdam is on at-last month or two the feeling had beco me general
that the level of money rat .!s had about reached
bottom, but the new developmen t may involve
another wave of rate cutting.
However, some bankers are of the opinion that
inasmuch as sterling has been under great pressure
since the summer and London has lost gold heavily,
especially to France, the Bank of England will be
slow to lower its rate at the present time. As it is,

the sterling rate could not have been kept at the
levels prevailing during the past few weeks but for
the assistance of the Bank of France and as claimed
in some quarters of the New York Federal Reserve
Bank also in buying sterling bills. Had it not been
for these central bank operations there can be little
doub t, it is contended, that sterling would have
gone much lower since the beginning of seasonal
rresEure in August and that England would have
lost gold not only to France, Ger many and SwitzerSPOT DELIVERY.
—120 Days—
—150 Days-—180 Dais—
land, but to New York and other centers. It is also
Bid. Asked
Bid. Asked.
Bid. Asked.
Prime eligible babi
pointe d out that money has been firming up in
—30 Days—
—80 Days—
—90 Days—
London. Hence in some quarters a cut in the New
Bid. Asked.
Bid. Asked.
Bid. Asked.
1 M York
eligible bills
rate is regarded as in no way indicative of
trends, but prompted by local
2M big international money
Eligible member banks
2M bid
having a political complexion and
Eligible non-member banks
somewhat hysterical in character. The 2% rate is
As just stated, the Federal Reserve Bank of New the lowest in Federal Reserve history, the previous
York reduced its rediscount rate from 2 % to 2%, low
points having been the 3% rate in effect from
on Dec. 23, effective Dec. 24. The 2 % rate had August 1924 to February 1925, an d the 23/2% rate
been maintained since June 20 1930, when it was which has been in force since June 20 of this year.
lowered from 3%. There have been no other changes
Opinion is divided in the foreign exchange marke.t
this week in the rediscount rates of the Federal as to the ultimate effect of the decrease on the
Reserve Banks. The following is the schedule of
exchanges. In some quarters it is maintained that
rates now in effect for the various Classes of paper the
lowering of the New York rate is nothing more
at the different Reserve Banks:
than official recognition of the fact that 3
bankers' bills have been quoted at 13/8%. AccordAND MATURITIES OF ELIGIBLE PAPER.
ing to those of this opinion, the new rate will have
Rate in Effect
practically no effect upon the foreign exchanges.
on Dec. 26.
Federal Reserve Bank.
On the other hand, the contention is made that
July 3 1930
Dec. 24 1930
New York
July 3 1930
general money rates in this center will now seek
June 7 1930
July 13 1930
lower levels placing them well below European money
July 12 1930
June 21 1930
334 •
rates. Three-months' bills in London are quoted
Aug. 7 1930
St. Louis
Sept.12 1930
2%% to 2 7-16% and firmness has been shown in
Aug. 15 1930
Kansas City
Sept. 9 1930
that market for several weeks. A reduction in bill
Atur. 8 1930
Ban Frandsen
rates in New York to accompany the lower redislifeless count rate would therefore be certain to result in a
Sterling exchange is dull and practically
owing to the Christmas season. The outstanding flow of funds abroad to take advantage of the inevent bearing upon foreign exchange is the reduc- creased spread. Sterling continues steady with retion in the rediscount rate of the New York Federal , spect to French francs, ruling around 123.60 francs
Reserve Bank on Wednesday from 23/2% to 2%. I to the pound, but this is due entirely to operations

Dne. 27 1930.3


by the Bank of France to support sterling and
prevent it from going lower in the face of the heavy
gold withdrawals. The Bank of England statement
will not appear until to-day, Thursday having been
Christmas Day and Friday Boxing Day, both holidays. On Saturday the Bank of England sold £276,232 in gold bars and exported £7,000 in sovereigns.
On Monday the Bank received £200,000 in sovereigns
from abroad, sold £346,983 in gold bars, and exported
£2,000 in sovereigns. On Tuesday the Bank sold
£346,217 in gold bars, exported £10,000 in sovereigns,
and set aside • £500,000 in sovereigns. Of approximately £700,000 available in the London open
market on Tuesday, practically all was taken for
forward delivery for French account at a price
of 85s. 11 d.
On Wednesday the Bank sold
£199,383 in gold bars and exported £11,000 in
sovereigns. Practically all the gold sold by the
Bank was taken for French account.
At the Port of New. York the gold movement for
the week ended Dec. 24, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$15,199,000, of which $13,000,000 came from Canada,
$2,173,000 from Argentina, and $26,000 chiefly from
other Latin American countries. There were no
gold exports. There was an increase of $11,526,000
in gold earmarked for foreign account. In tabular
orm the gold movement at the Port of New York
for the week ended Dec. 24, as reported by the
Federal Reserve Bank of New York, was as follows:


the rate is easily maintained by the Bank of France
at any desired point. Money continues easy and
abundant in Paris, although the French private banks
continue to withdraw balances from abroad and to
convert them into gold, which they dispose of to
the Bank of Franee. There is much more money
in Paris than is needed for year-end requirements,
but the financial community is still under the cloud
of anxiety created by the Oustric failure, the collapse
of the Bank Adam, and the difficulties of some of
the provincial banks. Deposit withdrawals have
reached rather large proportions at all French banks,
hence the heavy gold withdrawals from London by
the private banks in order to strengthen their position and allay public anxiety. Although the Bank
of France apparently discountenances the gold move—
ment, it claims to be powerless to prevent it and
must take the gold offered by the private institutions.
The movement would long ago have forced the francsterling rate lower except for the fact that the Bank
of France acts to support sterling by buying sterling
bills, with the result that the rate has been virtually
pegged for the past several weeks at around 123.60
francs to the pound. The Bank does not plan to
help sterling above the gold import point, but aims
to prevent the rate from going further against
London. The Bank is not anxious to accumulate
sterling, as its holdings are already excessively large,
and so it sells exchange as occasion offers. There is
little expectation that demand will exceed offers
before the end of the year. The policy of the Bank
of France is to check gold imports as far as possible
$13,000,000 from Canada.
2,173,000 from Argentina.
because the movement has a tendency to increase
26,000 chiefly from other Latin
circulation. It is asserted that the people are taking
American countries.
to hoarding bank notes, being doubtful about the
$15,199,000 total.
Net Change in Cold Earmarked for Foreign Account.
banking situation, the political outlook, and foreign
Increase, $11,526,000.
policies. This week again the greater part of the
Canadian exchange continues at a discount. On gold taken from London has been for
French account.
Saturday, Monday, Tuesday and Wednesday, Mon- The latest statement of the Bank of
France shows
treal funds were quoted at 11-64 of 1%, on Friday an increase in gold holdings of 383,000,
000 francs,
at 38 of 1% discount.
the total standing at 53,283,460,037 francs, comReferring to day-to-day rates, sterling exchange pared with 41,387,433,556 francs a year
ago, and
on Saturday last was dull but steady. Bankers' with 28,935,000,000 francs reported
in the first
sight was 4.85 7-16(4)4.853/;cable transfers 4.85 21-32 statement of the Bank of France
following stabili@4.85 11-16. On Monday exchange was steady. zation of the franc in June
The range was 4.85 13-32@4.85 9-16 for bankers'
Berlin marks are firm, though off slightly from a
sight and 4.85 21-32@4.85 11-16 for cable transfers. week ago. The fractional
weakness in the mark
On Tuesday the market was dull and steady. The is due partly to temporary
withdrawals of foreign
range was 4.85 13-32@4.85 9-16 for bankers' sight funds from the German
market. The ease is also
and 4.85N@4.85 21-32 for cable transfers. On partly seasonal and a reflection
of inactivity. GerWednesday sterling continued dull. The range was many money rates continue
the most attractive of
4.853/@4.85% for bankers' sight and 4.85%@ those in any centre for short-ter
m funds, but such
1.85 13-16 for cable transfers. On Thursday, Christ- ample funds are
on offer that the Reichsbank is
mas, there was no market. On Friday sterling not expected to have
to lend any more support than
further stiffened; the range was 4.859/@4.85 11-16 usual to the market
over the year end. Since
'or bankers' sight and 4.85%@4.85% for cable Oct. 15, when the
drain on the Reichsbank's reserves
ransfers. Closing quotations on Friday were 4.8511-16 came to an end, its
gold reserves have recovered
or demand and 4.8578 for cable transfers. Commer- substantially, while
reserves of foreign exchange
ial sight bills finished at 4.85 9-16; sixty-day bills have increased in
much greater proportion. The
t 4.83 7-16; ninety-day bills at 4.82 9-16; documents total reserves are approxim
ately 127,000,000 marks
or payment (60 days) at 4.83 7-16; and seven-day higher than a year ago
and the ratio of reserves to
vain bills at 4.8478. Cotton and grain for payment all note circulation is
59.2%, as against 53.1% a
losed at 4.85 9-16.
year ago.
Italian lire, while dull and inactive, have at times
Exchange on the Continental countries is dull displayed a weaker underton
e, largely, it is thought,
mder Christmas holiday influence. French francs as the result of the budget
deficit. The Italian
re firm. Fluctuations in the franc are of minor Government has ordered sweeping
cuts in salaries
mportance as owing to the strong position of the of all State and municipa
l employees, civil and
3ank of France throughout the past two years, military. The cuts are expected
to bring a saving
lrith large holdings of gold and foreign exchange, to the Treasury in a full
year of approximately



[Vot. 131.

700,000,000 lire. A reduction of 8% in industrial
wages has been ordered, which it is believed will
result in an annual saving to industry of 1,000,000,000
lire. Negotiations are proceeding for a corresponding
reduction in agricultural wages. Pressure will be
exerted later on transforming and intermediary trades
and finally on the retailers. The Government takes
its stand on the necessity of readjusting prices to
the level of the stabilized lira.
The London check rate on Paris closed at 123.60
on Friday of this week, compared with 123.60 on
Friday of last week. In New York sight bills on
the French centre finished at 3.93, against 3.92 13-16
on Friday of last week; cable transfers at 3.933',
against 3.92 15-16, and commercial sight bills at
3.92%, against 3.92 9-16. Antwerp belgas finished at 13.973' for checks and at 13.983 for cable
transfers, against 13.96% and 13.973/2. Final quotations for Berlin marks were 23.823 for bankers'
sight bills and 23.833 for cable transfers, in comparison with 23.83% and 23.84%. Italian lire
closed at 5.23 13-16 for bankers' sight bills and
at 5.23 15-16 for cable transfers, against 5.233/i
and 5.235 . Austrian schillings closed at 14.07,
against 14.08; exchange on Czechoslovakia at 2.96%,
against 2.96 9-16; on Bucharest at 0.593, against
0.593; on Poland at 11.20, against 11.20, and on
Finland at 2.51%, against 2.513. Greek exchange
closed at 1.293 for bankers' sight bills and at
1. 93/i for cable transfers, against 1.293/i and 1.299.

present the market is practically dead on account
of the Christmas holidays. Recent steps taken by
Argentina to support the peso have so far been
without apparent effect, although it is thought
that a change for the better may evolve with the
turn of the year. This week an additional $2,173,000 gold was received in New York from Argentina; on Tuesday, nevertheless, the Buenos Aries
cable rate dropped from 32.85 on Monday to 32.71
following the receipt of the gold. The market,
however, is quite nominal. The fundamental cause
for weakness in the South American currencies at
present is the fall in prices of raw materials and
agricultural products' world markets and the
wide depression in business which has cut the sale
of South American products even at low prices. Argentine exports have fallen off over 38% in world
markets, while her exports to the United States
show a decline of nearly 31%. Again, the South
American currencies are slow to show recovery, as
international bankers seem not as yet convinced
as to the stability of the recent political changes.
Argentine paper pesos closed at 32 7-16 for checks,
as against 33 3-16 on Friday of last week, and at
323/ for cable transfers, against 333.i. Brazilian
milreis are nominally quoted at 9.75 for bankers'
sight bills and at 9.80 for cable transfers, against
9.80 and 9.85. Chilean exchange closed at 12 1-16
for checks and at 123/i for cable transfers, against
12 1-16 and 121 . Peru at 29.25, against 29.50.

Exchange on the countries neutral during the war
with the exception of exchange on Holland and on
Switzerland are dull and slightly easier than a week
ago. Swiss francs and Holland guilders were rather
active from Saturday to Wednesday and quoted
fractionally firmer, largely as a result of year-end
withdrawals from other markets. The firmness in
Swiss exchange is probably due in some measure to
operations in connection with the Bank for International Settlements. Operations in the Scandanavian currencies are too inconsiderable at present to
give an indication of market trends, although the
currencies are expected to hold reasonably steady
around quoted levels until the turn in the year or
until a change develops in the trend of exchange on
London. Spanish pesetas continue to fluctuate widely,
although on balance showing but slight change from
the closing quotations of last week. On Friday a
week ago the Spanish Supreme Banking Council
voted in favor of gold shipments to London up to
Bankers' sight on Amsterdam finished on Friday
at 40.293j, against 40.253 on Friday of last week;
cable transfers at 40.303, against 40.269; and
commercial sight bills at 40.26, against 40.22.
Swiss francs closed at 19.41% for bankers' sight
bills and at 19.423/ for cable transfers, against
and 19.423i. Copenhagen checks finished
at 26.733/i and cable transfers at 26.743/, against
26.73% and 26.74%. Checks on Sweden closed
at 26.823/i and cable transfers at 26.833/, against
and 26.843/2, while checks on Norway fin26.833/2
ished at 26.74 and cable transfers at 26.75, against
26.74 and 26.75. Spanish pesetas finished at 10.65
for bankers' sight bills and at 10.66 for cable transfers, compared with 10.65 and 10.66.

Exchange on the Far Eastern countries follows
the course of the silver market. There is a slight
reaction this week from the low prices quoted a week
ago for the Chinese units although there is no essential change in the low ruling prices of silver. Various
lengthy dissertations on the silver situation emanating from bankers and other authorities urging support of the silver market for the sake of the purchasing power of the silver using countries is having an
effect encouraging to those in the silver market who
look for a recovery from the present record low
levels. Some short covering on the part of silver
holders has lent a fractional firmness to the Chinese
quotations in the past few days, while a cessation
in war activities and an improved outlook for Chinese
business has also lent a tone of firmness. Japanese
yen are steady, partly owing to improved business
with China, but more largely due to the gold shipments to New York and London in recent months
for the support of the currency. Japan is approaching the year-end settlement of accounts with the
certainty that financial inflation is inevitable. In
normal years the Bank of Japan note issue jumps
about 250,000,000 yen during the three closing weeks
of December. This year it is estimated that the
increase will be nearer 500,000,000 yen. Bankers
say that there is reason to believe that the specie
coverage will fall below 50%. Closing quotations
for yen checks yesterday were 49.63Q49%, against
49.63@49%. Hong Kong closed at 279/sQ27 11-16,
against 273; Shanghai at 35Q35 3-16, against 351g;
Manila at 49%, against 49 8; Singapore at 56.25Q
56 7-16, against 56.25Q56 7-16; Bombay at 363,
against 363„ and Calcutta at 363, against 3634.

Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
Exchange on the South American countries con- certifying daily to the Secretary of the Treasury the
tinues to display a weaker tendency, although at buying rate for cable transfers in the different coun-

DEC. 27 1930.]



tries of the world. We give below a record for the of revolution in Spain, aimed at the abolition of a
week just past:
political dictatorship and the establishment of
has been temporarily put
down, but few observers expect the country to enjoy
DEC. 20 1930 TO DEC. 26 1930, INCLUSIVE.
any long period of internal peace. A new Ministry
Noon Buying Rate for C'ablo Transfers In New York.
Munn, and Monetary
Value in United States Money.
in France is generally believed to rest upon a preUnit.
Dec. 20. Dec. 22. Dec. 23. Dec. 24. Dec. 25. Dec. 26.
carious foundation, and there has been talk of a
general election as the only way out of an embarAustria. whining
.140907 .140929 .140908 .140906
Belgium, belga
139683 .139676 .139671 .139794
rassing condition of party rivalry and dissension.
Bulgaria, lev
007169 .007169 .007169 .007169
Czechoslovakia, krone .023670 .029672 .029671 .029674
The German Reichstag has been sent on vacation,
Denmark. krone
267432 .267406 .267392 .267445
England, pound
and for the time-being the country will be governed
4 856351 4.858519 4.856234 4.857693
Finland, markka
025161 .025166 .025166 .025174
France, franc
under decrees whose promulgation represents a re039291 .039291 .039290 .039299
Germany, reichsmark .238375 .238323 .238307 .238323
Greece, drachma
sort to methods akin to those of a dictatorship, while
012937 .012948 .012947 .012947
Holland, guilder
402662 .402736 .402873 .402992
Hungary. new
in Great Britain the parliamentary recess means
175020 .175000 .175033 .175075
Italy, lira
.052383 .052360 .052364 .052375
Norway, krone
.267432 .267416 .267411 .287472
only a lull in the efforts to dislodge the MacDonald
Poland, zloty
112090 .112127 .112127 .112122
Portugal, escudo
.044791 .044791 .044808 .044812
Government and keep the issue of protective tariffsto
Rumania. leu
005945 .005947 .005948 .005945
Spain, peseta
106569 .106566 .106366 .106519
the fore. In all of these countries,as also in Italy and
Sweden, krona
268340 .268300 .268294 .268309
Switzerland, franc_
.194216 .194243 .194221 .194224
elsewhere, the economic situation occasions grave
Yugoslavia. diner----- -017701 .017701 .017710 .017714
ASIAconcern, and programs of retrenchment are either
ChinaChetoo tael
361875 .365833 .361875 .362291
under consideration or have actually been begun.
Hankow tact
.357968 .362500 .358281 .358593
Shanghai tae
348839 .354285 .349732 .349392
It was certainly not to be expected that, after a year
Tientsin tael
367291 .371250 .387291 .367708
Hong Kong dollar. .270535 .273125 .271785 .271428
and more of acute business depression, the immediMexican dollar__
.251875 .255000 .251250 .251875
Tientsin or Peiyang
ate outlook should be rosy, but the difficulties of
.254166 .257083 .253750 .254583
Yuan dollar
.251250 .253750 .250416 .251250
India, rupee
economic recovery, from every point of view serious
-,--- .359457 .359557 .359500 .359664
Japan, yen
496334 .496334 .496259 .496371
enough in themselves, have been increased by politi.559375 .559375 .559375 .559375
NORTH AMER.Canada, dollar
cal controversies some of which have only an indirect
.998275 .998271 .998266 .998360
Cuba peso
999257 .999343 .999375 .999531
Ideate°, peso
connection with the more pressing economic prob461566 .465666 .469333 .469000
Newfoundland, doll
.995887 .995874 .995826 .995918
Argentina, peso (gold) .748906 .746482 .743508 .739651
Brasil, milreis
096937 .096937 .096875 .097000
The revolutionary outbreak which flared up in
lehile. 11890
120734 .120777 .120774 .120795
ruguay. DM
.734136 .736835 .735599 .733724
Spain on Dec. 12, and for a few days threatened to
965700 .965700 .965700 .965700
r‘olombla, peso
spread widely over the country, represents one more
As the Sub-Treasury was taken over by the Fed- abortive attempt to engraft republican institutions
zal Reserve Bank on Dec.6 1920, it is also no longer upon a State not very favorable to their growth.
possible to show the effect of Government operations The republican movement in Spain has been the
.n the Clearing House institutions. The Federal work of a number of groups no one of which, nor,
Reserve Bank of New York was creditor at the Clear- perhaps, all of them taken together, may with entire
ng House each day as follows:
fairness be said to represent the Spanish people as
a whole. The prime movers in the undertaking comAT CLEARING HOUSE.
prise a considerable number of scholars, writers
doy, Monday. Tuesday. I Wednesday Thursday, Brides.
and journalists, a very large majority, apparently,
Dec. 20. Dec. 22. Dee. 23. Dec. 24. Dec. 25. Dec. 26.
for Week.
of the students in the universities, and a consider$
82.000.000 95,000,000 89,000.09
0 93008,0001 Holiday
107.000.004 Or. 4623100.05
able following of wage earners who are organized
-The foregoing heavy credits reflect the huge mass of checks which come
in trade unions with pronounced Socialist sympa* the Ncw York Reserve Bank from all parts of the country in he operation
he Federal Reserve System's par collection scheme. These large credit balances,
owever, reflect only a part of the Reserve Bank's operations w th the Clearing
thies. To these groups the weakness of the monardouse institutions, as only the items payable in New York City are
ft the daily balances. The large volume of checks on institutions located outside chy, the continuance of a dictatorship, the long suspf New York are not accounted for in arriving at them) balances, as such checks
10 not pass through the Clearing House but are deposited with the Federal Reserve pension of the Cortez, the repeated postponement
Sank for collection for the account of the local Clearing House banks.
of promised elections, the backward economic state
of the country, and the financial and business disThe following table indicates the amount of bulorders which a worldwide depression has brought,
ion in the principal European banks:
offer conclusive proof of the imperative need of
Dec. 24 1930.
Dec. 26 1929.
reform, and with a military dictatorship to contend
tanks of
Silver. I
with a revolution has naturally appeared to offer
the only way out. The masses of the Spanish people,
3ngland__ 151.316,227
Vance a__ 426,267,68
331,099,468 on the other hand,
evince little interest in politics
1ermany h 99,694.950
e994,600 100,689,550105,738,8''994,600 106,733,400
_ _ 97,494,0001 28.107,000125,601,000 102.596,000 28,339,000 130,935,000
57,243,000 56,120,000
56,120,000 save as they are disposed to charge the government
4etherl'do 35,518,000 2,054,000 37,570,000 37.290,000
with, a revolution has naturally appeared to offer
Tat. Belt_ 37,072,000
37,072,000 32,093,000 1,286,000 33,379,000
wItzerl'd 25,820,000
25,620,000 22.449,000 1,108,000 23,657,000
most glaring defects of administration are likely, to
13,401,000 13,331,000
9,560,000 9,581,000
361,000 9,942,000
be tolerated so long as the food supply does not fail,
"otal week 961,320,85Z 31,155,600992,476,457864,474,855 32,088,000898,503,455
or taxes do not become too burdensome, or the na'rev. week 959,212,857 31.157.600990,370.457856.494.217 32,038.600888,530,817
tional currency become gravely depreciated.
a These are the gold holdings of the Bank of France as reported in the new form
f statement. b Gold holdings of the Bank of Germany are exclusive of gold held
It is the economic situation, accordingly, far more
broad, the amount of which the present year is 0,789,000. c As of Oct. 7 1924
Silver is now reported at only a trifling sum.
than the popular spread of republican ideas, that
makes the present a favorable time for revolution,
Political and Economic Cross-Currents in
and leads many competent observers to predict that
the recent revolt will before long be followed by
The political situation in Europe at the moment another. The incidents of the past few days have
when, in most countries, the parliaments or other seemed to indicate that the loyalty of the army
ational legislatures take their customary holiday cannot be so surely counted upon as heretofore,
•ecess, is this year peculiarly complex. What ap- that the policy of arrest and imprisonment may
)eared for a few days to be a formidable outbreak break down because of the large number of revolu-



tionaries to be dealt with. When, as was reported
on Dec. 20, between 9,000 and 10,000 persons are in
prison for alleged connection with the revolt, while
thousands of others sign a manifesto declaring that
they have "morally and materially . . . plotted to obtain through a military and civil uprising
the justice and political dignity which to-day are
possible only under a republic," it is clear that the
ordinary methods of repression are near the breaking
point. No country can be regarded as stable in
which all news is rigorously censored, or in which
sympathetic strikes spread rapidly from centre to
centre, or in which large numbers of the rich and
intelligent citizens seek safety across the frontier.
Where Spain suffers from a monarchy and a dictatorship both of which are widely denounced,
France suffers from party strife and a temporary
absence of political leadership. When the Tardieu
Ministry fell, on Dec. 4, there was a general feeling
that the only man who could form a Ministry which
would stand much chance of surviving was M. Poincare; and when M. Poincare, because of ill health,
felt obliged to decline even to make the attempt, the
immediate result was a political situation which
savored of chaos. The Steeg Ministry, formed after
Senator Barthou and Senator Laval had tried and
failed, is obviously a makeshift, and there is little
expectation that it will be able to hold its ground
long after the Chambers reassemble about the middle
of January. The trouble lies in a party situation
which seemingly makes it impossible to form a Ministry that can command a permanent majority in
either the Senate or the Chamber of Deputies. The
Tardieu Ministry, while in form one of party union,
was in fact one of the Right and the Centre rather
than of the Left. The obvious swing of French
party politics, however, has for some time been
markedly toward the Left. The social composition
of France is such as to make it very doubtful whether
a government of the Left could maintain itself very
long, principally because the industrial, commercial
and financial elements in France incline naturally
to the Right, but also because the larger Left parties
are themselves hostile to one another. It may very
well be, accordingly, if the Steeg Cabinet.should be
overthrown, that the extraordinary step of dissolving Parliament and holding a new election may be
resorted to in the hope of obtaining a Parliament
out of which a stable Government can be formed.
It is this possibility that promises to bulk large in
the political thought of France while the Chambers
are in recess.
Neither the predictions of a near end of the Labor
Government in England, nor those which forecast
a revolution in Germany if government by decrees
rather than directly by the Reichstag were instituted, have been borne out by events, although in
neither country can the existing Government be regarded as particularly secure. The failure of the
Imperial Conference to accomplish anything important has been a heavy load for the MacDonald Government to carry, and the load has not been made
easier by the continued efforts of the Conservatives
to rally the country to protection. The remarkable
proposal which Sir Oswald Mosley and sixteen other
members of the House of Commons brought forward
on Dec. 6, looking to the temporary suspension of
the present Cabinet and the substitution of a super.
Cabinet of five members with virtually dictatorial
powers, while principally significant as showing the

[vou 131.

widespread dissatisfaction with Labor policy in
dealing with the business depression, unemployment
and the agricultural situation, was a sharp reminder
of the rift which extreme radical sentiment has
made in the Labor Party following. The slow and
difficult progress of the India Round Table Conference has also called out a good deal of criticism of
Mr. MacDonald's leadership.
On the other hand, the credit side is not wholly
lacking in entries, and. Mr. MacDonald shows no
waning of courage. A working understanding appears to have been reached, for the moment at least,
with the Lloyd George Liberals, thereby insuring to
the Labor Government some further lease of power,
although Mr. Lloyd George's sharp criticism of Mr.
MacDonald, on Friday, for spending too much time
over the London Naval Conference and too little
with domestic matters, naturally arouses specula
tion as to how long the agreement may last.
Simultaneously with the adjournment of Par.
liament on Dec. 19 for a month's recess, the Government made public the texts of two bills which will
test the strength both of the Cabinet and of the
Labor-Liberal coalition. One of the bills,"The Trade
Disputes and Trade Union Bill" as it is called, would
lift from the unions most of the legal restrictions
which were imposed by a Conservative Governmen
after the general strike of 1926. The other, "The
Electoral Reform Bill," aims to change the presen
system under which a candidate who has polled onl
a minority of the total vote may nevertheless b
seated. The opposition to the first bill seems likel
to centre chiefly upon the provision which woul
permit a general strike if the purpose were not p
litical. The second bill is regarded as a concessio
to the Liberals, who have insistently called for elec
toral reform. An active debate on both measure
seems assured when the Houses reconvene on Jan. 20
The stability of the Bruening Government de
pends, of course, upon its success in applying th
drastic financial reforms which were decreed b
President von Hindenburg on Dec. 1. The twenty
six laws embodying the Government program pro
vide, in general, for sweeping reductions in publi
expenditure,including heavy cuts in official salaries
together with a limitation of the Treasury contribu
tions to unemployment doles and a variety of pro
posals for the relief of agriculture. Actually, th
portion of the budget to which saving can be applie
constitutes only about one-fifth of the whole, abou
$1,000,000,000 of the total of approximately $2,500,
000,000 being required for reparations payments
$250,000,000 for the service and payment of othe
national debts, and $750,000,000 for payments to th
States of the Reich. The vote of 292 to 254 by whic
the Reichstag, on Dec. 6, upheld the decree of Dec.
shows a narrow majority for the Government, bu
the adjournment of the Reichstag on Dec. 12 unti
Feb. 3 encountered no general opposition and giv
the Government a welcome interval in which to sho
what it can do.
In spite of the serious financial situation and th
probability that unemployment will show a furthe
increase during the winter, there are multiplyin
evidences that the German people are facing th
situation with courage and that the danger of finan
cial collapse is remote. Talk of a reparations mora
torium, which for some months caused considerabl
concern abroad, has much subsided, and renewed ef
forte are reported for the development of Germs

DEC. 27 1930.]


industry and foreign trade. Chancellor Bruening
refused to allow the Reichstag to debate foreign
policy before adjournment, and the question of
treaty revision has been allowed to drop out of sight.
The success of the Berlin municipal government in
obtaining from a German bank consortium a shortterm loan of 25,000,000 marks shows, indeed, how
desperate was the financial plight of the German
capital, since the municipally-owned utilities, it is
reported, had to be pledged as security, but it is at
least significant that so considerable a sum could
be obtained from German bankers. An equal amount
was at the same time obtained from a foreign consortium the membership of which has not been made
The same policy of economy which Germany is
adopting, and which most other countries will have
to accept before a stable prosperity is assured, has
been adopted also by Italy, and a drastic program
of retrenchment is being inaugurated there. It is
not in Premier Mussolini's temper to mince his
words, especially when Italy's foreign relations are
the subject in hand, and the speech on Dec. 18 in
which he attributed to the stock market crash in the
United States a large share of responsibility for the
deficit in the Italian Budget contained some unpalatable truths. The budget deficit of about $47,100,000 had already been met in part, it was announced
on Dec. 20, by cuts of $20,000,000 in the salaries of
all state employees and by a further cut of $15,000,000 in the budgets of the various Ministries. These
cuts, it should be noted, follow substantial reductions in November and early in December in the
wages of industrial, commercial and agricultural
workers, the farm workers affected being estimated
at about 4,000,000 and the commercial employees at
about 700,000. While the reductions thus far. announced are not sufficient to balance the budget, it
is believed that the remaining deficit of from
$15,000,000 to $20,000,000 will not prove a serious
The cloud in the sky is, of course, the continuance
of a vast volume of unemployment, with all the distress and discontent which such a condition creates.
The past week has brought reports of bread riots in
Italy, and ominous disturbances in Germany and
other Continental countries. It is the danger of
popular risings, and the use that can be made of
them by political agitators, that constitute the most
serious peril to political stability. If the inevitable
stress of the next few months, while the programs
of retrenchment are being carried out, can be successfully borne, and if the parliaments and other
national legislatures, when they reassemble, devote
their attention to national needs and relegate party
wrangling to the background, the fear of revolution
will have been greatly lessened, much needed financial reforms will have paved the way for business
recovery, and parliamentary government will have
demonstrated once more its ability to meet a crisis.
Looking Backward Over the Year.
The year now closing has been one of retribution,
of depression, of introspection. We have been paying dearly for past follies. Our exalted views, coming to naught, have brought upon us a swift depression. Seeking for causes, we have probed deeply into
our domestic concerns. We have learned, from
actual facts and events that our dream of "perpetual prosperity" was only a dream. The long


"bull market," broken by the first "smash" in the
autumn of last year, we now know, was only a
"bubble". And at no time has the public mind
turned inward as during the last 12 months. The
speculative excitement of last fall has taken its toll
in repeated breaks and in low prices during the
whole of the current year. But our studies in economics have been more full than fruitful. Discussions have been shot through with statistics, thick
with theories, blown upon by the winds of doctrine—while the laws of interacting energies upon
indigeneous resources in this, as sequel to the previous mad year—have held their accustomed course
and constricted initiative, enterprise and accomplishment. "Business," save in a few industries, has
been hesitant, doubtful, dull. Not only in our own
country, but in the whole world we have witnessed
a time of lethargic trade. Our chief lesson must lie
in a correct appraisal of current conditions!
The predicted "resumption" that was announced
and hoped for in the spring failed to appear. Again,
without sound reasoning, predictions for the fall
went awry. Slumps in stocks are being succeeded
by slumps in bonds. Foreign trade has grown
almost steadily smaller. Comparative statistics
with the depressed year of 1921 have done us little
good. In the main, the course of all curves and
charts has been downward. The year 1929 was full
of excited boasting up to the tremendous slump in
stock prices in that year. In contrast with that
story all comparisons are discouraging. Yet in the
descending gloom of present depression we can see,
though darkly, our former faults and failures. We
were too eager to get rich quick. We confused actual
production with the fiction of speculation.
Current prices of stocks came to bear no fair relation to the actual earning power of corporations.
When these prices were soaring on the Exchange
the factories were turning our products, as a rule,
not in excess of demand, and yet not at all justifying the advances. Accompanying this state of
affairs men were spending paper profits before they
were realized, thus producing the illusion of "good
business," which really did not exist. The end had
to come, and did come suddenly last year. To assay
what and where we now are, as a result of the inevitable reactions in this year, is imperative to any
future success, progress, prosperity!
As a consequence to the foregoing facts and principles of collective individual endeavor, during this
year we have been suffering from previous overproduction and overconsumption at the selfsame
time. A little bewildered and somewhat despondent
we are closing the year with huge unemployment, a
plenteous credit without either normal demand in
industry or commerce, with prices of commodities
and securities on the downward grade—and with
numerous predictions by economists and financiers
that the "worst is about over." We have suffered,
and still suffer, from some catchwords or phrases
that influence the public mind. Thus some are saying: "I have unlimited faith in the United States."
So do we all. But that faith does not seem to end
the depression.
And so "they" said before the "boom" collapsed:
"Never sell the United States short." Millions did
not—but this did not prevent the "smash." These
are mere words—neither worth a bauble in the face
of the facts. The truth is we are not yet out of the
aftermath of the war. No one knows just when the



FOL. 131.

tide will turn. Another similar "boom" within any out—two million less cars produced. Iron and steel,
conceivable short time is quite impossible. We must at the closing month, show a prodigious decline,
not forget that during all of 1930, with its ups and with steel mills engaged to only 38% of capacity.
downs, we have been "carrying on." And if our Textiles seem to show signs of revival, but in an
profits are diminished we have still been supporting erratic way. Moving South, this industry has been
our 120,000,000 of people in reasonable comfort, beset by strikes and possibly some lockouts. Lumber
with the exceptions we shall later enumerate, and has been dull during the whole of the year. Buildthat is a grand task, a noble endeavor, a splendid ing, after a strong impulse to overcome the war
achievement; and from this work must come and lack, sinks to a somewhat subnormal level. There is
continue a radiant welfare for those who labor, and expressed a constant hope that comparatively empty
dealers' shelves will soon compel a general resumpwho endeavor in business.
Selling the United States short in the time of the tion, but it has not become really manifest as the
unprecedented boom did not bring us down; and year ends.
These conditions have brought about unemployunlimited faith in a mystic revival, simply because
of our energies and wealth when "times are hard," ment. They have also caused a severe introspection
will not bring us up. Nothing but work, thought, of our entire business in an effort to find and remedy
thrift, enterprise, saving, normal living—through the cause. Some argue for overproduction, others
fitting endeavor to needs, and honest trading by for under consumption. The effect of the machine on
honest exchange of goods—will do so. Into this the man and his employment has run the gamut of
ancient and primal law of necessity and betterment discussion. Out of it all has come a tacit admission
we now enter in the new year. When the vast ma- that new machines do not successfully take up the
chine of business works harmoniously the depres- slack of technological unemployment and that they
sion will end. A balanced Hying is the price of the never will do so. World conditions of slow and
content, happiness and plenty for a people. Already small buying have their reflex on our trade; and,
the nectar of unnecessary luxuries begins to pall on as we shall further enumerate, our laws have been
the taste and our savings banks deposits are increas- inimical to a free extension of trade. Meantime,
ing. Wealth lies not in mass production by ma- some of our industries have been planting factories
chines, but in well-allocated industries ministering on foreign soil. As a whole, manufacture is suffering from plethora at home, uncertainty as to the
to reasonable wants.
The year has witnessed unusual events and proc- future here and abroad, together with a reaction of
esses. In our basic and predominating industry of undue and unwise speculation in company stocks!
Transportation, as exemplified in our steam railagriculture there has been constant agitation both
in politics and economics. The "poor farmer" has roads, has reached a climax in the last month of
been the pitiful and pettifogging cry in and out of the year. These roads have become self-conscious of
public life for a number of years, culminating in the their business importance, and have announced that
summer of 1929 in the passage by Congress of an they will battle for their rights and just dues. Their
Agricultural Marketing Act and the creation of a net revenues have fallen far below the recapture
Federal Farm Board with a half a billion revolv- poirit—and they are asking for regulation of their
ing fund to loan to co-operatives of farmers. Not competitors by the Inter-State Commerce Commisat any time has the work of this Board proved a sion. In passenger and freight traffic they have
success and a material help to farmers. Through lost to bus lines that use public highways and pay
the year it has endeavored largely, passing from no taxes on the right of way. The roads ask that
loans to actual buying (principally cotton and coastwise vessels and pipe lines be put in the same
wheat) of perhaps 100,000,000 bushels of wheat and category of public service industries as themselves.
a million or more bales of cotton, only to see the This is a most important feature of the year's develprice of these commodities constantly decline. From opments. Nothing is more vital to the people, to
this it passed in vain to dealing in futures. In the farmer, merchant, and manufacture than a perfected
last few months, after cessation of buying, it has transport system. The steam roads are its strength
renewed purchases, through its Stabilizing Corp., and mainstay. If they are to be compelled by a
buying in large quantities at higher than world governmental body to expend huge sums to perfect
prices, being still unable to restore price to that their service they must be relieved from a competiof its original purchases. It stands now to lose' tion that saps their profits without any compensain the neighborhood of a hundred millions of the tory tax returns to the people. This question, culmipeople's tax-money, and is asking for more funds nating at this time, promises to loom large in the
near future—and is one more example of the slow
to continue its poor way.
All this has been a burden to the farmer and to growth of problems that, suddenly becoming acute,
the orderly marketing of his products by popular demand an early settlement.
Credits have been abundant and cheap during the
machinery already established. It has tended to disorder other markets; has brought fantastic theories entire year. Shares traded in on the Stock Exinto our national legislation; has made, as we shall change, in numbers and prices, have, save for a few
further see, the expiring session of Congress a super- spurts, constantly declined, and to a very low level
benevolent institution ladling out millions on mil- even for normal trading, demanding little use of
lions of money for the relief of the "drouth-stricken" credit. At the close of the year, brokers' loans are
(a calamity which shortened the corn crop and other at the lowest point, only about one-quarter of the
minor farm products), coming at last to the confes- highest point in the long boom. Commercial loans
of members banks have been apathetic. The Reserve
sion of failure contained in limitation of acreage.
In manufactures we have come, during the year, Banks have more than once lowered their rate of
to an undoubted admission of the saturation point; interest, and it stands at the lowest point in their
to an undeniable overproduction. The automobile history. The Reserve Board has not been active in
industry, a leader, will run far behind 1929 in turn- supposed control of these banks and has been qui-

DEC. 27 1930.]


escent under the calls for an investigation of its
former activities. A large number of small banks
in the Northwest, West, South and Southwest, the
latter in recent months, have closed their doors. The
general cause of non-liquid assets holds over from
the inflated period after the war, with the added
pressure of inactive business. No benefit can be
argued from this circumstance for chain, group, or
branch banking, a question of growing intensity and
destined to occupy legislation in the future. Credit
and money, being plentiful, escape much discussion
by the public.
When we come to politics, an off-year election did
not seem to agitate the voters in any large degree.
It appears to be accepted that voting was more for
men than for measures. Prohibition entered into
the contest for national Representatives and Senators, dividing the parties, but was not a clear-cut
party principle. The Democrats won enough seats
in both houses to constitute almost a tie in both—
but the effect of this must await the assembly, probably, in next December. Such has been the interest
of the people in the quick resumption of business
that the leaders of the parties, before the present
session, agreed upon a policy of avoidance of controverted political matters land the speedy passage of
limited necessary laws, appropriations and a few
others, including relief bills, that the Government
might not interfere with the return of prosperity.
This is a right about face from the avidity heretofore to pass laws that contribute to bureaucracy
and the control of business. Whether this agreement can be carried out remains to be seen. It is a
hopeful sign, at least, that Congress will return to
its original conception of duty.
The year shows some headway in separating economics from our politics. Unemployment, falling
prices, business and bank failures, the condition of
the farmers hard hit, and the lamentable drouth in
sections of the ,
South and Middle West, together
with the constant trend downward of prices of stocks
and bonds, and the manifest inability of national
legislation to overcome the natural laws that have
evolved out of the intersupporting activities of the
people, has tended to separate economics and politics, and promises at least more rational legislation
in the near future. But this is mere speculation.
For in the very midst of world-wide depression, in
the midst of the difficult farm problem at home,
Congress last spring passed a general tariff bill,
raising rates inordinately and inducing retaliatory
rates by other countries, preventing our imports and
exports from continuing their natural growth, rendering our debtors abroad the more unable to pay
their debts to us in goods, and rasping the feelings
of our citizens at home who know that any tariff is
a tax.
Our Government at Washington continues to have
unofficial representation in European conferences,
though this is without specific instruction from the
people. While our Federal Reserve Banks have been
warned against actual participation in the Bank for
International Settlements, two of our leading bankers have been drafted into the Board of Directors
by the foreign powers and placed high in the management of this world bank; the opening of the great
bank being one of the leading events of the year.
The London Naval Conference, in which we joined
heartily, is said to have arrived at an agreement that
will prevent further competition in building, but


it has never been made clear to the citizen just how
this is to be accomplished. However, the Conference
marks another effort in the direction of peace
through disarmament, and as such is commended.
And at the session of Congress now being held the
President has submitted the protocol to joining the
World Court, though the Senate Foreign Relations
Committee on Dec. 17 voted to postpone the World
Court question until the third Wednesday of December 1931. While we seem to avoid actual "entangling
alliances," no year passes, and this one is no exception, when "foreign affairs" do not stand well to the
front in our national considerations.
Because of the events, movements, laws, trends,
and conditions we have briefly touched upon above,
we find a peculiar situation in Congress that calls
for brief comment. Notwithstanding the agreement
of leaders, heretofore referred to, to "play no politics" and speedily pass the appropriation bills, the
President's message placed to the fore relief for the
drouth-stricken areas, immediate and long-time help
to the unemployed, and construction of public works
to aid in removing depression, there now appears, in
the introduction of many measures appropriating
many millions, a sort of hysteria in legislation that
has caused some friction over amounts and means
of disbursement between the Executive and Congress. As far as the people are concerned, they are
mainly interested in the effect of these appropriations on the future taxes to be levied for the support
and maintenance of the Government. There is much
apprehension over the precedents now being set. It
is felt that there is great danger of bringing about a
condition later which will defeat the object of restoring business to its wonted channels. The President's
conferences of industrialists seemed to indicate that
there would be no reduction of wages, although
prices of commodities, stocks, and bonds have since
been continually falling. In these circumstances the
ordinary laws of trade are being thwarted, and if
taxes are to be increased, the prospect before us is
not alluring.
We may close our review, however, by remarking
upon the wonderful trade possibilities that lie ahead
of our people and which enable us to surmount all
difficulties and depressions. Our domestic market
is the largest in the world. Our resources are inexhaustible. Our energies are invincible. While
both agriculture and manufacture must sell surpluses in the markets of the world, we possess the
initiative and energy to do so, and also to utilize
the inientive genius that works to sustain our "high
standard of living." The year 1930, though culminating in unusual unemployment and lethargic business, bulks large in volume and value. Attempts
at relief are prone to exaggerate conditions. With
our minds and powers we shall press onward to
braver and better accomplishments. And our present stoppage and eaforced reconstruction will serve
us well to avoid future inflations, booms, and false
The Nobel Prize Winners.
A people should take pride in those whose accomplishments invoke commendation in foreign lands.
And it is a great honor to be declared a winner of
one of the Nobel prizes. In this year of 1930 two
of our citizens have been so honored—World Court
Judge Kellogg, former Senator and Secretary of
State, and Sinclair Lewis, the renowned novelist.



It so happens that these two men hail from the same
State—Minnesota,—a State with a large population of Swedish antecedents. This is a mere incident, having no significance to the donors of the
prizes, but of considerable interest to our own
Mr. Kellogg made his great reputation as an attorney in Minneapolis in the trial of large corporation
cases. Following his services as Senator he was
appointed Secretary of State, returning to the practice of law on the expiration of his official career.
There followed the honors mentioned. Born and
partly reared in another of our States, he is a selfmade man, typical of the rise from youthful obscurity to international fame, and in his intellectual
acquirements, his studious life, his sincerity, modesty, earnestness, a fit representative of the country
that has repeatedly honored him and which he
graciously and wisely honors. On receiving the
Nobel gift he expressed his thanks gravely and generously, speaking a few words in behalf of world
peace, for which he has done so much.
On the contrary, Mr. Sinclair Lewis, the novelist,
another self-made man, born and reared in Minnesota, on receiving the literature prize, took occasion
to make a long address, filled with sarcasm and
smartness at the expense of what is termed romanticism in writing. This address, for some occult
reason, was deemed of sufficient importance to be
cabled in full to the New York "Times." Prior to
his sailing, Mr. Lewis was somewhat severely referred to as unworthy to receive the prize. The Rev.
Henry Van Dyke, himself a distinguished writer,
said, in substance, that the bestowal in this instance
was an insult to America. That he used this word
he denied, but his reference was sufficiently strong
to indicate his revulsion. Other criticisms were of
like tenor. Newspaper editorials throughout the
co,untry were for the most part condemnatory. A
few were laudatory, but the marked silence of noted
literary men with which the address was received
denoted a feeling of distaste, to say the least. On
the principle that the galled jade winces, Mr. Lewis,
though received with acclaim, felt the occasion a fit
one to hit back. This he did with sneering satire, if
not venom. Reiterating his overpowering love for
his country, he singled out one class of writers for
generous encomiums, while relegating another to the
dusty shelves of oblivion.
There is nothing new, even in America, about the
controversy between romanticism and realism. Mr.
Lewis, all unconsciously, was raking up the dry
bones of a dead subject. But there is nothing unconscious about his egotism. Having written several
novels in the naturalistic style, after leaping into
the limelight with the novel "Main Street," he took
it upon himself to defend this school of writers as
the redemption, par excellence, of the whole body of
polite letters in the United States. Were it not for
Theodore Dreiser, Sherwood Anderson, Ernest Hemingway, Eugene O'Neill, and a few, others of like
import, including pre-eminently himself, American
literature would now be a thing for babes and sucklings. In like tenor, he took occasion to flay the
American Academy of Arts and Letters as an organization of old dodderheads incapable of judging a
book on its merits and bound to tradition and the
early New England school. He said with great
suavity: 'Let me again emphasize the fact that I am
not attacking the American Academy. It is a hospi-

[voL. 131.

table, generous, and decidedly dignified institution.
It is not altogether the Academy's fault that it does
not contain so many of the Men who are significant
in our letters. Sometimes it is the fault of the writers themselves. I cannot imagine that grizzly bear,
Theodore Dreiser, being comfortable at the sedately
Athenian dinners of the Academy, and were they to
invite J‘lencken he would infuriate them with boisterous jeering. I am merely relucantly considering the
Academy because it is so perfect an example of the
divorce in America of intellectual life from all our
standards of importance and reality." . . . "Our
universities and colleges exhibit the same unfortunate divorce."
Now it is not our province or purpose here to enter
into a discussion of realism vs. romanticism. Suffice it to say that literature is life. Beauty is truth,
as well as truth, beauty. To show, out of all proportion, the seamy side of life, is to create a twisted and
deformed literature. And if we are to stand fair
and free before the peoples of the world it is important that a fanatic "realist" do not represent us
abroad or argue at length for his school of expression. "Main Street" is a distorted picture of life in
the Middle West. Sauk Centre, Minnesota, may or
may not be an average town. We are inclined to
think it is not. But in its confines are valiant, honest, aspiring, studious men and women, with tender
feelings, seeking souls, thinking minds, whose faults
and foibles are not worth mentioning in the presence
of their many excellences. And towns in other
States of this sectiam, with longer histories, are, in
fact, points of high culture, if the fitting of life to
its divine purpose is to be taken as a criterion.
The warts of Cromwell and Lincoln have little to
do with these master spirits. Nor is there any particular truth in calling a "spade a spade" in considering morals and manners unlesi by contrast the
intents and aspirations and deeds of human beings
are alike emphasized. "An American Tragedy" is
notable for its fine-drawn issues of character formation, but it is an incident hardly worth recounting
amid many others in the same class and particularly
tiresome by its almost interminable length. It gives
no true perspective of the whole of American life,
nor does "Main Street," nor do that coterie of "free
verse" writers who after a decade or two of mutual
praise are fast sinking into desuetude. Nor can
William Dean Howells,father of realism, be by these
writers commiserated because he left the smut out
We pursue this line of thought no further. We
reiterate that it is important to so vulgar a thing
even as trade that our portrait carried to other
peoples shall be more than a photographic reprint of
our social sins and faults. Is Lewis in any sense a
counterfeit presentment of the able, benign, and
modest Kellogg? Look on the one and then on the
other! Out of the same environment, out of the
same soil, which is a true representative of our
people? No, Mr. Lewis is a reporter turned novelist, but he lacks the power of well-balanced portrayal
of types of character, and his head is a little turned
by adulation from sources within a mutual admiration society.
Nor does it much matter about the selections of
an American Academy. Literature and life being
coextensive, we may find names worthy of note in
the list of any of our publishers. Edwin Markham
in his prize poem on Poe said that he belonged to
the ages, singing of life, love and death—and might

DEC. 271930.]


have lived five hundred years before or after his
time without loss of his magic in song. So there are
writers among us to-day who lack appreciation by
the multitude but who truly depict our individuals
and types, men and women who write novels of character and beauty and worth everywhere.
Our particular field in newspaper work bids us
contemplate the standing of our people alone in the
thought of the world. Our schools and colleges and
universities are not perfect, but they are our own.
"Of writing books there is no end, though some great
lies were never penned." Any man can write a
book, and most of us do. To leave all romanticism
out of the picture is to degrade our literature into a
slavery that it does not possess. Art is one thing,
anatomy is another. There are those among us who
"paint the lily." There are those who search out
the fine points of character, blind to all defects.
There are those who find in frailties and foibles the
essence of development and the means of redemption; and there are others who find in limitations
and the sincerity of effort that of which heroes are
made. Then, there are those who search for evils
that they may gloat over them in the name of truth.
But as the novel is favorable to the presentment
character, if it is typical and national, it contrasts
the good and evil, that out of the picture we may see
ourselves as others see us.
Mutual Interdependence of the Different Parts
of the Country.
Manufacturing in Philadelphia and throughout
Pennsylvania is quite different from that which is
carried on in New York City and in much of New
York State. It is devoted largely to iron and steel,
and to heavy products constructed out of these materials. The reason for this is proximity to bituminous coal mines in Pennsylvania and West Virginia,
and to anthracite in Pennsylvania. Slate, cement,
and, to a limited extent, iron ore, petroleum, and
natural gas are available in the Keystone State.
These primary products form a natural foundation for such industries as rolling mills, fabricating
shops out of which come such heavy construction
materials as beams, shapes and plates which enter
into construction operations and make the lofty
structures of New York City possible. Such products make possible also steel rails, locomotives, cars
for freight and passenger service, huge ships, and
bridges, and all of the intricate and delicate parts
of electrical machinery.

Primary products of Pennsylvania also give rise
to the activity of textile plants, cigar and tobacco
factories, and hundreds of lesser industries.
New York City particularly turns to lighter manufactures in great volume. One State supplements
the other, making it possible for the citizens of each
to thrive. The finely furnished products of New
York are made possible by the cruder and heavier
work in Pennsylvania.
In times of depression, however, the cities and
towns of the Empire State and of the Keystone State
suffer alike. Without activity in the finishing shops
of New York, Pennsylvania's great industries lag.
There is a mutual interdependence.
What has been said of conditions in two adjoining
States applies with equal force throughout the
nation. California, Texas and Florida supply the
North with semi-tropical fruit and fresh vegetables
throughout the cold and bleak winters, and the dollars of Northern people who seek health, comfort
and recreation serve to give prosperity to the South.
So also do the cotton and woolen mills of the North
make a market for the planters and sheep raisers.
The people of every State must have supplies of
food, and the whole country draws upon the Far
West for grain, pork, mutton, and beef. The United
States is truly self-supporting, but only so when
each section helps to consume the products of all
others. Considering this vital dependence, is it not
vastly better for Americans to dwell in unity?
Why allow ambitious politicians to array the citizens of one portion of the country against others?
Why arouse antagonism when peace and harmony
and united effort to achieve will bring good results
that will be of benefit to all?
Some politicians, apparently for purely selfish
motives, have been too much given to arraying one
section of the Union against others, and the farming
interests against leaders of industry and transportation. Such methods simply tend to make one section
try to hamstring the others, causing harm to all.
The country is large and populous; its lines of
work vary so that it is an easy matter to arouse
jealousies and envy, but, above all such small differences there are momentous problems requiring
the best efforts of all citizens irrespective of location
to solve for the welfare of all. The present is the
best season of the year to bring the citizens of the
United States closer together, and in such a task the
statesmen at Washington surely can be of great

Indications of Business Activity
Friday Night, Dec. 26 1930.
It is much the same story as for months past in trade as
the year draws to a close. In some branches there is a fair
amount of business. But take it for all and: all, trade
light. At the same time retail trade is at least equal in many
cities to that of a year ago. But prices are lower than then.
Profits are smaller,even where sales are relatively large.
output of iron and steel is smaller than recently; that of
automobiles is the smallest since 1921. In the steel business
items which sell best are rails, sheets and plates. But
is nowhere any real activity. A somewhat better demand
prevails for pipe. Bad weather has interfered with
to some extent. The main feature of the country's trade is
the retail business. Wholesale and jobbing transactions
at a minimum. In the wholesale lines only what are



filling-in orders can be hoped for at this time. Wearing apparel has a readier sale. There is fair business in gloves,
jewelry and radios. Groceries and some food products sell
quite as well as a year ago. In the main, industry has
slowed down. That of course is nothing new. It always
does at this time. Iron and steel production is apparently
25 to 30% of capacity. Tin plate, sheet and railroad mills
are the busiest and after the turn of the year they may do
even better. Yet actual sales do not make an impressive
showing. Lumber production is expected to fall off materially in the next couple of weeks. In lumber the demand is
chiefly for ties and car material. Copper has been firmer.
Tin is, roughly speaking, about 3 cents higher than the low
point. The demand is slow for machine tools and similar
lines. Such industries as shoes, hosiery, furniture and textile lines are slow, though the feeling is not unhopeful for
the year 1931.



[vol. 131.

July wheat broke
An outstanding feature of business in the United States Bank was not having a stimulating effect.
declined slightly.
was the lowering by the New York Federal Reserve Bank 3cents if May was pegged at 81c,and cotton
of profit
The business historian may yet In some branches of trade it is said that margins
of its rediscount rate to 2%.
developments of have declined if latterly the sales have increased. The
take note of this fact as one of the abnormal
by Montgomery Ward & Co.
the year 1930. Wheat remained steady on deliveries pro- recent passing of the dividend
to-day which is may perhaps be regarded as a case in point. The regular
tected by the Farm Board, but July wheat
Co. has just been denot so protected broke significantly enough some 3c. Corn dividend however of Sears Roebuck
amount of
decline for the week of 6e. As regards clared. But it was plain that there was a certain
fell 2340., marking a
July wheat weakness to-day in steel, railroad, electric stocks, telephone,
the grain markets it was noticed that Chicago
More railroads are
was sold heavily to-day against purchase of Winnipeg July. utilities, motors and copper stocks.
there was buying of this cereal reducing fares. And it did not escape notice that
In corn, on the other hand,
45e. Exchange "seats",fell to the low price of the year $200,000.
against selling of wheat. Yet wheat is some 40 to
cheaper than a year ago, and corn is only about 20c. lower Bonds had a moderate decline.
At Fall River, Mass., trade has remained quiet. The
than thon, for the crop is small, while on the other hand,
Pepperell Mills have declared the usual quarterly dividend.
the world's supplies of wheat are colossal. Grain prices
Warren Mills will remain idle inwould be lower but for the innovation of a big feeding At Warren, R. I., the
has declined definitely. At Manchester, N. H., the big Amoskeag Mills
demand for wheat, corn, rye and oats. Rye
for Christmas instead of the usual
some 6 to 6c. in consonnanee with the weakness in July closed only one day
at the
some 2c. and feed has declined. three days. At Tilton, N. H., full time operations
wheat. Oats have dropped
Elm and Carter Mills is guaranteed by the new orders for
Lard is off some M to %c.
The cards in the Carter plant, which
• Cotton showed practically no change for the week. It cloth just received.
narrow limits. Mean- have been idle for some time, are to be started this week
has backed and filled within very
Elm Mills are being operated. At
while the Co-operative Association has been buying July and more looms in the
hosiery mills
is cheap, there may be a reduction Durham, N. C., Durham's full-fashioned silk
and October, cotton
none too have been for many weeks operating on a practically 24in the acreage of 15 to 20%, foreign markets are
continues very good, accordwell supplied with American cotton, Southern farmers and hour schedule and the demand
and it was no surprise that the ing to mill officials. Operation of the cotton hosiery mills,
dealers are not eager to sell
Charlotte, N. C., the
unexpectedly small January notices on some 16,500 bales however, continues to drag. At
Hudson Silk Hosiery Mills closed from Dec. 24 to Dec. 29.
were eagerly snapped up by spot houses.
of the Cannon Mills
Cotton textiles have in general been quiet, but in some At Harrisburg, N. C., the No. 9 plant
Dec. 29 after
directions a fair business has been done, notably in print closed down on the 17th inst. and will open
steady prices, largely in 39-inch x 80 square 4 yard the Christmas holidays, thus giving the employees
cloths at
delivery holidays. At Greensboro, N. C., the Mock-Judson-Viehprint cloths which sold at 7%c. in small lots for spot
r of the full-fashioned hosiery,
and in larger quantities at 73jto 734c.for January,February ringer Co., manufacture
-inch 64x60s, 53ic. was the closed Dec. 24 for the Christmas holiday and will remain
For 3834
and April shipment.
days to two weeks. At Ashequotation. Very little business was done in sheetings and closed for approximately 10
much in fine and fancy cloths. Finished textiles ville, N.C., the American Enka Corp. observed
not very
lines were inclined to be by closing the plant for a full holiday for the 2,700 employees.
were also slow of sale. Printed
and recreation will be the
firmer, but bleached goods and other sorts had a downward There will be several days of rest
men's wear woolens and worsted trade was order of things in the village of the big rayon plant
tendency. In
demand. operations are resumed. At Kannapolis, N. C., the Cannon
quiet. Dress goods on the other hand were in fair
operations Dec.
Silk advanced 6 to 10 points. Cocoa fell 5 to 6 points. Mills closed down Dec. 20 and will resume
Rubber was somewhat irreg- 29. At Eastley, S. C., the Glenwood Cotton Mills closed
Hides dropped 20 to SO points.
resuming operations
ular, December rising 20 points and other months ending Dec. 24 for the Christmas holidays,
Mills, operate two
points lower, with no signal feature to mark Dec. 29. At Columbus, Ga., the Bibb
unchanged to 10
days a week with a part of the machinery operating three
the week.
the local plant of the Alabama
Sugar has declined some 5 to 10 points on futures and re- days. At Greenville, Ala.,
have suffered from the Mills Co. announced a 58 hour per week day schedule and
fined is down to 4.55e. Sugar prices
Danville, W. Va., wired that the
uncertainty about the agreement in the matter of stabiliza- 50 hour night schedule.
number of workers to
from the usual dullness at this time of the management is expecting a large
tion projects and
March return Monday. It was stated that about 2,500 operatives,
year. Supplies are very large. But with January,
of workers, are expected. The
and May at 1.13c. to 1.27c. there are those who do not care or half of its full number
Coffee has advanced some 30 mills closed until Monday for the holidays.
to tamper with the short side.
Chicago wired that Montgomery Ward & Co. announced
points on December Rio with other months showing little
stocks of merchandise and
the week, while Santos ended at 3443. lower on that they had purchased large
change for
Coffee made heavy commitments for the future. They sent out
December and 10 to 15 points lower on other months.
books, showing price reductions rangspeculation has been confined within very restricted limits. their mid-winter sales
of the big producing interests of ing from 10 to 25%. Chicago also reported that holiday
It seems that the conference
equal in volume to last year's but was
the world has been called for March 31 1931 at Sao Paulo buying last week was
articles, including jewelry, radios, and
a view of arriving at some solution of the problems grow- mainly of low-priced
all seasonable merchandise. Shipping developments were
ing out of overproduction and consequent big stocks.
said to have been worked to the limit, fully as much as a year
The Federal Reserve Board states that both industrial
was less than a year ago.
production and factory employment fell off further in ago. Money values, however,
but not so Detroit reported that a normal payroll of approximately
November. Department store sales increased,
work at the plant of the Cadillac
much as usual in November. Industrial production de- 6,000 men will resume
4%. Also it was noticed that railroad traffic, Motor Car Co. on Jan. 5. This is said to be exclusive of
creased about
means that more than 500
building and building supplies, clothing and shoes showed 1,000 salaried employees and
Louis reported that
But November and December, of course, mark former employees will be recalled. St.
less life.
retail merchants in that territory have been caught with a
the low point of the year.
the smallest possible stock with
Stocks have at times shown a better tone without being sharp demand for goods and
demonstrative. But the closing of the Chelsea the result that wholesale houses are flooded with rush orders.
York it is stated is operating at a
Bank it Trust Co. on the 23d inst. had no great effect on The radio industry in New
same period of 1929.
indeed some issues actually closed higher on that day. rate more than 25% below that for the
as they are, reflect past This is the information obtained from a survey of the wholeIncidents of this kind, regrettable
in the metropolitan
conditions; they tell of water gone over the dam. But really sale and retail distributors. Conditions
significant feature of the week has been the reduc- area vary greatly, with the type of people served by
the most
York dealers. The loss runs up to 45% in some parts of the subtion of M of 1% in the rediscount rate of the New
Payments are slow.
Federal Reserve Bank to 2%. The reduction was made on urbs, though it is lower in others.
The week here on the whole has been rather mild; to-day
came as a surprise. The new rate is
Tuesday, the 23d, and
and it has rained all day.
the lowest of any among the big central banks of the world. , the temperatures were 34 to 36
-morrow, with
a small market showing transactions of only The forecast is for rain or snow to-night and to
To-day in
1 to 2% with losses a slight fall in temperature. On several days during the
about 1,800,000 shares stocks declined
less snow, but nothing like what
of 3% and upward in exceptional cases indicating plainly week there has been more or
rate of the New York Federal Reserve would naturally be expected in December. It was a "Green
that the 2% discount

DEC. 27 1930.]


Christmas" in this section, something not supposed to be
favorable to public health. Within 24 hours Boston had 32
to 38 degrees, Montreal 28 to 34, New York 34 to 38, Philadelphia 34 to 40, Portland, Me. 28 to 34, Chicago 32 to 40,
Cincinnati 32 to 42, Cleveland 34 to 40, Detroit 34 to 36,
New Orleans 52 to 60, Kansas City 30 to 38, St. Paul 22 to
26, Oklahoma City 24 to 46, St. Louis 30 to 44, Winnipeg 20;
Portland, Ore. 34 to 38, San Francisco 42 to 50, Seattle 38
to 42. At Jacksonville on the 22nd inst. a cold north wind
brought a heavy downpour of rain in Florida. Dallas, Tex.,
wired that snow covered much of northern Texas on the
22nd inst. with as much as 7 inches in the Panhandle.
Federal Reserve Board's Summary of Business Conditions
in the United States-Continued Decline in Industrial
Production-Factory Employment and Wages Also
The Federal Reserve Board, in its monthly summary of
business conditions in the United States, issued December
25 reports that "the volume of industrial production and
factory employment decreased further in November and
wholesale commodity prices continued to decline. Distribution of commodities by department stores increased
less than is usual for November," says the Board, which
further surveys conditions as follows

"In the following week, December 10 to December 17, changes
the figures for reporting banks reflected in part the closing of a
reporting bank in New York City. This resulted in a decline in
reported assets and liabilities of New York City banks.
"Reserve Bank credit outstanding increased about $294,000,000
the four weeks ending December 17, and there was also an
of $30,000,000 to the country's stock of gold. Discounts for addition
banks increased by $126,000,000, acceptance holdings of the member
Banks by $74,000,000, and their holdings of United States securities,
including one-day Treasury certificates issued in connection with
15 fiscal operations, by $96,000,000. The increase in Reserve
credit outstanding reflected a large growth in the demand for
by the public and by banks, resulting in part from the currency
quirements for the holiday trade and in part from demand for recash
from banks and from the public in regions where important bank
occurred during the period.
"During November and the first two weeks of December,
rates continued fairly steady at extremely low levels, with prime
commercial paper at a range of 2;4% to 3% and bankers'
acceptances at
174%. In the third week of December there was a slight
increase in
rates for call and time loans on the New York Stock Exchange.
yields on high grade bonds increased during the latter part of the

Monthly Indexes of Federal Reserve Board-Further
Decline Shown in Industrial Production.
The monthly indexes of production, factory employment,
Sze. of the Federal Reserve Board, were made public as
follows on Dee. 24:
Adjusted for
Seasonal Variations. Seasonal Adjustment.
Industrial production, total
Building, value of contracts awarded
Factory employment
Factory payrolls
Freioht car loadings
Department Stores Sales








82.2 99.3









(Adjusted for seasonal variations)
Group and




Nov. Oct. Nov.
05 75 100
iron and steel
P92 91 108
Food products
p91 94 96
Paper and printing-- ___ 106 123
45 81
Leather and shoes___ p81
90 106
86 97 109
Nonferrous metals__ 388 95 119
Petroleum refining-- 4-- 160 171
Rubber tires
88 94
Tobacco manufaeres_ 119 129 130



Nov. Oct. Nov.
86 87 98
83 105 r88
3113 115 r132
74 98
83 83 118
70 90 106
76 r70 114

Bituminous coal
Anthracite coal
Iron ore


Group and Industry.

Adjusted for Sea- Without Seasonal Without Seasona
sonal Variation. x Adjustment.
1930. 1929
1930. 1929.
1930. 1929.
Nov. Oct. Nov. Nov Oct. Nov. Nov. Oct. Nov.

Iron and steel
81.3 97.4
88.0 116.4
Textiles, group
80.7 96.2
7749 95.2
Wearing apparel
87.9 98.9
90.9 99.1
Paper and printing
98.4 105.2
62.1 85.0
Transportation equipment
67.2 87.3
69.6 93.8
80.2 05.1
Cement, clay and glass
71.4 88.4
Nonferrous metals
72.6 94.8
Chemicals, group
101.1 113.4
104.3 124.9
Rubber products
75.4 94.4
83.5 90.9
p Preliminary. x For adjusted ndexes from
see Federal Reserve Bulletin. November 1930.
C.1 t.,1!CO 01! V OR .1 V. C!Ot!Cl 09 N 0
, ..,
0 Co t :r; I : Oi b.:0 •••1 GO g Sti C4

Industrial Production and Employment.
"Industrial production declined about 4% in November, according to
the Federal Reserve Board's seasonably adjusted index. Output of iron
and steel decreased further while the number of automobiles produced
a working day continued at a low level. Daily average cotton consumption increased further by somewhat more than the usual seasonal
amount and activity at silk mills continued to increase, while wool consumption decreased by an amount substantially larger than is usual in
November. Production at cement mills was reduced considerably, output
at meat-packing establishments increased less than the usual seasonal
amount, and output of minerals declined.
"Factory employment and payrolls showed decreases in November,
reflecting in part changes of a seasonal character. The number employed in the clothing and shoe industries decreased by more than the
usual amount, while employment at silk mills showed an increase contrary to the ordinary seasonal movement. In the industries producing
building materials, including lumber, cement and brick, declines in employment exceeded the usual seasonal proportions. In the automobile
industry employment declined further, but by an amount considerably
smaller than is usual in November.
"Value of contracts awarded for residential building and for public
work and utilities, as reported by F. W. Dodge Corporation, declined
in November, and contracts for commercial and industrial building continued at the low levels of other recent months. In the first two weeks
of December the daily average of total contracts awarded was somewhat smaller than in November.
"According to the December crop report of the Department of Agriculture, output of corn in 1930 was 2,081,000,000 bushels, about 500,000,000 less than last year and 600,000,000 less than the five-year
average, while the total wheat crop of 851,000,000 bushels was about
equal to the 1924-'28 average. The cotton crop of 14,243,000 bales was
slightly smaller than in the two previous seasons. Total crop production
was about 5% smaller than a year ago.
"Freight car loadings decreased further in November by more than
the ordinary seasonal amount. Expansion of department store sales
from October to November was smaller than usual, following a growth
in October that was larger than usual.
Wholesale Prices.
"The general level of wholesale commodity prices declined further
in November, according to the Bureau of Labor Statistics, and there
were additional price declines in the first half of December, when
several commodities, including silver and cotton, reached new low levels.
From the end of October to the middle of December there were
substantial decreases in prices of many other commodities, including corn,
hogs, pork, hides, tin and coffee, while prices of copper and rubber
fluctuated widely, declining at the end of the period.
Bank Credit.
"Loans and investments of reporting member banks in leading
declined by about $250,000,000 during the three weeks' period ended
December 10, reflecting a further reduction of $69,000,000 in loans on
securities and a decline of $196,000,000 in all other loans, offset
part by a further small increase in investments. There was also
decline in time deposits, reflecting in large part withdrawal of Christmas


79.8 81.6 97.0 68.9 75.8 100.0
84.7 87.4 115.0 75.1 81.4 121.6
80.1 82.4 97.1 73.4 80.3 96.2
79.1 78.6 96.7 73.0 73.7 96.2
82.4 92.0 98.2 74.4 93.5 96.3
93.6 94.7 101.6 96.5 98.4 105.13
98.4 98.8 106.7 105.0 105.4 117.2
61.6 64.3 86.7 54.7 60.4 89.2
64.9 67.0 82.9 60.8 62.8 89.4
67.9 69.6 83.7 57.4 58.4 84.8
76.9 83.1 94.4 55.0 69.7 83.1
70.4 73.2 88.9 60.9 66.4 86.4
70.9 71.6 93.6 67.3 69.4 99.8
98.6 101.4 113.8 96.1 99.9 115.8
99.8 104.1 123.7 103.2 109.3 126.2
72.6 75.3 91.2 58.7 85.9 85.1
87.1 88.0 96.1 78.8 78.0 94.2
January 1919 to September 1930
r Revisei.

Business Conditions as Viewed by Conference of Statisticians
in Industry.
According to the Conference of Statisticians in Industry, operating under the auspices of the National Industrial Conference Board, "business conditions are
beginning to revolve around the volume of seasonal consumer purchasing. Its extent is viewed as the indicator
of a possible revival in the near future, for the reserve
buying power of the population is now the most important
immediate force at hand to start an upturn." In its summary of business conditions, issued Dec. 21, the conference
of Statisticians further state:
Sales by department stores during November were 2% greater in value
than during October, though the upturn was less than the normal
seasonal increase. Retail prices in general have been reduced to from
10 to 15% below what they were a year ago; and in department stores
the reduction is probably greater. Consequently, the aggregate volume
of sales in November may have been either seasonal or even greater than
The possibility of an upturn in the next few months win depend upon
how much further Christmas buying will diminish available stocks of
commodities and also upon the success that may attend automobile shows
and projected advertising.
The major industries in the meantime show little or no signs of
Steel ingot production declined 11% under October's level; the normal
seasonal decline is but 1%. The average daily output of 89,380 gross
tons was at its lowest point since December, 1927. Unfilled orders,
however, increased by 4.6% with the strengthening in demand during the
latter half of the month, when the announcement of increases was made
by the major producers. If prices are maintained in the next month
some impetus may be given to advance buying which may spread into
other basic industries.
Building and engineering construction reflected in the value of contracts
awarded fell 25% under October; the normal seasonal decline is 2.3%
for the month. Residential building which showed some promise in recent
months declined also in November. Building costs are estimated to be
at the low level reached in the fall of 1922 and the last quarter of 1927.
Automobiles produced in November in the United States and
are estimated to have been 132,000, declining 13% under the number of


[vot, 131.


passenger cars and trucks manufactured in October. Output for the
first eleven months of the year was 39% below what it was for the same
period in 1929 and 23% below the average eleven month interval for the
years 1925 to 1929, inclusive. Exports decreased more than 40% under
what they were in the first eleven months of 1929. Stocks in the hands
of dealers on November 1st reached their eighth consecutive monthly low.
Advance style production by the General Motors Corporation can be
counted upon as having increased stocks as well as having somewhat
maintained employment in the industry.
Electric power production in November showed a counter seasonal
movement. Production declined a fraction of a per cent where it should
have increased about 2%. Continued growth in the use of current for
stores, offices and homes has offset to some extent the curtailed demand
for power in mining and manufacturing. Energy consumed has receded
to the 1928 level.
Machine tool orders declined 31% in November as compared with
October. Orders received are now at the June 1924 level while shipments
declined 33% to the lowest level on record. Unfilled orders were relatixely steady because of small shipments, but are at less than one month's
plant capacity.
Bituminous coal output declined under the previous month's level
after showing an upturn in October. Output for the eleven months of
this year was 13% under what it was for the same period a year ago.
Anthracite shipments for the month declined 32% under October owing
to hand-to-stove buying by consumers.
Wholesale prices of commodities in general continued downward in
November and the first half of December after showing evidences of
stability during October.
Prices of farm products, foods, chemicals and fuels at wholesale declined while prices of metals and metal products rose. Prices of textiles
and building materials showed abilities to hold firmly.
Freight loadings of merchandise and miscellaneous commodities averaging 519,700 cars per week declined 15% under October's average, the
normal seasonal decline being 9%. Total car loadings declined steadily
throughout the month though the descent was retarded somewhat in the
last half.
Adding to the general falling off in business activity and its short-term
prospects, total advertising lineage in the newspapers of 30 leading cities
and in national periodicals in November declined more than seasonally.
For the eleven months of this year newspaper advertising is 12% and
periodical advertising is 11% under the amounts for the same period of
a year ago.
The volume of manufacturing employment declined 2.7% while payrolls
declined 6.1% during November as compared with October, both declines
being greater than usual seasonal declines.
On the whole, the month of November and the first half of December
may be taken as the lowest points in the •business recession to date.
Revival is conditioned on the kind and the extent of leverage given to
business in the near future by hitherto untried forces. Such forces may
be now in operation although they are as yet indiscernible.

tracts awarded in 37 States. The output of steel ingots
although remaining unchanged from the previous compare,.
tive week, was lower than in 1929.
Bank loans and discounts were greater and the Federal
Reserve ratio higher for the week of Dec. 20 1930, when
contrasted with the corresponding period in 1928, two
years ago.

Ten of the fourteen groups comprising the index declined and the
remaining four showed no change. The largest declines were noted in
the groups of fats and oils, other foods, and grains, feeds and livestock.
All of these groups declined rather sharply during the preceding week.
More than 30 commodities declined during the latest week. Included in
this list were cotton, cotton yarns, wool, butter, cheese, milk, sugar, pork,
practically all grains, heavy hogs, pig iron, copper, zinc, silver, glycerine,
rubber and hides. Only a few commodities advanced. The more important gains were shown in cattle, ham, lard, light hogs and cottonseed oil.

The all-industry index for October was down 23%;for November only 14%•
The general index for New England has moved progressively upward
since July, the total increase exceeding 15%. From October the rise was
3.5%. Chief gains over October were in chemicals, lumber, metal working
(steadily upward since July), rubber and textiloq (now back at the June
level and 4% above July); paper declined. The Middle Atlantic States
also are back nearly to the June 'eve'. and higher than in any Intervening
month Recoveries are shown in chemicals, the metals group, stone-clayghss; automobiles, and a marked gain in leather; textiles are back to
Spring levels, after a 45% climb from August low; foods, paper and pulp,
dropped moderately.
In the North Central States changes in the general average have been
slight for the past five months. Upward movements are noted in textiles,
iron and steel, with less than seasonal drop in automobiles, seasonal in
food; rubber fell less than last year. The South is 9% below 1ast year.
6% below October; due mainly to the condition of the metal industries;
southern textiles in October and November were at the Spring level, well
above mid-Summer figures, but, unlike 1929,rose only slightly in November.

(Weeks Ended Saturday. Average 1923-25=100.)





Dec. Dec. Dec. Nor. Dec. Dec. Dec. Dec.
22. 15.
6. 29.
21. 14.
20. 13.


.NOis 014,


48.7 48.7 51.3 82.9
107.9 105.3
Steel ingot production
113.4 113.2
__ __ 90.1 *98.6 89.3 114.5
Bituminous coal production
122.5 122.3
Petroleum produc'n (daily avge.)_ __ __ 107.2 107.0 108.8 126.5
Freight car loadings............ _ __ __ __ 82.1 73.2 87.9
93.7 100.6
a Lumber production
62.0 61.9 54.9 __ __
Building contracts, 37 States
45.3 72.7 50.9 64.6
105.5 101.6
(daily average)
98.6 112.2
Wheat receipts
59.5 39.9 40.4 60.8
133.8 139.2 158.5 195.8 176.2
162.3 188.6
Cotton receipts
92.1 98.4 69.0 68.0
63.9 94.0
Cattle receipts
Hog receipts
90.3 103.5 67.8 107.7
118.5 117.9
Wholesale prices:
Fisher's index (1926=100)
79.4 79.8 80.7 80.6 92.8
96.9 96.8
Total (120)
74.9 75.5 76.9 77.5 98.8
96.5 96.6
Agricultural products(30)
97.7 97.6
Non-agrlcul. products (90)_ 80.0 80.2 80.5 80.3 91.2
86.0 86.0
Wheat No.2 red. Kansas City. __ __ .55.8 55.0 54.3 91.5
36.0 36.4 38.6 39.0 62.5
75.0 75.4
Cotton, middling
87.5 87.5
Iron and steel composite
76.5 76.9 76.9 77.0 86.9
114.5 114.5
__ __ 72.5 78.3 78.3 129.0
Copper, electrolytic price Bank debits outside N. Y. City__ 119.3 97.9 107.1 99.1 143.2
150.6 140.9
Bank loans and discounts
130.8 130.3
.131.4 132.1 132.2 138.8
Interest rates-Call money
58.7 48.5 48.5 48.5 109.1
178.8 190.9
Time money
68.6 62.9 64.7 62.9 114.3
188.6 177.1
Rosins', (allures
120.6 123.3
148.4 138.1 146.9 113.3 122.4
Stock prises
148.4 152.5 162.2 164.0 208.7
222.2 219.7
Bond prices
104.2 104.6 106.0 106.5 104.8
107.2 107.3
Federal Rwerve ratio
97.8 102.2 103.0 105.0 89.4
83.2 82.8
104 2 102_a
Money in circulation
97.4 95.5 94.3 102.3
* Revised. a Relative to weekly average 1927-1929 Per week shown. b Relative to a computed normal taken as 100.

2% Gain in November Industrial Activity Based on
Electrical Energy-Use of Electricity in 3,800
Plants Shows Advances in Textiles, Chemicals,
November industrial activity, based on reports from 3,800
manufacturing plants throughout the country using electrical
energy, rose 2% from October's level, low point for the year,
and is now within 5% of the September figure, "Electrical
National Fertilizer Association Finds Commodity Price Index World" reports. Although the change is scarcely large
enough or general enough to be highly significant, it indicates
Drop Smaller Than Previous Week.
a tendency toward recovery. The "Electrical World" furThe wholesale price index of the National Fertilizer
ther says:
Association, consisting of 476 quotations, computed every
textiles, forest products, metal
The more
declined six fractional points during working, theimportant gains occurred In chemicals and shipbuilding.
Monday morning,
stone, clay and glass group,
the week ended December 20. For the preceding week a Downward changes were recorded in steel making and fabricating, leather,
md pulp, food products, automobiles, parts and accessories.
decline of more than one full point was marked. The papernumerous industrial groups the changes, both up and down, were
index number now stands at 79.1 compared with 79.7 for merely a return to quite recent levels. Thus, for steel and iron, metal
the preceding week, and 94.9 for the corresponding week working,leather and Its products,the stone-clay-glass group,chemicals, the
of that for September. But textiles
a year ago. (The index number 100 represents the aver- November index is within a few pointsforest products, paper, rubber, food
have moved distinctly upward, while
age fo, the three years 1926 through 1928.) The survey and automobiles are lower than in September. In part the decline is seasonal. Compared with 1929 the showing is more favorable than last month.
by the Association issued Dec. 22 also says

The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the Department of Commerce for the week
ended Dec. 20 1930, bank debits, outside New York City
were larger than they have been in the past five weeks, but
were smaller when compared with the corresponding week
in 1929. Interest rates for both call and time money
showed increases over the preceding week. Business failures
as reported by R. G. Dun & Co. numbered 604 as compared
with 498 for the week of Dec. 21 1929.
Wholesale prices of 120 commodities were only fractionally
lower than the previous week due mainly to lower prices
paid for agricultural products. The. price of red winter
wheat at Kansas City and middling cotton at New York
reflecting the tightening of prices in general, showed very
slight change from the preceding period. Like all wholesale prices they were lower than a year ago. The prices of
leading iron and steel products remained practically at their
previous levels.
For the week ended Dec. 13, two weeks ago, increases
over the previous period occurred in the production of lumber
and crude petroleum, while declines were evident in the
output of bituminous coal, receipts at principal markets of
wheat, cattle and calves, and in the value of building con-

Industrial Group.

Nov. 1930
Oct. 1930.

All industry
Chemical products (incl. oil retindlng)
Food products
Iron and steel plants
Metal working
Leather products
Forest products
Paper and pulp
Rubber products
Stone, clay and glass
Automobiles (incl. parts and accessorks)_


Nov. 1930 First 11 Mos.
of 1930
Nor. 1929. and of 1929.



Gas Utility Revenues Aggregate $519,691,351 in First
Ten Months.
Revenues of utility concerns engaged in the distribution
of manufactured and natural gas and representing nearly
90% of the industry aggregated $519,691,351 during tha
first ten months of 1930, it was announced Dec. 17, by Paul

DEC. 27 1930.1



Ryan, Chief Statistician of the American Gas Association.
Volume of Life Insurance Sales in United States
The advices likewise state:
in 1930.
The manufactured gas companies reported revenues of
$314.548.799 for
the 10 month period, representing a slight gain over the
During the past year the volume of ordinary life insurance
reported by these same concerns for the corresponding period
of 1929. paid for in the United States was larger than
The revenues of the natural gas utilities reporting for the
in every
10 month period previou
s year, except for the same period in 1929. This
totalled $205,142,552, a drop of 1.5% from the same interval
of 1929.
For the month of October 1930,sales of the manufactured gas companie
s is based on a report issued by the Life Insurance Sales
aggregated 29.358,915,000 cubic feet, a drop of 1.3% from
October 1929. Research Bureau at Hartford, Conn.
This bureau studies
For the 10 months ending with October however sales
totalled 294.763,life insurance conditions all over the country and issues
036,000 cubic feet, representing a small increase over 1929.
Sales of natural gas reported for October totalled 37.364.81
3.000 cubic a monthly survey of business sold. The 78 companies
feet. a decline of nearly 9% from the 1929 figure. For
the 10 months whose experience is include
d represent 88% of the total
ending with October, natural gas sales were 437,091,8
77,000 cubic feet.
against 442.078,401.000 cubic feet during the initial 10 months
legal reserve ordinary life insurance outstanding in the
of 1929, a
loss of only 1%.
United States. The bureau on Dec. 18 reports as follows:
Domestic uses continued to exhibit the stability

characteristic of this
phase of the business, sales and revenues from domestic
users aggregating
about the same for the 10 month period of both
1929 and 1930. Industrial
sales of natural gas however declined by nearly 7%, dropping
from 162,906.137.000 cubic feet to 152,229,656,000 cubic feet during
the first 10
months of 1930.
In New England manufactured gas sales for the 10 month period
were up
3%,despite a drop ofsome 8% in sales of gas for industrial-commercial
The Middle Atlantic States, comprising New Jersey, New
York and Pennsylvania, reported a gain of 2% for the period, but
in the East North
Central States, embracing. Illinois, Indiana, Michigan
. Ohio and Wisconsin, manufactured gas sales were down nearly 3%.
The loss in this
region resulted primarily from sharp curtailme
nt in the use of gat for industrial-commercial purposes. In Illinois this phase of the
business suffered
a contraction of over 5% for the 10 months period.
In Wisconsin industrial-commercial sales dropped nearly 10%, while in
Indiana end Michigan
the decline in this class of sales averaged nearly

S. W. Straus & Co. Building Permits for Novemb
Show Continued Decline.
Proposed building operations throughout the United States
as reflected by the construction permits issued during November were on a scale 12% under the total of permits obtaine
in October, according to the national monthly building survey
prepared by S. W. Straus & Co., who go on to say:

A review of life insurance sales over the past few years is
conclusive proof
of the increasing value the American public place; on
life insurance. Using
a conservative estimate for December, the volume of insurance
paid for in
1930 will be well above any previous year except 1929.
In every year from
1921 to 1929 the annual sales increased until in 1929
the volume sold was
8% above any preceding year. In 1930 when
the incomes of almost every
class of people have been substantially reduced,
the annual production
will fall below the peak of 1929, but it will still be
larger than in 1928. when
prosperity was prevalent. Although incomes are
smaller, the majority of
people have felt the security to be gained from insurance
and have continued
to purchase. The sales in this year will
be over $1,000,000.000 greater
than in 1925: an increase which practically equals the
amount of the entire
country paid for in 1900. If 1930 sales of ordinary
pared to 1920 the volume is over half again as large; insurance are comcompared to 15 years
ago, the insurance industry shows a gain of almost
These figures are an indication of the rapid growth
of an
every year is gaining the support of a larger percentag industry, which
e of the American
people. The rapid, but steady growth is due primarily
to two factors, one
lies with the company the other with the public.
As in other businesses, Insurance companies have come
to realize the
advantages in being represented in the field by able, welltrained salesmen,
familiar with their subject. The old high pressure
salesman is giving place
to an agent who makes a study of his prospects' needs
and sells him protection for these needs. Not only originally selling
the correct policy, but
service to old policyholders is being increasingly stressed.
Good service
makes an opening for new business. The careful selection
and training of
agents not only increase the quantity of insurance, but
improves its quality.
The second factor is closely related to the first.
The American public is
becoming increasingly conscious of insurance and the
varied needs it fills.
It is an institution that can be trusted as a safe investme
nt. The rapid
depreciation during the past months of profits
made through the stock
market have turned many from speculation.
Money quickly made was as
quickly lost. There is nothing spectacular in life
insurance. It furnishes a
means of building up an estate which appreciates
steadily in value and does
not fluctuate.
The figures for the month of November show a
loss when compared to
Nov. 1929. The past month was a bad month for
:ideas all over the country.
Every section shared the decrease and Delaware
was the only State to
record a gain for the month. Although the
losses In some States are considerable in many States the volume is only slightly
below the production
of a year ago.

This survey covering 587 leading cities and towns in the
United States
indicates that building permits granted in November reached
a total of
$131,871,594 comparing with $150,751.374 in October.
Permits issued
in November 1929 aggregated $194,289,502. therefore the
projects for which plans were filed in November of
this year were less by
32% than those Mod In the same month last year.
The Straus survey indicates that while the November
grand total for
the United States shows a loss of 12% from October, the
25 cities reporting the largest volume of building permits for Novembe
r showed a gain
of 8% over October.
Thirteen of the cities showed individual gains over
October. New York
filed plans amounting to $41,667,765 during Novembe
r compared with
$26.406,153 in October. The other 12 cities showing
gains were Seattle.
Newark, Baltimore. Springfield. Mass and Cambridge,
Mass., Dearborn,
Mich., Pittsburgh, Portland, Ore., St. Louis, Syracuse
, Dallas, and
Davenport, Iowa.
Life Insurance Sales in Canada During 11 Months of
Fourteen cities, Seattle, Cleveland, Springfield, Mass.,
Cambridge, Mass., Washington, D. C., Dearborn, Mich.,
Houston, Boston, Portland, Ore., Syracuse, Dallas, and Oklahoma City.
The volume of ordinary life insurance paid for In the
Davenport, Iowa,
went ahead of November 1929. Seattle, Springfield,
Mass., Cambridge, Dominion of Canada during
the past eleven months is surMass., Dearborn, Mich., Oklahoma City, Pittsburg
h. Portland, Ore.,
Syracuse, Dallas, and Davenport,Iowa,showed gains over
passed only by the 1929 volume and is much greater than
November 1928.
The Straus index of building permits was 38.0 for
November as com- in any other year, except 1928. The sales this
year are
pared with 45.2 for October and 56.0 for November
1929. The index almost
equal to those of the same period in 1928. This
has thus reached the lowest point of any month this year.
after adjustments for seasonal variation, is still 16.8% below The index, statement of sales
conditions in Canada is based on monthly
the general
trend, which has been persistently downward since the
middle of 1926. figures compiled and
issued by the Life Insurance Sales
Following tabulation drawn from the Straus survey shows
the total of
building permits issued in November in each state
compared with the Research Bureau at Hartford, Connecticut. The companies
preceding month and also with November 1929.
whose experience is included represent 84% of the total
Nov. 1930. Nov. 1929. Oct.
1930. legal reserve ordinar
y life insurance outstanding in the
207.939 Dominion. The Bureau, under date
of Dec. 18, adds:
10,545,583 17,190,073 15,789,90
In the eleven months of 1930, sales of ordinary life insurance
in Canada
711,871 are 3
. above the same eleven months five years ago. The first year for
3,105;783 which
comparable figures are available is 1921; the volume
District of Columbia
paid for this
2.191,665 year is over half again as large as was sold 9 years ago. When
1.334,895 to last year, the paid for insurance
shows a 7% decrease in the eleven
1,319.949 months.
In snaking comparisons to 1929, however, it should be
remem6,187,300 21.336.629 10,559,405 bered that the
comparison is being made to eleven months in which
1,435,679 2.735.101
1,631,285 volume of insurance sold was 7% greater
than in the same period of any
1,728,769 other year.
November sales show a general decrease throughout
the Dominion. The
909,947 two provinces of Ontario and Quebec,
which pay for considerably over half
117,919 the new business
sold in Canada show better than average
7.862,664 4.155,339 7
.263.258 With the exception of the colony of Newfoundland, for which figures
9,702.653 5.823.969
also compiled, Quebec shows the best monthly experienc
4,594.616 3,301.449
Unstable Commodity Prices Hinder Business Recove
New Hampshire
According to Bank of Nova Scotia.
New Jersey
New Mexico
In its December "Monthly Review" the Bank of Nova
New a ork
48,683,399 55,979.914 37,186:8
38 Scotia has the following to say regarding busines
North Carolina
s con407,167
North Dakota
118,184 ditions:
6,839,252 12,186,877
While weakness in the commodity markets during the last
few days has
822,959 again aroused misgivings, there have been signs for some months past
5,552.059 13.376,147
8,085,407 of a tendency towards a more stable price level. Reference was made
Rhode Island
953,360 the November issue of this "Review" to the
South Carolina
fact that recently the rate
South Dakota
193,275 of decline in the calculated index of commodity prices on the continent
1,098,671 of Europe has perceptibly slackened. Another such sign, still more
5.018,587 was the slight rally which appeared in this bank's index
of basic commodity
263,057 prices, when the November
figure was compared with that for October.
1,211 2 52 Occurring, as it did, after 13 months of continuous and unbroken
2.296,048 2,764,814
West Virginia
It was a welcome change; but further weakness in certain of the
930,047 commodities has since
3,095.922 6,315.058 4.630,32
developed-although the price declines are
at a
22,172 much lower rate than earlier in the present movement.




The bank's index, which shows the slight November recovery, includes
quotations on four agricultural and four mineral products: wheat, rubber,
sugar, cotton; coal and iron, gasoline and copper. During the 13 months
in question, up to and including last October, the average monthly fall in
the prices of all of them, taken together, was a little more than 3%.
The corresponding decline from June 1920 to November 1921 was not
continuous and unbroken, but lasted somewhat longer, and was considerably
more drastic. On that occasion, over a period of 17 months, the average
monthly decline of these basic commodity prices, taken together, was no
less than 3 7/10%.
Our most recent experience has thus been a good deal less severe, both
in duration and intensity, than that of 10 years ago. In view of the
present situation, it would not be surprising if, within the next few
months, a see-saw movement of prices, up and down, were to develop in
the basic commodity markets, such as prevailed during the second half
of 1921 and in the first few months of 1922.
Actual changes in the prices of basic commodities last month were as
follows: Wheat, down 11%; rubber up, 10%; sugar, up 12%; cotton,
up 3%; coal, unchanged; pig iron, unchanged; gasoline, down 5%;
copper, up 4%. Although the recent decline in the price of wheat is an
unfortunate feature of the situation for Canada, the average of the foregoing
changes (unweighted geometric mean) is an increase of 1.4%. In each
case the average monthly price during November is compared with the
average during the preceding month.

(VoL. 131.

the next three months, compared with 755.558 cars actually handled during the same period in 1930.
While a few lines of business activity are expected to show an increase
in the first quarter of 1931 compared with the same period in 1930, the
majority are expected to show a decrease. The anticipated increase in
the movement of anthracite coal is largely responsible for the low net
decrease shown.
Improvements over 1930 are anticipated in such lines as coal (anthracite),
6.0%; coke, 8.0%; crushed stone, 17%; confectionery, 5%;fresh fruit sand
vegetables, 3 to 20%;flour, 7.4%; hay, 7.8%; paper and pulp, 2%; petroleum, 2.5%; sugar 0.7%; textiles, ranging from no change to 3% increase.
To offset these increases, however, there will be a falling off in auto
parts and accessories of 5%; brick, 15%; castings, machinery and boilers,
20%; clay and clay products, 3.3%; chemicals, 10.0%; canned foods and
preserves, 9.9%; cement, 10%; dairy and dairy products, 7.5%: electrical
machinery and appliances, 10.0%; fertilizers, 3.8%; glass containers, 5%;
grain, 5.1%; gypsum, 8.4%; iron and steel, 20%; LCL (Philadelphia),
20%; LCL (New York), ranging from 5 to 10% less; lumber, 10%; ore,
2.5%; prepared roofing and roofing materials, 10.5%; limestone, 30%;
paints, oils and varnishes, 6.5%; sand and gravel, 23%; slag, 37%, and
salt 7%. So far as lime and slate are concerned, no change is anticipated
over same period 1930.
The Atlantic States Shippers Advisory Board embraces the States of
New York, New Jersey, Delaware, Maryland, eastern Joan of Pennsylvania, eastern shore of Virginia and the District of Columbia, and it
brought together for today's meeting in Washington approximately 500
representatives of the basic industries of the territory as well as leading
railroad executives. It is one of 13 similar organizations which cover the
entire country, each operating independently, yet so organized that they
may act in groups in their respective territories or as a unit for the country
as a whole on matters involving railroad service, and distribution, in its
relation to industry.
With the operation of these Advisory Boards, which offer a common
meeting ground between the shippers and the railroads for a better understanding of each others problems to adjust informally service difficulties,
and to study the general economic progress of each district, car shortages
have been eliminated by securing first-hand data direct from the shipper
as to the number and type of cars and when and where they will be required.
Since its organization six years ago not a single difficulty coming before
the Atlantic States Board has had to be carried to the Interstate Commerce Commission or any other public regulatory body for solution.
H. E. Stringer of Washington, D. C., Chairman orthe Atlantic States
Shippers' Advisory Board, presided at the meeting today.
Members of the board attended a luncheon at the Willard today, at
which time the principal speakers were Secretary of Agriculture Arthur
M. Hyde and Alfred P. Thom, General Counsel of the Association of
Railway Executives.

Bank of Montreal Finds Decline in Prices of Farm
Products Primarily Responsible for Dull State of
Trade—Value of Principal Canadian Crops—Figures of Commercial Failures.
In its business summary, dated Dec. 22, the Bank of
Montreal states that "apart from the activity imparted to
retail business by the Christmas season, the trade situation
in general has undergone little change during the month."
The bank further says that "a definite halt cannot yet be
said to have occurred in the decline of basic commodities; Ward & Co. Cut Prices—Mail-Order Catalogue Shows
Reductions of 10 to 25%.
and stabilization of prices, not yet established, is a necessary
A Chicago dispatch Dec. 22 to the New York "Times"
prelude to business improvement. For the dull state of
trade the decline in prices of farm products is primarily stated:
Montgomery Ward & Co., mail-order and chain-store operators, anresponsible." Regarding the value of Canada crops, the
nounced to-day that they had purchased large stocks of merchandise and
bank reports as follows:
made heavy commitments for the future. They sent out to-day their midThe total value of the principal field crops of canada in 1930 is officially
estimated at $629,146,000, compared with $948,981,000 in 1929 and
$1,125,003,000 in 1928. Diminished crops account for the lesser part of
the decrease; lower prices are the principal cause; so with all other farm
products—livestock, butter and cheese, wool, vegetables—lower prices
for which have reduced the return to producers. The clip of wool, for
example, was 733,000 pounds greater this year than last, yet the amount
realized was $1,535,000 less. The plight of the farmer comes from the
greater decline in the price of what he sells than in that which he buys.

The bank likewise says:
In the first 10 months of the current year 1,941 commercial failures have
occurred, compared with 1,766, 1,614, and 1.478 in the corresponding
period of the three preceding years; while aggregate liabilities of $40,585,000 this year compare with $32,391,000 in the 10 months of 1929, and
$23,974,000 in 1928.
The season of St. Lawrence River and Lake navigation was one of the
poorest in several years. Wheat exports from Montreal fell 10 million
bushels behind 1929, itself a lean year, and a large decrease in the number
of tramp vessels entering the port occurred. The favorable factors were an
enlargement of coal imports and th4 resumption of cattle shipments. Imports of anthracite coal from overseas amounted during the season to
986,670 tons, an increase of 400,000 tons over the preceding year; of this
quantity 740,801 tons came from Great Britain and 200,651 tons from
Russia. Shipments of live cattle to Great Britain, resumed in the autumn,
totaled for the season 5,280 head.

Wisconsin Bankshares Corporation Finds Present Conditions Better Than a Year Ago—Main Thing
Needed Is Confidence.
The Bankshares Review, published by the Wisconsin
Bankshares Corporation has the following to say in its survey
of business conditions.
Now and a Year Ago.
The general business situation is far healthier now than it was a year ago.
Security markets l'ave been pretty thoroughly deflated and commodity
prices are stabilizing. Indebtedness has been reduced to manageable proportions. Industries have liquidated inventories, cut down expenses and
renovated plants. Money is cheap and the banking situation more liquid
than it has been at any time in the last eight years. It is not possible to
lay down any time schedule for business recovery. But it if a depression is
a period of liquidation and readjustment, It would seem that most of the
requirements have been fulfilled and that the main thing needed is confidence.

Shippers Estimate That 747,198 Freight Cars Will Be
Required to Handle Commodity Shipments in First
Quarter of 1931 Compared with 755,558 Cars in
Same Period in 1930.
Commodity carloadings in this territory during the months
of January, February and March 1931 will average approximately 1.1% less than the actual shipments made during
the corresponding period of 1930, according to estimates
submitted Dec. 19 at the Seventh Annual meeting of the
Atlantic States Shippers Advisory Board held at the Willard
Hotel in Washington. The Advisory Board's announcement
(Dec. 19) says:
From the reports submitted by the various commodity committees it
will require 747,198 freight cars to move anticipated shipments during

winter sales book showing price reductions ranging from 10 to 25%.
"The fact that we are again extending the privilege of easy payments
on everything we sell, except groceries, is substantial proof of our faith
In the future and in the ability of the public to meet its obligation," an
accompanying statement said.

25% Increase in Advertising Appropriations Urged as
Solution of Business Depression by Ralph Hitz
Director of New York Hotel.
If every American advertiser to-day would consider the
current business depression merely as a new form of competition for his markets and would meet it by a 25% increase in his advertising appropriation, American business
would make a startling recovery, according to the head of
one of the world's three largest hotels. This viewpoint was
urged in an address at Kansas City, Mo., on Dec. 16, before
the annual convention of the Missouri-Kansas-Oklahoma
Hotel Association, by Ralph Hitz, managing director of The
New Yorker Hotel. It is stated that The New Yorker will
have spent nearly thalf a million dollars in advertising by
the end of its first year next Jan. 1, the largest advertising
appropriation, It is claimed, for a single hotel in hotel history. Approximately $100,000, Mr. Hltz reported, was
specially appropriated to meet competition from "the most
suceessful advertiser in this country to-day—Business
Depression." Mr. Hitz said:
"Let's forget that the business depression is some vague economic ghost—
some cycle, or reaction, or any other sort of generality. The depression,
so far as American business is concerned, is a competitor. When a department store, a manufacturer, or the small retailer around the corner
attempts to sell his merchandise, he runs into the strongest competition
he has met in many years—the competition of our highly advertised
depression. A large part of his market has been 'sold' on it. And that
he faces a selling job is indicated by statistics which show that there Is a
tremendous latent buying power in this country right now—enough to
bring back prosperity with a rush—but the 'advertising' of business
depression has sold our markets away from us.
"If every large advertiser would increase his advertising appropriation
25% and start spending it at once—wholeheartedly and joyously—recovery
would be upon us in no time."

Mr. Hitz called business depression "the most successfully
advertised institution in the United States to-day." "In
something like 12 months this `unknown' has been so successfully `sold' to you and to me and to the rest of the
American public that it is on the tongues of all of us. It
Is as well-known to-day as the Ford car, Ivory soap, Campbell's soup, or Wrigley's chewing gum." The New Yorker
Hotel, now in its eleventh month, will have spent $225,000
on newspaper advertising in 55 cities, and $125,000 in magazine advertising by the end of its first year, he said. In
less than 10 months registrations had exceeded the half

DEC. 27 1930.]


million mark, and the first year total is expected to come
close to 750,000 guests.


be it remembered, it was in raw materials that commodity prices first
began to give way, a year and a half ago."

The liquidation in manufactured goods prices has been
spotty and less complete, but "this situation is slowly
correcting itself," the review says. "Our principal concern is that necessary readjustments shall continue, and
continue with sufficient celerity to give business a chance
to recover before needless waste and suffering occur."
A substantial rebound in prices that would give business
a sudden stimulus is not to be expected, according to the
Foreman-State review and it concludes:

Union Trust Company of Cleveland Sees No Warrant for
Decline in Bond Prices-Views on Business Situation.
The extent of recent declines in prices of high grade
bonds is no more warranted than the unaccountable inflation of stocks in 1929 and the prospect is for recovery,
according to the Union Trust Co., Cleveland. The bank
also believes the decline in business is near bottom. "If
we have any faith in the stability of American business,
"Fortunately, rising prices are not necessary to business recovery.
and in its capacity to recover from the present depression, Firmness of prices and confidence in prices are all that good business
requires. If, as it appears from our index, the price of basic raw
this faith should be reflected in a firm market for good materials in the world market has begun to flatten out and to
make a
bonds," says the bank in its magazine "Trade Winds." foundation for the support of other prices, it is the most optimistic
"The financial situation contains the promise of better factor in many weeks."
times ahead, just as do manufacturing and distribution.
Sooner or later, the availability of credit at present low
rates may be expected to prove a real aid to business Review of Building Situation in Illinois During November and First 11 Months-28.4% Decrease in
recovery." The bank adds:
Number of Permits in November This Year as
"Although there appears no improvement manifest at the present
time, nevertheless the seeds of recovery have been definitely sown, and
Compared With Same Month Last Year.
it is only a question of time until this recovery becomes evident. It
Reports from 45 Illinois cities show a decrease of 28.4%
seems inconceivable that the situation can remain as it is, and 1931
as a whole may be anticipated as a period of general business improve- in the number of building permits issued during November, as
compared with the previous month, and a decrease of 31.3%
"One of the most encouraging developments in the economic horizon
is the reduction of inventories in many lines of business. Any increase in estimated valuation. Decreases are to be expected for
in public demand for merchandise should stimulate immediate orders to this month, as the seasonal trend is normally downward
distributors and manufacturers
-but at present, it still remains a matter at this time of the year. The estimated valuation for Nov.
of debate as to how soon such demand may be expected to manifest itself.
"A number of retail stores are reporting that price declines, well 1930, is still 69.0% below the figure for a year ago, however.
advertised, bring in immediate response from the buyers. The deflation
The foregoing is from the monthly review of the building
of retail prices to conform to declines in basic commodity prices is in situation in Illinois, made available by Howard
B. Myers,
our opinion, a vital step in readjustment toward substantial business recovery. Christmas buying, while not as heavy as last year, has been Chief of the Bureau of Statistics and Research of the Illinois
surprisingly large and December sales will show a substantial increase Department of Labor, continuing his review says:
over those of November."

Business Situation as Seen by Foreman-State National Bank
of Chicago-Evidences of Renewed Vigor Cited.
"We are reasonably sure that the devastating storms
which swept through values in late 1929 and middle 1930
are not to be experienced again during this cycle. As
soon as business comes to realize that it is the wreckage
and not the storm which is our principal problem at the
present time, there will be more courage and more enthusiasm for the job ahead." This reassuring note is sounded
in the December 20 issue of the Business Observer,
monthly publication of the Foreman-State National Bank
of Chicago. While the Business Observer notes that there
has been no material change in the essential facts of
business during the last month, it points to the following
evidences of renewed vigor in some sectors of business:
(1) Total savings deposits of the country are up 10% from last
(2) Silk consumption is up 13% from last year and is 22% higher
than the average for November in the last five years.
(3) The rate of cloth production for November was up 10% from
(4) Chemical activity was speeded up nearly 30% from October
to November.

On the other hand new insurance written in November
was reduced 17% from 1929, cotton consumption was
down 23.7% from last year and 28.7% below the five year
average for November, leather production was down 18.7
in a month and automobile production declined by nearly
The fact that activity is rising in certain industries at
this time may have a seasonal explanation in some cases,
but for the most part it means that these particular industries have taken the deflation necessary to recovery and
are now in a comparatively healthy position, the Business
Observer states. It adds:
"Contrariwise, many industries that are declining now, against seasonal
trends, are doing so in delayed recognition of the fact that thorough
deflation is the 'sine qua non' of recovery. The general recognition,
which seems to have come in recent weeks, that thorough deflation
is the only way to avoid unnecessary prolongation of the depression, is,
basically, a factor of optimism.
"The economic world is witnessing at this time some of the most
constructive effort ever made to stabilize production and prices of the
major raw materials of world trade. Within the month important
progress seems to have been made in negotiations between Cuba, Java,
and other sugar producting countries for restriction of exports, under
Numerous other industries afflicted
the so-called Chadbourne plan.
with surpluses are watching this pioneer work in the hope that new
principles and formulae will be uncovered which may be applied widely
in the solution of pressing problems."

The Foreman-State review comments as follows on the
commodity price situation:
"Month by month, it becomes clearer that business recovery waits
upon the stabilization and equalization of prices. However complex
the causes of the depression may have been, most of these causes contributed to the disturbance of price levels, and falling prices brought
industry to its knees. Price indices of basic raw m.•erials in the
world market have at last begun to show measurable firmness; and,

The decrease this month is concentrated in the metropolitan area. The
estimated valuation of buildings authorized by permits in Chicago decreased
by 40.3%; while in the metropolitan area excluding Chicago the decrease
Is even more abrupt, 53.3%. The cities outside the metropolitan area,
on the other hand, report an increase of 34.6% in estimated valuation
over the preceding month. As compared with a year ago, the estimated
valuation of Chicago building declined by 75.7% In the metropolitan area
a decline of 55.4% is reported, and in the cities outside the metropolitan
area the decrease is 46.5%. The decline from last month in Chicago was
due almost entirely to a decrease in non-residential building. The November
total of $1,771,800 for this type of building was 63.0% less than the figure
of $4,798,750 reported during October. Residential building in Chicago,
on the other hand,increased 20.4% over the October figure,from 61,698,300
In October to 62,044,800 in November. Most of the residential total for
November was accounted for by a permit carrying an estimated valuation of
$1,500,000 for a men's dormitory at the University of Chicago.
In the metropolitan area excluding Chicago the largest decrease in
activity is likewise reported for non-residential building, although residential building in these cities also is less than during the preceding month.
Of the 21 reporting suburban cities, five authorized a greater estimated
valuation of building during November than during October. Four cities
Forest Park, Glen Ellyn, West Chicago and Wilmette-report an estimated valuation above that of a year ago.
The 34.6% increase over last month reported by the 23 cities outside the
metropolitan area is the result of increased activity in both residential and
non-residential building. Fourteen of the 23 cities report a larger valuation
than last month, and six-Alton, Batavia, Centralia, Elgin, Kankakee and
Quincy-report a larger valuation than for Nov. 1929. The large increase
In activity over last month reported at Quincy is due to the issuance of a
permit for the erection of a hotel estimated to cost $400,000.
Of the total estimated expenditure for all reporting cities, 51.0% is
for residential building, 37.5% for non-residential building, and 11.5% for
additions, alterations, repairs and installations. The corresponding percentages for Chicago are: 49.5%, 43.0%, and 7.5%. For the suburban
cities they are: 56.0%,22.6%, 21.4%, and for the cities outside the metropolitan area: 51.9%, 33.1% and 15.0%.
A total of 218 residential buildings to cost $3,625,170 and to provide for
266 families is reported for the month. Fifty-eight of these buildings to cost
$2,044,800 and to provide for 81 families are to be erected in Chicago; 33
such buildings to cost $487,250 and to provide for 39 families are to be
erected in suburban cities, and in the remaining reporting cities, 127 such
building are to be erected, to cost $1,093,120 and to provide for 146 families.
During the month, 647 Permits were issued for non-residential buildings,
with a total estimated cost of 52,663.976. Of this amount 66.5% is to be
expended in Chicago, 7.4% in suburban cities, and 26.1% in the remaining
reporting cities. Of the total of $813,558 to be expended for additions,
alterations, repairs and installations, 38.2% is for Chicago building, 22.9%
for buildings in the suburban cities, and 38.9% for buildings outside the
metropolitan area.
During the first 11 months of the year, 23,728 buildings have been
authorized by permits issued in the 45 cities, with a total estimated cost of
8126,809,724. This is a decrease of 32.2% in number of buildings and
56.1% in estimated valuation from the first II months of 1929. In Chicago,
the estimated cost of buildings authorized during the first 11 months of this
year is 59.4% less than for the same period last year. For the reporting
suburban cities, the decrease is 59.9%, and the decrease for the cities
outside the metropolitan area is 34.4%. None of the suburban cities reports
a total estimated valuation for the 11 months which is larger than the total
for the same period last year. Four cities outside the metropolitan area,
on the other hand, report such an increase. These cities are: Alton, with
an increase of 11.4%; Batavia, with an increase of 21.1%; Quincy, with an
increase of 22.2%; and Springfield with an increase of 1.8%.
The total estimated expenditure for the 45 cities for the 11 months is
divided as follows: 33.9% for residential building, 55.5% for non-residential building, and 10.6% for additions, alterations, repairs and installations. The corresponding percentage distribution for Chicago is:
30.0%,62.3% and 7.7%. For the suburban cities it is: 46.4%. 36.8% and
16.8%, and for the cities outside the metropolitan area: 38.5%. 45.4%
and 16.1%.



The following statistics are supplied by Mr. Myers:
1930, BY CITIES.
November 1930.

October 1930.

Norember 1929.

No. of Estimated No. of Estimated

Total all cities


No. of EstImat d

7,102,704 2,192 10,337,835 a2,162 22,885,532

Metropolitan area


4,997,127 1,284

8,773,292 1,352 18,948,888






919 17,000,680

Metropolitan area, excluding Chicago
































205 02r

Blue Island
Forest Park
Glen Ellyn
Highland Park
La Grange
Lake Forest
Oak Park
Park Ridge
River Forest
West Chicago
Total outside metropolitan area
East St. Louis
Granite City
Rock Island

Fol.. 131.

West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
228 mills report that for the week ended Dec. 13 1930, there
were produced 115,393,197 feet of lumber, 138,587,355 feet
ordered and 106,481,303 feet shipped. This compares with
114,442,427 feet produced, 116,212,539 feet ordered and
106,758,268 feet shipped in the preceding week. The
Association's statement follows:
(All mills reporting production for 1929 and 1930 to date.)
Actual production week ended Dec. 13 1930
134.463,353 feet
Average weekly production 50 weeks ended Dec.13 1930
161,134,326 feet
Average weekly production during 1929
209,555,683 feet
Average weekly production last three years
216,502,776 feet
Weekly operating capacity
304,643.119 feet
Weekly operating capacity is based on average hourly production for the 12
last months preceding mill cheek and the normal number of operating hours per week.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Week Ended
Dec. 13,
Dec. 6.
Nov. 29.
Nov. 22.
115,393,197 114,442,427 102,018,087 115,530.411
138,587,355 116,212,539 106,190,999 107,609,616
Domestic cargo(54%)
106,481,303 106,758,268 104,573,004 105,333,841
Domestic cargo(49%)
440,810,378 410,770.795 404,275,698 402.024,021
Unfilled orders(100%)
89,289,329 86,679,645 84,413.101
Rail (23%)
Domestic cargo(53%)
234,245,263 215,806.769 206,282,617 203.918,804
Export (24%)
106.467.951 105,674.697 111,313.436 113,692,116
(All mills whose reports of production, orders and shipments are complete for 1929
and 1930 to date.)
Average 50
Average 50
iVeeks Ended
Week Ended
Weeks Ended
Dec. 13 1930. Dec. 13 1930. Dec. 14 1929.
Production (feet)
Orders (feet)
Shipments (feet)
Orders on
Hand Begin g Week Received,
Washington & Oregon
(95 MU/3)60,323,210 19.002.507
111,239,068 32,816,044
Atlantic Coast



Week Ended

481,673 16.486,658 62,357,386
813,319 21.607,492 123,260,939
180,805 2.889,115

a These revised totals include the figures or Kankakee. not reported heretofore,
and corrections in the figures for Rock Island and Wilmette.

Total Wash.& Oregon 174,688,198 51,993,551
Reporting dom, cargo
only (8 mills)

100,646 38.274.955 188,507,440


181,236,008 52,810,238
Brit. Col.(15 Mills)
12,048,352 2,031,210
Atlantic Coast
10,914,914 2.865,220

46,466 39.024.952 195,067,760

-Nov. 1930.
No. of


-Nov. 1929.
No. of



25.046.609 4,927.430

829,591 8,405.439 20,739.009

a.........,..s. ..---- ono noon,/ S7,17000

722 195 47 420 201 215 ROR 7110


14,207 $101,375,588 22,132 $250,039,004


803,000 3,338,713
600 4,613,800


829,591 8,405,439 19,403,583

23,728 8126,809.724 035,006 4288832472

Metropolitan area


Total Brit. Columbia_ 23,711,183 4,927,430
Reporting domes, cargo
only (3 mills)

Total all cities


10,352 884,670,567 16,201 8208.404,315


Metropolitan area excluding Chicago__
Blue Island
Forest Park
Glen Ellyn
Highland Park
La Grange
Lake Forest
Oak Park
Park Ridge
River Forest
West Chicago
fatal outside metropolitan area
East St. Louis
Granite City
Rock Island

3,855 816,705.021


5,931 $41,634,689


9,521 $25,434,136 12,874 538,793,468




a These revised totals include the figures for Kankakee, not reported heretofore'
and corrections in the figures for Rock Island and Wilmette.

Review of TIndustrialISituation in Illinois During
November-Continued Decline in Employment
and Wages.
In his report of the industrial situation in Illinois during
November Howard B. Myers, Chief of the Bureau of Statistics Sr Research of the Illinois Department of Labor,
states that the decline in industrial activity in the State
continued during the period Oct. 15 to Nov. 15, causing a
reduction of 1.9% in the total number of workers employed
and of 4.2% in wage payments in the reporting establishments. Man-hours of work, derived from figures furnished
by 71.3% of the total number of reporting firms, were
reduced 6%. In his further survey Mr. Myers says:
In the manufacturing industries employment decreased 3.1%. payrolls
7.3% and man-hours 8.7%. Printing and paper goods was the only
manufacturing group which did not conform to the general trend.
In the non-manufacturing industries employment gained 0.2% and payrolls 0.4%, but !flan-hours decreased 0.1%. The latter item, however,
covers only 56.6% of the firms represented in the employment and payroll figures.
The employment figures for November give no indication of any pending
improvement in the industrial situation. The 1.9% decrease in the general
employment volume was somewhat more moderate than the 2.4% loss
recorded for October, but wage payments, on the other hand, decreased
4.2%, compared with 2.2% the preceding month. The recessions were
more marked than during the corresponding month a year ago, when Illinois
was experiencing the early part of the present industrial depression. At
this time employment declined 0.6% and payrolls 1.7%. Index figures
indicate a cumulative loss of 19.7% in the number of workers employed
and of 27.6% in wage payments since November 1929.
The curtailments in operations reported for November affected mainly
factory workers. The non-manufacturing industries registered a slight
increase, due to the seasonal expansion which takes place in the distributive
industries at this time of the year. All but one of the important manufacturing groups laid off large numbers of workers, the reductions ranging
from 1.8% in the wood products industries to 8.6% in furs and leather
goods. In wage payments the reductions were still larger, ranging from

DEC. 27 1930.]


4.5% in the food products group to 22.1% in furs and leather goods. This
excludes the miscellaneous manufacturing group which registered larger
decreases, but which is represented by only three concerns and 128 employees. In the non-manufacturing classifications not only the distributive
industries but also public utilities and coal mining as well registered gains
in both employment and payrolls during November.
The metals, machinery and conveyance industries, represented by 353
establishments and 105.937 employees, recorded losses of 2.9% in employment and 8.4% in payrolls from the preceding month. A large share of
this decline was due to reductions in three industry classifications: In cars
and locomotive shops where, according to the figures received from nine
reporting firms, 790 men or 24.8% of the total number of workers were
laid off; in automobile and accessories plants where 394 men or 7.7% of
the workers lost their jobs, and in the electrical apparatus factories which
laid off 1,584 men and women, constituting 5.2% of their total volume of
employment. The manufacturers of tools and cutlery and of cooking
and heating apparatus employed additional workers, but this was apparently
at the expense of time schedules, since both inan-hours of work and payrolls showed decreases. In the agricultural implements industry a number
of manufacturing concerns expanded operations by lengthening time
schedules,for payrolls increased 2.2%,although employment declined 0.2%.
In the food products industries 174 firms employing 29,627 workers,
about one-fifth of whom are women, registered losses from the preceding
month of 3.5% in total employment and 4.5% in wage payments. The
reductions in those firms which report data separately by sex were mainly
in the employment of women, 8.8% of whom were laid off compared with
0.8% of the men. Fruit and vegetable canning showed employment reductions of 40.3%, confectionery 12.3% and the manufacture of ice 24.1%•
In the slaughtering and meat packing industry a small number of women
workers were laid off, but about 400 additional men were employed,thereby
increasing the total employment volume 2.9%.
The only large manufacturing group in which operations expanded during
the period of the report was the printing and paper goods industries. Job
printing contributed largely to this increase, adding 4.5% more workers
and increasing payrolls 8.2%. Reductions continued in the manufacture
of paper boxes, bags and tubes and other industries of the group which
reported a gain in October curtailed operations in November so that the
aggregate gain for the month was slight, 0.8% in number of workers and
1.2% in wages.
The 4% curtailment in employment reported for the manufacture of
stone, clay and glass products was well distributed among the various
industries included hi this group. The losses in number of workers ranged
from 2.5% for lime, cement and plaster to 5.1% for brick, tile and pottery.
Wage payments went down 10.8%, the losses ranging from 5.7% for glass
factories to 15.7% for miezellaneous stone and minerals.
Employment in the wood products industries decreased 1.8% and payrolls 7.1%, all industries in this group except the manufacture of pianos
and musical instruments contributing to the decline. Furniture and cabinet
work lost 2.1% in employment and 11.8% in wage payments.
Furs and leather goods experienced the largest decline reported by any
of the classified manufacturing groups, 8.6% in employment and 22.1%
in payrolls. This was due to curtailments in the manufacture of boots
and shoes. A number of plants in this industry operated with greatly
reduced forces and several were reported to be closing down entirely. In
the manufacture of leather and of furs and fur goods more workers were
employed, and in the miscellaneous leather goods classification the
of employment was maintained at its previous level.
Chemicals, oils and paints laid off a large number of workers, all of
Industries in the group participating in the general decline. In employment the reductions ranged from 0.7% in factories making paints,
and colors to 10.1% in the manufacture of drugs and chemicals.
The textile industries, which registered substantial increases during
two preceding months, laid off 2% of their workers in November and reduced payrolls 5.6%. The manufacture of thread and twine continued
its upward trend, and the knit goods industry maintained its volume of
employment, although payrolls showed a marked decrease.
In the clothing and millinery trades the manufacture of women's clothing
and hats registered the largest reductions. The loss for the group as a
whole was 2.7% in number of workers and 12.1% in total wage payments.
The industries classified as non-manufacturing showed considerable variation in trend, the substantial losses in building and contracting and more
moderate declines in the services group practically offsetting the increases
recorded for wholesale and retail trade, public utilities and the coal mining
industries. Wholesale and retail trade registered the most definite
in employment, 2.4%. which was accompanied by an 0.9% increase in
payroll totals. Department stores increased the number of persons employed 6.8%, payroll totals 4.2%. Mail order houses increased employment 2.5% and wage payments 2.1%. Wholesale houses, on the other
hand, showed curtailments, dry goods firms laying off 6.9% and
houses 2.9% of their workers. Milk distribution showed a loss of
1% in both men and wages and metal jobbing houses laid off 1.9% of their
men while reducing payrolls 4.6%.
In the services group employment decreased 2%,while payrolls increased
0.1%. The various public utilities showed a wide variation in trend, but
the group as a whole gained 0.4% in workers and 0.5% in payrolls. Coal
mining maintained the gains of the previous four months and added
more men and 2.4% more in wage payments.
In the building and contracting group employment showed a reduction
of 10%, while payrolls decreased 6%. Building construction laid off
15.3% of its mall and road construction 22.4%. Miscellaneous contracting
however, increased employment 20.6% and wage payments 25.3% over
the preceding month.

In his review of the industrial situation by cities Mr.
Myers says:
Employment losses experienced by factory workers during the period
Oct. 15 to Nov. 15 totaled 3.1% for the State as a whole, and, in the cities
for which figures have been compiled separately, ranged from 0.5% in
Peoria to 18.9% in Bloomington. Two cities on this list registered increased *employment, but working hours were decreased and therefore
there were no corresponding gains in payrolls.
Factories in general reduced total wage payments more than employment, payroll losses ranging from 0.9% in the Sterling-Rock Falls territory
to 25% in Bloomington, and averaging 7.3% for the State. In Moline
and Peoria payrolls increased, although the number of employed workers
decreased from the preceding month. This irregularity is probably
to increases in time schedules.
Average weekly earnings reported for the State as a whole were
for men and $15.64 for women. These figures compare with $28.98 and
$16.80. respectively, in October, indicating losses of4% for men and
for women during the past month.
All outdoor activities slowed down during November, building and road
construction work were on a smaller scale, and the calls for farm help fell
off after the corn harvesting season. At the free employment offices of
the State the number of applicants to every 100 jobs available was 280 OA


compared with 282.7 for the preceding month. Increases in the unemployment ratio were recorded by 8 of the 16 reporting cities, but a substantial decline from the very high ratio in October for Chicago was sufficient
to lower the ratio for the State as a whole.
-The increase in payrolls reported during the preceding month
was more than offset in November due to shorter working hours. Factory
employment continued to decline moderately, decreasing 1.8%, according
to figures furnished by 20 manufacturing establishments. The unemployment ratio declined slightly from 198.3 to 186.9.
-Nine firms reporting for this city registered a loss of
18.9% in number of factory workers and 25% in payrolls. These were
the largest declines shown by any of the tabulated cities. The losses were
mainly in food products where five firms laid off almost a third of their
working forces. The unemployment ratio increased from 110.6 to 129.
Chicago -losses of 2.6% in employment and of 6.7% in payrolls were
reported by 525 factories employing a total of 123,249 workers. These
declines were somewhat below the average for the State. The metal industries group, represented by 154 firms, laid off 2,619 or 4.1% of its employees. Ninety-five food products concerns laid off 321 or 1.4% of their
workers, most of whom were women. Thirty-two clothing manufacturers
reduced employment 2.5%, also mainly at the expense of women workers.
Groups of industries registering increases in employment during the month
were furs and leather goods and printing and paper goods. In the former
group 15 firms, employing 2,952 employees, showed a gain of 1.2%, and
in the latter 110 concerns with 14,440 workers added 1.6% during the
month. The Chicago unemployment ratio declined substantially from
422.6 to 363.2, but is still higher than that of any other city in which free
employment offices are located, except Waukegan.
-Factory employment was reduced 9.4% and payrolls 18.2%
by nine firms reporting for this city. This reversed the trend of the preceding two months, which was moderately upward in both number of
workers employed and total wage payments. The unemployment ratio,
however,continued to decline,registering 233.8 as against311.1 for October.
Danoille.-A slight increase in number of workers employed, with an
accompanying decrease in payrolls, was reported by 10 manufacturing
firms of this city. A large brick manufacturing plant reduced both employment and payrolls, and a paper box factory reduced payrolls, although
maintaining a steady volume of employment. Building operations were
reported to be at a standstill. The unemployment ratio increased from
202.3 to 244.1.
-A total decline of 7.4% in employment and of 8.8% in PayDecatur.
rolls was reported by 20 factories of this city. Industries other than those
engaged in manufacturing also experienced a curtailment in operations.
qafiroad car repair shops worked only five days in November and are
reported to be closing entirely during December, affecting 1,200 men.
At the free employment office fewer persons registered for jobs, so that,
while there were also fewer jobs available, the ratio declined from 219.9
to 217.
East St. Louis.
-Curtailment in operations by a glass factory and several
chemical manufacturing plants were largely responsible for the 11.4%
loss in both employment and payrolls reported by 16 local concerns. Practically all industries are working part time and with reduced forces. The
unemployment ratio for the month was 160.5 against 166.6 in October.
-Twenty-seven factories reported a total decline from the preceding month of 5.4% in employment and 11.6% in payrolls. Stone quarries, brick yards, metal industries and chemical plants laid off a large number of workers and also showed considerable curtailments of payrolls
The unemployment ratio was 250 as against 272.2 the previous month.
-In this city factory payrolls increased 1.5%, while employment
declined 5.6%. The gain in payrolls was due to lengthened time schedules
reported by a large agricultural implement firm. The city is going ahead
with several road grading projects in an attempt to relieve the unemployment situation.
Peoria--Here also payrolls registered an increase while employment.
showed a slight decline. Thirty-four factories employing 4.598 workers.
reported a loss of0.5% in employment and an increase of 1.4% in payrolls.
A large tractor manufacturing concern Increased its activity, putting more
men to work and paying out more in wages. In the manufacture of rope
and binder twine more men were employed and operating hours increased.
Declines in a number of other concerns, especially the food products industries. counteracted most of these gains. At the free employment office
the ratio of applicants to available places increased from 130.6 to 147.
-An employment decline of 1.9% reported by 13 factories of
this city was due to the curtailment of operations by a lime manufacturing
and two clothing concerns. Other industrial groups increased
employmentslightly, and one-the printing and paper goods group-showed
a gain in payrolls. A decline of 8.6% in total wage payments made by all
reporting factories was due mainly to decreases in the metal industries.
The unemployment ratio showed 171.9 applicants for every 100 places
-Forty-two factories with an employment of 6,864 workers
reported a decrease of 1.5% in employment and of 7.8% in payrolls from
the preceding month. This practically offset the increases noted for
October, which amounted to 2.5% in employment and 7.3% in PaYrelia.
Metals and machinery, the largest reporting group in this city, laid off
slightly less than 1% of its workers, but reduced payrolls9% by decreasing
the hours of work. In the manufacture of furniture a slight increase in
activity was reflected by payrolls but not by employment. The unemployment ratio for this city was slightly higher than in October. 139.5
as against 137.9.
Rock Island.
-This city again reported a decline in factory operations.
employment falling 13% and wage payments 16.4%. A furniture factory has practically closed down, and a stove manufacturing concern has
also laid off a large number of men. Building and outdoor work showed
a marked decline and the unemployment ratio increased from 276.3 in
October to 314.8 in November.
-Nine factories reporting for this city showed a decrease of
7.7% in employment and of 20.8% in payrolls during the period covered
by this report. A large shoe manufacturing concern closed down entirely
and an electrical apparatus plant reduced its total wage payments considerably while maintaining an almost stable volume of employment. The
unemployment ratio registered 179.2 as against 128.1 the preceding month.
Sterling-Rock Falls.
-An increase of 4.8% in factory employment reported for this city was due to the increased operations of a large farm implement concern. Payrolls did not follow the trend in employment, but
registered a slight decline of 0.9%.
Other Cities.
-Reports for 240 factories employing 49,778 workers were
received from other reporting cities of the State. These showed a net
decline of 3.5% in number of wage earners and of 8.3% in wage payments
during the month. The largest industrial group, metals, machinery and
conveyances, laid off less than 1% of its workers, but reduced payrolls
6.2%. With the exception of wood products and textile industries, all
reporting groups showed losses in employment. The textile industry
group was the only one in which both employment and payrolls showed
an upward trend.


F' 4118

The following tables are furnished by Mr. Myers:
By Howard B. Myers. Chief of Bureau of Statistics and Research.


Earnings (Payroll).

Index of
Per Cent
Per Cent
1925-27=100). of Chge. Nov. 1930.
from a
FeAgo. Nov Oct. Nov. October
1930. 1930. 1929. 1930. Males. males.

[Vox,. 131.

reported for 1927: and those for open cars represent increases of 8.7% and
four-tenths of 1%, respectively, as compared with 409,158, valued at
$229.405,033, reported for 1927.
In this connection it should be remembered that the foregoing figures
relate only to manufacturers whose principal products are complete motor
vehicles and trailers, and do not include the products of establishments
engaged primarily in the manufacture of bodies, parts, and accessories. For
census purposes, the assembling plant is considered as a manufacturing
establishment and therefore the number of establishments shown is much
in access of the actual number of manufactures.
Preliminary census figures show that the establishments engaged primarily
in the manufacture of motor vehicles and trailers last year gave employment to 225,583 wage earners and paid $365,660.895 in wages, as compared
with 187,910 wage earners and $321,664,093 wages for 1927, representing
increases of 20% and 13.7%, respectively.

Ford Detroit Plants Shut Down for Annual Inventory
Associated Press advices from Detroit Dec. 18 said:
Production was suspended in the Ford Motor Company's plants here
12.16 today. A statement by the company said the suspension "is in line with
the policy of closing at this season of the year in order that an inventory
may be taken."
The statement did not indicate how long the plants would be closed.
13.25 Heretofore the year-end inventory period has been two weeks. The
21.27 Ford company has been operating on a three-days-a-week schedule for
13.00 approximately three months.
Ford Plant at Dearborn Closes Until Jan. 5.
From the New York "Times" we take the following
12.28 dated Detroit, Dec. 17:
The Dearborn office of the Ford Motor Company announced tonight
34.26 that beginning tomorrow morning the plant will be closed until Jan. 5.
7.19 Closing at this time is an annual event at that plant to allow the taking
of inventory, repainting and repairing machinery. At the reopening
15.96 it has been customary in past years for Mr. Ford to make important
15.06 announcements, such as a new line of cars or a price reduction. It is
16.19 probable there will be
no such announcement this time. About 75,000
19.03 men will be without work for the next three weeks.
Hudson Auto Company Employs 5,700 More.
William J. McAneeny, President and General Manager
11.71 of the Hudson Motor Car Company, announced on Dec. 15
9.33 that 5,700 men have been added to the company's pay roll
11.82 during the last month. The "Times" in its Detroit advices
11.76 that date added:
Mr. MeAneeny said that more men were being taken on each week,
13.00 but emphasized that all were former employes.
"Returns from every section of the country are strongly indicative
11.85 that the business stagnation is practically over," he said.
Officials of the Chevrolet Motor Company announced Saturday that
16.70 employment would be given by that company to 30,000
wage earners at
least until the end of the Winter.
11.21 Chevrolet Adds to Force-Increases Plant Workers to
Under date of Dec. 20 a dispatch from Detroit to the
25.25 New York
"Times" said:
The automobile industry is showing signs of an earlier comeback
20.03 than had been expected. The addition of three night shifts and increases
18.56 in working
hours, bringing the number of workers in Chevrolet plants
21.15 to 30,661, were officially announced today. The night shifts were all
15.54 added at the three plants in Detroit, while the other plants were affected
19.27 by the increase in working hours. All the plants are in
Gradual further increases in personnel and hours are assured as a
15.17 result of the sustained demand for cars.
21.36 Cadillac to Resume-Normal Pay Roll to
Be Recalled on
January 1
The following from Detroit Dec. 22 is from the New
-- York "Evening Post":
-A normal pay roll of approximately 6,000 men will resume work
--- at the Cadillac Motor Car Company on January 5, A. U. Widman,
works manager, said today. This number is exclusive of 1,000 salaried
employees and means that more than 500 former employees will be
Motor-Vehicle Production Exceeds $3,000,000,000 in intact," saidthe past year we have maintained our pay roll virtually
Mr. Widman, "through the year until October 1 we
Value-Preliminary Census of Manufactures Report more than 5,500 employees in the factory. We expect to increase had
Shows that the Value of Last Year's Production pay roll from 10 to 15% when the plant reopens January 5. 'This
means that from 500 to 750 former employees will be recalled to work."
was an Increase of 34.1% over
All Industries
MI manufacturing Industries_
Stone, clay. glass
Miscellaneous stone-mineral
Iron and steel
Sheet metal work-hardwareTools-cutlery
Cooking dr heating apparatus_
-copper-line and other,..
Electrical apparatus
Agricultural implements
Instruments and appliances
All other
Wood products
Saw-planing mills
Furniture-cabinet work
Pianos-musical instruments
Miscellaneous wood products.
Furs and leather goods
Furs-fur goods
Boots and shoes
Miscellaneous leather goodsChemicals-oils-paints
Mineral said vegetable oil
Miscellaneous chemicals
Printing and paper goods
Paper boxes-bags-tubes
Miscellaneous paper goods_
Job printing
Edition book binding
Lithographing and engraving.
Cotton-woolen goods
Knit goods
Thread and twine
Miscellaneous textiles
Clothing and millinery
Men's clothing
Men's shirts
-work clothes
Men's hats
Women's clothing
Women's underwear
Women's hats
-vegetable canning
Miscellaneous groceries
Slaughtering-meat packing
Dairy products
Bread-other bakery Products_
Cigars-other tobaccos
Manufactured Ice
Ice cream
Miscellaneous manufacturing___
Non-manufacturing industriesTrade-wholesale-retail
Department stores
Wholesale dry goods
Wholesale groceries
Mail order houses
Milk distributing
Metal jobbing
Public utilities
Street railways
Railway car repair
Mal mining
Building and contracting
Building construction
Road construction
Miscellaneous contracting

--1.9 81.8 83.4 101.9
-3.1 77.7 80.2 102.7
-4.0 76.1 79.3 86.9 -10.8
-4.7 73.1 76.7 87.0 -15.7
-2.5 76.6 78.6 73.8 --10.9
-5.1 62.6 66.0 72.2 -13.9
-3.2 97.8 101.0 107.4
-2.9 78.7 81.0 112.5
-0.6 94.7 95.3 115.7
-2.0 77.4 79.0 87.7
+1.4 66.7 65.8 86.5
+2.5 86.6 84.5 105.7
-1.1 82.4 83.3 108.3
-24.8 19.0 25.3 66.1 -29.3
-7.7 67.4 73.0 114.9 -13.7
-0.9 77.7 78.4 126.3
-5.2 80.2 84.6 131.6 -14.9
-0.2 80.6 80.8 126.3
-1.6 66.7 67.7 84.5
-1.8 84.9 86.5 97.8
+0.8 ------------+0.6
-1.8 57.3 58.3 76.7
-0.5 57.9 58.2 71.0
-2.1 62.9 64.3 84.2 -11.8
0.0 42.4 42.4 63.6
-3.9 54.2 56.4 76.8
-8.6 74.8 81.8 99.1 -22.1
+5.0 81.5 77.6 94.3
+14.1 124.7 109.3 127.1
-10.5 76.1 85.0 103.1 -29.9
0.0 43.2 43.2 61.1
-5.3 80.1 84.6 99.7
-10.1 62.8 69.9 82.6 -11.4
-0.7 82.3 82.9 97.8
-4.4 80.5 84.2 92.1
-5.9 82.4 87.6 119.6
+0. 96.2 95.4 108.2
-3.4 84.7 87.7 103.8
+0.4 91.5 91.1 104.7
+4.5 79.7 76.3 91.9
-0.7 95.2 95.9 103.4
-6.8 -------------6.4
+0.5 ------------+1.3
-2.0 86.9 88.7 98.9
-2.9 114.4 117.8 109.2
+0. 77.8 77.7 91.2 -11.9
+8.1 83.7 77.4 96.2
-8.6 95.9 104.9 114.0 --12.2
-2.7 66.2 68.0 83.7 -12.1
-0.1 58.1 58.2 74.9
+5.0 65.3 62.2 70.8
+1.3 12.2 12.0 81.8
0.0 82.5 82.5 92.0 -16.2
-12.5 85.1 97.3 101.5 -27.1
-1.3 109.0 110.4 141.4
-22.9 28.2 36.6 34.5 -30.7
-3.5 80.6 83.5 95.5
-7.0 89.3 96.0 86.3 --13.5
-40.3 10.9 18.3 13.8 -41.5
-6.2 85.3 90.9 103.5
+2.9 92.6 90.0 105.6
-0.5 97.4 97.9 102.1
-2.0 76.0 77.6 92.2 -17.2
-12.3 80.8 92.1 96.5 -14.1
-1.6 69.0 70.1 72.2
-4.3 87.3 91.2 96.1
-24.1 52.7 69.4 53.1 -27.2
---- --------6.3
-14.7 -------------38.3
+0.2 ____ __
+2.4 71.9 70.2 92.3
+6.8 112.9 105.7 109.0
-6.9 87.9 94.4 88.8
-2.9 83.1 85.6 88.8
+2.5 63.7 62.1 95.0
-CI.„9 -----------,
-`.. -------- ---+0.1
-2.1 100.8 103.0 106.9
98.1 97.7 107.2
-4.0 112.8 117.5 126.7
--1.0 108.1 109.2 115.2
+1.3 95.7 94.5 100.1
+9.3 67.0 61.3 82.9
-0.7 85.6 85.0 78.9
-10.0 60.1 66.8 91.3
--15.3 42.1 49.7 78.0 -12.4
-22.4 131.2 169.1 101.5 -17.9
+20.6 119.5 00l 121 5 -1-95 a


1927 Total.
Motor vehicles and trailers, shipped and delivered last
year by American factories amounted to $3,415,636,810, an Lycoming Mfg. Co. Subsidiary of Auburn Automobile Co.
Adds 500 Workers to Pay Rolls.
increase of 34.1%,as compared with $2,546,807,058 reported
From Chicago the "Wall Street Journal" of Dec. 23 refor 1927, the last preceding Census of Manufactures year.
In addition, the value of parts, accessories, Sce., reported by ports the following:
Lycoming Manufacturing Corporation, subsidiary of Auburn Autothese establishments amounted to $302,359,743, making a mobile
Co., has added 500 workers to its pay roll in past ten days.
total output of $3,717,996,553, an increase of 30.5% over automotive and aircraft divisions of the company are increasing The
prothe 1927 total of $2,848,442,843. It is further stated by the duction.
Lower Rents for Packard Motor Car Workers.
Last year's output of motor vehicles and trailers was made up as follows:
4,432,242 passenger vehicles, including chassis, valued at $2,793,166,812;
Advices as follows from Detroit, Dec. 24 are taken from
26,004 public conveyances, $58,127,237; 1,910 government vehicles (Fedthe New York "Times":
eral, State, county, and municipal), Sm., $9,875.467; 827,318 commercial
The passenger
vehicles, $544,415,348; 21,055 trailers, $10,051,946.
vehicles reported for 1929 comprised 3,911,547 closed cars, valued at $2.530,5.
714,089; 444,686 open cars, $230,275,298; 76,009 chassis, $32,177,42
The figures for closed cars represent increases of 62.4% and 31.9%,
respectively, as compared with 2,408,148, valued at $1,918,157.677,

Seventy-five employees of the Packard Motor Car Company who live
in houses owned by the company were notified today of a reduction of
$11 a month in their rent, effective Jan. 1. The company also dispensed with rent for December. The reduction will continue until business conditions improve.

DEC. 27 1930.]


Agricultural Department's Report on Acreage of Winter
Wheat and Rye Sown for 1931 Crop.
The Crop Reporting Board of the United States Department of Agriculture made public on Dec. 20 its report showing the acreage and condition of winter wheat and rye for
the crop of 1931 as follows:
Winter Wheat.
The acreage seeded to winter wheat is estimated at 42,042,000 acres,
a decrease of 1.1% from the acreage seeded last year and 1.4% below the
average seedings during the previous five years. The acreage sown is
substantially above the intended acreage as reported in August. the increase
being almost entirely In the area from Illinois southwest to Texas and
north to Montana, where drouth conditions prevailed in August, but
where favorable fall precipitation permitted the seeding of about the
usual acreage.
The Dec. 1 condition of the winter wheat crop, estimated at 88.3% of
normal, is about 3 points above the 10
-year average condition on Dec. 1
and slightly above the 86.0% reported on Dec. 1 1929. Conditions is
very low in the eastern half of the drouth affected area where fall moisture
was insufficient for germination and early growth of the crop. It was
particularly favorable in most of the Great Plains area, and close to average
in most other areas.
Fall sowings of rye for the 1931 crop are estimated at 4.158,000 acres,
an increase of 4.1% over sowings for the 1930 crop. The estimate includes
an allowance for probable spring sowings in the Dakotas. where some
sp;lag sown acreage is grown. Much of the increase occurred in areas
where pastures were short this autumn and where the young growth can
be utilized for fall and early spring pasture. Although the estimates
winter rye sowings include only that acreage intended for grain harvest,
the intentions of farmers as to the final utilization of their rye sowings
may change to some extent in accordance with future aevelopments.
rye prices should remain low and there is a shortage of pasture in the
spring, it will tend to reduce the acreage harvested for grain from
estimates, or, the acreage cut for grain might be larger if prices
materially advance during the next few months.
Condition of rye on Dec. 1 1930 is reported to be 82.6% of normal condition on that date. On Dec. 1 1929 condition was reported
at 87.2%,
and the ten-year average Dec. 1 condition reported for the
years 1919-1928.
was 87.8%.

New York
So. Dakota
W. Virginia
No. Carolina
New Mexico

Autumn Autumn Atatans of 1930
1930. Compar'd
(Revised) (Revised) (Prelim.)

Aver. 1929. 1930.


(Per (Per
Cent). Cent).
87 . 89

United States__ 42,720








w wwoowow0000wwwwoomw-acoo-lowccoocommw-10090,001p1


Condition rec. 1.


Area Sown.


Foreign Crop Prospects.
The United States Department of Agriculture also issued
on Dec. 19 its report on grain prospects in foreign countries.
The report is as follows:
The 1930 world wheat crop in countries other than Russia and
has been estimated at 3,784,000,000 bushels compared with 3
bushels in 1929. The 1930 production in Russia is reported at
1,157,400,000 bushels against 702,851,000 bushels a year ago. The
of the production in the 39 countries which have reported to date
3,367,780,000 bushels, an increase of 6% over the
3,173,806,000 bushels
in the same countries in 1929.
The Canadian crop is estimated at 395,854,000 bushels compared
304.520,000 bushels in 1929. The month of September was particularly
favorable for the threshing of the western crop, but wet and cold
accompanied by snow, began early in October. The official crop
in November stated that 45,000,000 to 50,000,000 bushels of wheat
in the fields some of which would not be threshed.
The production in 24 European countries, not including Russia,
is reported at 1,334,628,000 bushels compared with 1,408,574,000 bushels
1929. The crops in France and Italy show the largest decrease as compared with last year while Germany, Poland, Rumania and Bulgaria
harvested larger crops.
The production in the four North African countries is smaller than
either 1928 or 1929. India harvested a record crop and the total produo-


tion in the five Asiatic countries for which estimates are available Is 18%
above last year.
Harvesting is not yet completed in the Southern Hemisphere. The
production in Australia has been officially estimated at 214,780,000 bushels
compared with 126,477,000 bushels last year. No official estimate of the
production in Argentina has been received but weather conditions indicate
a crop somewhat above the crop of 1929.
The 1930 production in 22 European countries has been reported at
909,206.000 bushels against 933,032,000 bushels in 1929.
The 1930 corn production in 16 foreign countries amounts to 684.310.000 bushels compared with 802,400.000 bushels last year. The European
crop in the nine countries so far reported is 528,163,000 bustels. against
661,130,000 bushels in 1929.
The 1930 barley production in 35 foreign countries is reported to be
1,032,001,000 bushels compared with 1,125,096,000 bushels in 1929.
The 25 European countries so far reported show a production of 675.730.000 bushels this year against 764,900,000 bushels last Year.
The 1930 oats crop in 30 foreign countries now stands at 2,026,124,000
bushels against 2.276,390,000 bushels in 1929. The crop in the 24 European countries so far reported is 1,543,895.000 bushels compared with
1,943,224,000 bushels last year.
-PRODUCTION, AVERAGE 1909-18, 1923-27; ANNUAL 1928-30
Crop and Countries Reported
In 1930.2
United States
Total No. America (3)
Europe (24)
North Africa (4)
Asia (6)
Total No.Hemisphere(36).
Southern Hemisphere(3)

Average Average
1909-13. 1923-27.





Bushels). Bushels). Bushels).
914,876 809,176 850.965
566,726 304,520 395.854

898.708 1,224,472 1,492,633 1,125,029 1,258,093
1,321,341 1,217,063 1,380.283 1,408,574 1,334,628
92,047 100,887 107,784 122.451 100.899
389,374 398.615 339,160 378,960 446.767
2,701,470 2,941,037 3,319.860 3.035.014 3,140.387





Total above countries(39)--- 2,798,245 3,085,276 3.486,992 3,173,806 3.367,780
Estimated world total except
Russia and China
3.041,000 3,451,000 3,973.000 3,495.000 3,784,000
United States
Total Europe (22)
North Africa (2)


14,618 13,161
787,226 888,582 933,032 909.206

Total No.Hemisphere(26)... 994,489 856,828


Estimated world total except
Russia and China

975,000 1.008,000

United States
Total No. America (3)
Africa (4)
Total above countrie3 (17)-




2.712,364 2,763,093 2,818,901 2.614,132 2,081,048
2,863,023 2,849,194 2,909,682 2,678.9462,104,585
534.481 440,216
c39,000 102,041


661.130 528,163
13.010 11,874

3,442,010 3,401.662 3,339.835 3.416,532 2.765.858

Est. world total excl. Russia.. 4,138,000 4,347,000 4,280,000 4,338,000
United 8tate3
Total No. America (2)
Europe (25)
North Africa (4)
Asla (4)








405,205 463,856

659.999 609,430
134.627 135,164


784,900 675.730
144.238 136.526


Total No.Hemisphere(35)--- 1,128,380 1,198,386 1,422.761 1,425.891 1,356.732
Union of South Africa






Total above countries (36)--- 1.129,654 1,199.194 1.424,136 1,427,988 1,857,894
Estimated world total except
1,424,000 1.483,000 1,703,000 1.747.000
Russia and Chins
United States
Total No. America (2)
Europe (24)
North Africa (3)
Syria and Lebanon
Total No. Hemisphere(30)
Unionof South Africa

1 143,407 1,182,594 1,439,407 1,228,369 1,402,028
1 517,077 1,649,789 1,919,820 1,528,885 1,858,004
1,798.991 1,616,012 1.742,117 1,943,224 1,643.895
3.333.874 3,280.614 3,681,186 3,494,470 3,420,195





Total above countries
3,343,535 3,286,568 3,689,030 3,504,759 3,428,160
world total except
(31)-RUBSIA and China
3,601.000 3,526,000 3,981,000 3.783,000
a Figures in parenthesis indicate the number of countries included.
b Four-year average.
c Estimated.

Running Time of American Cotton Mills in November
Totaled 5,831,527,747 Spindle Hours as Compared
With 7,811,606,790 in Same Month Last Year.
An analysis by the Association of Cotton Textile Merchants
of New York, of figures published by the Census Bureau of
the Department of Commerce, reveals a continuation of the
control of production by cotton manufacturers, and further,
that the average reduction reported for previous months has
been held during November. While figures on staple cotton
cloths recently published by this Association indicated
November production slightly above October, these Census
Bureau figures, covering the industry as a whole, show that



actual production in November was 63 % less than in
October. The Association also says:
The analysis shows that the aggregate running time of American cotton
mills during November totaled 5,831.527,747 spindle hours as compared
with 7.811,606,790 during November 1929, a reduction of 1,980,079.043
spindle hours, or more than 25%.
The aggregate running time for the 11 months ending Nov. 30 1930, was
70,786,739,513 spindle hours as compared with 93,108.184,375 for the
previous similar period, or a reduction of 24%•
Translated into terms of cotton cloth, the cotton textile industry during
November produced approximately 173,454,924 yards of cloth less than
in November 1929, and during the eleven months period of 1930. about
1,955,358,570 yards less than during the same period in 1929.

International Shoe Reduces Prices—General Cut
Ranges from Five to Thirty-five Cents a Pair.
International Shoe Co., effective Dec. 13, made a general
reduction in its shoe prices, ranging from five to thirty-five
cents a pair says St. Louis advices to the "Wall Street
Journal" which likewise said:



New Zealand Wool Tax Recommended.
Wellington (N. Z.) Associated Press advices, Dec. 12,
New Zealand wool growing interests in conference here to-day recommended a wool tax for establishment of a central fund to be used in research
and for publicity in overseas markets.

Brazilians Summon Parley on Coffee—Growers to Meet
March 31 to Seek Solution—Country in Grip of
Under date of Dec. 21 a Sao Paulo cablegram to the New
York "Times" said:

The coffee situation is causing concern to politicians and economists,
with a National growers' conference called for March 31. All foreign commercial attaches have been invited, as well as many important foreign
banking representatives.
The Government is putting its best men to study the situation and is
considering several plans for disposing of the present stock. A plan for
using several million bags for advertising in foreign countries is being
favorably considered, along with a plan to trade coffee for Russian wheat
The company completed its fiscal year on Nov. 30, at which time all and Argentine hides.
The general business index is the lowest since the beginning of the dehides—was invenmerchandise on hand—supplies, shoes, leather and
toried at the low prices of that date, and new prices have been figures on pression, with sales of foreign goods at a standstill. Automobiles are still
being sold at cut rates and large stocks are on hand in the assembly plants.
that standard of value.
Money is tight, due to the uncertainty of the political situation and the
difficult exchange regulations. Building in Rio de Janeiro is at a standstill,
Activity in the Cotton Spinning Industry for
with ordered supplies from the United States uncalled for at the docks.
A slow improvement is anticipated beginning in January, with the middle
November 1930.
of next year expected to be better.
The Department of Commerce announced on Dec. 19
The textile mills are suffering from the forced employment of full staffs,
that according to preliminary figures compiled by the orders are slow, and several failures were reported last week. Labor decrees
have forced small manufacturers to close as
Bureau of the Census, 33,715,464 cotton spinning spindles with provisional government regulations. a result of inability to comply
were in place in the United States on Nov. 30 1930, of
The attitude of the new Government is unfavorable toward foreign firms
which 25,858,016 were operated at some time during the and large Brazilian manufacturers.

month, compared with 26,153,792 for October, 26,087,004
for September, 25,873,978 for August, 26,457,786 for July,
27,659,308 for June, and 29,739,920 for November 1929.
The aggregate number of active spindle hours reported for
the month was 5,831,527,747. During November the
normal time of operation was 24X days (allowance being
made for the observance of Thanksgiving Day in some
localities) compared with 264 for October, 25 for September, 26 for August, 26 for July, and 25 for June. Based on
activity of 8.91 hours per day the average number of spindles
operated during November was 26,989,379 or at 80.1%
capacity on a single shift basis. This percentage compares
with 77.1 for October, 73.4 for September, 65.2 for August,
67.2 for July, 76.2 for June, and 100.7 for November 1929.
The average number of active spindle hours per spindle in
place for the month was 173. The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours and the average hours per spindle in
place, by states are shown in the following statement:
Spinning Spindles.

Active Spindle Hoursfor November.
Aver. per Spindle
in Place.

In Place
Nov. 30.

Active Duglog Nov.






Cotton-growing states 19,116,004
New England states
All other states




5,424,038 1.396,728,863
5,418,672 1,497.240,420
648.794 123.766 R42


United States

New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
All other states


National Wool Marketing Corporation Announces New
Selling Policy.
The National Wool Marketing Corp. announced on Dec. 20
a new selling policy which it said would make domestic
co-operative wool a better value to the American consumer
than the foreign wool. Associated Press accounts from
Boston, in reporting this, added:
The policy of the corporation, which was formed under the Federal Farm
Act, has been not to sell domestic wool under the parity of foreign wools.
It markets co-operatively in the Western States.
The corporation's statement said:
"The co-operative wool will be sold not only at values corresponding to
importing parity of similar foreign wool, but also at prices which definitely
make wool raised by the United States wool growers better value to the
purchaser than similar foreign wool.
"Regardless of the cost of foreign wool, duty paid here, whether above
or below to-day's level, these values will be met by the wool held by the
National Wool Marketing Corp.; not only met, but will be priced to make
the co-operative wool better value than the foreign wool to the American

Provisional Accord Signed at International Sugar Conference—Five-year Restriction Plan Made Contingent on Germany Entering Before Jan. 15—
Brussels Sessions Ended.
The International Sugar Conference, with the exception
of the German delegation which had previously left for
Berlin, held its final session at Brussels on Dec. 15. Under
date of Dec. 22 it was indicated in Associated Press cablegrams from Berlin that the German sugar men, who refused
to join a world restriction program at Brussels because
they felt the export limit allotted them was too small, had
made a new proposal to Thomas L. Chadbourne. The cablegram further said:
Mr. Chadbourne, who beaded the Cuban-American mission at Brussels,
is now in Paris. Pending an answer from him the Germans refuse to
make known their offer.

The New York "Times," In referring to these new proposals, in a cablegram from its Paris correspondent, on
Dec. 23, said, in part:
The illness of Thomas L. Chadbourne, who is under the care of a
physician and a nurse in his suite at the Hotel Ritz, has again served to
postpone the resumption of negotiations between those nations which have
accepted the Chadbourne plan for world restriction of sugar exports and
A meeting of German sugar men held in Berlin on Saturday endorsed
In principle the matter of joining in a world entente, but so far as can
be ascertained here the so-called counter proposals which the Germans
are understood to have forwarded to Mr. Chadbourne were not counterproposals at all but merely a reiteration of the final position taken by the
German delegation at the Brussels conference.
The only change in the German position—and this is not regarded as
altering the fundamental stand of the Germans—was a proposal to turn
back to the participating nations any and all quota concessions which they
might now make in behalf of Germany should next year's German crop
prove to be a short one. In answer to this the members of Mr. Chadbourne's group explained that suds a provision was always written into
cartel agreements such as the Chadbourne scheme contemplated and that
therefore it could not be looked upon as a concession of value.

The same paper, in a Berlin message Dec. 23, said:
The main reason the German delegates left the Brussels sugar conference was a difference of opinion as to whether the sugar harvest of 1929
or that of 1930 should be taken as a basis for fixing the export contingent,
the German sugar producers' organization declares in its reply to Thomas L.
Chadbourne, which will be published here to-morrow. The Germans assert
that while it was correct to accept the world's figures for the year ended
Aug. 31 1930, so far as a general plan was concerned, the situation as
it exists to-day, with quantities of the 1930 harvest ready for exportation,
ought to have been taken into consideration in determining the German
So far as the quotas granted to other European countries is concerned,
there is no great difference between the former and the new export figures,
and therefore these countries could well afford to accept them, the Germans
say. The difference, however, is immense in regard to the German figure,
which was 235,000 tons in 1929 against 800,000 tons ready for export
today, of which 250,000 tons are already sold.
The reasons for the increased German output are three-fold: First,
the total area planted increased by 8%; second, an extraordinarily good
harvest; and third, the decreased domestic consumption. The letter points
out that the German delegates reduced their original demand to 450,000
tons for the first year and 350,000 for each of the following four years,
whereas Mr. Chadbourne granted Germany 200,000 tons. . . .
In concluding, the letter says that Germany is least interested in a convention because the sacrifices demanded of her are in no comparison to the

Mac. 27 1930.]


sacrifices of other countries and consequently Germany prefers to remain
free. World sugar prices, it says, will be increased within a few years
without a convention, and meanwhile Germany will depend on her new
domestic organization, which provides that in future larger quantities of
beets and sugar will be used as fodder so long as the export sugar prices
remain below the respective fodder prices, whereby Germany will become
an independent world market.


Should a final agreement be reached, it is proposed to negotiate with
Russia which country, it is not believed, will produce above what it consumes, but might nevertheless export in order to obtain foreign exchange.
France has offered no difficulty although it has a surplus of 100,000 tons.
but that country is arranging to reduce production correspondingly.

It was stated in a cablegram from Paris Dec.18(Associated

that Mr. Chadbourne has rejected Germany's latest
In a Brussels cablegram, Dec. 15, the "Times" had the
proposals for an international agreement on sugar production
following to say regarding the developments of the Interand export, but he has informed the Germans that he will be
national conference:
in Paris until Jan. 5
Before breaking up after the failure to agree, the delegates representing
the Cuban-American interests, the Java trust and Hungary, Poland. Belgium and Czechoslovakia signed a provisional accord accepting the terms
of Thome L. Chadbourne's five-year restriction plan provided Germany
reconsiders her decision and decides to enter the agreement before Jan. 15.
The text of the final correspondence exchanged between Mr. Chadbourne as Chairman of the Conference and the German delegation was
also released for publication, and in his concluding letter answering the
German refusal Mr. Chadbourne left the door open for future resumption
of the conversations. He explained that he was going to Paris to attend
to other business affairs and that if the German industry cared to resume
the negotiations It could communicate with him at the Ritz Hotel.
Chancesfor Resumption Fair.
The prospects for such a resumption are now said to be fair, and some
importance is attached to a general meeting of the German sugar industry
called in Berlin to-day.
Those delegates who have agreed to the terms of the Chadbourne plan
are convinced that the next few weeks will witness a sharp accentuation
of the world sugar crisis and a resultant demand with the German industry
for a world restriction agreement. It would not surprise European sugar
men, therefore, if the negotiations between Mr. Chadbourne and the
Germans were reopened soon after the new year.
In a lengthy defense of their stand the Germans informed Mr. Chadbourne that the position of Germany was very difficult.
"Beet growing," Dr. E. Rabbethge, President of the delegation, emphasized, "is from the economic point of view the most important part of the
whole German agrarian system, since the whole of intensive agriculture
depends upon it. Every hectare less means a great disadvantage to
German agricultural economy.
Would Feed Sugar to Cattle.
"Therefore, a newly planned organization within Germany will, in the
event of a drop in the export price of sugar below those for the corresponding cattle and fodder, open up the possibility of applying sugar in
some form or other for cattle feeding instead of for human consumption."
The letter likewise denied energetically that the German proposals
were "unjustified and exorbitant," as the other delegates had declared,
and maintain the final German proposal amounted to not less than a 50%
reduction of the quantity available for export this year.
The letter then ended in a repetition of the last German offer, namely,
350,000 tons to be exported each year of the Chadbourne plan, with an
additional 100,000 tons the first year. Mr. Chadbourne, it will be
offered the German 200,000 tons a year, but would have been willing to go
somewhat higher to effect an agreement.
The letter from Mr. Chadbourne to Dr. Rabbethge answering the final
German position was also issued. It was largely a resume of statements
previously contained in these messages, but added a strong denial that the
cane sugar growers resented the large increase in the Germans' beet sugar
crop and were trying to limit the beet growers to last year's level. The
cane sugar growers, Mr.Chadbourne asserted,were making far larger sacrifices than those demanded from the beet industry.
With regard to Germany's anxiety to be able to meet the needs of a
recovered world market, Mr. Chadbourne declared his plan provided
ample machinery to regulate this to the satisfaction of all the participants.
Mr. Chadbourne and the other-members of the Cuban-American Committee left for Paris at four o-clock this afternoon. All except Mr. Chadbourne are sailing for New York on the "Bremen"to-morrow. Dr.Gutierrez, Cuban Senator and the personal representative of President Machado,
sailed on the "Leviathan" to-day.

The New York "Herald Tribune" of Dec. 18 published
the following (United Press)from Brussels Dec. 17:
An agreement for export of 2,800,000 tons of sugar from Cuba to the
United States each year during the sugar crisis was reached by the International Conference here at its final session. The German delegates withdrew before the final session, declining to accept the terms but leaving an
opening for later negotiations.
The final agreement for export quota also provided for Cuba to export
76,000 tons to the rest of the world while Java will export 2,200,000 tons,
except the first year when she will export 2,300,000 tons.
The European countries combined will export 1,229,000 tons, including
590,000 from Czechoslovakia, 320.000 tons from Poland, 87,500 from
Hungary, and 31,500 from Belgium. Germany was offered a quota of
200,000 tons which she refused.

and that he would be glad to discuss
any "reasonable suggestion." The cablegram further said:

His reply to the German proposal characterized as "totally unacceptable'
the suggestion that Germany be allotted an export quota of 350.000 tons
a year, with an additional 100,000 tons for the first year of the agreement.
He wrote that the proposal meant a considerable increase instead of a
decrease in German exports, and he insisted that it struck at the very
foundation of the so-called Chadbourne plan, which stipulates that the
fields in which over-production has occurred must decrease production
proportionately to clear the surplus.

An item regarding the Conference appeared in our Dec.13
issue, page 3788.
German Groups Adopt Sugar-Restriction Plan.
The following Berlin cablegram, Dec. 21, is from the New
York "Journal of Commerce":
The various associations of the German sugar industry have unanimously
adopted a plan for the limitation of the production of sugar irrespective of
whether international negotiations now or later produce results. This plan,
which has been approved by the National Food Ministry, will probably
be accepted by the general meeting of the German sugar refiners.
The head of the Czechoslovakian sugar cartel expresses the view that
the difference between the German export demand of 350,000 tons and
Chadbourne's latest offer is too small to lead Germany to permit negotiations to fail.

President Machado of Cuba Signs Contract to Finance
Sugar Bonds.

The following Havana Associated Press advices Dec. 16
are from the New York "Herald Tribune":
A contract for financing the issue of $42,000,000 bonds of the Cuban
Government to be used in payment for present stocks of sugar, to be segregated under the Chadbourne plan, was signed by President Machado to-day.
Under the Chadbourne plan the National Sugar Export Corp. is authorized to buy 1,500,000 tons of sugar of the surplus on hand from the last
crop and sell it over a period of five years, when market conditions warrant
the sale. Owners of sugar subscribing to the plan are to be paid in bonds
of the issue, subject to to-day's contract, at the rate of $4 a bag of 325

Italian Beet Growers Agree to Restrict Acreage—Will
Retain Import Duty.
The following is from the New York "Evening Post" of
Dec. 23:
Italian beet growers to-day agreed to reduce their acreage to 260,000
hectares, and in compensation will retain the duty on foreign sugar until
October. The reduction is seen as a move to cut down the present surplus
of 150,000 tons, produced above consumption.

Italian Sugar Duty Raised.

Italy) advices published in the "Wall Street
Milan (
Journal" of Nov. 28 said:
Sugar duty has been raised to 1,651 lire a ton from 1,321 lire.
sugar growers have agreed to limit 1931 sowing to 260,000 acres.


Belgium Increases Sugar Duty.
Associated Press cablegrams from Brussels Dec. 3 said:
The Belgian Government today issued a decree increasing the duty on
imported sugar by 26 cents a hundred pounds.
With a view to helping the beet sugar industry, excise duties on domestic sugar are abolished also by the royal decree as from today.

Say Sugar Duty Fails to Protect Refiners—U. S. Tariff

Commissioners Tell House 12
-Cent Rate per 100
According to Associated Press accounts from Berlin
Pounds is Inadequte.
Dec. 17 German sugar interests look to the other nations
participating in recent production control conferences to
The Tariff Commission reported on Dec. 19 that the 1930
make the next move following Germany's refusal to accede to Tariff Act, while protecting the domestic raw sugar proall the proposals made at the Brussels meeting. The cable- ducers to a greater extent that the old tariff, does not offer
gram added:
as much protection to American sugar refiners. This is
The German delegates to the Brussels Conference reported to-day to the
Federation of the German Sugar Industry, and it was indicated that
Germany looks for a reopening of the negotiations.

Paris advices to the "Wall Street Journal" of Dec. 17 said:
Thomas L. Chadbourne, on his arrival here, expressed the hope
Germany would make a new reasonable offer on which he could reconvene
the Sugar Conference to determine what further sacrifices the various
delegations would be willing to make. Between the Conference offer
the German demand there is a difference of 850.000 tons over the five-year
period, but a probable compromise could be effected about halfway if
Germans would make a definite proposal.
Cubans, Havanese and Europeans, exclusive of Germany, have decided
to stand on export quotas suggested in Brussels until Jan. 15. It is believed that the Germans will be persuaded to revise their terms considering
the enormous benefits they would receive through an international agreement against the impossibility of disposing of their huge surplus profitably
without an agreement.

learned from an Associated Press dispatch from Washington
to the New York "Times," from which we also quote the
The report was filed with the House Ways and Means Committee in
reply to a request of last June. It showed that while refiners were required
to pay a duty of 2c. a pound on imported Cuban raws, the rate of 12c. per
100 pounds on imported refined sugars failed by 1.90. of properly protecting the American refiner against foreign competition.
Chairman Hawley of the Ways and Means Committee said he contemplated no immediate action on the report.

Denver Sugar Prices Fall,
The New York "Evening Post" reported the following
(Associated Press) from Denver, Dec. 23:



Sugar prices dropped 10c. a 100 pounds in Denver to-day. The cut
was the second in little more than a week, and was the result of weakness
in refined and raw sugar prices in the East. Denver manufacturers' new
prices are $5.22 for beet and $5.42 for cane sugar. Jobbers' prices are
$5.47 for beet and $5.67 for cane.

-Growers Receive Checks Totaling
Beet Sugar Payments
$6,216,085 for October Deliveries.
From Salt Lake City advices to the "Wall Street Journal" of Dec. 3 said:
On November 15, Utah-Idaho Sugar Co. and Amalgamated Sugar Co.
mailed checks to beet growers for October deliveries totaling $6,216,085.
Favorable weather, prolonged until November 17, enabled farmers to
complete beet harvesting in record time. Few beets remain undug. Payment for November deliveries will be made by the sugar companies on
December 15.
Gunnison Sugar Co., a Wm. Wrigley subsidiary, this fall will pay its
beet growers a total of $500,000.

[VOL. 181.

refiners is afforded in figures for the week ending Dec. 20
showing the largest weekly increase in stocks of stored gasoline since Feb. 1 last. Further price reductions in the tankwagon field unsettled the market locally.
Gasoline is easy with reductions of from lc. to 3c. a gallon
in the tank-wagon price of gasoline throughout New Ygrk
and New England being posted by Standard Oil of New York.
This move has been expected for some time due to the strict
competition that has been carried on in this field. Price
cutting continues to an important factor in the market and
refiners realize the impossibility of changing this situation
until the market is stabilized. U. S. Motor Gasoline is
still posted at from 6Mc. to 7c. a gallon, in tank car lots,
at the refineries but it is possible to obtain shipments at
around 6c. to Oic. a gallon on a firm bid. Consumption
has shown signs of the seasonal slump and will probably drop
further when the approaching winter months are here.
Kerosene is easy with continued price shading undermining
the market. While 41-43 water white is posted at the same
level as U. S. Motor Gasoline, a large part of the current
volume is being moved around 6 to 6'4c. a gallon. The
recent break in the Gulf kerosene market has tended to
weaken the market here and a reduction in the posted level
is expected shortly. Warmer weather has tended to hold
back retail sales, but gallonage is holding up extremely well.
Many companies who control their own filling station chains
are now retailing kerosene at these outlets and are thus
enabled to increase their distributive facilities.
Heating oils remained dull with price shading reported
widespread in the market, although no reductions have been
posted as yet. If the market does not show signs of improvement shortly, however, price .cuts may be expected.
Diesel oils continue easy with no great activity reported.
Lubricating oils and other minor refined products were
Price changes follow:

-Temporary Relief for
Petroleum and Its Products
Operators Affected by Withdrawal of Prairie Oil &
Gas Assured-California Production Drops.
While no permanent plans for marketing the output of
the producers affected by the announced intention of Prairie
Oil & Gas of withdrawal as a purchaser next Jan. 1 have been
reached it is exceedingly probable that satisfactory arrangements will be made before that time. Private wire advices
from the Mid-Continent area state that several of the larger
companies have agreed to take 40,000 barrels of crude oil
daily from those producers in the Oklahoma, Kansas and
Panhandle Texas that have been affected by the withdrawal
of Prairie.
Prairie Oil officials explain that accumulated stocks of
60,000,000 barrels of oil combined with the sharp decline in
market demand are responsible for the company's withdrawal. Operators of the 31,000 small wells that will be
affected by Prairie's action state that if they °top their
Dec. 23.
-Effective as of Dec. 19, St'r dard Oil of New York announces
wells for even a short period, the wells are in danger of reductions of from lc. to rc. a gallon in the price of tank-wagon gasoline
destruction by salt water. Action of the large companies in throughout the New York and New England territory. All other major
agreeing to take 40,000 barrels daily removes danger of any refiners met a e cut immediately.
Gasoline, U.S. Motor,Tank Car Lots. F.O.B. Refinery.
need of shutting off all of the wells for the time being and
-Canton Pet.$.07
gives the producers more time to permanent arrangements N. Y.(Bayonne)J--$.0034 N. Y.
Stand. Oil, N.
LosA ngeles.ex... 05-.734_
Colonial-Beacon-- .07
Gulf Coast. ex-0531-.05M
Sinclair Ref_______
for marketing their output. Active co-operation of the Stand. Oil. N. Y.....
0434-.0491 NorthLoulsiana...05-.05m
American Petroleum Institute and the Federal Oil Conserva- TicleWater011Co. .004 Chicago
Richfield 011 Co-- .0734 New Orleans_ ___ .05-.05M North Texas-----04-.0434
Warner-QuinYnCo .0631 Arkansas
.04%-.053( tOklahom a
tion Board in bringing order out of the present confused
Pan-Am. Pet. Co. .07
Shell Eastern Pee- .0731
tNo sale; reported.
situation is assured to the operators.
Gaeoline. Service Station, Tax Included.
With California production for the week ending Dec. 20
$ 17
$.17 Minneapolis
$ 153 Cincinnati
dropping below the 600,000 barrel level,it appears as though New York
17 New Orleans
.22 Cleveland
17 Philadelphia
152 Denver
that State are making earnest efforts to curtail Baltimore
operators in
125 San Francisco
.155 Detroit
their output. While the curtailment program for last week Buffalo
19 Spokane
198 Houston
19 St. Louis
17 Jacksonville
resulted in a decrease of only about 16,000 barrels daily, Chicago
Kansas City
operators plan to have production down to the
Kerosene, 41-43 Water White Tank Car lints, F.O.B. Refinery.
of 500,000 barrels daily within a short time. All operators N.Y.(Bayonne)3004-.06121 Chicago
8.03-.03 M I New Orleans--$.0334- 0434
fell in line with the curtailment program with the exception North Texas ......... I Los Angeles. ex.0434-.06 'Tulsa
Fuel Oil, F.O.B. Refinery or Terminal.
of the Wilshire group. Further curtailment in the Kettle(Bayonne)- Los Angeles 27D plus
I Gulf Coast "C" 3.67;1-.75
man Hills and Venice fields will be necessary if the State is New York"C"
2.85-1.05 I Chicago 18-22D .5734-.0234
Diesel 28-30D-- 1.85 New °Wm 18-20 D .75-.801
drop to its fixed allowance as excess production in these
Gas Oil. F.O.B. Refinery or TertI1112111.
two fields is largely responsible for the present unfavorable
!ChicagoI Tulsamarket conditions. When the operators have reached N.Y.(Bayonne)28D plus--$.04M-.05511 32-38D lad $.023(-.0234 I 32-361) Ind ..1.02-.02 34
the fixed allowable of 500,000 barrels daily, unless there
is a marked change for the better in the oil industry,
they face the possibility of curtailing production to even H. F. Sinclair Says Oil Industry is Suffering From Over
lower levels. With demand for gasoline at its lowest levels
Development in Production.
in the next three months, further reductions in production
H. F. Sinclair, Chairman, Sinclair Consolidated Oil
in all fields in the country must be made or else the industry Corp., makes the following statement on the petroleum
will start the spring season with heavy over stocks.
outlook for 1931:
There were no price changes posted this week.
The petroleum industry has little reason to expect a return to prosperity
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P.I. degrees are not shown.)
$2.15 SpIndietop, Texas, below 25
Bradford. Pa
1.25 Winkler, Texas. below 25
Corning. Ohio
1.05 Smackover, Ark., 24 and over.....
Cigna, W.Vs
1.30 Smackover, Ark.. below 2
1.15 Eldorado. Ark., 44
Western Kentucky
.98 Urania, La
Mtdcontinent, Okla., 37
.75 Salt Creek, Wyo.. 37
Corsicana. Texas, heavy
.69 Sunburst, Mont
Hutchinson, Texas. 34
1.65 Artesia, N. Mex
!Cattleman Hills. 55
1.10 Santa Fe Springs, Calif.. 33
Rettleman Hills, 35-39.9
1.35 Midway-Sunset. Calif.. 22
}Cattleman Hills. 40-49.9
1.50 Huntington. Calif.. 26
Rettleman Hills, 50-54.9
.75 Ventura. Calif., 28
Luling. Texas
1.00 Petrone. Canada
Spindletop, Texas.grade A



The outlook for the refined products market in the East
remains bearish with further easiness manifested in the entire
line during the past week. How sharp the decline in consumption of gasoline has been, and how this has affected the

until it corrects the evils that afflict it and its house is put in order. I
believe that the executives of the oil companies see the situation more
clearly now than ever before and will in time work out their problems. In
the meanwhile,false optimism would do more harm than good.
We are suffering from over-development in production, transportation,
refining capacity and marketing facilities. The duplication of marketing
facilities; especially service stations, has been carried to such lengths as
almost to be a public nuisance, not to mention the strain upon the resources
of the oil companies. The endeavor to outstrip the other fellow has led to
extravagance in distribution costs that is wholly unjustired. Demoralization of prices has served to emphasize this and other evils
While we hear much of over-supply, it would be more accurate to say
that we have had over-development which has built up a huge "potential."
We do not know the facts, but the industry lives under this potential cloud.
We must find out what is the actual as distinguished from the potential
before the industry will know the real problem it has to handle. It is
imperative that drilling of new wells be stopped as long as present conditions continue. Legislation and regulation never saved an industry. We
have our salvation in our own hands.
First find out where we stand, actually rather than potentially. Then
revise our methods of operation in accordance with the facts, and prosperity
can be restored. On the other hand, if the industry waits for some miracle
to save it from the consequences of its own folly, conditions may get worse
instead of better.

DEC. 27 1930.]



Crude Oil Production Reaches Lowest Daily Average
Since Oct. 2 1926.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Dec. 20 1930, was 2,202,200
barrels, the lowest since Oct. 2 1926, when it was 2,194,250
barrels, and compares with 2,232,850 barrels for the week
ended Dec. 13 1930, a decrease of 30,650 barrels. Compared
with the output for the week ended Dec. 21 1929, of 2,633,800
barrels per day, the current figure represents a decrease of
431,600 barrels daily. The daily average production East of
California for the week ended Dec. 20 1930, was 1,599,800
barrels, as compared with 1,621,150 barrels for the preceding week, a decrease of 21,350 barrels. The following are
estimates of daily average gross production, by districts:

WEEK ENDED DEC. 20 1930.
(Figures in barrels of 42 gallons)


Per Cent
of Total


East Coast
Ind., Illinois, Kentucky 97.5
Okla., Kansas, Missouri 89.4
Rocky Mountain













40,451.000 •142,425,000


Total week Dec. 20
Daily average
Total week Dec. 13
Daily average
Y Total Dec. 211929.
Daily average

Per Cent



x Texas Gulf Coast........ 100.0
7a2 ono
intlialann Cliff ensust 100 II
Dec. 20 '30. Dec. 13 '30. Dec.6 '30. Dec. 21 '29.
Weeks Ended•Final revised. x Included above in table for week ended Dec. 20 1930 of their
total figures for last year shown above
111,950 respective districts. y The United States
110,800 are not comparable with this year's totals because of the difference in the
Panhandle Texas
89,650 capacity reporting.
North Texas
-All crude rune to stills and stocks figures follow exactly the present Bureau
West Central Texas
344.350 of Mines definitions. In California, stocks of heavy crude and all grades of to
West Texas
23,550 oil are included under the heading "Gas and Fuel 011 Stocks." Crude oll runs
East Central Texas
70,450 stills include both foreign and domestic crude.
Southwest Texas
North Louisiana
Gross Crude Oil Stock Changes for Nov. 1930.
Coastal Texas
Coastal Louisiana
Pipe line and tank farm gross domestic crude oil stocks
Eastern (not incl. Michigan)
1,467,300 barrels
52,550 east of the Rocky Mountains increased
10.600 in the month of November, according to returns compiled
8,350 by the American Petroleum Institute from reports made to
New Mexico
shown by
2,229,250 2,633,800
x Revised clue to break-up of Young County (formerly included in West Central
Texas only) into North Young now included in North Texas, and South Young now
included in West Central Texas. See district figures below for details.
y Lowest daily average production since Oct. 2 1926, when it was 2,194,250.
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Dec. 20, was 1,199,800 barrels, as compared with 1,211.800 birrels for the preceding week, a decrease of 12,000 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,164.550 barrels, as compared with 1.176.500 barrels, a decrease of
11,950 b trrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
-Week Ended-Week Ended
Southwest TexasDec. 20. Dee.13.
Dec.20, Dee.13.
13,900 13,450 Chapman-Abbot
5.550 5,500
10,500 10,550 Darst Creek
36,850 36,900
13,300 12,900 Luling
9.850 9,900
Carr City
13,250 14,550 Salt Flat
15,000 15,000
18,150 17,900
North LouisianaEast Earlsboro
17,400 18,650
9,300 8,750 Sarenta-Cartetville
South Earlsboro
14,500 15,750 Zwolle
8,950 9,500
23,100 23.250
Little River
East Little River
10,750 10,350
--- 4,750
2,500 Smackover, light
35,250 35,300
7,100 6,200 Smackover,heavy
Coastal Texas
Oklahoma City
80,550 85,050
23,800 23,850
St. Louis
22,400 22,100 Barbera Hill
9,100 8,550
5,700 5.900 Raccoon Bend
29,250 29,600
13,850 14,100 Refugia County
11,700 12,200
2,000 Sugarland
East Seminole
East Hackberry
22,100 21,800 Old Hackberry
Sedgwick County
12,700 13,150
Salt Creek
27,400 28,800
Panhandle Texas
Gray County
56,700 53.750 Kevin-Sunburst
New Iferica
Hutchinson County.--. 13,100 13,200
Hobbs High
29,500 31,700
Balance Lea County ---- 7,100
North Texas
Archer County
13,000 12,300
36,000 43,000
Wilbarger County
12,750 17,000 Elwood-Goleta
x North Young County_ 9,500 11,050 Huntington Beach
28,300 27,800
15,000 15,600
Kettleman Hills
22,800 23,200
West Central Texas
99,000 99,600
3,000 Long Beach
I South Young County_ 2,700
58,500 59,500
West Texas
Playa Del Rey
45,400 46,300
94,000 94,000
Crane & Upton Cos33,200 33,500 Santa Fe Springs
Ector County
17,600 17,300
7,500 Seal Beach
Howard County
17,800 18,350 Ventura Avenue
46,000 45,400
Pennsylvania Grade
Reagan County
22,900 22,450
Winkler County
56,300 55,300 Allegany
5,950 6,500
92,850 92,500 Bradford
20,650 21,950
6,350 6,900
4,200 Kane to Butler
Bal. Pecos County
Southwestern Penna.--- 3,150
West Virginia
East Central Tata12,550 13,650
Van Zandt County
27,300 26,900 Southeastern Ohio
I see footnote at bottom of table of da ly average production above.

Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,571,200 barrels, or 95.7% of the
3,730,100 barrel estimated daily potential refining capacity
of the plants operating in the United States during the week
ended Doc. 20 1930, report that the crude runs to stills for
the week show that those companies operated to 65.3% of
their total capacity. Figures published last week show that
companies aggregating 3,571,200 barrels, or 95.7% of the
3,730,100 barrel estimated daily potential refining capacity
of all plants operating in the United States during that week,
but which operated to only 64% of their capacity,contributed
to that report. The report for the week ended Dec. 20

it by representative companies. The net change
the reporting companies accounts for the increases and
decreases in general crude oil stocks, including crude oil in
transit, but not producers' stocks at the wells.

Producers Propose Cut in World Tin Output
Negotiations in London.
It was stated in Associated Press accounts from London,
Dec. 19, that negotiations for reduction in the world's
tin production to bring it closer to present consumption
were being held there between representatives of 90% of
the world's producers, according to John Howeson, an executive of the Kamunting Dredging Co. The press accounts
Rapidly wilting tin prices in the world market are the driving force
behind the meeting which is being attended by representatives of producers
in Bolivia. the Dutch Bast Indies, Nigeria and the Federated Malay States.
Bolivia, Mr. Boweson said, because of its commanding position in the
industry, producing 25% of the world's supply, is looked to for a Moses
to lead the group out of the present "depressing" desert.
Nigeria produces 20% while the Federated Malay States, the Dutch
East Indies and minor producing sections make up the balance of a normal
year's deliveries of 150,000 tons.
The spokesman for the producers explained that the present price of tin
ranges in the neighborhood of £105 (about $525) a ton against an average
price for the last fourteen years of £250.
The production costs for 1929, he said, were £180 per ton, but this year
would be slightly lower owing to the absence of certain taxes which have
been assessed on a sliding scale. He placed the present floating supply
at between 40,000 and 45.000 tons, with 25,000 tons, or enough to take
care of the needs of consumers for six weeks, the normal.
The negotiations are working along the lines laid down by Thomas L.
Chadbourne at the recent sugar export limitation conference at Brussels,
planning limitation by agreement of production in the various countries
on the basis of the 1929 production percentage.

Bolivia Joins Tin Parley at London.
The following La Paz cablegram Dec. 20 is from the
New York "Times":
The Bolivian junta,seeking all measures possible to combat the economic
recession caused by the collapse of tin prices, has joined in the negotiations
at present taking place at London among representatives of all tin-producing
countries with the purpose of curtailing world production. It is reperted
on good authority that this Government has appointed as its delegates
Antenor Patine), son of a tin magnate, and Ricardo Martinez Vargas.
Any quota arrangement would be acceptable to Bolivia only on a basis
of its 1930 exports. The feeling here is that this is the only way to assist
the industry effectively.

Tin Mills of Bethlehem Steel Corp. Add 200 Men.
The following Baltimore dispatch Dec. 17 is from the
New York "Times":
The Christmas outlook became brighter at the Sparrows Point plant
of the Bethlehem Steel Corp. to-day, when 200 employees who had been
laid off reported for work at the tin mills.
A statement from the office of A. D. O'Brien, general superintendent
of the tin plant, stated that business appeared to be on the upward trend,
and that 42 of the concern's 48 mills are again in operation. At one time
half the mills were idle.

New Plan for Restriction of Tin Exports Announced
in London.
Proposals for a two year program of tin export restriction,
affecting the principal producing centers of the world, were
made public in London to-day by Sir William Peat, Chair-


[you 131.


man of the Executive Committee of the Tin Producers Association. In a circular sent to members of the Association,
Sir William outlined details of a new international tin export
quota scheme now being considered by the Governments of
the Federated Malay States, Dutch East Indies, Bolivia
and Nigeria subject to the assent of all these Governments.
The agreement will embrace practically 90% of the world
output of tin. It is further stated:
The new international quotas according to the announcement, will take
effect retroactively as from Jan. 1 1931, although it may not be practical
for necessary ordinances and directions to be passed until a subsequent date.
Any tin or tin ore exported after Dec 31 1930 will accordingly be brought
within allotted quotas for the first quarter of 1931.
The quota agreement, it is proposed, will continue in force for a period of
two years, or until the end of 1932.
The quotas, but not the ratio of the quotas, will be varied from time
to time, the purpose of the agreement being correlation of supply and demand and the reduction of present accumulated stocks to normal proportions.
The ratios are based on agreed production figures for 1929. For example, the Malayan ratio will represent the proportion of world production
exported by the Federated Malay States in 1929,namely 37.14%. SimilarY,
the ratios of Bolivia, Netherlands East India and Nigeria aggregate 49.6%.
Those of other countries that may be parties to the international agreement
will be ascertained in like manner.
The quotas represent the maximum tonnages which may be exported
by the several countries as from Jan. 1 1931 and are determined in each
case by applying the ratios to the aggregate amount of tin to which, under
the agreement, it may be decided to limit exports.
An advisory committee appointed to assist in connection with regulation
of the plan will give representation to producers as well as the several

It is noted that a sharp rise in tin prices, both in the
London and New York markets, Dec. 24 preceded the announcement of the new tin export restriction program.
Spot tin in London closed at £115 15s. per ton, an advance
of £4 15s., and similar gains were recorded in the other
quotations. In the local market spot tin advanced more
than one cent a pound to 263 cents.
Copper Price Raised Y Cent-Another Increase Exi
pected From New Quotations of 103,4 Cents Domestic, and 10.55 Cents Export.
The price of copper was advanced a quarter cent a pound
on Dec. 23, making the domestic price 1031, cents and the
export price 10.55 cents, c. i. f., European base ports.
Producers said improvement in demand justified the increase. This was noted in the New York "Times" of Dec.
24 which said:

ment in steel specifications for January shipment, pointing to an upturn in
activity early in the new year. Releases in heavy hot-rolled products, in
fact, have been heavier so far in December than in November for some mills,
the gain for one important producer amounting to 30%•
Some measure of recovery from the unusually sharp curtailment in automobile manufacture is assured. The Rouge and Canadian plants of the
Ford Motor Co. shut down Dec. 17, to remain inactive until Jan. 5. and
December output of the industry in this country and the Dominion is now
estimated at 100,000 to 110,000 cars, by far the lowest monthly output
since 1921.
The Pennsylvania Railroad is in the market for 150,000 tons ofrails, with
an option on 50,000 tons additional. The New York Central will soon distribute orders for 170,000 tons of rails and on Dec. 29 will take bids on its
general steel requirements for the first quarter. The Denver & Rio Grande
Western has ordered 10,000 tons of rails. and the Louisville & Nashville,
which last week contracted for 20,000 tons, will buy 35,000 tons more. While
rail contracts are smaller than a year ago, holdover tonnage, both in the
hands ofroads and still unspecified, indicates that track-laying programs in
1931 will be fully as large, and possibly larger, than in 1930.
The railroad equipment market is featured by a purchase of 50 locomotives by the New York Central and an inquiry for 1,000 to 1,200 steel hopper
cars from the Bessemer & Lake Erie.
Tin plate output has risen to 55% of capacity, but will be reduced temporarily during the holiday period. Pipe makers look for the placing of a
number of new pipe line projects early in 1931. The contract for one large
line, requiring 60.000 tons, may, in fact, be awarded within the next fortnight. In addition to new lines now under consideration, considerable
tonnage will come from gathering lines and other auxiliary equipment required for the larger projects completed this year.
The "Iron Age" composite prices are unchanged this week, that for finished steel being 2.121c. a lb.. pig iron,$15.90 a gross ton and heavy melting
scrap, $11.25 a ton.
Finished Steel.
Dec. 22 1930, 2.121c. a Lb.
Based on steel bars, beams,tank plates,
One week ago
wire, rails, black pipe and sheets.
One month ago
These products make 87% of the
One year ago
United States output.

2362c, Jan. 7
2 412c. Apr. 2
2.391c. Dec. 11
2 453c. Jan. 4
2.453c. Jan. 5
2 560c Jan. 6

2.121c. Dec. 9
2.362c. Oct. 29
2.314c. Jan. 3
2.293c. Oct. 25
2.403c. May 18
2.396c. Aug. 18

Pig Iron.
Dec. 22 1930. $15.90 a Gross Ton. Based on average of basic iron at Valley
furnace and foundry irons atChicago,
One week ago
Philadelphia, Buffalo, Valley and
One month ago
One year ago
$15.90 Dec. 16
$18.21 Jan. 7
18.21 Dec. 17
18.71 May 14
17.04 July 24
18.59 Nov. 27
Jan. 4
17.54 Nov. 1
19.46 July 13
21.54 Jan. 5
18.96 July 7
22.50 Jan. 13

Calls recently have exceeded the supply of custom smelters, who had
taken the initative in reducing the price recently from 12 to 10 cents a
pound. With domestic producers unwilling to sell large amounts of copper
at 10 or loy, cents, it was said, consumers were forced to bid 10;:i cents
on Monday. The official advance was followed by fair buying, it was
reported. Up to noon. 4.000.000 pounds were sold to European consumers.
Fabricating companies, which reported an improved domestic demand
for their products, have been compelled to purchase copper. With some
custom smelters refusing to sell copper at less than 103 cents, another
increase in price was predicted by some authorities.

Steel Scrap.
Dec.22 1930, $11.25 a Gross Ton. Based on heavy melting steel quotaOne week ago
tions at Pittsburgh, Philadelphia and
$11 25
One month ago
One year ago.
$1.1.42 Dec. 9
$15.00 Feb. 18
14.08 Dec. 3
17.58 Jan. 29
13.08 July 2
16.50 Dec. 31
13.08 Nov. 22
15.25 Jan. 11
14.00 June 1
17.25 Jan. 5
15.08 May 6
20.83 Jan. 13

World Steel Consumption Per Capita Declined in 1930,
-United States Retains Lead as
Says "Steel"
Largest Per Capita User and as Greatest Producer.
Steel consumption per capita the world over declined in
1930, but the United States retained its lead as the largest
per capita user as well as the greatest producer, according to
"Steel," formerly "Iron Trade Review," Cleveland, which
also states:

As usual at this season, holiday and inventory shutdowns
are depressing the purchasing, production and shipment of
steel,says"Steel" of Dec. 25. Launched from an abnormally
low level, the consequence of 11 months of declining activity,
the year-end dip probably will be the most pronounced in at
least six years, and there are no illusions that the industry
will snap back promptly after New Year, adds "Steel,"
which further goes on to say:

In-some districts the policy of banks to deal drastically now with doubtful
For each inhabitant of the United States 731 pounds of steel were confinancial situations in order to know the worst before 1931 opens has lent
sumed in 1930,compared with 999 pounds in 1929, or a 27% decline.
further discouragement. Yet, the industry as a whole has discounted the
Second to the United States were Belgium and Luxemburg, taken to- present period of minimum activity, sentiment is not unduly dejected, and
gether, which consumed 581 pounds of steel for each inhabitant in 1930, there are occasional signs in the market that some improvement is near.
Contracting for sheets for the first quarter is moderate to excellent in
contrasted with 937 pounds of steel in 1929.
practically all districts despite the loathness of automotive
Great Britain retains third position. with 356 pounds used per capita in commit prior to the verdict of the January shows. Betweenconsumersthe
now and
-39%-behind its 1929 average of 581 pounds Per year end the railroads will put about 400,000 tons of rails on mill books.
the most
1930, but lags
and they have fair inquiry out for equipment. Structural steel inquiry is
Germany's consumption was 301 pounds for each of its inhabitants, com- more promising.
First signs of support for steal from emergency public construction have
pounds this
pared with 438 pounds last year. France varied the least
appeared at Chicago, where bridges for the Lakes-to-Gulf waterway,
year, 299 pounds in 1929.
expected to be expedited by congressional appropriations, require 30,000
The amount of steel available for consumption is domestic production tons. Forty thousand tons of structural work is pending at Chicago, with
a like tonnage in prospect.
plus imports minus exports.
For a bridge at St. Charles, Mo., the Wabash railroad will buy 17,700
tons. Inquiry at San Francisco totals 18,000 tons. At New York, 7,500
have been
and 6,500 tons for
Expected, tons for subwaysawards, 35,286 tons,a penitentiary 37,007 tonslet. week
Further Reduction inWSteel Operations
week's structural
compare with
- and 57,115 tons a yearis formally distributing 170,000 tons of rails, with
Owing to Year End Holiday and Inventory Period
New York Central
track fastenings to follow. The Pennsylvania award of 150,000 tons, with
Prices Unchanged.
50,000 tons additional optioned, is near but awaits a decision on a new
week include 10,000 tons by
The year-end holiday and inventory period, now at hand, section. Other rail awards thisthe Chicago Great Western. the Denver &
Rio Grande and 5.000 tons by
Bessemer & Lake Erie is in the market for 1,000 to 1,200 hoppers. Diswill bring a further reduction in steel plant operations, in
cars by the
some cases amounting to complete suspension for several tribution of 3,000government. Canadian Nationalisawaits formalon 250
by the dominion
taking bids
Canadian Pacific
50 mechanical
cars. North
Car Corp. will
Dec. 25 reports in its weekly sum- refrigerator cars in its ownAmericanNew York Centralbuild bought 50 large
days, the "Iron Age" of
mary of iron and steel conditions. For the first half of the passenger locomotives.
Sheet specifications and bookings by some Pittsburgh district mills have
week, steel ingot output will average barely 35%, compared been the best in several weeks, chiefly from non-automotive sources, but
by late
believe automotive consumption will have
with 38% a week ago, but the irregularities in production recoveredJanuary producers its extreme depression this month. Strip
measurably from
-the figure below 25%. specifications also are mildly better. Shipments of some hot-rolled products
between now and Jan. 5 may drive
to Dec. 20 exceeded November to the same date, but this advantage is now
being surrendered. In many lines late January represents the expected
The"Age"further goes on to say:
beginning of improved requirements.
The decline in operations will be in line with expectations and has been
Recent contracting for pig iron has covered 50 to 70% of probable first
discounted by the trade. Of greater present interest is a continued improve- quarter output. Production in the Mahoning valley has been reduced to

DEC. 27 1930.]


three stacks active out of 34. The one active stack in Virginia has been
blown out, with 40,000 tons of iron piled. Scrap prices continue in delicate
balance, some grades being slightly higher at Pittsburgh. Part of 11,000
tons of cast iron bought by Detroit was placed with the representative of
French interests.
Steelmaking operations opened the week at 33 to 35%, but most mills
will be idle Wednesday night to Monday morning. Buffalo mills have
unexpectedly expanded from 24 to 30%. Cleveland mills maintain a 48%
rate. Other districts are lower. Birmingham being below 40%. Pittsburgh
25-30, Youngstown 23, Chicago and Philadelphia 30-35.
Elimination of concessions under 1.60c. base, Pittsburgh, on steel bars,
plates and shapes represents an accomplishment and encourages producers to
believe sometime next quarter-possibly January-they can begin to establish the 1.65c. level announced for the first quarter. Consumers are
accepting current prices on sheets and wire products, though on the latter
the test may not come for a month. Cut nails are now quoted on a Pittsburgh instead of a mill basis. Heavy steel contracts carry through to March
31 instead of March 15.
Foundry iron at Philadelphia has been reduced 50 cents, resulting in a
decline of 2 cents this week in "Steel's" market composite, to $31.66.

Steel ingot production in the week ended last Monday
(Dec. 22) was at slightly better than 34% of theoretical
capacity, states the "Wall Street Journal" of Dec. 22. This
compares with about 37% in the preceding week and a shade
over 37% two weeks ago. The "Journal" adds:
United States Steel Corp. was slightly over 41%,against44% in the week
before and better than 43% two weeks ago. Leading independents were
down to about 30%,contrasted with 33% in the previous week and under
34% two weeks ago.
There will be a substantial reduction in the current week,due to the shutdowns over the holiday period. Some units banked last Saturday in preparation for the closing, and did not start this week because of the knowledge
that with the smaller activities at present, the shut
-downs would be beneficial.
During the holiday period of last year, the industry was running at between 35% and 40%, which was a reduction of 23% to 28% from the
preceding week. In the holiday week of 1928,the industry ran at about55%
to 60%,which was a drop of21% to 26% from the week before.
It is not likely that the percentage ofreduction this year will be as great as
in either 1929 or 1928, for in the former years the Industry was running at a
much higher rate. However, an average rate of as low as 20% is a probability for the current week.
For the week before Christmas last year, the United States Steel Corp.
ran at64%,with independents at around 623j
%,and the average was63%•
In the same period of 1928 the Steel Corp. was at between 83% and 84%,
with independents around 79%,and the average about81%.


anthracite and 44,500 tons of beehive coke as compared with
11,805,000 tons of bituminous coal, 1,920,000 tons of Pennsylvania anthracite and 79,100 tons of beehive coke in the
same period in 1929 and 9,607,000 tons of bituminous coal,
1,695,000 tons of Pennsylvania anthracite and 43,900 tons
of beehive coke in the week ended Dec. 6 1930.
For the calendar year to Dec. 13 1930, there were produced
440,300,000 net tons of bituminous coal, as against 509,785,000 tons in the calendar year to Dec. 14 1929. The
Association's statement follows:
The total production of soft coal during the week ended Dec. 13 1930,
including lignite and coal coked at the mines, is estimated at 8.780,000 net
tons. Compared with the output in the preceding week, this shows a
decrease of 827,000 tons, or 8.6%. Production during the week in 1929
corresponding with that of Dec. 13 amounted to 11,805,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
to Date.a
Nov. 29
8,705,000 421.913,000
10.176.000 486,038.000
Daily average
Dec. 0_b
9.607,000 431,520.000
11.942,000 497,980,000
Daily average
Dec. 13-c
8,780,000 440,300,000
11,805,000 509,785,000
Daily average
a Minus one day's production first week in January to equalize number of
days in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
Dec. 13 (approximately 293 working days) amounts to 440,000.000 net
tons. Figures for corresponding periods in other recent years are given
509,785,000 net tons11927
493.289,000 net tons
477,050,000 net tons 1926
545,626.000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Dec. 6 Is
estimated at 9,607,000 net tons. This is an increase of 902,000 tons over
the output in the preceding week, when working time was curtailed by the
holiday on Thanksgiving Day. 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).
Week Ended
Dec. 1923
-Dec. '30. Nov.29'30. Dec. 7'29. Dec. 8 '28. Average.a
Production of Bituminous Coal and Pennsylvania Arkansas
Anthracite Declined in November.
1,273,000 1,255.000 1,744.000 1,536.000 1,535.000
According to the United States Bureau of Mines, Depart- Iowa
ment of Commerce, the total production for the country as a Kansas
whole during the 23.3 working days of November is estiEastern
mated at 38,122,000 net tons, as against an output of 44,150,- Maryland
000 tons during the 27 working days of October. The average Michigan
daily rate in November was 1,636,000 tons, approximately Montana
New Mexico- _ _ 41,000
the same figure as for the month of October.
North Dakota--52,000
The production of Pennsylvania anthracite in November Ohio
is estimated at 5,207,000 net tons. The average daily rate of Pennsylvania
2,342,000 2,105.000 2,796,000 2,833,000 2.818.000
production for the month of November was 226,400 tons. Texas
Compared with the daily rate of 291,400 tons for the month Utah
of October, this indicates a decrease of 22.3%. The Asso- Washington
West Virginia:
ciation's statement also shows:
Southern_ b_ _ - 1,676.000 1,512,000 2,041.000 1,948.000 1,132,000
(NET TONS)a. Wyoming
StateNov. 1930. Oct. 1930. Nov. 1929. Nov. 1928. Nor. 1923. Other States_b
1,178,000 1,308,000 1,183,000 1,507,000 1,871,006
Tot.bitum.coal 9,607,000 8,705,000 11,942,000 11,393,000 9,900,000
881 000 1 147 000 1,000.000
963,000 Penna.anthracite 1,695.000 1,087,000 1,852,000 1,571.000 1.806.000
4,882,000 5,400,000 5,585,000 5,581,000 6.416,000
1,390,000 1,488,000 1.587.000 1,456,000 2,188.000
Total all coal 11.302.000 9,792,000 13,794,000 12,964,000 11.706,000
a Average weekly rate for the entire month. b Includes operations on
Kentucky Eastern- 3,083,000 3,815,000 3,697,000 3,941,000 2,957,000 the N. & W.;0.& 0.; Virginian, and K. & M. c Rest of State, including
901,000 1,245.000 1,392,000
890,000 Panhandle. d Figures are not strictly comparable in the several years.
The total production of Pennsylvania anthracite during the week ended
New Mexico
253,000 Dec. 13 is estimated at 1,216,000 net tons. Compared with the output
North Dakota
2,222,000 2,121,000 1,896,000 3,120,000 in the preceding week, this shows a decrease of 479,000 tons, or 28.3%.
Production during the week in 1929 corresponding with that of Dec. 13
9,730,000 11,429.000 12.072,000 12,135,000 12,222,000 amounted to 1.920,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
515 000
536 000
583 000
945 000 1,034,000
1,085,000 1,178,000
W. Va.-Southern_ 6,044,000 8,486,000 8,745,000 112,004,000 {5,190,000
Northern c
2,648,000 3,131.000 J
3,189,000 Dec 6
750.000 Dec. 13
Other States_d
In comparison with 1929, the production of Pennsylvania anthracite for
Total bit. coal.-- 38,122,000 44,150,000 46,514,000 46,788,000 44,425,000 the year 1930 to date has fallen somewhat behind. Judging from the
Pa. anthracite
5,207,000 7,576,000 5,820,000 7,322,000 7.575.000 monthly shipments
as reported by the Anthracite Bureau of Information,
Total all coal_ _ _ _ 43.329,000 61,726,000 52,334,000 54,110,000 52,000,000 which are the most accurate indicator available at this time, the cumulative
a Figures for 1929, 1928 and 1923 are final. is Include,operations on the N.&
production from January to December 1930, was 6.8% less than that in
C. dr 0.; Virginian, and K. & M. c Rest of State, including Panhandle. d
These the corresponding period of 1929.
figures are not strictly comparable for the several years.
-Above are given the first estimates of production of bituminous coat,
States for the month of November. The distribution of the tonnage is
The total production of beehive coke for the country during the week
(except for certain States which themselves furnish authentio data), based in part
on figures of ended Dec. 13
loadings by railroad divisions, furnished by the American Railway Association
is estimated at 44,500 net tons. This is in comparison with
by officials of certain companies, and in part on reports made by the U.S. Engineer 43.900 tons during the preceding week,and 79.100 tons in the week of 1929
corresponding with the week of Dec. 13. The following table apportion
the tonnage by regions:

Output of Bituminous Coal and Pennsylvania
Anthracite Continues to Fall Off.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and Pennsylvania anthracite during the week ended Dec. 13 1930,
continued below that for the corresponding period last year.
During the week under review, there were produced 8,780,000
net tons of bituminous coal, 1,216,000 tons of Pennsylvania

Estimated Production of Beehive Coke (Net Tons).
Week Ended1930
Dec. 13
Dec. 6 Dec. 14
37,600 69,400 2,377,400 5,212.500
Pa., Ohio and West Va- 38,000
Ga., Tenn. and Va
Colo., Utah and Wash_ _ 1,600
United States total



79,100 2,711.000- 5,823.100

Daily average
a Minus one day's production first week in January to equalize number
o I days in the two years. b Subject to revision. c Revised.



[VOL. 131.


Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Dec. 24, as reported by
the Federal Reserve banks, was $1,338,000,000, an increase
of $33,000,000 compared with the preceding week and a
decrease of $379,000,000 compared with the corresponding
week in 1929. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Dec. 24 total Reserve bank credit amounted to $1,425,000,000, an
an increase of $128.000,000 for the week. This increase corresponds with
an increase of 5177.000.000 In money in circulation and a decrease of
$47,000,000 in Treasury currency offset in part by decreases of $88,000.000
in member bank reserve balances and 53,000.000 in unexpended capital
funds, &c., and an increase of $5,000,000 in monetary gold stock .
Holdings of bills discounted increased 5117,000.000 during the week,
the principal changes being increases of $64,000,000 at the Federal Reserve
Bank of New York, 517,000,000 at Philadelphia, $10.000.000 at Boston,
and $29,000,000 at Chicago. The System's holdings of bills bought in
open market increased $8,000,000 and of U. S. bonds $6,000,000, while
holdings of Treasury notes declined 87,000,000 and of Treasury certificates
and bills $50,000.000.

Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
In the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Dec. 24, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 4178 and 4179.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Dee. 24 1930 were as follows:

Bills discounted
Bills bought
United States securities
Other Reserve bank credit

New York.
Dec. 24 1930. Dec. 17 1930. Dec. 24 1929.
Loans and investments—total
8,045,000,000 8,003,000,000 7,892,000,000
On securities
AU other
U.S. Government securities
Other securities

5.749,000,000 5,706,000,000 5,906.000,000
3,366,000.000 3,248,000,000 3,045,000,000
2,383,000,000 2,457,000,000 2,861,000,000
2,295,000,000 '2,297,000,000 1,986,000,000
1,234,000,000 1,238,000,000 1,089,000,000
1,061.000,000 1,081,000,000 897,000,000

Reserve with Federal Reserve Bank
Cash in vault



Net demand deposits
Time deposits
Government deposits

5,832,000.000 5,855,000.000 5,662,000,000
1,209,000,000 1,216,000,000 1,195,000,000

Due from banks
Due to banks

1,090,000.000 1,211,0000,00




Borrowings from Federal Reserve Bank-


Loans on secur. to brokers & dealers;
1,262,000,000 1,184,000,000 845,000,000
For own account
For account of out-of-town banks.... 294,000,000 395,000,000 716,000,000
363,000,000 430,000,000 1,767,000,000
For account of others
On demand
On time
Loans and investments—total
On securities
All other

1,920,000,000 2,008,000,000 3,328,000,000
1,408,000,000 1,475,000,000 2,886,000,000
512,000,000 534.000,000 442.000,000
1,999,000,000 2,061,000,000 1,901,000,000
1,438,000,000 1.487,000,000 1.541,000,000

874,000,000 882,000,000
613,000,000 658,000,000
574,000,000 361.000,000

258,000,000 273,000,000 158,000,000
U.S. Government securities
304,000,000 301,000,000 205,000,000
Other securities
Reserve with Federal Reserve Bank.,.. 186,000,000 194,000.000 179,000,000
Cash in vault
1,275.000,000 1,306,000,000 1,233,000,000
Net demand deposits
601,000,000 617,000,000 515,000,000
Time deposits
Government deposits
150,000,000 142,000,000 125,000.000
Due from banks
Increase (-I-) or Decrease (—) Due to banks
354,000,000 358,000,000 311,000,000
Dec. 24 1930. Dec. 17 1930. Dec. 24 1929. Borrowings from Federal
448,000,000 +117.000.000 —315,000,000
—95,000,00 Complete Returns of the Member Banks of the Federal
260,000,000 +86,000,000
642,000,000 —50,000,000 +157.000,000
75,000,000 +53.000,000
Reserve System for the Preceding Week.

As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
for the Reserve banks them—44,000,000 simultaneously with the figures
5,014,000,000 +177,000,000
Money in circulation
+47,000,000 selves, and covering the same week, instead of being held
2.367,000,000 —88,000,000
Member bank reserve balances
Unexpended capital funds, non-mem—19,000,000 until the following Monday, before which time the statistics
408,000,000 —3,000,000
ber deposits, &c_
covering the entire body of reporting member banks in 101
cities cannot be got ready.
Returns of Member Banks for New York and Chicago
In the following will be found the comments of the Federal
Federal Reserve Districts—Brokers' Loans.
Reserve Board respecting the returns of the entire body of
Beginning with the returns for June 29 1927, the Federal reporting member banks of the Federal Reserve System for
Reserve Board also commenced to give out the figures of the the week ended with the close of business on Dec. 17:
member banks in the New York Federal Reserve District,
The Federal Reserve Board's condition statement of weekly reporting
as well as those in the Chicago Reserve District, on Thurs- member banks in leading cities on Dec. 17 shows substantial declines for the
a result of the closing of one bank in New York City which
days, simultaneously with the figures for the Reserve banks week partly asand investments of about $190,000,000 on its last report.
showed loans
and for the same week, instead of waiting until As compared with a week ago the statement shows a decline of $158.000,000
the following Monday, before which time the statistics cover- in loans and investments, $143,000,000 in net demand deposits and $175,time deposits and increases of $248.000,000 in government deing the entire body of reporting member banks in the different 000,000 in554,000,000 in borrowingsfrom Federal Reserve Banks.
posits and
cities included cannot be got
Loans on securities declined $64.000,000 at banks in the Now York
Below is the statement for the New York member banks district and 528,000,000 at all reporting banks and increased $11,00 ,000 in
in the Chicago district. "All other"
the Cleveland
and that for the Chicago member banks for the current loans declineddistrict and $12,000,000 York district, 514,000,000 in the
$128.000,000 in the New
the Philadelphia district. 511,000.000 in tho Boston district and $139,000,000
week as thus issued in advance of the full statement of
member banks, which latter will not be available until the at all reporting banks.
S. securities declined $32,000.000 in the New York district
Holdings of
coming Monday. The New York statement, of course, also and increasedU.
$39,000.000 in the Chicago district, $18,000,000 in the
includes the brokers' loans of reporting member banks. Philadelphia district. $13,000,000 in the Boston district, $11,000,000 in the
at all reporting banks. Holdings of
The present week's totals are exclusive of figures for the Cleveland district and $70.000,000 in the New York district and $60,000.on other securities declined $53,000,000
Bank of United States in this city, which closed its doors
000 at all reporting banks.
Dec. 11 1930. The last report of this bank showed loans
Borrowings of weekly reporting member banks from the Federal Reserve
increase of $54,000.000 for
and investments of about $190,000,000. The grand aggre- Banks aggregated $160,000,000 onwas in17, anSan Francisco district and
the week, $42,000,000 of which
gate of brokers' loans the present week records a decrease of $9,000,000 in the Cleveland district.
A summary of the principal assets and liabilities of weekly reporting
$88,000,000, the total on Dec. 24 1930 standing at $1,920,member banks, together
000,000. The present week's decrease of $88,000,000 fol- Dec. 17 1930,follows: with charges during the week and the year ending
Increase (+) or Decrease (—)
lows a contraction in each of the 12 preceding weeks, makSince
ing the falling off for the 13 weeks combined $1,302,000,000.
Dec. 17 1930.* Dec. 10 1930. Dec. 18 1929.
Loans "for own account" rose during the week from $1,184,- Loans and investments—total__ _ _23.084.000,000 —158,000.000 +142,000,000
000,000 to $1,262,000,000, but loans "for account of out-of16,258,000,000 —168,000,000 —1.098,000,000
town banks" fell from $395,000,000 to $294,000,000, and
—28,000,000 —157,000,000
On securities
loans "for account of others" dropped from $430,000,000 to
All other
8,517,000,000 —139,000,000 —941.000.001
week's total of $1,920,000,000 Investments—toad
$363,000,000. The present
+11,000,000 +1,240.000,009
is the lowest point these figures have reached since Dec. 24
+70,000,000 +471,000,000
U.S. Government weeurities---. 3,214,000,000
—60,000,000 +768,000,000
Other sea:v1nes
1924, when the amount stood at $1,880,440,000.
TOTAL RES'VE BANK CREDIT...1,425.000,000 +128.000,000
Monetary gold stock
1,775,000,000 —47.000.000
Treasury currency adjusted


DEC. 27 1930.]



Increase (-I-) or Decrease (—) in prices before the close of the year, when it is reported farmers
may be
Dec. 17 1930. Dec. 10 1930. Dec. 18 1929. forced to sell in order to meet loans.
Receipts of the South Manchuria Railway during the eight months beReserve with Federal Res've banks 1,854,000,000
+80,000,000 tween April 1 and Nov. 30 totaled only 55,000,000 yen, compared with
Cash in vault
—3.000,000 74,000,000 in the similar period of last year (Yen =
$0.4985). Shipping
Net demand deposits
13,771,000,000 —143,000,000
+95,000.000 through Dairen during November totaled 781.000.000 tons, against 1,172,Time deposits
7,180,000,000 —175,000,000 +478,000.000 000 in that month last year.
Government deposits
248,000,000 +248,000,000 +135,000.000
Due from banks
Due to banks




Borrowings from Fed. Res. banks_ 160,000,000
+54,000,000 —308,000,00
•Exclusive of figures for one bank In New York City, closed Des.11.Last
report of bank showed loans and investments of about $190,000,000.

Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Dec. 27 the following summary of market conditions abroad,based on advices by cable and radio:
The dullness in general business and the weakness in exchange has continued with no improvement in the outlook for better cereal prices. The
unfavorable credit conditions in the country districts are reported responsible for large cancellations in ordered agricultural machinery implements of
which heavy stocks are accumulated and on hand. Committees of land
owners and tenants have been formed in some districts to compromise for
reduced land rentals in order to meet the emergency for the next crop season.
The estimated sugar production for the crop year just closed is 382,500 tons.
The Federal Public Works Department is reported as about ready to submit
a decree for executive approval providing for the construction of toll roads
from Buenos Aires to Bahia Blanca, and to Cordoba via Rosario, by means
of tenders to be submitted by interested construction companies within an
undetermined period, possibly 90 to 120 days. If the plan is successful it
may be extended to provide 1,500 kilometers ofroad at a total cost estimated
at 120.000,000 paper pesos. Arrangements have been concluded to meet
5,000,000 sterling loan due Dec. 31 by discounting treasury bills, half of
which are to fall due next June and the other half Dec.31 1931.
Seasonal conditions continue excellent in Australia though heavy rains are
damaging somewhat the quality of the wheat crop. The conversion loan
of $28,000,000 offered locally has been successful, but the general trade and
financial situation is less satisfactory than during the preceding month.
As bank deposits continue to decline, and State and Federal deficits increase,
credit grows tighter. Government deficits for the five months ended Dec. 1,
totaled £19,000,000 and revenues are lower. Low prcduce prices are making
It increasingly difficult for farmers to meet bills, and in New South Wales
a moratorium effective until Apri11933 has been passed. The FederalParliament has passed a bill guaranteeing three shillings per bushel for F.O.B.
wheat and it is proposed to pay an export bounty of one penny per pound on
canned mutton. Rents, bank clearings, and prices generally continue to
decline. Iron and steel productin is approximately 50% that of November
1929 and building permits are considerably lower. Engineering industries
which depend largely upon Governmental projects are particularly quiet
especially those plants producing machinery and heavy electrical equipment.
Those factories specializing in smaller electrical equipment are averaging
about 50% normal production. Household lines have improved slightly.
Coffee exports are light with the milreis slightly firmer. Import business
is unchanged and the credit situation is serious. A projected decree has been
published requiring an addition of 10% alcohol to gasoline, which will become effective on April first if officially prolulgated after study and discussion. It is reported that the government is considering the establishment of a central purchasing office for supplying all government departments.
Continued improvement in the general political situation is reacting
favorably in China's economic outlook, although further declines in silver
exchange, combined with uncertainties prevailing with regard to the
tariff rates, and the Government order to effect annual settlements at
end of the solar year, are adversely affecting import business. Anticipation
of higher tariffs is stimulating hurried orders. It is reported that the abolition on Jan. 1 of likin (internal tax on transport of goods) and certain other
internal trade taxes will, if effective, throw out of employment
approximately 100,000 persons. Shanghai's domestic bond and stock markets
continuefirm. Continued activities in real estate and new building construction offer two of the many possibilities for the investment of silver surplus.
Depressed markets continue to restrict export business, with the ten
total for the whole of China 35% below last year's volume. Building
activities in Shanghai continue strong. Cotton and flour mills, and
factories are operating at normal capacities. Kerosene trade is below
throughout China, due to higher prices as a result of low silver values,
to the impossibility of distribution to areas in the interior which are still
suffering from bandit disturbances. Four new cotton mills are being
planned by Japanese interests in Shanghai. One new Chinese cotton
expects to begin operations in February. Further industrial developments
may be expected in the event of continued peace, although some restriction
may eventuate unless silver stabilizes.
North China is likewise experiencing much improvement in the political
situation, although there are only few prospects for better business
next spring. Import stocks are subnormal. Due to a drop in prices
Canadian and American flour, orders have been placed for 1
,000.000 bags
for shipment in January and February. The sale of 40,000 pounds of
leather is the only sizeable leather transaction occurring in Tientsin
the last eight months. Following the settlement of the cigarette tax
factories are now operating at normal capacity, with large stocks dispute.
moving to
interior distribution centers. Distribution of petroleum products
is also
improving. Tientsin's export trade is dull, with plentiful stocks
of almost
all commodities.
Business in the Ilankow district showed general improvement
during November. with the transportation situation considerably better than
month. Movement of stocks is reported more active, and collections last
improved, but both import and export movements were lower than
October. Except in certain war devastated areas, bumper fall crops
are reported, making foodstuffs plentiful and cheap.
Manchurian trade conditions continue quiet. Predominant
factors are weak foreign demand and falling prices of Manchurian products.
particularly beans,the chiefexportitem. Exporters predict a further

Some improvement is noted in Indian business generally though holiday
business has been somewhat disappointing. Business houses throughout
the country report earnings as generally poor. The viceroy indicated in a
speech made at the opening of the annual meeting of the Associated Chamber
of Commerce that the Government would not artificially support the jute
Business generally continues depressed throughout New Zealand. Holiday business while generally disappointing, stimulated activity somewhat,
particularly in larger cities and towns. Revenue from wool this season is
expected to be about 50% lower, and butter and cheese prices are ranging
about 25% below normal. Imports during 1931 will be reduced about 35%
according to present indications. Automobile registrations for November
were the lowest for the past ten years and December sales have been very
slack to date. Stocks are low but dealers are not placing forward orders.
The used car situation is fair. Building and construction Is practically at a
standstill and lumber and hardware business is very dull. There are no
signs of improvement in the general economic situation.
An event of outstanding Importance in Siam was the meeting of Government officials and rice millers called in November by the Minister of Agriculture to discuss the present rice situation. While no definite plans for
improvement have as yet been adopted, the extent of the discussions and
the space given to the subject by the local press Indicate that general
dissatisfaction over the present system of distribution prevails. Trade in all
lines continued a downward tendency during November, which was accentuated by a movement to order all departments to limit expenditures to
present contracts. Credits were curtailed further and collections were poor.
The shortage of cash continues, as farmers are slow harvesting the new rice
crop on account of a heavy carryover and low prices.
Swedish imports in October were valued at 150,750.000 crowns and exports only 135,670,000 crowns, an unfavorable balance of over 15,000.000
crowns while for the same month of 1929 exports exceeded imports by almost
10,000,000 crowns. During the first ten months of 1930 imports totaled
1,389,380.000 crowns and exports 1,285,850,000 crowns, making a negative
bzlance of 103,429.000 crowns against a favorable balance of 28,156,000 for
the corresponding period of 1929. Decreased exports of woodpuip and other
staple products as well as the heavy price reductions for these commodities
largely account for the situation.
The complete cable service, with other important surveys of trade and
industry in various foreign countries, appears in "Commerce Reports," the
weekly publication of the Department.
With new lows for wheat established during the week's trading at Winnipeg, the depression in agriculture continues paramount in the Canadian
commercial position. November imports, valued at $76,364,000, were
slightly under the October total and 30% below the November 1929 figure.
Exports,at $73,061,000 were 12% below October and 34% below November
aga trade Is featureless. In the Maritime Provinces and Quebec,
groceries are moving well and hide and leather merchants report a good
volume of business. Machinery sales show the usual seasonal contraction
especially in contractors' equipment, but an improved demand is reported
for rubber tires and sundries. Hardware generally is more active in Ontario
and sales of seasonal automotive accessories have increased. Electrical
equipment lines are quiet but an improvement is anticipated. An agricultural implement plant at Brantford, Ontario, has resumed foundry operations on a small scale. The market for United States coal in the Prairie
Provinces is well maintained and sales of heavy chemicals and explosives are
good. A fair demand is in evidence also for aeronautical winter equipment.
Motion picture business is apparently satisfactory in the larger cities but a
number of small country theaters have been closed for the winter.
British Columbia reports an increasing demand for refrigerating machinery and radio sales in that province compare favorably with last year's,
except in the cheaper sets. Sales of electrical household appliances are not
up to last year's volume. An initial shipment of 2,200 cases of Australian
pineapple has arrived at Vancouver.
November exports of wheat from Canada totaled 31.218.000 bushels, a
considerablelincrease in quantity over October although the valuation was
lower. Exports of newsprint were down during the month, coinciding with
a 6% decline in production of the Canadian mills to 201.703 tons.
According to a Government report issued Dec. 17, Canadian field crops,
on the basis of average prices received by farmers at production points to
the end of November, declined 33% in value from the 1929 figure notwithstanding heavier yields. The 1930 wheat crop is valued at $173.000,000.
an average of 44 cents per bushel; the oats crop at $105,000,000, an average
of 24 cents per bushel; and barley crop at $27.000,000. 20 cents per bushel:
rye at 84,000.000, or 20 cents per bushel; flaxseed. $4,000,000. or 99 cents
per bushel. The potato crop is valued at 538,000.000,an average of79 cents
per hundredweight. The sugar beet crop is valued at $3,000,000, or an
average of $6.88 per ton. Estimates of the apple crop now place Nova
Scotia production at 1,000.000 barrels, the Ontario crop at 526,000 barrels
and the British Columbia crop at 4,322,000 boxes.
Gold production of 186,000 ounces in October constitutes anew record for
the Canadian mines. Production of other minerals including copper, lead,
nickel, zinc, and silver declined from September figures. Asbestos output,
however. increased by 27% over September.

The department's summary also includes the following
regarding the Island and territorial possessions of the United
Business continues stable. Retail turnover shows an average recession of
about 6% compared with last December, duo chiefly to smaller demand for
luxury lines, as necessities are moving in normal volume. Collections are
poor. Industries are fully manned with a total of 80,000 wage and salaried
workers employed at present. There have been no wage scale cuts or reductiOns in working forces, although some lines, including iron workers,are
on a three-quarter day basis. Organizations generally are being maintained
Intact. Banks distributed more than 81,100,000 in Christmas savings this
year. Savings deposits show a slight increase but the volume of commercial
deposits are somewhat lower. Construction work in progress is estimated



at about 80% normal,and consists chiefly of industrial and residential units.
Jobbers report the usual seasonal lull in buying as retailers reduce stocks for
the turn of the year. Renewed buying is anticipated early in 1931 Thirty
of Hawaii's 40 sugar mills are now grinding on the new crop. Early reports
indicate a heavy cane tonnage but the sucrose of the juice is low because
heavy rains and high temperatures have kept cane growing. This year's
record pineapple pack is practically all sold. Real estate is slow but a
steady volume of sales in middle class homes is reported. Except with
beach and view properties, however, prices are declining.
Retailers and some jobbers reported slightly increased activity during
November due to the Christmas trade, but there was no definite improvement in general conditions. Although prices of abaca maintained a slight
upward tendency, sugar prices receded, and prices of coconut products fell
to new low levels. Import trade was slow and small in volume, and exports.
while retaining the usual quantity levels, decreased in value. Although
there was increased movement of cash, it was probably seasonal, due to the
sugar milling season and the Christmas retail business. In general the situation as regards credits and collections is unchanged: new credit as well as
renewals are cautiously undertaken. November automotice business fell off
considerably from October level but was about equal to September. Collections were more difficult and the number of repossessions showed a slight
gain. Importers are anticipating a further drop in automotive trade before
any improvement takes place. November registrations included 190 passenger cars and 71 trucks. The tire market continued about the same, with
competition still very keen. Tire stocks were fairly heavy and the month's
total sales were slightly lower than October's. e,s

Nov. 30 Statement of Bank for International Settlements—Assets $362,111,649.
The monthly statement of the Bank for International
Settlements, as of Nov. 30, issued at Basle, Switzerland,
Dec. 6, showed assets of $362,111,549, comparing with
$344,356,023 on Oct. 31, according to the account from
Basle to the New York "Times" the Nov. 30 total is considered the highest balance the world bank will reach in
1930, for the progressive increase in deposits since it was
opened in May soon will be offset by heavy withdrawals in
December. The account went on to say:

[VOL. 131.

Time deposits:
(1) Between three and six months: Central banks for their
own account
(2) Not exceeding three months:
(a) Central banks for their own account_ ___ $92,995,913
(b) Central banks for account of others_ _ _ 128.351,390
Sight deposits:
(1) Central banks:
(a) For their own account
(b) For account of others
(2) Other depositors
Miscellaneous liabilities
Total liabilities




The Oct. 31 figures were given in our issue of Nov. 8,
page 2975.
London Silver Prices Up.
Associated Press advices from London Dec. 22 are taken
as follows from the New York "Times":
The silver market rallied sharply to-day,sharing in the upward movement
shown by tin and copper and to a lesser extent by lead and spelter.
Both India and China were buyers of silver, and as the offerings were
small the cash quotation jumped by 7-16d. to 15 1-16d. an ounce. Silver
for future delivery increased by 5-16d. to 15d. an ounce.
Tin rose more than £7 a ton to £114 3-16 on the Metal Exchange to-day
because of covering operations following a report that an agreement had
been practically reached among world producers to regulate exports.

The drop in silver prices was noted in these columns last
week, page 3968.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Oct. 31 1930 with the figures for Sept. 30 1930
and Oct. 31 1929.

Ott. 311930. Sept. 30 1930. Oct. 311929,
The coming change of tide is expected to be temporary and normal.
due to certain European treasuries needing to withdraw between $100..7."urrent gold and subsidiary coin—
000,000 and $120,000,000 of their funds here in order to make debt payments
In Canada
to the United States this month. In other words, the link between German
reparation payments to the Allies and allied payments to the United
States will make itself felt to such an extent that withdrawals for the latter
purpose in one month will cancel the $110,000,000 increase in the world Dominion notes—
past four months.
banks deposits during the
In Canada
130,591,964 115,577,930 137,191,720
The British Treasury, for instance, is known to have been accumulating
funds inithe Bank for International Settlements with a view to meeting
130,812,224 115,603,292 137,218,462
payments to the United States due on Dec. 15. It has already advised
the World Bank that a few days before the 15th it will withdraw practically Notes of other banks
all of its deposits, it being an open secret that London will send this money United States & other foreign currencies_
Cheques on other banks
to the United States Treasury. Thus the money Germany pays as repara- Loans to other banks in Canada.secured, 141,583,293 146,875,285 217,116,672
tion, after a short halt, in Basle, moves on to its final resting place In
Including bills rediscounted
America in accordance with the allied policy of trying to make their pay- Deposits made with and balances due
from other banks In Canada
ments to the United States depend on German payments to them.
Due from banks and banking correspond
The Bank's officials stress, however, that this link is at best indirect.
eats in the United Kingdom
since the World Bank itself Is not the medium for payments to the United Due from banks and banking correspondents elsewhere than in Canada and th
127,374,290 108.425,138 117,323,809
States. They also emphasize that the non-reparations side of the banks'
United Kingdom
business already has grown so much that even the heavy December with- Dominion Government and Provincial
369,882,659 325.560,870 344,119,372
drawals will amount to less than a third of the bank's total funds.
Government securities
Analysis of the November statement shows the bank's situation prac- Canadian municipal securities and Britfah, foreign and colonial public securI 118,737,778
tically the same as for October. New business chiefly in sight and three
ties other than Canadian
months' deposits have gone into sight funds at interest and miscellaneous Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures
Gold that the bank recently received from the banks of Spain and Lithubonds and other securities of a gut- 214,123,029 226,020,490 288,336,003
ania does not appear in the statement, due to the fact that it is merely
ficient marketable value to cover
164.721.836 186,811,278 252,283,450
trustee for this gold.
Elsewhere than in Canada
1,229,508,738 1,255,805,777 1,473,427,797
The monthly meeting of the board will be held on Dec. 8. with most of Other current loans & disc'ts in Canada_ 226,192,353 225,301,724 241,866,294
the bank governors arriving the preceding day for a preliminary exchange
of views. one of the big questions before the board will be the bank's Loans to the Government of
to Provincial Governments
stabilize currency, not only in Spain but in Yugoslavia and Loans to cities, towns, municipalities
role in plans to
94,858,861 101.077.788
and school districts
Portugal,the latter two having recently started discussing the subject here.
Accompanying is a translation of the November statement, signed by Non-current loans, estimated loss PreActed for
Leon Frazer. the American alternate of Gates W. McGarrah, the
Real estate other than bank premises—
States. The statement quotes Swissfrancs. Mortgages on real estate sold by bank
President, who is in the United
Bank premises at not more than cost,
which are here computed in dollars,
less amounts (If any) written off
Liabilities of customers under letters of
83,847,159 103.877.421
credit as per contra
Situation as of Nov. 30 1930.
Deposits with the Minister of Finance for
the security of note circulation
$825,899 Deposit lathe central gold reserves
current account with banks
Cash on hand and on
13,778,886 Shares of and loans to controlled cos__ Sightfunds at interest
Other assets not included under the fore2,249.575
Rediscountable bills and acceptances (at cost):
going heads
(1) Commercial bills and bankers'acceptances_ $46,316,740
3,242,836,024 3,228,368,584 3,710,695,085
Total assets
(2) Treasury bills
Time funds at interest:
(1) Not exceeding three months
(2) Between three and six months
Sundry investments (at cost):
(1) Maturing within two years
(2) Maturing in mote than two years
Other assets


Total assets
Capital (authorized capital, 200,000 shares of 2,500 Swiss gold
francs each; 164,100 shares issued, one-fourth paid in)_ _ 19,794.562
Special deposits:
(1) Annuity trust account
(2) German Government deposit
(3) French Government guarantee fund


160,032,748 163,513,493 185,085,767
Notes In circulation
Balance due to Dominion Govt. after de65,009,181
ducting adv. for credits, pay-lists, dos20,700,000
Advances under the Finance Act
Balances due to Provincial Governments
Deposits by the public, payable on de- 632,566.887 687,888,160 785,768,850
mand in Canada
Deposits by the public payable after no- 1,431,864,326 1,419,641,859 1,470,045,528
tire or ens fixed day in Canada
374,534,808 372,364,253 423,148,051
Deposits elsewhere than in Canada
Loans from other banks in Canada, secured, Including bills rediscounted_ —
Deposits made by and balances due to
other banks in Canada
Due to banks and banking correspond29,261,372
ents In the United Kingdom
Elsewhere than in Canada and the
61,551,766 133,186.792
United Kingdom
Bills payable
83,847,159 103,877,421
Letters of credit outstanding
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
fend161,135,992 160,992,767 156.178,448
Rester reserve
144,948,555 144,853,071 142,525.060
Capital paid up
3,216,871,866 3,199,851.125 ,877,571,172
Total liabilities
Nole.—Owing to the omission of the cents in the official reports, She greetings
in the above do not exactly agree with the totals given.

DEC. 27 1930.]



The original arrangement
holder of four shares of
Luncheon of British Chamber of Commerce in Honor Reichsbank should receive aprovided that everyone share of Reichsbank
stock dividend of
of Sir Harry Armstrong.
and one share of Gold Discount Bank (par value f10). Stockholders will
Speaking before the members and guests at the monthly now in addition be given the option of receiving a cash payment of 224.40
reichsmarks instead of the Gold Discount Bank share.
luncheon meeting of the British Empire Chamber of ComAs a result of the announcement, Reichsbank shares went to 230 bid
merce at the Bankers Club in New York on Dec. 17, Frederic in the Berlin over-the-counter market after the close of the Boerse.
R. Coudert made some pertinent remarks on "What's
Wrong with Prohibition." In his comments he said:
Consider Stocks Too Low—German Banking AssoAny profound question of an institutional character that affects a great
ciation Thinks Them Far Away from Real Value.
nation with which we have dealings is a question that affects the whole world
The following from Berlin, Dec. 19, is from the New
and is a matter of concern to the British Empire Chamber of Commerce
and other international organizations. If something affects America York "Times":
profoundly; if it gives rise to deep passions, almost as deep and fir-reaching as did those of the slavery and of the reconstruction; if it involves the
institution questions that had their root deep in the ancient English history
and in the history of the freedom of man through the ages, that question
cannot be an indifferent one, especially to men of English birth and of
English ideas and of English-speaking origin.

In the middle of the week the Berlin stock market showed firmness,
and on Thursday, under the influence of Wall Street, a sharp advance
occurred. Tnis was followed, however, by reaction. The "Frankfurter
Zeitung's" index of stock exchange prices as of Dec. 12 is 80.11, compared
with 82.49 for Dec. 5.
The annual report of the Ban era' Association makes the positive assertion that "to-day's quotations of leading German dividend-bearing securities stand in a disproportion to their real value seldom witnessed in the
history of the Stock Exchange."

The occasion was in the nature of a farewell luncheon to
Sir Harry and Lady Armstrong, retiring British Consul
General. Robert R. Appleby, President of Kemsley, Millbourn & Co., Ltd., President of the Chamber, presided.
Germany Raises Tariffs—Increases Several Duties on
Farm Products, She Gives Notice.
$12,000,000 Credits Obtained by Berlin—German Banks
From Geneva, Dec. 20, the New York "Times" reported
Grant Half and "Foreign Consortium" Will Supply the following:
the Remainder—Dillon-Read Mentioned.
Hopes for concerted European economic action received another setback
A cablegram from Berlin Dec. 20 appeared in the New to-day when Germany, in accordance with the tariff truce agreement,
informed the other signatories through the League of Nations that she had
York "Times" of Dec. 21:
duties on farm products as of
Credits totaling 25,000,000 marks(about $6,000.000) were granted to-day
in aid of Berlin's sorely pressed municipal finances by a consortium of
German banks under the leadership of the Deutsche Bank-Disconto Gesellschaft and the Prussian State Bank, it was announced this afternoon.
The remaining 25,000.000 marks of the 50,000,000 the city seems badly to
need "will be supplied by a foreign consortium," as the bare official announcement of the completion of at least half the difficult negotiations
puts it.
The communique, neatly timed for 3 p. m., caught financiers completely
by surprise. Although it had been known for some weeks that the capital
wanted funds and wanted them quickly, and although rumors regarding
who would come to the city's rescue had been as steady as they were numerous, to-day's announcement appeared to have mystified all reachable
The "Boersen-Courier" alone feels able to enlarge upon the communique.
This paper believes the credit will run until June, 1931—shorter by a year
than the city hoped to get—and cost the city 8%. Municipally-owned
utilities appear to have been given as security, which would permit the
conclusion that the deal marks the beginning of a new movement for returning city-owned undertakings to private hands.
The name of Dillon, Read & Co. is being widely mentioned as the source
of the foreign half of the new credit. The New York firm of Harris,
Forbes & Co., it is reported, broke off negotiations weeks ago.
The "Boersen-Courier" briefly observes:
"The use of municipal enterprises as security is an indication of how
badly Berlin's credit has suffered from the practices ofthe pastfew years."
The "Tagebiatt" thinks that "recent occurrences" are responsible for
making the obtaining of credit difficult and expensive, and asserts that
"the foreign half could only be obtained by the sale of some stock in cityowned utilities."

In its comments the "Times" said:
Although Dillon, Read & Co. were not included in the banking groups
which have brought out long-term loans of the City of Berlin here in the
past, the company has played an important part in financing the Berlin
City Electric Co., which is owned by the city.
A few days ago it was reported that Berlins' credit negotiations for
a loan with Dillon, Read & Co. had been broken off but that the city
probably would receive a short-term credit from German banks. This report, however, was not confirmed at the offices of the bankers.
The City of Berlin, as well as other German municipalities, has sounded
out the market here for long-term loans, but owing to the depressed condition of the foreign bonds market here all pressing requirements have had
to be taken care of by loans of a private character.

Official Restrictions in Germany Affecting Loans by
Municipalities Again Relaxed.
From Berlin, Dec. 19, the New York "Times" reported
the following:
The new official regulation of the Loans Advisory Board prescribes that
the Board shall hereafter not inquire into the purposes of foreign loans
by municipalities. Instead, the cities must submit to their State Governments an attestation that the proposed loan is made to meet extraordinary
need and is for productive purposes.
Home loans by municipalities must in future be approved by the intermunicipal credit committee. On the Advisory Board there will hereafter
sit, with a voting right, two representatives of the municipalities.

German Reichsbank Dividend—Stock Payment Modified to Include Option on Gold Discount Bank
From the "Wall Street Journal" of Dec. 20 we take
the following Berlin advices:
Reichsbank is offering 110% cash for Gold Discount Bank shares which
Reichsbank shareholders are entitled to receive at rate of200 reichsmarks for
every 400 reichsmarks of Reichsbank shares, according to reorganization
plan. General acceptance of the offer is expected because the Discount
Bank cannot distribute its promised 5% dividend for 1930. and the Reichsbank is therefore likely to pay out total of 68,000,000 reichsraarks. Decision to offer cash is due to the fact that rights for the new Discount Bank
shares are headed for quotation on the Boers° and prospects are not favorable enough to keep the price above parity.
According to cable advices received from the Reichs-Kredit-Gesellschaf
by Ludwig Bendix, the stock dividend on Reichsbank shares which was
ratified by the recent Presidential decree, will now be put into effect with
some modifications providing additional attraction to stockholders,

raised several of her
Dec. 5. The
millet duty was increased tenfold from 1% to 15 marks; wheat bran,
previously free, is taxed 10 marks; other bran is raised from 7% to 10,
and fodder barley from 12 to 18. The duty in each case is based on a
220-pound sack.
Some persons here believe the move is meant to improve Germany's bargaining position in her efforts to induce the Eastern agrarian States,
which want a preferential rate given to their cereals, to give similar
preference to German industrial products.

Soviet Denies Ban on Home Cooking—Socialized Food
Distribution Only Communist Party Policy, Not
Official Decree.
The following is from the New York "Evening Post" of
Dec. 23:
Plans for stimulation of socialized food distribution in Soviet Russia
looking toward the abolition of home cooking are contained in a resolution
of the Central Committee of the Communist party and not in the form
of a decree as erroneously reported by the Associated Press yesterday.
The Soviet News Agency Toss to-day said that yesterday's action was an
expression of party policy in a resolution and not a decree. A resolution
of the Central Ckimmittee is binding upon party members, but has not
the effect of a decree for the entire population.

Russian Soviet Takes Over All Food Supplies—To End
Home Cooking—Only Communist Supporters and
Workers Permitted to Eat Under New Decree—To
Rid Land of Opposition.
Soviet Russia is revising her entire food distribution system under a decree published on Dec. 22 by the Central
Committee of the Communist party. These advices (Associated Press from Moscow), as given in the New York
"Times," continue:
Its prime object, beyond removal of sabotage agents boring from within,
appeared to be provision of more food for the stinted millions in areas far
from agricultural centers.
The decree pillories the Commissariat of Internal Supply, describing its
work as unsatisfactery and reporting that the "meat and vegetable trusts
are clogged with anti-Soviet agents, 48 of whom recently were shot." It
asserts that the co-operative agencies must be "cleaned out from top to
bottom," and it details 100 trusted members of the central committee and
others to the provinces under orders to reorganize the meat and vegetable
supply system.
In spite of its achievements, the co-operative system "has not yet abolished bureaucracy and the spirit of private trade," the decree asserts,
declaring that the "co-operatives must establish such forms of food distribution as will correspond with the general problems of socialistic construction."
"The class principle in distribution," it continues, "must be enforced
more vigorously and distribution of products must help to stimulate and
encourage socialistic forms of labor."
This last means, in effect, that only those who work and give wholesouled co-operation to the Communist policies will eat.
The central committee endorsed the principle of the "closed shop," an
establishment at which only the workers of certain factories, unions and
societies are permitted to make purchases, and urged that the closed shop
principle be extended.
"Distribution," the decree said, "must help to increase the productivity
of the worker and to combat desertion from the labor front."
To Control All Restaurants.
"The co-operative system," the committee declared, "must be thoroughly
purged and its staff renewed. Workers must be installed instead of
wreckers. The cultural growth of the masses and the abolition of unemployment place before the co-operative agencies the problem of gradual
conversion of the food supply system from individual forms to those of
collective consumption.
"All restaurants must be placed under the control of the workers themselves, food must be improved, prices reduced, and wasted time eliminated
in order to stimulate socialization of food distribution and to abolish domestic preparation of meals."
"Be unreconcilable to the Lefts, the Rights and to all other forms of
opportunism," the decree urges. "Put your shoulder to the wheel so



that the true policies of communism may live and that the deviations of
subversive elements may be crushed. We must rid the Soviet of these
elements from top to bottom. During the period of socialistic advance
the party cannot reconcile itself to opportunism. This practice not only
does not support Bolshevist construction, but actually encourages sabotage
and ignores the most important decision of the party."
The report lists the Soviet Co-operative Society's trade turnover for 1930
at around 12,000,000,000 rubles, which is about $6,000,000,000, or 66%
of the year's total internal trade. The basic capital of the society in 1930
was 1,600,000,000 rubles over and above 996,000,000 rubles, which belongs
to the workers.

43,700,000 Deficit in Italy's Budget—Total for First
Five Months Leads Cabinet to Order Expenditure
Cuts—Discrepancy at End of Fiscal Year is Expected to be Reduced to $23,000,000.
A treasury statement published at Rome (Italy), Dec. 20,
gives the budget deficit for the first five months of the
fiscal year as $43,700,000. The Rome correspondent of the
New York "Times" is authority for this, his message to that
paper, dated Dec. 20, continuing:
At the same time it was announced that the Cabinet, at a meeting this
morning, examined the budget situation and decided on several important
decreases in expenditure, both for this year and next year's budgets.
For this year, the Cabinet decreased the appropriations for various
Ministries by a total of $15,000,000. This, added to the saving effected
by decreasing the salaries of all State employees 12%, will relieve the
budget in the remaining six months of the fiscal year of about $35,000,000.
This saving will not be sufficient to obtain a balancing of the budget,
but experts, taking into account the increase of revenue which usually
occurs at the end of the fiscal year, believe the deficit will not be serious.
The foreseen expenditures on next year's budget totals $1,017,000,000,
or $20,000,000 less than last year. The combined expenses of the Ministries
of War, Navy, and Aeronautics amount to $276,000,000, or about 27% of
the total. Expenses for public works amount to $95,000,000.
The total foreseen revenue is $994,000,000, which is $54,000,000 less
than last year. The budget, therefore, is expected to show a deficit of
$23,000,000. As the revenue has been calculated very conservatively, the
deficit will not be greater than the figure indicated, it is felt.
The Cabinet Council also decreed several decreases in freight rates on
the Italian State railroads. This was done with the double purpose of
bringing charges for all government services to the level of four times
pre-war costs and because it is believed that cheaper transport will help
to relieve the present economic crisis.

Premier Mussolini Blames Italy's Crisis on U. S.—American
Prosperity Misled "Us Poor Provincials," and Then
Came Crash—Premier Tells Senate That Is Why Salary
Cuts and Economy Are Necessary.

During the discussion of the bill for reducing by 12%
the salaries of all State employes, Premier Mussolini of
Italy delivered in the Senate a frank and caustic speech
on Italy's financial and economic situation in which he
blamed this country's ills on the depression in America.
The Rome correspondent of the New York "Times" in his
advices to this effect Dec. 18, further reported the Premier
as follows:

[VOL. 131.

It being necessary to retrench, a start must be made with the salaries
of State employes, he went on, it being impossible to increase taxation.
After a 12% decrease State employes will be receiving a little more
than four times as much as before the war, which, taking into account
the different purchasing value of the lira, means they will receive about
the same salary as then.
Sees Cut as Only Way Out.
Almost one-quarter of the entire State budget is represented by the
service of the public debt, he said, and that rate is impossible to reduce.
Nor did he think it possible to reduce war pensions.
It is true, Premier Mussolini added, that military expenses have increased almost eight times since before the war, and increased about
$100,000,000 since 1922.
"But," he asked, "are there any among you who think that in this
moment, when every one else is arming powerfully by bleeding the
people, it would be just for Italy to neglect its elementary and indispensable defenses and run the mortal danger of annihilation? This
would mean that history, even the history which we all lived, never
taught men anything."
Farmers' Condition Grave.
The condition of the farmers is especially grave, said Signor Mussolini.
Prices of farm products are far below pre-war prices.
The government was confronted here also with the problem of what
to do, he said. How could the prices of farm produce be raised, if
indeed it was advisable to raise them? After mature consideration,
he said, he was convinced that there was nothing to be done.
The Premier asserted that the price of wheat in Italy fell considerably below last year's level even though customs duties were
somewhat increased. He laid the blame for this to the large American
crop, which is still partly unsold.
Simultaneously with the decrease in the salaries of state employes,
continued Signor Mussolini, he was determined to lower the general
level of prices throughout the country. For this purpose he appealed
to all classes of Italian citizens.
He revealed, further, that there were more than 500,000 unemployed
in Italy today, which is considerably less, proportionately, he said, than
in almost any other country in the world. He warned the Senate,
however, not to found great hopes on that fact, as he believed that
unemployment would grow by at least another 100,000 before the
Winter was over.
Criticizes Our Theories.
Other causes for the world crisis which the Duce suggested were
dumping by the Soviets, high customs barriers, excessive expenditure
for armaments, political unrest, the depreciation of silver and the hoarding of gold by America and France.
He believes, however, that the main reason is the gap between production and consumption.
"The American slogan," he said, "was mass production and mass
consumption. This formula is false and Americans themselves now
admit it. It is false because production is made with machines, while
consumption is made by men. The formula was logical from a purely
mechanical viewpoint, but a small hitch was sufficient to cause it to fall.
"American prosperity was based on the assumption that production
and consumption were able to keep step. As soon as consumption gave
signs of decreasing, American captains of industry began spurring the
horse of consumption. They did so by raising salaries. Then when this
appeared to be insufficient, by purchases on the instalment system with
production rationalized to the extreme with fantastic advertising. At
a given moment consumption decreased greatly, and the crisis exploded
in all its violence."
Sees Signs of Revival.
There are now definite signs of a revival of business, however, said
Premier Mussolini, who went on to quote some recent American figures
to prove his point. He expressed the opinion that the deeper the crisis
the more rapid the recovery, when recovery begins. Italy herself, he
said, will be among the first to profit by the recovery, because, being
accustomed to a low standard of living, she feels suffering and want
less than other countries.
"Only the rich classes," he said, "are tremendously egotistical, and
when they have only two motor cars instead of three, cry to the
heavens that the world is about to fall."
Near the end of his speech, Premier Mussolini again made a charge
of anti-Italian manoeuvres on the part of certain foreign States.
"Italian revival has been hindered," he said, "by deplorable manoeuvres
which I do not hesitate again to term true acts of war against our
"The procedure of such manoeuvres is well known. Some obscure
newspaper in Vienna gives out news that a grave difference has developed between the Italian Government and a big bank. This news
is reproduced in Warsaw, from where it is telegraphed to Paris. Then
a whole chain of newspapers eagerly seize this tidbit of news, which is
a genuine and triple falsehood.
"Or else it is said that the government wishes to depreciate the lira,
bringing it to the level of the French franc. In this connection I note
a curious fact. With the lira at ninety-two to the pound sterling, and
the franc at 125, the trade balance was rather favorable to us in comparison with the franc.
"Then there is the equally false news of the Fascist Government
seeking foreign loans. All this is done in order to make our recovery
more difficult. But they are useless and foolish efforts. Italy will overcome this crisis, as it always overcame previous crises in more difficult
times, with men of a different sort at the seat of government."

He said the present situation here, which has been bad since the
Wall Street crash last year, is likely to grow worse during the remaining months of the Winter. However, he ended on an optimistic
note, saying that symptoms of a trade revival are already discernible in
almost all countries of the world, including America.
A considerable portion of his speech was devoted to comment, often
ironical, on America, where he said the present crisis started. In his
opinion the United States is the barometer for the situation over the
whole world.
Sketches History of Crisis.
Premier Mussolini started his speech by sketching the course of the
present world economic crisis. In the Summer of 1929, he said, the
Italian economic situation was satisfactory. Then the American market crash exploded with the suddenness of a bomb.
"For us poor European provincials it was a great surprise," be
declared. "We remained astonished—like the world at the announcement
of the death of Napoleon, because we had been given to understand
that America was the country of prosperity, of endless and absolute
prosperity without eclipses. Every one was rich there.
"Every one knows the data of American prosperity, which had become commonplace. There was one motor car for every eight inhabitants;
one radio set for every four inhabitants; one telephone for every three.
Every one gambled on the Stock Exchange, and since stocks rose incessantly every one bought at 20, sold at 100 and pocketed the difference, with which he purchased a motor car, radio set and telephone,
or made a trip to Europe, paying for it by instalments, and built a
house in the country.
Effect of Market's Crash.
French Budget Draft Asks $2,000,000,000 Project for 1931
"All this was fantastic and we on this side of the Atlantic had a
as Approved by Finance Commission Balances With
beautiful scene collapsed and we had a
sense of envy. Suddenly this
$5,000,000 Surplus.
series of black days. Stocks lost 30, 40 and 50% of their value. The
crisis grew deeper. Black days followed black days and prosperity
The following Paris cablegram Dec. 24 is from the
was replaced by long lines of unemployed waiting for soup and bread
New York "Times."
in the great American cities.
The Chamber of Deputies Finance Commission today completed its
"It is with profound sadness that I tell you of these things and you
know why without my telling you. From that day we also were again examination of the French budget for 1931, which calls for an expendipushed into the high seas, and from that day navigation has become ture of 50,365,000,000 francs, or nearly $2,000,000,000.
As approved, the project balances with a surplus of 126,000,000 francs
extremely difficult for us."
At the present moment, Premier Mussolini continued, the deficit in [$5,000,000], with a proposed revenue of 50,491,000,000 francs.
In a statement tonight the new Minister of the Budget, Maurice Palthe Italian State budget amounts to about $45,000,000.
"This is nothing irreparable," he said, "but nevertheless it is a suffi- made, expressed satisfaction with the measure as prepared by his predecient claim on the government's whole attention, and renders retrench- cessor, Louis Germain-Martin, who is now Minister of Finance, but he
ment absolutely necessary. But Italy is not the only country to find warned the citizens and Parliament that in order to be successful with
the expenditures outlined he would not allow any great modification.
itself in this difficult situation."

DEC. 27 1930.]



Death of Governor of Bank of Italy.
The following United Press advices from Rome, Italy,
appeared in the "Wall Street Journal" of Dec. 24.

Well-informed sources close to the Minister of Finance say a decree has
been drawn up, and is waiting for official signature, which will authorize
the Bank of the Nation to withdraw gold from the gold conversion office
and export it to cover drafts it is to sell, at better rates than other banks
Senator G. C. Bonaldo Stringher, governor of the Bank of Italy, died are now charging—that is, selling dollars and sterling for fewer pesos.
Dollars closed this afternoon at 130.45 gold pesos for 100 gold dollars,
here. He was 77 years old. Stringher was a former Minister of the
which is 296.50 paper pesos, making the paper peso worth 33.7 American
Treasury and a Director-General of the Bank of Italy.
cents. The par value of the peso is 42.46 cents. The Government authorities charge the depression of peso exchange is due exclusively to operations
Privilege of Issuance of Currency by Bank of Italy Extended ofspeculators and believe the situation can be counterbalanced by permitting
the official bank to export gold.
to 1950.
The efforts of the Bank of the Nation to control exchange rates shortly
The Council of Ministers approved on Dec. 23 a pro- after the provisional government was installed were not entirely successful.
One effect of the proposed remedy
posal prolonging the privilege of issuing currency by the currency, since the bank will havewill be a further restriction in circulating
to deliver to the gold conversion office
Bank of Italy until December 31, 1950, according to Asso- 2.35 paper pesos for every American gold dollar it withdraws.
Argentina's gold reserve already has been reduced by $17,485.839 by
ciated Press accounts from Rome.
shipments of gold to pay interest and service charges on loans since Irigoyen
closed the conversion office. This has resulted in withdrawal from circulaPayment of Bonds and Coupons Jan. 1 of the Bavarian tion of 40,000,000 paper pesos. The gold reserve now totals $425,773,918
and circulating currency 1,268,686,224 paper pesos. The gold reserve is
Palatinate Consolidated Counties.
76% of circulating currency and will not be affected by exporting gold to
Ames, Emerich & Co., Inc. announce that funds have peg exchange.

been received to pay the bonds and coupons maturing
In reporting the foregoing in its news columns the New
January 1, 1931, of the Bavarian Palatinate Consolidated York "Times," added:
Counties 7% external gold bonds.
Stabilization Plan.
News was received here by cable yesterday from the office of the Central
Hanover Bank & Trust Co. in Buenos Aires that the Argentine Government intends to make available to the Banco de la Nacion Argentina about
£6,000,000 ($29,100,000) in gold of the Caja de Conversion to be used in
stabilizing Argentine exchange. This action is considered one of the most
important exchange stabilization efforts undertaken recently.
The Banco de la Nacion, it was pointed out here yesterday, keeps
balances in London corresponding to the amount in sterling representing the
gold conversion fund of the bank, so that in the stabilization operation the
institution will draw against its balances in the English capital, "replacing
them by an equivalent amount of gold released from the conversion office
Brazil to Cut Imports—Will Require Mixing of Per- which the bank will keep in its vaults."
The announcement made here recalled that in December 1929. Argentina
centage of Native Products to Reduce Cost.
arranged a credit for £5,000,000, continuing for one year, with Baring
In advices from Rio de Janeiro, Dee. 19, the New York Brothers in London. "The proceeds of this loan were left in London at the
disposal of the Banco de la Nacion, which in turn transferred to the Caja de
"Times" said:
Conversion a corresponding amount of gold held by them in their own
American and other imported gasoline, flour and coal are to be mixed
vaults and for its equivalent at the par rate, a corresponding amount of
with Brazilian products as a part of the provisional government's plan to paper
pesos was put in circulation," the statement continued.
decrease the cost of living, according to a statement by President Vargas.
Seen as Aid to Exchange.
He declared it imperative to restrict imports as much as possible and said
a decree would be published soon which would require the admixture of a
From this, it was gathered that the operation announced yesterday will
certain percentage of Brazilian alcohol with imported gasoline,of mandiocra really be the reverse of the arrangement that was entered into last Decemand corn flour with imported wheat flour and of Brazilian coal with coal ber. It is believed here that the plan will have a helpful effect on Argentine
Imported for the Brazilian railways and merchant marine.
exchange. It is expected that the bank will draw freely against the £6,Plans to reduce expenditures by 10 or 20% include the creation of a 000,000 fund in London and that each sale of sterling exchange
will make
central bureau through which all official purchases must be made.
possible an equivalent reduction in paper currency circulation.
It is proposed to place a prohibitive tariff on imported jute, to make
The plan is explained in the following cable received from the Central
obligatory the use of bagging made from Brazilian cotton.
Hanover's Buenos Aires office:
"The Government intends issuing to-day a decree authorizing the Banco
de la Nacion of Argentina to draw against their fondo de conversion."
President of Argentine Federation of

Funds Received for Payment of Coupons of City of
Ames, Emerich & Co., Inc. announce that funds have
been received to pay coupons maturing January 1, 1931,
on the outstanding City of Saarbruecken 6% external
sinking fund gold bonds.

Industry, Commerce and Production Says Purchases of British
Argentina Guards Budget—Sets Up Committee to ICsmp
Goods Would Aid Nation's Best Customer.
Cost of Government Within Income.
A cablegram as follows from Buenos Aires, Dec. 19, is
It was stated in a Buenos Aires cablegram Dec. 20 to the
taken from the New York "Times":
The question of preference for British-made goods was brought to public New York "Times" that a permanent budget committee
attention again at the annual meeting of the Argentine Federation of has been created with duties similar to the United States
Industry, Commerce and Production when its President, in his annual Budget Committee to assist the Argentine Minister of
address, said Argentina should purchase British goods,even when they cost
more than others, because their action would increase the purchasing power Finance in the preparation of the annual budget. It was
of British factory hands and make it possible for them to buy more meat further stated:

and cereals, for which Great Britain is Argentina's best customer.
The Federation will urge the provisional Government to ratify the
D'Abernon convention, which provided for reciprocal credits by which the
Argentine Government might purchase British railroad equipment in
exchange for British purchases of Argentine agricultural and animal

The creation of the budget committee is a part of the Provisional Government's plan to keep public expenditures within the limits of estimated
receipts and to prevent a repetition of the annual deficits which were
largely responsible for building up the floating debt which President
Uriburu recently told the bureau chiefs totals 1,200,000.000 Pesos ($398.160,000 at present exchange rates).

Cut Argentine Farm Rents—Many Landlords Respond
Argentina Reduces Duties on Silk Goods—Cut of 50%
to Government's Campaign.
Expected to Discourage Smuggling from Paraguay
The following Buenos Aires cablegram, Dec. 17, is from
and Uruguay.
the New York "Journal of Commerce":
The Argentine Provisional Government has issued a decree
The Ministry of Agriculture announces that a large number of landlords
have reduced rents to farmers, the reductions varying from 15 to 50%. reducing by 50% all duties on silks and textiles of silk mixed
The reductions are announced following the provisional Government's with other
fibers. This is noted in a Buenos Aires cableefforts to bring about arrangements to prevent the small cereal farmersfrom
abandoning their land, as many have threatened to do in view of the low gram Dec. 20 to the New York "Times" from which it is
prices which they will receive for this year's crops.
further learned:
The landlords of Santa Fe province appear especially inclined to cooperate by reducing rents, thus removing the fear of smaller sowings next
year in Argentina's important wheat belt.

Brazil Plans Aid for Idle.
It was reported in Sao Paulo advices Dec. 11 to the New
York "Times" that the Secretary of Labor had drafted a
bill providing relief for the unemployed, with the chief
clause banning all immigration during the period of the depression. Editorial comment in Rio de Janeiro and Sao
Paulo is favorable to the ban.

Smuggling of silk goods has been one of the most difficult problems
facing the Argentine Government for several years, since the Argentine
duty has been so much higher than the Uruguayan and Paraguayan duties
that it offered huge profits to smugglers with small risk because of the
impossibility of policing the long frontiers. The larger smuggling organizations, with big capital behind them, imported silks into Paraguay and
smuggled them into Argentina by train, mule, speedy launches, buried in
sand barges from Uruguay, and even in airplanes.
The new decree expresses the belief that the lowering of duties by 50%
will remove the incentive to smuggle and that customs receipts will increase.
The measure has been insistently urged upon the government by the
Association of Foreign Chambers of Commerce for several years.
The reductions are effective immediately and cover silk textiles, mixed
silk textiles, handkerchiefs and stockings.

Argentina Moves to Stabilize Peso—Will Permit Bank Rio de Janeiro Acts to Aid States—Government Deof Nation to Withdraw Gold from Conversion Office
posits Money to Help Meet Interest on Loans.
—Exports to Cover Drafts.
The following Sao Paulo cablegram Dec. 20 is from the
Stating that the continued decline in the exchange status New York "Times" of Dec. 21:
of the Argentine peso is causing serious concern in the proviThe inability of several States, including the Federal State of Rio de
sional government, a cablegram Dec. 12 from Buenos Aires Janeiro, to pay the interest on foreign loans due early in January Ina
forced the Provisional Government to deposit 50,000 contOS ($6,000,000)
to the New York "Times," added:
in the Bank of Brazil to aid the States needing funds.



The State of Minas Geraes, with a debt of 300,000 contos ($36,000,000),
is raising 200.000 contos in a bond issue in an effort to pay off its indebtedness.
The police have been authorized by a decree of Colonel Juan Alberto
to arrest persons circulating political rumors damaging the present government. Rumor-mongers are being punished with severe fines and imprisonment.

[Vol.. 131.

The General Commission met here from September to Nov. 5, but the
Special Commission has not met since its inaugural session in 1925, in
which a ruling against the United States in the Santa Isabel massacre case
established a precedent.
The General Commission may complete its task in two years more, although it has more than 2,500 cases pending since many of its early decisions set precedents.
The United States, in seeking to have the General Commission's convention held in Washington, contended that Washington had been specified
as the seat of the meeting at the first convention, while Mexico held the
meetings should continue here since a number of cases had already been
heard here.

Argentina Puts Curb on Seasonal Workers—Increase in
Visa Fees Aimed at Harvest Labor in Effort to
Relieve Uneimployment.
A cablegram as follows from Buenos Aires Dec. 21, ap- Republic of Panama—Proceeds of Revenues Pledged for
peared in the New York "Times" of Dec. 22:
5% Loan of 1963.
Since the Argentine Constitution makes It impossible to prohibit immiThe following, showing the proceeds of the revenues
Brazil has recently done and as the United States is considering
gration, as
doing, the Provisional Government has cabled to its consular offices through- pledged to cover the Republic of Panama 5% external sinkout the world, instructing them to discourage the embarking of persons ing fund gold loan of 1963, is made available by the foreign
emigrating to Argentina in search of employment. To make the discouragement more effective, the government has decreed a tariff of 33 gold department of the National City Company of New York:

pesos ($31.85) for visas on the documents required for entrance into Argen- REPUBLIC OF PANAMA—PROCEEDS OF REVENUES PLEDGED FOR
5% LOAN OF 1963.
There has always been a large movement of Europeans, especially
to Argentina to work for the three or four months of the harvest,
Incomefrom Panama
Constituafter which they return to Europe. As the new visa rate represents conRetail
Stamp Tax tiotiat Fund Annuity
siderably more than one month's salary for a harvest hand, it is expected
2d Lien.
2d Lien.
1st Lien. lit Lien.
lit Lien.
especially to curtail this class of
The Minister of Agriculture States that the country's entire crops can June 30 1928 (yr.). $604,750.49 372,460.56 $1,016,144.10 $293,660.21 $250,000.00
be harvested this year by Argentinians now out of employment. Reports
255,417.92 83,497.77
from the cereal belt say that many are working in the harvest fields for Sept.30 1928 (qu.) 155,625.89 16,541.94
Dec. 31 1928 " 154,433.74 19,624.96
258,019.25 67,796.83
room and board without wages.
Mar. 31 1929 " 154.646.20 18,140.14
327,101.37 87,092.77 250,000.00
President Uriburu and his Cabinet have seriously studied the project of June 30 1929 " 164,482.00 21,106.59
219,013.17 71,664.30
prohibiting immigration altogether. but have found themselves frustrated
by a clause in the Constitution guaranteeing freedom of entrance to every June 30 1929 (yr.) 629,187.83 75,413.63 1,059,551.71 310,051.67 250,000.00
one desiring to work the soil, improve industries or teach arts or sciences. Sept.30 1929 (qu.) 160,977.95 18,699.82
233,722.23 81,160.37
Therefore they have annulled the decree of Aug. 31 1923, which declared Dec. 31 1929 " 161,122.60 15,985.73
260,346.30 71,748.48
266,716.80 92,821.31 250.000.00
that the passport visa fee of three gold pesos ($2.80) should cover visas Mar,31 1930 ' 172,897.94 19,985.55
June 30 1930 " 163,637.30 21,496.47
258,906.31 71,344.96
on all documents required for entry.
After Jan. 1 the passport visa fee will be three gold pesos ($2.80), with June 30 1930 (yr.) 658,635.79 76,167.57 1,019,691.64 317,075.12 250,000.00
an additional fee of 10 gold pesos ($9.65) on each of the three other docu0,00
239,120.46 75,356.85
ments required. These are a police certificate of good conduct, a health Sept.30 1930 (qu.) 165.630.18 20,123.43
Dec. 31 1930 "
certificate and a certificate that applicant is not a professional beggar.
Mar. 31 1931 "
June 30 1931 "

Group Will Study Peruvian Budget—Kemmerer
Commission to Survey Special Charges to
The budget of the Peruvian Government will be one of
the chief subjects of study by the commission headed by
Edwin W. Kemmerer, which sails for Peru on Jan. 9, it
was indicated in banking quarters on Dec. 16, said the
New York "Journal of Commerce," which further stated:
The scope of the survey to be made will include the currency, banking
and tax systems of Peru.
It was pointed out that, while Peru already operates under a system of
budgetary control, the executive branch can create special claims against
the Peruvian Government which do not enter into the regular budget.
Extraordinary expenditures do not demand a vote of the Legislature.
For the most part, it was pointed out, special indebtedness was created
for the construction of public works. The program has not been completed.
and a fairly large floating debt for construction purposes has been built
up. For the most part, it was said, such claims against the Peruvian
Government are held by American contracting companies, although native
contractors also have been employed to some extent. The extraordinary
budget does not include military expenses, it was held.
It was pointed out that recently a small portion of the extraordinary
indebtedness was funded. This was done through the taking up of long
term obligations by creditors who previously had been holders of short
term paper.
Peruvian bonds yesterday were irregular. The is of 1959 advanced one
point and closed at 62. The high point for the year was 100. The Gs of
1960 and the 6s of 1961 each lost 3 point, each closing at 3934, which compared with high records for the year of 84 and 84;i, respectively.
Service charges on Peruvian bonds have been paid up to date. Interest
and sinking fund payments recently were met in part through the issuance
of an internal Peruvian loan, the transfer into dollars necessary to accomplish payment being undertaken by New York Bankers.
In addition to budgetary studies the Kemmerer Commission will explore
the tax and currency systems now obtaining in Peru. It was considered
possible that shifts in the allocation of taxes would prove feasible.
Representatives of the Bolivian Government were in conference all day
yesterday with local bankers interested in outstanding Bolivian loans,
It is understood that the Bolivians have requested some scaling down of
payments. There were reports that omission of sinking fund charges had
been requested. It was pointed out that the bankers have not been
appointed representatives of any body of bondholders and that their power
would be limited to the presentation of recommendations to the holders of
the bonds.

June 30 1931 (yr.)

$7,500,000 Voted for Mexican Debts—Budget for 1931
Carries $20,000,000 for Retirement of Public Obligations.
It was stated in a Mexico City cablegram Dec. 20 to the
New York "Times" that the Chamber of Deputies, following
a lengthy debate, has approved a 15,000,000-peso ($7,500,000) appropriation for payment of foreign debts. The 1931
budget total for payment of public debts now is 40,000,000
pesos, including 19,000,000 pesos for the interior debt and
6,000,000 pesos for pensions. The cablegram likewise said:
The almost unanimous approvalofthe bill followed a statement by Deputy
Charles Dario Ojeda of Vera Cruz, who said: "If we desire credit for the
nation, we must first comply with our promises, supporting energetically
the patriotic attitude of the President of the republic."
The principal opposition came from the Chihuahua Deputies, who originated a project for a ten-year postponement of debt paymentx. Enrique
Hernandez Gomez suggested that if 15,000,000 pesos must be set aside
they should be used for agricultural development.
Deputy Francisco Trejo of Mexico City explained that, even if the
Lamont-Montes de Oca pact were not approved, Mexico would still be bound
to Pay her debts, pointing out that the Pani-Lamont treaty is still in effect.
When Donaciano Carreon, Chairman of the Committee on Public Debts,
introduced the measure in the Chamber of Dec. 1, he pointed out that the
-peso item was reserved, pending Congressional ratification of
the Lamont-Montes do Oca agreement. Ratification of this agreement is
still unaccomplished as Congress's adjournment on Dec. 31 draws near.
Secretary of the Interior C. Rive, Palacios stated yesterday, according to
El Universal, that a special session of Congress would be called to discuss a
labor code. He regarded it as unlikely that anything except the code would
be discussed at the special session. The new draft of the labor code is being
studied by the Cabinet.
Secretary of Industry Aaron Baena stated, following Thursday's Cabinet
meeting, the President of the republic proposes to offer a measure to satisfy
the letitimate interests of both capital and labor, The original draft of the
code, which was attacked viciously by capital, was tabled by Congress last
During the past week the Deputies have been busy on the budget, which
the Senate probably will get next week. Among the Chamber's activities
Was the raising of the communications appropriation by 2,000,000 pesos,
making the total 47,189,472 pesos. The increase is to be applied to road
projects in all sections of the republic.
The total estimated income for 1931, on which the budget is based, as
sent to the Chamber for approval by the budget committee, is 295,500,000

Agreement Reached on Mexican-American Claims Hearings—Special Body to Sit in Mexico City in Feb—
$25,000,000 Credit For Mexico Forecast to Bolster Silvar
ruary—General Commission to Meet in Washington
Currency—Southern Capital Hears Contract With
in May.
National City Bank Will Be Signed Monday.
The following Mexico City cablegram Dec. 23 is from the
Associated Press advices Dec. 24 from Mexico City
New York "Times:"
state that unofficial but reliable sources said that night
It has been learned that the Mexican-American General Claims Comfrom that an agreement would be signed Monday noon between
mission, which has jurisdiction over claims of Americans and Mexicans
May,and the American-Mexican Luis
1868 to 1926, will meet in Washington next
Montes de Oca, Minister of Finance, and officials of
Special Claims Commission, which has jurisdiction over claims for damages the
National City Bank of New York for a $25,000,000
Americans in revolutions between 1910 and 1920, will convene in
incurred by
announcement is expected later in credit. The dispatch given in the New York "Thaws"
Mexico City in February. The official
Foreign Office.
the week from the State Department or Mexican
places, which had been a point at issue for some
Agreement on the meeting
The money will be used to bolster up the sagging exchange, and Iis
was reached by the respective governments following the request of

be inHoracio Altana of Panama, chairman of both commissions, that he
structed on the meeting arrangements.

expected that Mexican silver currency will be restored to its former value
against gold.

DEC. 271930.]


The gradual slump of silver this Summer has injured Mexican business
and many efforts have been made to remedy the situation.

A previous item in the matter appeared in our issue of
a week ago, page 3968. Associated Press advices from
Mexico City Dec. 20 said:
An authoritative source today said that various local and United States
banks had offered the government a credit up to $30,000,000 to steady
the Mexican silver currency. It was said that the government had not
yet accepted any offers but was studying them in an effort to determine
which was the most favorable.
The credit and loan reports have had a salutory effect in checking the
heavy silver discount against gold, and silver has recovered its values


1930 income from May through December was: May, 404,070
June, 884,074 pesos; July, 1,429,431; August, 466,917;
September, 674,833; 2,200,000.
Freight traffic for the period is reported as 11% below the
In June alone 200,000 fewer passengers were transported than figure.
in June
a year ago.

Receipt of Funds to Cover Service Charge on City of
Cordoba Bonds
Ames, Emerich & Co., Inc., announce receipt of funds
to cover the Dec. 15, 1930 service charge on the City of
Cordoba, Argentina 7% external gold bonds, due November
15, 1937.

Mexican Debt Payment—Appropriation of 15,000,000 Pesos
Extend Banco de Peru Moratorium.
Approved for Foreign Obligations
The following (United Press) from Lima, Peru is from
In its Dec. 22 issue the "Wall Street Journal" published
the "Wall Street Journal" of Dec. 24.
the following from Mexico City:
Chambef of Deputies has approved the appropriation of 15,000,000
pesos for foreign debt payment, comprising part of the 40,000,000
public debt appropriation that includes 19,000,000 pesos for interior
and 6,000,000 for payment of pensions.
Passage followed lengthy debate, one deputy suggesting 15,000,000
used for agricultural development instead. Reply was that even if
Lamont-de Oca pact is not ratified by Congress, Mexico retains the
obligation to pay her debts and that Pani-Lamont treaty is still effective.
Chairman of the committee on public debts introduced budget item
the Chamber December 1; it was especially pointed out that the 15,000,000
peso item was to be applied on foreign debt only in case of ratification
of the pact signed in New York.

More Mexican Paper Money.
From Mexico City the "Wall Street Journal" of Dec. 24
reported the following:
Recommendation that more paper money be put into circulation
Mexico was passed by the economic convention of the federal district,
which has just adjourned here. The only paper currency in circulation
now is Bank of Mexico gold certificates, which are scarce and not generally in use. The proposal of the convention is to permit other banks
to issue currency.

The moratorium granted the Banco de Peru Y Londres has been extended for one month, until January 31, 1931, by a decree issued by the
Provisional government.
The decree explained that the extension was due to a possible reorganization of the bank, but that the government would proceed with liquidation if the bank was not reorganized.

Cuba Cuts Budget Again—New Reduction of $12,000,000
Effective Jan. 1.
Havana advices Dec. 24 to the New York "Times" state:

Further reduction of government expenditures by $12,000,000,
on Jan. 1, was announced yesterday by Secretary of the Treasury
Mesa. The cuts affect all departments, their appropriations being
to the minimum. Department heads are at liberty to dismiss or
salaries of their respective employes to come within the limits
of the
departmental appropriations.
The Secretary of the Treasury declares the measure was
inevitable to
save the treasury from bankruptcy. The present budget is for
for the fiscal year July 1, 1930 to June 30, 1931.

Trinidad Increases Duties—Acts to Protect Lard and
Edible Oils Industries from Competition.
From Port of Spain (Trinidad), Dec. 15, a cablegram to
Mexico Plans to Add a State by Revision—New Province
of "Istmo" in Tehuantepec Provided for in Congress the New York "Times" said:
Following recommendations of the local Industries Development
mittee, the Trinidad Government has announced increases in the
The following Associated Press accounts from Mexico duties on lard, lard substitutes, and edible oils to protect these Industries
from unfair competition.
City, Dec. 24, is from the New York "Times":
The new duties include a preferential

tariff of two pence (four cents),
The Mexican Republic's twenty-eight States, two Territories
and a and a general tariff of eight pence (18 cents) a
pound on lard and lard
Federal District will be increased by one State and one Territory if
the substitutes, and a preferential tariff of two shillings
Chamber of Deputies acts favorably on a revived fifteen-year-old
(about 50c.), and a
plan for general tariff of four shillings (about $1) a
gallon on edible oils.
revising the Constitution to alter boundaries.
The reform was inaugurated in 1915 by President Venustiano
and has been revived by the Senate, which has sent the old matter to
the Russian Soviet Union Bans Changing of Jobs by
Chamber for discussion. Sentiment is said to be favorable to the revision.
Workers—Orders Sharp Restriction During Third
The plan would split the present Territory of Lower California at
twenty-eighth degree of latitude into two Territories, the Northern TerriYear of Plan—Wages To Be Uniform.
tory of Lower California and the Southern Territory. At present Lower
Strict control of labor within the Soviet Union was anCalifornia is divided into districts, with two Governors.
The new State would be created in the Isthmus of Terhuantepec and nounced by the Soviet Central Executive Committee in
already has been named "Istmo." It would take its being from three decree published on Dec. 17 says
Associated Press advices
States, the southern part of Vera Cruz, the western part of Tabasco and
the southeastern tip of Oaxaca, and would be a lowland, jungle State, from Moscow on that date published in the New York
"Times." Continuing it says:
exceedingly rich for agricultural purposes.
Seiler Carranza asked for the revision early in the revolutionary epoch
During the third year (Oct. 1 1930 to Oct. 1 1931), the five-year plan,
and eighteen State Legislatures approved the measure. General
Luiz according to the decree, there will be no changing of jobs by workers,
Gutierrez was sent to the Isthmus to set up the new State, but
technicians and others except with the formal permission of the authorities.
Carranza fell, revolutions came and went, and the issue was
forgotten Salaries and wages for each particular job will be the same throughout the
for fifteen years.
nation, thereby eliminating all competition for labor, which was
last year.
"Malicious disorganizers of production who voluntarily quit
work in
Asks Rail Workers to Aid Mexico Lines—President of institutions of a socialized sector
will not get work in industry or transNational System Reports Falling Income Is Making portation for a period of six months," the decree says.
"Persons registered in labor departments, who refuse jobs offered
Bankruptcy Worse—Union Leaders Join Plea.
them, will be stricken off the list for a period of six months," it is further
Calling attention to the fact that the bankrupt condition decreed.
This means that a worker undergoing six months' discipline will
of the National Railways of Mexico is being aggravated by
none of the privileges of the employed worker
falling income, Javier Sanchez Mejorada, President of the or other necessities. According to the decree itto purchase food, clothing
is compulsory henceforth
lines, has issued an appeal in a circular to employes for co- that all hiring be done through labor exchanges except ofservants,speciall r
operation in the present reorganization program. In stat- and other exempt classes.
The decree also warns that officials of institutions, plants and projects
ing this a cablegram Dec. 24 from Mexico City to the New who obstruct employment regulations "will be subject to severe discipline."

York "Times" continued:

Sefior Sanchez Mejorada attributed the decline to decreases
in the
volume of both freight and passenger traffic. He reports that
income dropped more than 2,000,000 pesos ($1,000,000) below November
the figure
for November, 1929, and remarks that obviously the system
cannot make
needed improvements and additions.
The losses, however, have been kept as low as possible
through reorganization steps already taken, among which are concentration
of divisions, including the merger of three divisions in Southern
Pan-American Railway, the National of Tehuantepec and the
Vera Cruz
to Isthmus. Other steps already effected, Sefior Sanchez
out, include personnel readjustments in various departments, pointed
economy of power, stricter economy in purchases and more
effective conservation of materials.
Incidental to the Sanchez Mejorada statement are
statements of railway union leaders, expressing hope and belief that labor
develop and that the workers will cooperate in the reorganization will not
During the past week rumors of labor difficulties and
impending railway strikes have been frequent, the laborers declaring
themselves unsatisfied with conditions, but the leaders now point out that the
was artificial, having been provoked by a minority.
Sefior Sanchez Mejorada gives monthly income figures as
with last year, showing that the widening disparity began in May.

Moderate Tariff Rise Expected for China—New Rates
Will Range from 7.5 to 50% on 647 Items, It Is
Shanghai advices as follows, Dec. 16, are taken from the
New York "Times":
Information emanating from circles close to the Government
gives asi
amplified idea of the lines the new Chinese tariff probably will
take. The
new rates are likely to be promulgated on Jan. I, although it is believed
it will be impossible to enforce them before Feb. 1.
Authorities set $100,000,000 Mexican ($40,000.000 gold) as the additional annual revenue to be obtained, but it is learned there is still considerable indecision as to the precise rates to be imposed, owing to the
inability to settle details between the financial and legislative authorities.
The tariff will be divided into sixteen taxable groups, totaling 647 kinds of
goods, with duties ranging from 7.5 to 50%, based on the gold unit.
At present it is reliably learned that the main groups are likely to be as
follows: Wine and rolled tobacco, now 27.6%, will be increased to
silk yarn and silk goods, including rayon, will remain at 22.2%; 50%;
woolen goods and wool yarn, now 15%, will be increased to 17.5%; cotton
goods will have the lowest tax, at 7.5%; automobiles, at present l2.5%•
will be increased to 17.5%; electrical supplies will be raised from 12.5



[voL. 131.

Alexander Legge of Federal Farm Board, Urges Embargo
on World Wheat—Capper Agrees Temporary Ban
May Be Needed to Keep Out Canadian Product.
A temporary embargo on wheat has been suggested by
Chairman Legge of the Farm Board to members of the
Senate Agriculture Committee, says an Associated Press
n, Dec. 24,to the New York "EveAustralia Votes $2,435,000 for Idle—Situation Called dispatch from Washingto
Minister—Uproar Follows ning Post," adding:
Appalling by Prime
Chairman Legge said this would be "the most effective method" of dealTariff Debate.
ing with importations of Canadian wheat which he feared might result
From Canberra, Australia, Dee. 17 the following Asso- if world prices decline further below domestic levels.
member of the committee,
Capper of Kansas, a
ciated Press advices are reported by the New York "Evening in Senator the letter public today, Republican event world prices slumped
said in the
he "would be glad to sponsor" legislat was further and importations resulted,

17.5%; machinery will be generally taxed at 17.5%; dyes will remain at
Kerosene oil and mineral oils are at present 12.5%. Apparently the new
rate has not been decided.
The details of the tariff have not been communicated to the American
Officials yet, owing to the fact that discussions are continuing, but it is
understood that the figures quoted are probably correct.

A grant of /500,000 (about $2,435.000) to relieve unemploymen
J. E. tion to that end.
announced to-day in Parliament by the acting Prime Minister,
An embargo, in his opinion, could be obtained more quickly than an
Fenton. He declared the situation "appalling" and one that warranted
increase in the tariff on wheat, now 42 cents per bushel.
Government in giving every penny possible to alleviate it.
Conferences Planned
An uproar necessitating temporary adjournment of the House
to impose
Mr. Fenton's announcement that the Government had decided
Before Congress reconvenes January 5, Senator Capper continued, he
During the
an export duty of 1 cent a pound on sheepskins in the wool.
with Chairman Legge regarding the matter.
and expects to confer further
pandemonium in tne House opposition members shouted "scandal"
In his latter of yesterday to Senator Capper, the Chairman pointed
that Labor members had been "bribed.' out that the Liverpool market had closed at 60g as against a closing
"swindle" and hurled allegations
figure of 76 cents at Chicago.
The spread between Chicago and Winnipeg, he pointed out, is from
Bankers Joint Stock Land Bank Bonds.
cents per bushel. Mr. Legge added that millers will pay a
the 26 to 28 on the high quality Manitoba wheat, and expressed the fear
From the "Wall Street Journal" of Dec. 24 we take
that "any further decrease in the market (Canadian or world) will probfollowing Milwaukee advices:
imported from Canada."
has made an offer for Bankers ably result in wheat being
A. 0. Stewart, Pacific Coast banker,
"Probably the most effective method of dealing with this," the letter
bonds at the rate of 35% in cash, which, with
Joint Stock Land Bank
of continued, "would be a temporary embargo on wheat imports which would
the receivers' dividend of 15% in 1928, would make total payments
seem justifiable in view of the fact that we will have a burdensome
50 cents on the dollar. An alternative plan offered by Stewart is 17% surplus without importing any."
in cash and 28% in ten-year 4% sinking fund bonds for 48% of the
"On Right Track"
old bond issue. There are $13.405,000 of the bonds outstanding, held
by 2,500 investors,
Senator Capper said he thought Chairman Legge was on "the right
"There is a danger there," he added, "that we've got to take into
Bondholders of Kansas City Joint Stock Land Bank
account. We certainly do not want any importation of wheat."
Given Until Feb. 1 to Agree to Reorganization Plan.
The Senator pointed out that with Congress in recess there would be
The following from Kansas City, Mo., Dec. 16, is from some time during which a more definite trend in prices would develop.
In the event that the Chairman's fears materialized, he continued,
the "United States Daily" of Dec. 17:
should be taken to prevent importations.
The plan of reorganization of the properties and affairs of the Kansas
Corporation stepped
Since mid-November, when the Grain Stabilization
City Joint Stock Land Bank has been extended from Dec. 15 1930, to
deinto the Wheat Pit determined to prevent any "further unwarranted
Feb. 1 1931, according to an announcement Dec. 15 by the Chairman
clines" in domestic price levels, domestic prices have been above world
of the Bondholders' Protective Committee.
The plan of reorganization, dated as of Aug. 12 1930, submitted by parity.
George S. Milnor, General Manager of the corporation, only recently
A. 0. Stewart of San Francisco contemplates the establishment of a new
joint stock land bank, and a liquidation company. The terms of the reiterated in Chicago the corporation would maintain domestic old
prices or at perhaps slightly higher levels.
plan must be accepted by a large majority of the bondholders.
Dec. 15.. Mr.
The time originally set for the assent of bondholders was
Chairman McNary of the Senate Agriculture Committee said he had
McLucas now announces that "pursuant to the powers vested by said received a letter from Chairman Legge also, but had no comment.
n in the Committee therein named, said Committee
plan of reorganizatio
The "Wall Street Journal" of Dec. 26 had the following
has extended the time for participation therein and (or) designation
option choice thereunder, from Dec. 15 1930, to Feb. 1 1931."
to say in its advices from Washington:
While Chairman Legge of the Federal Farm Board had said he would
a prospect is not
Member of Federal favor a temporary embargo on wheat imports, such
Floyd R. Harrison Confirmed as
Farm Loan Board.
Legge told the Senate Agriculture Committee that should the world
was danger of large importations from Canada,
The Senate, on Dec. 20, confirmed the nomination of price fall so low that there
he would favor the temporary embargo as a better method of dealing
of the District of Columbia, as a mem- with it. Price has not yet dropped to a point in Winnipeg, however,
Floyd R. Harrison,
the present tariff of
ber of the Federal Farm Loan Board. The action was low enough to encourage heavy importations over
42 cents a bushel.
says the "United States Daily," which
without a record vote,

Mr. Harrison

Wheat Importation Foreseen Soon in Spite of Tariff—
Chairman Legge of Federal Farm Board Points to
Downward Price Trend Abroad—Russia Seeks Cotton
on Credit.
Committee to Study Bill Relating to Disposition of
The following is from the "United States Daily" of
Assets of Joint Stock Land Banks in Receivership—
Dec. 23:
Farm Loan Commissioner Urges Early Action.
If the present downward trend of prices for wheat in foreign countries
Consideration of the bill (H. R. 12063) relating to dispo- continues, the United States soon will be importing wheat over the tariff
since the price is remaining about stationary
sition of assets and liabilities of Joint Stock Land Banks wall of 42 cents a bushel, Legge, Chairman of the Federal Farm Board,
in this country, Alexander
in receivership, early in January was agreed to by the stated orally Dec. 22.
Senate Committee on Banking and Currency, Dec. 20, when
Mr. Legge also revealed that the Cotton Stabilization Corporation has
that "a large
interests with the
the Farm Loan Commissioner, Paul Bestor, conferred with been approached by Russianto Russia on credit.suggestion
The suggestion still is
be sold
in the "United States Daily" quantity" of cotton by the corporation, he said. The corporation, it has
the Committee. This is noted
under consideration
been stated orally for the Board, holds about 1,300,000 bales of cotton
of Dec. 22, which reported further as follows:
has been a member of the Board, and was serving lately
under a recess appointment, made when his term expired during
Congressional recess.

The Commissioner expressed the hope that the Committee would
some paraction on the bill, but suggested the need for amendment in
ticulars, the nature of which was not disclosed by Senator Norbeck (Rep.),
derision in
of South Dakota, the Chairman, who announced the Committee
in the meantime
an oral statement. It is the plan to draft amendments
again takes
and to have them ready for consideration when the Committee
up the bill, which passed the House last June
As the measure reac':ed the Committee, it provides) that in any and
where a Joint Stock Land Bank is declared insolvent and its
Farm Loan Board receiver,
liabilities are placed in the hands of a Federal
of the
any Federal Land Bank may acquire the assets and liabilities
defunct bank, with approval of the Farm Loan Board and under
drafted by it.
Information as to the number of loans the Federal Farm Loan
and related material, is requested from the Farm Loan Board in a
Senator Heflin (Dem.),
Dec. 20 by
(S• Hes. 383), introduced in the Senate
of Alabama.
The resolution follows in full
the Senate
"Resolved. That the Federal Farm Loan Board is requested to submit to
following information:
vrIthin 20 days after the(late of adoption of this resolution thebanks under the superof loans now outstanding made by
(1) By States, the number
vision of the Board, for purchase of land, and the total amounts so loaned; (2) of
made,specifying the number
names of the persons to whom such loans have beenthe number failing to meet their
payments, and
such persons who are making their
of the
Payments; and (3) what disposition is made of the land foreclosed because
failure to repay money so borrowed."

of last year's crop.
As to the quantity of cotton sought by Russian interests, Mr. Legge
said he believed "they would take all they can get—on credit."
Liverpool Pries
The price of wheat at Liverpool Dec. 22, Mr. Legge said, was 60.75
cents a bushel compared with slightly more than 76 cents at Chicago.
Considering the shipping charges to Liverpool, he added, the differential
is about 31 cents, and wheat was imported by the United States in 1923
and 1925 when the differential was less than that.
Referring to the estimates by the Department of Agriculture that the
acreage of Winter wheat this year is only 1.1% smaller than last year,
whereas the Farm Board has advocated a greater reduction, Mr. Legge
said figures are not so bad as they look since much of the wheat land
sown this year for pasturage in place of grass pasturage, killed by the
drought, probably will be planted in corn next Spring. In addition, he
said, the Pacific Northwest can grow either Winter or Spring wheat and
the increase in acreage in that region may mean only that favorable
conditions have led to the sowing of Winter instead of Spring wheat.
The July future price of wheat, at 63 cents a bushel, Mr. Legge said,
means that the farmer will receive about 40 cents a bushel if the
level is maintained, and there will be little wheat moved off the
at that price. The feeding of wheat which was started by the
he said, will become permanent at such a price.

DEC. 27 1930.]


Compilation by Fletcher American Company of Indianapolis Showing Ratio of Earning Position of
Various Joint Stock Land Banks.
The Fletcher American Company of Indianapolis presents
as of Sept. 30 1930 the comparative condition of all Joint
Stock Land Banks, showing among other statistics the comparative ratio of the earning position of the banks. A year
ago (page 4082 of our Dec. 28 1929 issue) we published
similar data prepared by the same company, those figures
being as of Sept. 30 1929. In its latest presentation the
Fletcher American Company says:


In this survey of Joint Stock Land Banks we have presented information
that we consider to be most important and pertinent in the statements of
the various banks and in the analysis of the various statements.
The ratios presented are not offered as representations but are designed to
indicate the operating efficiency of tho various banks. One of the ratios
reflects the position of the banks if foreclosed property is added as an asset,
or if payments are slow, and the other ratio reflects losses written off out
of surplus. We have made no attempt to estimate the value of the assets
in liquidation, nor to look at the picture from that angle.
At present prices certain Joint Stock Land Bank bonds would appear to
offer good investment opportunities. In our opinion one must choose
among them, just as one must do among corporation bonds, and among
class of investments where management is a factor.
For your convenience comparative ratios of one year age) are included, as
are statistics relative to the banks in receivership.

The compilation follows:



Comparative Ratios.:

ktlanta-Atlanta, Ga
-Raleigh. N. C
Eturlington-Burlington, Iowa
Dalifornia-San Francisco, Calif
Dhicago-Chicago, Ill
Dallas-Dallas, Texas
-Denver, Colo
Des Moines
-Des Moines. Iowa
first Carolinas
-Columbia, S. C
first-Ft. Wayne, Ind
First-Montgomery, Ala
First-New Orleans, La
First Texas
-Houston, Texas
First Trust
-Chicago, III.c
Fletcher-Indianapolis, Ind
Fremont--Lincoln, Neb
3reenbrier-Lewisburg, W.Va
3reensboro-Greensboro, N. C
Ilinols-Monticello, Ill
Illinois Midwest-Edwardsville, Ill
Indianapolls--Indianapolls, Ind.•
rowa-Sioux City, Iowa
Kentucky-Lexington, KY
Lafayette-Lafayette, Ind
Lincoln-Lincoln, Neb
Louisville-Louisville, Ky
daryland-Virginia-Baltimore, Md
-Minneapolis, Minn
ifhaneapolls Trust
Slississippl-Memphls, Tenn
slew York-Rochester, N. Y.a
siorth Carolina-Durham, N.C
)hio-Pennsylvania-Cleveland, Ohio
)regon-Washington-Portland, Ore
'nine Coast-Portland, Ore
saeific Coast
-Salt Lake City, Utah
.acifie Coast-San Francisco. Calif.!,
.ennsylvania-Philadelphia, Pa
otomac-Washington, D. C
it. Louis
-St. Louis. Mo
Ian Antonio
-San Antonio, Texas
lo. Minnesota-Minneapolls, Minn
louthwest-Little Rock, Ark
Tennessee-Memphis, Tenn
Talon Detroit, Mich
Inion Louisville, Ky
Jnion Trust-Indianapolis, Ind.*
Tirginia-Carolina-Elizabeth City, N. C
lirginlan-Charieston, W.Va



Georgia and Ala.
No. etc So. Caro.
Iowa and Illinois
Calif. and Ore.
Illinois and Iowa
Texas and Okla.
Colo. and Wyo.
Iowa and Minn.
So.& No.Caro.
Ind. and Ohio.
Ala. and Georgia
La. and Miss.
Texas and Okla.
Ill. and Iowa.
Ind. and III.
Neb. and Iowa.
Va.and W. Va.
N.C and Tenn.
III. and Iowa.
Maud Missouri,
Ind.and Ohlo.
S D.& Iowa.
Ky. and Ohio.
Ind. and III.
Iowa and Neb.
Ky. and Ind.
Md.and Va.
N. Dak & Minn.
Miss. and Tenn.
N.Y.and N.J.
N. C. and Va.
Ohio and Pa.
Ore. and Wash.
Ore. and Wash.
Idaho and Utah.
Calif. and Ariz.
Pa. and N. Y.
Va. and Md.
Ark. and Mo.
Texas and Okla.
Minn.& S. Dak.
Ark. and Texas.
Ark. and Tenn.
Mich. and Ohio.
Tenn.and Ky.
Ind. and Ohio.
N.C. and Va.
Ohio and W.Va.

Earned Surplus
Reserves and


Indications of
Unpaid Loans
to Earnings


Total assets
Bonds outstanding
Other liabilities

Total liabilities
Margin of safety
Included among assets.
Cash and U.S. Government bonds- $14,038,469.31
Loans in default
--Loans being foreclosed
Sheriff's certificates
Real estate owned
Banking house owned
Total assets
Bonds and certificates outstanding
Other liabilities
Total liabilities
Margin of safety (deficit)
19Included among assets
Cash and U. S. Government bonds- _ $3,003,250.07
Loans in default
Loans being foreclosed
Sheriffs certificates
Real estate owned
OHIO J. S. L. B.
Total assets
Bonds and certificates outstanding.,,,. 1,095,440.00
Other liabilities
Total liabilities
Margin of safety (deficit)
Included among assets.
Cash and U. S. Government bonds
Loans in default
Loans being foreclosed
Sherif:a; certificates
Real estate owned






1 ana 905 FM

1 102 FAA on

Real Estate,
and Notes.

Installments Indications of
Unpaid. Net Mortgage
71 277 AR




86,319.384.49 35,567,297.57 35,604,000.00
16,116,671.45 15.092,548.83 14.197,000.00
3,697,854.96 3,330.849.31 3,3325 0.00
16,301,943.55 14,231,980.89 14,335,000.00
51,605,325.96 43,814,028.89 47,210,600.00
41,810,690.12 39,137,371.36 37,531,000.00
14,888,033.68 13,904,543.94 12,611,600.00
12,821,579.29 10,019,837.69 11,886.000,00
12,127,836.60 10,354,710.33 10,961,000.00
8,733,734.48 8,007,260.99 7,658,600.00
9,279,788.96 8,636.076.95 8,386,000.00
4,327,274.84 3,936,231.75 3,886,000.00
7,933,540.90 7.278,552.03 7.048,000.00
74,180,907.82 72,471,012.77 67,775,000.00
16,685,051.76 15.666.539.06 14,559,500.00
9,333,591.10 8,483.249.56 7,989,000.00
2,690,817.38 2,503,543.82 2,301,000.00
5,227,509.69 4,756.371.27 4,687,000.00
7,347.063.12 6,993,363.83 6,645,000.00
5,929,911.55 5,627.204.71 5,242,000.00
7,882,415.72 7,071,499.71 6,905,600.00
11,853,149.73 10.923,134.83 10,687,000.00
9,669,777.39 9.027,108.60 8,740.000.00
37,609,501.60 34,696,607.02 33,139,000.00
7,311,461.40 5,768,117.59 6.593,000.00
2,743,116.71 2,623,350.79 2,300,000.00
5.076.510.18 4,822.340.33 4,218,000.00
4,512,682.84 4,110,116.51 3,867,000.00
14,278,853.37 12,959,767.61 12,589,000.00
14,924,307.17 13,355,504.60 13,481,000.00
14,208,535.80 13,270,784.01 12,756,500.00
3,404,615.73 3
,029,506.15 2,991,000.00
7,776.433.09 7,473,708.57 6,925,000.00
4,813,680.53 4,586,259.59 4,215.000.00
21,709,607.26 20,396,157.36 17,888 000.00
6,904,203.15 6,370,018.79 6,200 500.00
6.526,244.45 6,086,275.37 5,812,500.00
21,215,967.93 19,474,072.59 19046'000.00
19,247,666.21 18,465.783.96 17:236'000.00
25,310,310.91 16,216,636.88
4,838,970.96 4.488,092.43 22.
3,864,090.29 3.543.338.98 3,472000.00
9,972,271.15 9,136,058.92 8,829:50 .00
3,128,819.75 2,664.578.36 2,762,500.00
509 588 78
7,187,696.04 „
15 519 RIR R2 la Q22 111 95 16. '
n ako 000.nn




Atlanta-Atlanta, Ga
Atlantic-Raleigh, N. C
Burlington-Burlington, Iowa
California-San Francisco, Calif
Chicago Chicago, Ill
Dallas-Dallas, Texas
Denver-Denver, Colo
Des Moines
-Des Moines,Iowa
-Columbia, S. C
First Carolinas
-Ft. Wayne,Ind
First-Montgomery, Ala
First-New Orleans, La
-Houston, Texas
First Texas
First Trust-Chicago, Ill
Fletcher-Indianapolis, Ind. ,.
-Lincoln, Nob
Greenbrier-Lewisburg, W. Va
Greensboro--Greensboro, N.C
Illinois-Monticello, Ill
Illinois Midwest-Edwardsville,III
Indianapolis-Indianapolia, Ind.*
Iowa-Sioux City, Iowa
Kentucky-Lexington, Ky
Lafayette-Lafayette, Ind
Lincoln-Lincoln, Neb
Louisville, Louisville, KY
Maryland-Virginia-Baltimore, Md
Minneapolis Trust--Minneapolls, Minn
Mississippi-Memphis, Tenn
New York-Rochester, N. Itat
North Carolina-Durham, N. C
Ohio-Pennsylvanla-Cleveland, Ohio
Oregon-Washiugton Portland, Ore
Pacific Coast-Portland, Ore
Pacific Coast-Salt Lake City, Utah
Pacific Coast-San Francisco, Calif.b
Pennsylvania-Philadelphia, Pa
-Washington, D. C
-St. Louis, Mo
St. Louis
Ban Antonio-San Antonio, Texas
Bo. Minnesota-Minneapolis. Minn
Southwest-Little Rock, Ark
Tennes8ee-Memphis, Tenn
Union-Detroit, Mich
Union-Louisville, Ky
Union Trust-Indianatalis, Ind.*
Virginia-Carolina-Elizabeth City, N.C
inrmataa-charleston. W. Va



ORR naR 02
• New banks. a Consolidation of N. Y and N.Y.-N J. banks. b Consolidation of Pacific Coast, Los Angeles and San Francisco, banks. c
Consolidation 03
Dallas, and First Trust, Chicago. x The lower this ratio, the better the showing of the hank.
First Trust,



Bill to Refinance Loans to Farmers—Measure Would
Also Provide Purchase of Bonds by Federal Reserve
The following



the "United States Daily" of

Dec. 15:
A Board of Agriculture would be created by a bill (S. 6109) just Introduced in the Senate by Senator Frazier (Rep.), of North Dakota, consisting
of one member from each State, to have supervision of a credit system to be
established for the purpose of liquidating and refinancing agricultural
The Federal Farm Loan Board, under the bill, would be empowered to
issue bonds to refinance farm mortgages and live stock loans. The Federal
Reserve Banks would be required to invest their available surplus and net
profits, after the payment of dividends, in these farm loan bonds.
The trustees of the postal savings depository system would be authorized
and directed to invest at least 40% of postal savings in the farm loan
bonds. All limits upon the amounts that may be deposited in the postal
savings depositories would, moreover, be removed.
If the farm loan bonds are not readily purchased, the bill provides that,
upon their presentation to the Federal Reserve Board, Federal Reserve
notes should be delivered to the Federal Farm Loan Board, to an amount
equal to the par value of such bonds as are presented. Such reserve notes
might be retired gradually "whenever the amount of money actually in
circulation in the United States shall exceed $75 per capita."
"The purpose of this bill," said Senator Frazier In a statement issued
by him, "is to make money available at a low rate of interest which will
assist the American farmers who have been deflated out of their property
to buy back at least a part of that property and to enable others to get
out from under their high inteLest burdens and to gradually work out of
debt on an amortization plan and again become farm home owners."

Fol.. 131.

During the convention it was brought out that the output of canning
tomatoes in Ohio this year was the best ever, due to the Federal and State
marketing specialists who inaugurated a policy of purchasing these plants on
a gradi ig basis.
C. E. Hume, President of the National Canners' Association, told the
delegates that all canned foods now are scientifically prepared and are not
packed by the rule of thumb method as they were only a few years ago.
They are now in competition with those foods canned in the home, he
Mr. Hume praised the McNary-Mapes amendment passed by Congress,
which gives the Secretary of Agriculture the right to fix minimum standards
for canned foods. This law, more than anything else, will cause canners to
raise the standards of their products, he declared.
Produce Exchange May Again Try Bonded


The following is from the New York "Journal of Commerce" of Dec. 15:

Because of the artificiality of the market for wheat futures in Chicago,
thanks to the operations of the Federal Farm Board, members of the New
York Produce Exchange have started a movement to renew trading in
bonded wheat futures, it was learned on Saturday. While a mixed reception was accorded the plan, some members are reported to be highly in
favor of it.
Bonded wheat futures were traded on the floor of the exchange for a
short period prior to the abandonment of grain futures entirely a few years
ago. Under the plan as it was then worked out, the contract called for
delivery of Canadian wheat in bond to avoid payment of duty, at Buffalo.
The contract did not prove popular at that time.
With the Farm Board openly making efforts to "stabilize" the Chicago
Board of Trade Market, American wheat prices have been pushed far out
of their normal relationship with prices in the world market. This fact is
believed to offer an opportunity for a contract calling far delivery of
Farm Board'soperations „
Chairman Legge of Federal Farm Board Replies to Critics Canadian wheat under conditions notsubject to the
of Board's Stabilization Operations.

Farm Board Seen Contributing Cause in Trade
Chairman Alexander Legge of the Federal Farm Board Federal
Depression—American Cotton Shippers Association
insurgents and Demoretorted on Dec. 22 to Republican
Urges Investigation to Show Effects of Federal
crats who attacked the Board's stabilization operations on
Marketing—At Hearing Before House Committee
the Senate floor on Dec. 20 in the debate on the bill, finally
Chairman Legge Says $37,000,000 Pledged to Cotadopted and signed by President Hoover Dec. 22, approton Appropriations Out of Revolving Fund.
priating an additional $150,000,000 for the Board's revolvHolding the Federal Farm Board to be a contributing
ing fund.
factor in the general economic depression by the entry of
We quote as follows from the Washington dispatch of
the Government into business through this medium, the
that date indicating what Mr. Legge had to say:
Newspaper men gathered for Mr. Legge's semi-weekly press conference House Appropriations Committee was called upon on Dec.
referred to the assertion of Senator Borah that the Board's wheat stabil- 16 by the American Cotton Shippers' Association to make
ization operations were "merely postponing the day of reckoning that
a thorough investigation of the Agricultural Marketing Act
will come when it sells."
"Please don't ask me to discuss cyclones," replied Mr. Legge. "You to determine the working and economic possibilities of the
all know how the scientists have defined a cyclone as superheated hot
law before making further appropriations to the Board.
air that always runs amuck and is always destructive."
Mr. Legge also replied to John Simpson, newly elected President of The Washington correspondent of the New York "Journal
the Farmers' Union, who stated in a telegram sent to Senator Walsh of of Commerce," in reporting this, continued:
Montana that the Farm Board was "deliberately" depressing wheat and
cotton prices and quoted Senator Elmer Thomas of Oklahoma as his
"You can say to Mr. Simpson that any man making that statement,
whether in public office or not, is an unmitigated liar, and say it with
say compliments," said Mr. Legge.
"The absurdity of it is proved by the fact that wheat is still sinking
in the world market. Today, Chicago wheat is about 16 cents above the
Liverpool close, and, adding a similar amount for transportation, our
wheat is 30 to 32 cents above the world parity. It is silly for any one
to be yapping about depressing the price of wheat when we are carrying
it 30 cents above the world market. That alone answers Mr. Simpson."

Appearing before a subcommittee of the Appropriations Committee during hearings on the additional appropriation of $150,000,000 for the
Farm Board, to be included in the 1931 fiscal year deficiency act, representatives of the association, headed by Thomas Hogan of the Norfolk
Cotton Exchange, pointed out that since the Farm Board began operation
the cotton market has declined from about 18c. to less than 10c.
The representatives of the Association told the Committee that while
the drop in cotton prices "is partially attributable, of course, to world
conditions, we believe that the entry of the Goverr.nent into the field of
business with a seemingly inexhaustible capital, has so undermined confidence that the merchant, the manufacturer, and finally the consumer
have been driven from the normal course of business.
Not Creating a Surplus
Buying Power Hit.
Mr. Legge defended the Board against the criticism that its holdings
"Consequently," the representatives said, "grain, livestock and other
of 120,000,000 bushels of wheat is a depressing factor rather than a
commodities have Buffered loss of buying power.
stabilizer for wheat prices.
"The only effect we can discover of the stabilization and marketing
"The Farm Board hasn't raised any wheat," he said, "and we're not
creating the surplus, and wherever this wheat is, it is. We say that it experiment is in the case of cotton, the unbalancing of the cotton market
had better be in the hands of a strongly financed agency than in the generally and the forced withdrawal of important merchant and spinner
buying power which the market now vitally needs."
bands of weaker interests which might force liquidation at any time."
From the $150,000,000 to be appropriated to the Board out of the
As a result of the Board's buying, the differential between the Chicago
and Liverpool prices was so great that if it continued to grow there was $500,000,000 revolving fund, $37,000,000 has already been allocated to
danger of wheat being imported into this country over the present 42-cent the cotton co-operatives, Chairman Alexander Legge told the committee
tariff, he said, adding, "the farmers, meanwhile, are benefiting from this to-day. This amount, Mr. Legge stated, undoubtedly will be used in an
effort to stabilize the cotton prices. The Chairman, however, did not
Senator Brookhart in the Senate debate stated that while the Farm relate how the remaining $113,000,000 is to Ire used by rile Board, but it
Board had refused to sell cotton to Russia, the International Harvester was stated by members of the committee following the meeting behind
Company, of which Mr. Legge was formerly President, continued to closed doors that it probably would be devoted to financing operations
sell its products to the Soviet. Mr. Legge admitted that a representative as in the past.
Revolving Fund.
of Amtorg Trading Corporation had sent out several "feelers" in that
connection but that the purchases were sought on a purely credit basis.
The immediate appropriation of $250,000,000 still due the Board from
"The Harvester Company," he added, "has sold some machinery in the revolving fund was urged by Representative Buchanan (Dem.), of
Russia, but it received SO% cash, which is considerably different from Texas, member of the Appropriations Committee. Mr. Legge is understood
selling on time."
to have objected to this proposition, declaring that the Board did not
need all of the funds at this time. He said that the $150,000,000 would
Ohio Canners Urge Quick Farm Relief—Expect Diffi- be required for reportoperations, and the remaining $150,000,000 for 1932,
contemplated. The subcommittee is understood to
as the budget
culty in Their Financing of Farmers' Seeding, have approved the $150,000,000 appropriation for the Board.
The Association believes there is considerable danger in one Government
dispose of a large block of cotton or any
A resolution urging Congress to rush its plans for drouth official being able to they said, tended to surround the markets other comwith such
modity, all of which,
by the Ohio Canners' Associa- uncertainty that mills retarded their purchases. The Farm Board operarelief was uanimously adopted
tion, meeting here last week for its 23rd annual convention, tions were viewed as a menace to private enterprise and that a survey
dispatch, Dec. 12 to the New York would reveal it, the Committee was informed.

says a Columbus, Ohio,
"Journal of Commerce" from which the following is also

The res-dution called attention to the diff:culty canners are expecting to
encounter In the financing of seeding and fertilizing and urged the earliest
possible action on any relief measures submitted to the Federal body.
Attendance at the convention was raised considerably from that of other
years, principally because of the recent drouth. Approximately 410 were
registered when the sessions ended.

Further Trial Urged.
Mr. Buchanan expressed belief that it was too early in the Board's career
to call a halt, that the Board had not had a fair opportunity to accomplish what had been intended.
Chairman Legge told the Committee that the Board had been effective
in preventing worse market prices and stood on the proposition that the
Board's operations had averted disasters. He pointed to the differential
In favor of the United States in the price of wheat. Mr. Legge was strong

DEC. 27 1920.1


in his belief that the United States would not again be on a foreign
In wheat owing to the vast amount being produced in other countries,
predicted that the American producer would finally be brought to
domestic basis, and that it would be accomplished through a reduction
The Board's future course is for general stabilization of farm commodities, but no definite date was given when stabilization would
attempted for the 1930 cotton crop. The corporation now holds 1,300,000
bales of the 1929 cotton crop, and the co-operatives are holding more
than 2,000,000 bales of the present crop. The co-operatives will
be able
to hold this cotton for three years, Mr. Legge told the Ccinmittee.
Board also has 65,000,000 bushels of wheat.

Senator Walsh to Ask Probe of Federal Marketing Act—
Massachusetts Senator's Intention Made Known
Following Demand of American Cotton Shipper's
A resolution calling for Congressional investigation of
the Federal Farm Marketing Act, the authority for Government purchase of wheat and cotton, has been prepared
by Senator Walsh, Dem., Mass., said United Press accounts
from Washington to the 'Wall Street Journal" of Dec. 17.
This further stated:


Boston Grain Elevator Plan Turned Down by Committee.
The following from Boston Dec. 17 appeared in the New
York "Journal of Commerce":
The construction of a modern grain elevator to supplement facilities
of the
Port of Boston is not desirable at this time,according to a special joint
of the Massachusetts Department of Public Works and the Boston Port
Authority, which was filed with the Legislature to-day. It was estimated
by the special commission which has been studying the project for
months that the project would cost the State about $1,000,000 to

British Farmers Ask for Government Aid—General
Price Slump Affects Small Wheat Growers.
As a result of the prevailing low prices for farm products,

British farmers are petitioning their Government for aid,
according to information received by the Department of
Commerce from its acting commercial attache at London and
made public Dec. 9. The "United States Daily" noticing
this, added:

While England only produces a fraction of the wheat it
wheat it does produce must be sold on the local markets in competition the
foreign wheat upon which that country plaacce no import duty,it was
orally by Felix Pope, Grain Specialist of the Foodstuffs Division,
DepartAnnouncement that Walsh was expecting to propose the inquiry
followed ment of Commerce.
the demand for such an investigation made last night
Further information furnished by Mr. Pope follows:
by the American
Cotton Shippers' Association.
In view of this free trade. English farmers selling their products
on the
A committee of cotton shippers, in a statement, declared
Liverpool market, which is considered tie world clearing house,
that "the
entrance of the Government into business through the
compete with the prices of the other growers of the world, including
medium of the
Argentina, Canada, Australia and the United States.
Farm Board has been a contributing factor in the
general economic
Consequently, British farmers, although they only produce a fraction
of the wheat their country consumes, suffer along with the other
"The only effect we can discover of the stabilization
and marketing of the world when there is a general overproducti
on or slump in prices.
experiment is, in the case of cotton, the unbalancing of
the cotton market England produces about 50,000,000 bushels of wheat
annually, and congenerally and the forced withdrawal of important merchant
and spinner sumes about five times that much, being forced to import the balance.
buying power which the market now vitally needs."
Although British producers are generally small-scale farmers, their wage
The investigation was proposed "in the hope that a way
will develop scale is lower than it is in the United States and Canada. Their prothrough which the enormous potential buying power of the
duction costs are probably lower than ours and about the same
merchants and
as those
spinners may be made active again." The Association's statement
referred of Argentina and Australia.
In a general way to the Farm Board's operations in wheat, which
Russia is shipping a great deal more wheat this year than it was estihave
mated that country would be able to ship. An English authority estimates
been more extensive than those in cotton.
Russia's total shipments of wheat for the present season, which
July 31 1931, will approximate 100,000,000 bushels. However, this
only a small part of the annual world total shipments of around 3,500,000.Farm Board Averts Wheat Price Drop—President Milnor 000 bushels, and should not prove a
very disturbing factor.

of Grain Stabilization Corporation Says Lower
Prices Not Justified—Purchases Keep Chicago British
Market Not Hopeful of Wheat—Foresees ReLevel 25 Cents Above Foreign Markets in Heavy Fall.
sumption of Russian Sales.
The Government's intention to maintain the price of the
The following London cablegram Dec. 19 is from the New
present wheat crop at "the

present or a higher level" was York "Times":
reaffirmed Dec. 22 as foreign markets sank to depths that in
There is no sign that the wheat market outlook has changed for the
some cases had not been reached in 35 years. We quote the better as a result of any recent developments. The pressure of Canadian
sales has been resumed and the fall of Argentine exchange has affected
foregoing from Associated Press accounts Dec. 22 from
the grain market adversely.
Chicago to the New York "Times" which went on to say:
Increased supplies from Russia seem to be indicated by the fact that
While Government sponsored agencies were buying enough
wheat to hold Russia has re-entered the market for freight charters to secure January
the Chicago price 25 cents and more above other markets, George
S. Milner, loadings. This would coincide with the active movement in Argentine
President of the Grain Stabilization Corporation issued a statement
in which wheat.
he said:
"Domestic conditions on the present crop do not justify lower
prices, and Federal Farm Board
this company will continue to follow the policy of handling such
Accounts for Funds Advanced to
market offerings as may be necessary in order to maintain the
present or a
higher level."
Stabilize Agriculture.

Contracts for July wheat, the now crop which as yet has no
The following from Washington Dec. 18 was published in
support from
the Government, reacted to lower prices in foreign grain
dropped as much as 2% cents, but old-crop futures held stubbornly and the New York "Herald Tribune" of Dec. 19:
to the
The following table, made public to-day by a subcommittee of'the House
"peg" prices or slightly above. At the close December
wheat (new conAppropriations Committee, is an official accounting by the Federal
tracts) in Chicago was quoted at 763f, Winnipeg 50% and
Liverpool 61. Board of
the manner in which it disbursed itsfunds up to Nov.30 to stabilize
The fact that normally Liverpool due to freight rates and other
conditions, agriculture
Is usually from 15 to 20 cents above Chicago made the
under the Agricultural Marketing Act. It shoes the amounts
spread the other
that have been authorized or actually advanced, together with repayments,
way all the more striking.
In each agricultural commodity.
Milner Sees Decline Prevented.
Practically the same condition was found in May wheat, with
paying 81 to 81H; Winnipeg 54l to 54A; LiverpooP64%.
The Liverpool Beans
quotations were the lowest since 1895.
The firmness of American markets was attributed directly to the
Stabiliza- Citrus fruits_
tion Corporation's purchase in Minor's statement.
"Undoubtedly," he Grapes and raisins
said, "the wheat that has been purchased by this company had
the effect Other deciduous fruits
of preventing a decline in domestic prices to an unwarranted lower
hilscellaneous fruits, vegetables
level,thus Grain
giving producers and owners the benefit of prices more than 20 cents a
bushel Honey
higher than Canadian and other foreign prices.
Live stock
"Prices could work to a considerable higher level without
detriment to Nuts
consumers, while, on the contrary, lower prices would mean unnecessary Potatoes
hardship on producers who have not marketed their crop, as well as on Poultry and eggs
farmer-owned co-operative associations, other handlers and
processors, who Seeds
Own stocks of wheat accumulated at present or higher prices."
He estimated that the carry-over next July 1 of domestic wheat
Wool and mohair
be at least 100,000,000 bushels less than last July 1,and that, the
$228,342,487.15 $186,030,809.62 $68,642,577.00
might be even greater, due to increased consumption stimulated
by low Grain stabilization
prices. The carry-over last July 1 was about 275,000.000 bushels.
Cotton stabilization
Grand totals
$373,342,487.15 $326,169,532.88 $125,183,274.84

Bolivia Increases Duties on Wheat Flour Imports.
From the New York "Journal of Commerce" we take the Argentine and Russian Reports Result in Severe Blow
to Wheat Prices on Chicago Market.
following from Washington Dec. 23:
The following Associated Press advices from Chicago,
Bolivian import duties on wheat flour have been greatly
increased, under
a Presidential decree effective from Dec. 18,for the protection of the domes- Dec. 22, are from the New York "World":

tic milling industry, according to a cable to the Department of
to-day from the Vice-Consul at La Paz.
Under the decree the rate on flour is increased from 8.70 to 16
per 100 gross kilos, and the duty is to be further increased each year,
the expansion of the domestic milling industry until it reaches 20 bolivianos
per 100 kilos at the end of five years. It is provided that all shipments
Covered by consular invoices legalized before Dec.22 will be permitted entry
at the old rate of duty.

Jolted by an immense reported wheatsurplus in Argentina and prospective
huge enlargement of wheat seeding in Russia. most grains tumbled sharply
to-day. Incre ised visible supplies of corn gave additional unsteadidess to
the corn market. Practically no rallying power in prices developed and the
Liverpool wheat market fell to the bottommost point reached since 1895.
with corn in Chicago the lowest yet this season.
Who it closed irregul 1r from the same as Saturday to a setback of 2
cents Corn closed heavy .2 002% cents down and oats X to 1 cent off



Except for prices on old crop domestic wheat that has virtually been
"cornered" by Farm Board allies, all grains plunged downward from the
start. A specially bearish circumstance was news that the Winnipeg wheat
market had fallen to practically 50 cents a bushel, Just about cutting
squarely in two the old-time rural standard price of "dollar wheat."
Back of this news was confirmation that Argentine Government crop
estimates pointed to a 1930 exportable wheat surplus of fully 200,000,000
bushels, an amount 120,000,000 bushels more than last season. Unofficial
advices said the Argentine Government report had been prepared with
great care,and that including 25,720,000 bushels carryover ofold wheat,the
Argentine exportable wheat surplus Jan. 1 probably would total 209,000.
000 bushels.

Mr. Legge Goes Heflin.
Editorial in New York "Herald Tribune" Dec. 20.

In filing his first accounting of the expenditures of the
Federal Farm Board, on Thursday, Alexander Legge, Chairman of that organization, took occasion to urge upon Congress the need for "strict Governmental regulation of all
exchanges dealing in agricultural commodities." "At present," Mr. Legge declares "exchange rules and regulations are
built up by the traders themselves. They are not in the
interests of the producers or the consumers."
How far from sound concepts Mr. Legge's wanderings
over the last year and a half in the maze of "farm relief"
have carried him is eloquently revealed in the above observation. So saturated has he become, apparently, with the
perverted viewpoint ofhe so-called "friends" of the farmer
that he is amazed when he discovers that our exchanges
are not regulated "in the interests of the producers or the
consumers." It probably would cause him equal consternation to find out that the stock exchanges are not
regulated "in the interests"of our industrial concerns or the
buyers or sellers of stocks, as such. Exchanges are regulated,
if they are regulated properly, with but one purpose in
mind, namely, the establishment of a broad and free market.
Experience has taught them that not only is this the best
thing for themselves but the best thing for all groups concerned.
Mr. Legge's record as an industrial executive proved that
he knew his business. But producing agricultural machinery is one thing, and attempting to control the prices of
our great staple commodities is another. When it comes to
wheat or cotton, with their millions of producers, thousands
of merchants and millions of consumers, each with his own
idea of price, the problem involves too many complexities
to be settled by the fiat of a single man or a single Government bureau. The employment of $400,000,000 by the Government to stabilize prices suggests inexhaustible resources.
No single interest ever before employed such a sum in attempts to "bull" the market for cotton, wheat or other
commodities. But $400,000,000 is not enough. Bull markets in wheat and cotton in the past that have been strong
enough to lift prices to dizzy heights had the backing of
far more than an allocation from a Government bureau. In
cotton, for example, they had behind them the buying
power of the textile industry, the merchants and a vast
army of speculative investors. The potential resources behind such markets have run into hundreds of millions, yes
billions of dollars. When the Government comes into the
market it is the signal for those other elements to step out
of the picture. Government operation and a free market are,
and always will be, incompatible.
It takes no genius to see that the truth of his untenable
position is beginning to break over Mr.Legge. His threat to
impose Government regulation on commodity exchanges is
nothing less than a manifestation of bureaucratic irritation
over the failure of his program thus far. Bureaucracy is
following its traditional course. When milder measures fail
because of fundamental unsoundness, the next step is the
imposition of more vigorous methods. Unable to bring
about commodity stabilization through the support of the
United States Treasury, Mr. Legge now proposes to invoke
Governmental despotism in his mad cause.

FoL. 181.

Volume of Trading.
An authorized summary of Mr. Duval's report, which sets forth reasons
futures trading limitations, follows in full text:
for his recommendation for
The report of the activities of the Grain Futures Administration for the
year ended June 30 1930, covered a period of unusual activity in the contract markets. The total of transactions in grain futures for the year was
nearly 25.000,000.000 bushels, a record which was exceeded only in 1925
when the transactions amounted to more than 31,000.000.000 bushels.
Transactions in wheat futures alone for this period aggregated nearly
20,000,000,000 bushels and was the greatest of any year for which the
Grain Futures Administration has records. The largest volume of trading
in all grain futures for any one day of the year was on July 15 1929, when
sales on the Chicago Board of Trade totaled 193,479,000 bushels. Another
record was set up on Oct. 24 1929. when sales of Chicago wheat futures
alone aggregated 156,126,000 bushels, surpassing the previous record by
more than 6.500.000 bushels.
Heavy trading in wheat, according to Mr. Duval, "was not the result of
any unusual speculative activity such as is most frequently associated with
scarcity and advancing prices." On the declining market. "buying support
came largely from the so-called general public," and "the large speculators
as a class operated primarily on the short side of the market."
Mr. Duvel commented that experience has demonstrated that there have
been no undesirable consequences of the publication daily of the open commitments, although some grain interests had regarded this as a dangerous
Innovation when introduced in August 1925. Theresult has been beneficial,
he said. Open commitments of wheat futures at Chicago were the highest
ever recorded, nearly 250.000,000 bushels, on Oct. 16 1929,
Mr. Duvel reviewed a report to the Senate which analyzed trading operations. He commented on efforts to relax regulations in regard to the reparting requirement, and points out that there is no basis to believe that
this would encourage speculative buying and result in higher prices for
wheat. "It Is not known," he says, "by what magical process wheat
prices could be boosted, if the Government were blindfolded," and suggests
the same process might as reasonably be expected to depress prices. He
reviews a fraud case in which the Administration was active and mentions
several special investigations in which the Administration is now engaged.

Sharp Decline in Canadian Wheat—Increased Clearances Cut Export Supplies to 278,000,000 Bushels—
Rising Demand is Seen.
From the New York "Times" we take the following
Canadian Press advices from Ottawa, Dec. 18:
Canada's wheat stocks are gradually getting down near the totals of
last year at this time. When the crop season opened on Aug. 1 there was
112,000.000 bushels of a carry-over. Added to this was the new crop
estimated at 396,000,000 bushels.
This was figured to indicate an exportable surplus of 110,000,000 bushels
more than in 1929, or about 398,000,000 bushels which could be exported.
This was exclusive of wheat used for home consumption,seed.feed, &c.
At the end of November last, however,owing to the increased clearances,
the export supplies were only 50,000,000 bushels higher than on Dec. 1
1929 and amounted to about 278,000,000 bushels. This does not include
wheat held in the United States.
The above figures were included in an official summary of the Bureau
of Statistics issued to-day. It adds that the 278,000.000 btishels surplus is
not unreasonably high for this season of the year, considering that the
five-year average exports of the last eight months of the crop year. Dec. 1
to July 31, amount to 187,435,223 and the average carry-over in Canada
at the end of each July for the last five years was 76,000.000 bushels.
Many observers of the European situation look for important increases
In demand for wheat during 1931, but there are some misgivings because
of the great increases in stocks of Russian wheat during November in
those countries where trade is relatively free. Notable examples are the
United Kingdom, Italy and Holland.
During the past month the competition of the United States with Canada
on the world wheat market has gradually receded and United States wheat
Is hardly a factor in the world situation at the present time.

Fort William Wheat Gain—Lake Shipments Far Above
1929 Total—Grain Stocks Off in Year.
Under date of Dec. 13 the New York "Times" reported
the following (Canadian Press) from Fort William, Out.:
Following the close of navigation on the Great Lakes early this week,
figures of grain shipments during navigation have been prepared by the
Board of Grain Commissioners. Shipments of all grains were 210,492,924
bushels, of which 178,949,964 were wheat. This was 21.500,000 bushels
more wheat than was shipped in the season of navigation in 1929.
Stocks of all grains in store here rose this week about 3,000,000 bushels
to 57,304,638 bushels, almost 10,000,000 less than at this time last year.

Big Portuguese Wheat Harvest.
A Lisbon Cablegram, Dec. 19, to the New York "Times,"
Official statistics give the 1930 wheat harvest of Portugal as about
13,000,000 bushels, which is 25% more than the average for the last ten
This represents a national saving of about $5,000.000 In imports.

Argentine Wheat Crop—Production Set at 270,862,478
Bushels, as Compared with 162,251,108 in 1929.
Rational Limitation of Futures Trading in Grain
Advocated—J. W. T. Duvel of Grain Futures AdFrom the New York "Times" we take the following from
ministration Suggests Restriction on Holdings Buenos Aires, Dec. 20:
Permitted for Speculative Purposes.
The Bureau of Rural Statistics to-day published the first forecast of this
year's harvest, estimating wheat production at 270,862,478 bushels. It
A rational limitation of trading in futures in the contract estimates the carry-over from the last crop at 18,222,470 bushels, much of
grain markets of this country was recommended by J. W.T. which already has been milled locally. Seed requirements are 89,474,800
Duvel, Chief of the Grain Futures Administration of the bushels, leaving an exportable surplus estimated at 199,610,148 bushels.
Department of Agriculture, in his annual report to Secretary
The estimate of this year's production considerably exceeds the average
public Dec. 15.—We quote from the "United for the het five years, which Is 242,542,934 bushels, Last year's crop
Hyde, made ,
also was 162,251,108 bushels and the preceding one was 348,354.585.
States Daily' of Dec. 15, from which the following is
The bureau estimates flaxseed production at 84,369,430 bushels,the carrytaken:
purchases over at 8,432.057 bushels and seed requirements at 8,960,500 bushels,
The enactment of legislation regulating the volume of daily
and sales and the total future holdings permitted a trader for speculative
purposes, according to Mr. Duval,"would inure to the direct benefits of all
interests using the futures market for proper purposes."

leaving an exportable surplus of 83,748,177 bushels.
The wheat estimate is on a basis of 13.75 bushels to the acre, only 19.699.000 acres being harvested out of 21,285,255 planted.

DEC. 27 1930.]


Official German Board Sees no Recovery for
Grain Prices.

Stating that the outlook for prices is much discussed as the
new year approaches, a message from Berlin, Dec. 19, to
the New York "Times," added:
The Official Institute for the Study of Trade Fluctuations predicts that,
at any rate, agricultural prices, for grain in particular, will remain at a low
level. The recent fall in prices for such products is -cribed to the operation of structural changes in world production and consumption, which
may for a long period make farming relatively unprofitable.
The Institute thinks that the steady fall in value of American farm land
since 1920 is one expression of these structural changes. It admits that
the protectionist measures which Germany and other European countries
have applied have thus far partly saved the home farming industry from
the effects of the world-wide agricultural depression. But it believes that
such measures cannot permanently serve the purpose.

Legality of Loans by Federal Farm Board May Be
Tested—Commission Men to Appeal in Event of
Adverse Decision on Complaint by Secretary of
Agriculture—St. Louis Dealers Reply to Charge
of Conspiracy in Refusing to Buy from Cooperatives.
The legality of loans by the Federal Farm Board to livestock co-operative selling and buying associations, allegedly
to enable the latter to compete with private interests, will
be tested in the courts in the event of a decision adverse
to a group of commission men and order buyers and firms
on the St. Louis livestock market, charged by the Secretary
of Agriculture with boycotting the co-operative and other
organizations, M. W. Borders Jr., counsel for respondents,
declared on Dec. 19. This is learned from the "United
States Daily" of Dec. 20 from which the following is also
His statement was made in presenting arguments on the complaint
before the Acting Secretary of Agriculture, Dr. O. F. Marvin.
The constitutionality of the Agricultural Marketing Act, under which
the Farm Board functions, would thus be brought into question, Mr.
Borders explained, as well as the matter of the validity of provisions of
the Packers and Stockyards Act of 1921, upon an appeal to the courts from
an adverse decision of the Secretary of Agriculture.
Argumente Completed.
The complaint of the Secretary, upon which hearings were recently
held in St. Louis, charges 40 commission men and order buyers and firms
on the St. Louie market with combining for the purpose of refusing to buy
livestock from certain co-operative associations and with hindering and
preventing the free buying and selling of livestock on the market.
The hearing of arguments completes the presentation of the case which
will be taken under advisement for decision by the Secretary of Agriculture. Statutory provisions permit judicial review of the orders of the
Secretary of Agriculture under the Packers and Stockyards Act.
Conspriacy Denied.
Admitting that many of the respondents had refused to do business with
the National Order Buying Company, the Producers Livestock Commission
Association, and Kennett, Sparks & Co., Mr. Borders denied there had
been a conspiracy to refuse to do business, and declared that the position
and operations of the first two companies named were such that legitimate
commission men and order buyers would inevitably be forced out of business on the St. Louis market, leaving the companies with a monopoly of
the trade.
The National Order Buying Company is affiliated witt the National
Livestock Marketing Association, the national livestock co-operative association organized with the aid of the Federal Farm Board. Mr. Borders
alleged that the Producers Livestock Commission Association is for all
practical purposes under the same control as the National Order Buying
At the opening of the hearing, at the Department of Agriculture building in Washington, D. C., Mr. Borders moved to disqualify the Secretary of
Agriculture as arbiter of the proceeding since, Mr. Borders alleged, the
Secretary would be acting as both prosecutor and judge in the proceeding.
Act Prohibits Boycotts.
Dr. Marvin took the motion under advisement.
C. E. Miles, attorney for the Department, declared that the Packers and
Stockyards Act prohibits unfair practices, including boycotts, on the livestock markets. It is not necessary, he said, for the Government to prove
that a specific agreement was made between the respondents to boycott
the concerns with whom they refused to do business.
The respondents have set themselves up in opposition to the Federal
Farm Board, Mr. Miles said, and their efforts are designed to nullify the
Agricultural Marketing Act. If the will of the commission men who
are respondents prevails against the Act, he said, then the reign of law
and order will be at an end.
The contention of certain of the respondents that the National Order
Buying Company and the Producers Livestock Commission Association
were irresponsible financially was refuted by their own contention that the
two concerns were financed with Farm Board funds, to such an extent
that private commission men could not compete with them, Mr. Miles
He also defended the refusal of the examiner who heard the evidence in
the case to subpoena the Secretary of Agriculture, Arthur M. Hyde;
Alexander Legge, Chairman of the Federal Farm Board, and other Federal
officials, holding that the information desired from them was not material
to the case. He said also that the acts of the Farm Board are not material
to the complaint of conspiracy.
Mr. Miles defended the practice of the National Order Buying Company
and the Producers Livestock Commission Association in dealing for both
the seller and buyer of livestock, declaring that such practice is permissible if the buyer and seller are notified.
Mr. Borders, opening the argument for the respondents, said the aim
of the Packers and Stockyards Act is to preserve competition on the live-


stock markets, but the object of the Agricultural Marketing Act is to
permit certain co-operative associations, but not all of them, to gain a
monopoly in livestock. The Government is in business, he said, through
the National Livestock Marketing Association.
The Producers Company, he said, represents the farmer, while the
National Order Buying Company represents the packers. The object of
the former, he added, should be to obtain the highest prices available
for their clients, while the object of the latter should be to obtain the
lowest prices for the packers. These objectives are in conflict, he contended, and the two concerns, which he said are under the same control,
could not operate honestly on any such basis.
With one concern representing both the buyers and sellers of livestock,
he said, that concern could force out of business all the other interests
seeking to operate on the market. If that program is successful in this
case, he added, it will be applied to every other business in the United
Mr. Borders charged that the evidence on refusal of the respondents
to sell was obtained by entrapment, and that such evidence would be thrown
out of court. It was not based on any bona fide effort to buy, he said, but
on special offers made specifically for the purpose of obtaining ,evidence of
The character of the operations of the National Order Company and the
Producers Company, he said, were such that legitimate private concerns
were justified in refusing to deal with them.
The National Order Buying Company paid higher prices for hogs than
the regular trader could pay, Mr. Borders said, and then sold to packers
at a loss to get the trade of both the producers and the packers. It has
consistently operated at a loss, he said.
Under the system being placed in operation by the Farm Board, Mr.
Borders said, not only will the legitimate traders be put out of business,
but the farmers will be reduced to serfdom, dependent on cheap loans from
the Government.
With respect to the financial responsibility of the two companies, he
said, the bond given by the National Order Buying Company for payment
on its purchases was smaller than its trade in several individual days on
the St. Louis market alone, and that the company operates on six markets.
The company has not followed the usual requirement that payment be
made on the day of purchase, he added, as is necessary for the private
Even if the Agricultural Marketing Act is valid Mr. Borders said, the
entry of the Government into business in competition with private citizens so as to drive them out of -business is unconstitutional, and the loans
made by the Federal Farm Board are illegal and void.
The Packers and Stockyards Act is unconstitutional, Mr. Borders said,
because it does not specify the acts which it declares to be illegal and is
an invalid delegation of Congressional power.
He declared the respondents had been deprived of due process of law
because they had been given insufficient time to prepare their case.
M. W. Borders Sr. then took up the argument for the respondents.
He deplored the fact that Secretary Hyde did not hear the case, declaring
it to be the most important question now before the Federal Government,
since it involved the question of Government competition with private
Justification for the fear that the private concerns would be eliminated
is found, Mr. Borders said, in the fact that the partners in one concern,
the second largest order buying company on the St. Louis market, went
over to the National Order Buying Company at one-third less salary than
they had been getting from their business, and 'received nothing for the
good will transferred. These men, he said, stated that they made the
change because they feared they would be put out of business otherwise.
Elton L. Marshall, solicitor for the Department of Agriculture, presented the final argument for the Department. The respondents, he said,
are really directing their attack against the co-operative marketing system.
They are out of line with the law, he added, and their case should properly be presented to Congress rather than at the present hearing.
Walter Rumble, counsel for the Farmers' Co-operative Commission As.
sociation, one of the respondents, asked at the close of the hearing that, if
an order to cease and desist from present practices or an order suspending
present companies from activity on the exchange were issued, it should
take effect 12 days after receipt by the respondents. This, he said, would
give time to carry the matter into the Federal courts if it is desired ts
do so.
Dr. Marvin assured him that the Department would allow a reasonable
time for such action. The hearing then was adjourned.

Minimum Limit of Trading on New York Cotton Exchange for Period from December 1930 to November 1931.

The Board of Managers of the New York Cotton Exchange
voted on Dec. 12 to set the maximum limit of interest by
any member, firm or corporation, and his or its affiliations,
at 1,000,000 bales for delivery in December 1930 and in all
months up to and including November 1931.
Governor Gardner of North Carolina Urges Reduction
of Acreage for Cotton—Says Output Will Deter.
mine Economic Status for Next Decade.

The South's production of cotton in 1931 will determine
the social and economic status of the South for the next
decade, it was asserted by Gov. 0. Max Gardner. Reduction in acreage is imperative, he said, according to the
"United States Daily," which gives his statement as follows:
lain absolutely convinced that a cotton crop of 14,000.000 bales of American cotton next!year would furnish a final knockoutfor the South. There is
no economic escape from the fact that;frith our huge carry over of8,000.000
bales and reduced world consumption of American cotton, we are looking
eight-cent cotton squarely in the eye in 1931 if we make another normal
crop. If the leaders of Southern agriculture do not make a united drive
to reduce our cotton acreage next year our situation will be deplorable.
In 1926 we made our biggest crop of cotton, 18,000,000 bales, and
received 11 cents per pound. In 1927 we made one-third less cotton,
namely, 12.000,000 bales, and received 20 cents per pound.
I am convinced that our production ofcotton in 1931 is going to determine
the social and economic status of the South for the next decade. I realize



that we cannot make a big crop of cotton East of the Mississippi without
commercial fertilizer and I also realize that we cannot secure fertilizer
without cash, which is going to be most difficult to obtain. I. therefore,
think that even if we are foolish enough to not reduce acreage that our crop
will be greatly reduced by reason of a lack of food value. The banks and
leaders of the South should exercise the highest degree of patriotism in
directing this acreage reduction for the salvation of the South.
The same argument fbr cotton applies with equal force to tobacco and the
same line of reasoning and possible economic diaster is involved.

Bankers Approve Cotton Cut Plan—Mississippi Association Backs Move to Force Acreage Reduction.
In the New Orleans "Times-Democrat" of Dec. 18 we
find the following:
The Garrett plan for forcing farmers to reduce their cotton acreage 25%
has been approved by the executive board of the Mississippi Bankers'
Association, J. E. Garrett of Corpus Christi, Tex., author of the pain
and President of the Southern Cotton Reduction Association, announced
after his arrival here Wednesday.
The plan had previously been approved by the North Carolina bankers
and is being considered in other States in the South. Under the proposed
system, which is to cover a five-year period, the banks will refuse to lend
money to any farmer who does not cut his cotton acreage to 75% of his
1930 total. Anyone violating the agreement or refusing to comply
will be barred from bank loans during the five-year period.
From New Orleans Mr. Garrett will go to Chattanooga to present his
plan to the Tennessee bankers.

Textile Converters' Group Ask Cotton Mills to End
Night Work—Votes Preferential Consideration
Against Those Continuing It.
"Preferential consideration" disadvantageous to nightoperating cotton mills was voted on Dec. 16 by the Textile
Converters Association, consisting of customers of the mills,
at their annual dinner meeting held at the Hotel Pennsylvania. The New York "Times" further reports:
Resolutions calling for total discontinuance of night work at present in
all mills, and indirectly aimed against a persistent minority of nightrunning mill owners, were adopted.
It was said that there were at present enough orders to keep all the
cotton mills of the United States running at full time on a day-shift basis
and that the action was flit necessary to "prevent a completely.demoralized
cotton goods market fbr years to come."
It was reported that 80% of the mill owners of the nation yesterday
elected through the instrumentality of a group meeting of the Cotton Textile
Institute at Greenville, S. C., to continue until March 15 to refrain from all
night running and from operating more than 40 hours a week.
A "stubborn minority" of20% controlling 40% of the Nation'sspindleage
have refused to co-operate in the anti-overproduction campaign, it was said.

[VOL. 131.

Commenting upon the proposal of Senator McKellar (Dem., Tenn.)
that the Farm Board set a minimum price below which it will not sell its
holdings of cotton, Legge said that the general opinion seems to be that
this approaches price fixing.

The New York "Journal of Commerce" of Dec. 24 had
the following to say in the matter:
The offer for the purchase of cotton on credit made by representatives of'

the Soviet Government to the Federal Farm Board earlier this year amounted
to from 300,000 to 500,000 bales, it was said in informed quarters here
yesterday. This offer was declined by the board, as indicated by Chairman
Legge, because of his insistence upon a cash payment of at least 50%.
The original offer of the Russian Government was made last spring.
It could not be learned definitely yesterday whether it will be renewed
now if requested.

President Hoover Details Activities of Federal Government in Increasing Employment Through Construction Work—Apportionment of Appropriation
of $116,000,000 Funds.
The following statement was issued by President Hoover
on Dec. 23 relative to the volume of Federal construction
work in furtherance of relieving unemployment conditions.
December 23 1930.
The press has requested a more detailed statement of the activities of
the Federal Government in increasing employment and relief to agriculture during the new calendar year.
To arrive at such an estimate it is necessary to review the estimated
expenditures of two fiscal years ending June 30 1931, and June 31 1932.
The volume of construction work direct and indirect is estimated as follows:
Estimate of Construction Expendituresfor Fiscal Years,June 30.
Federal aid to highway construction--$93.826,000 $115860,000 $142985,600:
Public buildings
33,404,000 140,033,000 147,706,000
Rivers and harbors public works
76,613,000 138,100,000 130,614,000'
Ship construction (incl. authorization
for more naval vessels)
44,069,000 100,791,000 159,049,000
Aircraft and air navigation
28,555,000 29.771.000 31,993,000
100,000 5,900,000 13.314,000
$276,567,000 $530455,000 $625661,000'
To the above must be added the emergency appropriations for still
further acceleration of public works already authorized by Congress,
which moneys will be spent during the calendar year 1931, as follows:
Rivers and harbors, public works


In addition thereto must also be added the acceleration of public buildings
programs during the next 12 months by the application of accumulated
and unexpended balances from previous appropriations which can now be
applied through the expedition gained from the authority to employ outside
architects, amounting to $30,000,000.
In order to reduce these expenditures for construction work to thecalendar year 1931 we may take half the 1931 budget figures and half the
1932 budget figures and add the emergency appropriations and the acceleration of building programs as follows:
Half 1931 Hair 1932 Accelerated Est. Total
EsOmale. Programs. 1931 Cal.Yr.
Federal aid to highways_ 57,930,000 71,492,100 90,500,000 219,922,500'
Public buildings
70,018,500 73,853,000 30,000,000 173,869.000
Rivers and harbors, public works
69.050.000 65,307,000 25.500,000 159,857.000
Ship construction
50,395,500 79,524,500
Aircraft & air navigation 14,885,500 15,996,500
2,950,000 6,657,000

Movement of American Cotton Into Sight and Exports
Running Below Last Year's According to New York
Cotton Exchange Service.
Movement of American cotton into sight, forwardings
to mills and exports have been running lower in recent weeks
than in the same weeks last year or two years ago, according
to the New York Cotton Exchange Service. The low move724.058,000.
ment is attributed to the relatively small demand and the
This compares with the rate of about $275,000,000 per annum prior to
low rate of world consumption. The Exchange Service
the depression.
under date of Dec. 23 says:
The relief to agriculture of all sorts,including Farm Board appropriations.
"During the past four weeks the average weekly movement into sight
has been 408,000 bales, compared with 446,000 bales in the same weeks
last year. and 521,000 two years ago. In these same four weeks,the average
weekly forwardings to mills have been 313,000 bales this year against 348,000 last year and 392.000 two years ago. In the same periods, the average
weekly exports have been 193,000 bales this year against 236,000 last year
and 295,000 two years ago.
"Totals for the seasbn to date are likewise smaller than for the same
periods last season or two seasons ago. Total into-sight this year is 9,889,000 bales against 10,567,000 last year and 10,319.000 two years ago.
Total forwardings this year are 4.743,000 bales against 6,156,000 last year
and 6,552.000 two years ago. Total exports this year are 3,702,000 bales
against 3,921.000 last year and 4,455,000 two years ago.
"In consequence of the light movement this season, the amount still
available to come into sight and the amount available to be forwarded to
mills during the rest of the season, as also the stocks in this country outside
of mills from which later exports may be drawn, are relatively large. The
balance available to come into sight is now approximately 5,604,000 bales,
compared with 4.646,000 a year ago and 4,858,000 two years ago. The
balance available for forwardings to mills of the world is 13,787,000 bales
against 10.998,000 a year ago, and 11,145,000 two years ago. The total
stock in this country outside of mills, including the estimated unpicked
portion of the crop, is 11,529,000 bales, compared with 8,711.000 a year ago
and 8,382,000 two years ago."

are estimated asfollows:
Fiscal year 1928
Fiscal year 1931-1932
If to reduce it to the calendar year 1931 we take half of each fiscal year.
1931 and 1932 ($125.000.000), and add the $45,000,000 for drouth relief,
we have a total Par 1931 calendar year of $170,000,000.

President Hoover Adopts Plan for Maximum Wage on
Relief Program—Rules for Couzens Proposal for
Prevailing Local Rates Defeated by Congress—
$724,058,000 is Allotted.
President Hoover announced on Dec. 23 that the policy
of the Federal Government in connection with the payment.
of wages on government contracts would be to insist that
contractors in entering upon government work should pay
the prevailing wages in their respective communities. Thiswas reported in a Washington dispatch to the New York
"Times" the dispatch continuing:

In making this ruling the President has adopted administratively the
principle of the defeated Couzens amendment to the $116,000,000 emerChairman Legge of Federal Farm Board Reveals that gency relief bill carrying appropriations for public works. That amendSenator James Couzens of Michigan, was approved
Russian Soviet Inquired for Credit Purchase of ment. introduced by but was opposed by the House and was stricken out
by the Senate twice,
in conference.
President Hoover was in entire sympathy, it was learned in an informed
From its Washington bureau the "Wall Street Journal" quarter, with the principle of the Couzens amendment.
In giving out the details of the allotments of the relief funds, which
of Dec. 23 reported the following:
The Russian Government inquired of the Cotton Stabilization Corpora- with the $160,000.000 appropriated for aiding agriculture, will total $884.tion whether it could buy "a large quantity of cotton" entirely on credit, 058,000 for the coming calendar year, the President said that at the White
House conferences with business and industrial leaders after the depression
it was revealed by Chairman Legge of Farm Board.
The offer was declined and Legge said he knew nothing to indicate that began, an understanding was reached that they would maintain the existing
wage scales. That action, the President said, had been one of the most
another offer would be made for cash.
This offer, Legge indicated, was nothing but a "feeler." Even manu- constructive contributions to the business situation made during the period
facturers in this country hesitate to sell entirely on credit, most of them of the depression.
It is the policy of the Federal Government, therefore, the President
demanding 50% cash. Some other country might find this offer worth
considering, he indicated. No discussion of price occurred. If a spot added, that contractors on government work shall pay *not less than the
cash offer had been made, Stabilization Corporation might have been in- prevailing wages on their various districts both on existing contracts and
those hereafter to be let.
terested, he said.

DEC. 27 1930.1


The largest item on the general program, which the President gave out
to-day, is $219,922,000 for road construction in the States, the national
parks, the national forest, unappropriated parts of the public domain
and untaxed Indian lands.
More than 90% of this sum will be allocated and expended under the
direction of the Secretary of Agriculture, who will act through the Federal
Bureau of Public Roads. Most of the money will be allotted to the States
for construction of Federal highways.
The next largest item is $173,839.000 for the construction of public
The remaining allotments are $159,857,000 for the improvement of
rivers and harbors, $129,920,000 for ship construction, $30,882,000 for
aircraft and other air navigation purposes and $9,607,000 for projects listed
as miscellaneous.
It was explained that the $124,058,000 for public works represented half
the budget estimates for the present fiscal year and half the estimates for
the fiscal year 1932, to which was added the $116,000,000 of the emergency appropriation bill and the $30,000,000 for increased public building
activities, appropriated since the convening of the final session of this
Congress on Dec. 1.
Within an hour after the White House release of the program, the War
Department had acted to allocate the funds authorized in the $116,000,000
emergency bill. Other departments will have their allotments worked out
before the new year.
The statement made by the President was in two parts. The first was an
estimate of the cost of construction activities by fiscal years and the second,
the program for the calendar year 1931, the latter being the one which is
now being carried into effect. .
$3,000,000 For Flood Control.
The announcement by the War Department of its allocation of funds
provided for in the emergency legislation involved an increase of$3,000,000
for flood-control work on the Mississippi River and $17,818,340 for improvement of rivers and harbors, leaving about $4,000,000 still to be allocated for river and harbor work. The flood control allocation was $1,000,000 each for the New Orleans and Vicksburg districts to be expended for
levee construction, and $600,000 for levees and $400,000 for revetments
in the Memphis district.
The largest of the river and harbor items apply to the inland waterways
system, now nearing completion. $2,100,000 being allocated for the construction of the waterway through the Missouri River from Sioux City,
Iowa, via Kansas City to the Mississippi, $1,450,000 for the Minneapolis-Cairo link of the main line of the system and $1,200,000 for the Illinois
River link which will connect up Chicago with the main line to New Orleans.
Other items include $150,000 for New Bedford, Mass., harbor, $905,000 for improvements in the Delaware River, $288,400 for the Schuylkill,
$785.000 for the Cape Fear River in North Carolina, $604,000 for the
James River in Virginia, $795.000 for harbor improvements at Brunswick,
Ga.; $410,000 for the Los Angeles and Long Beach, Cal., harbors;$450,000
for work along the Ohio River, $344,000 for the Raritan River in New
Jersey, and $200,000 for the Fall River, Mass., harbor project. All of
the money will be expended under the supervision of the Corps of Engineers
of the Army.
Road Allocations Are Made.
Secretary Hyde also acted promptly, and sent notices this afternoon
to the highway officials of the various States that the $80,000,000 Federal
aid emergency fund would be availab e immediately.
The allotment of the emergency fund includes:
New York
$4,050,568 New Hampshire
New Jersey
1.107,807 Vermont
520,491 Rhode Island
1,141,480 Maine
"According to the provisions of the emergency legislation," said Mr.
Hyde, "these funds are to be used by the States in place of State funds
to match regular Federal aid funds previously authorized and apportioned.
On Nov. 30, the Federal aid funds available to the States for new projects
amounted to $155,383,877. Since each State had to its credit an amount
at least equal to the sum now available. It will be possible to spend $160.000,000 in road work without providing any money from State sources."
He went on:
"The Federal Government is now prepared to advance the full cost o
projects submitted under the emergency legislation. The sums advanced
to the States from the $80,000,000 appropriation are to be reimbursed to
the Federal Government over a period of five years, commencing with
the fiscal year 1933, by making deductions from the regular apportionments
of future Federal aid authorizations.
Amount Limited to Sums Paid.
"The amounts advanced will be limited to the sums actually paid for
work performed under new contracts for the construction of Federal aid
roads before Sept. 1 1931. No part of the emergency employment relief
funds will be available for projects in which convict labor is used."
Apportionment was also made by Secretary Hyde to-day of $3,000,099
for the building of roads on public lands, to be administered by agreement, either by the States or by the Bureau of Public Roads, as follows:
Apportioned. State—
$418,438 Oregon
231,782 South Dakota
130,857 Utah
175,199 Washington
New Mexico
•$75,000 deducted for administering funds.

Farm Heads Urged to Aid Unemployed—Col. Woods of
President Hoover's Emergency Committee on
Employment Puts Relief in Rural Communities
up to Agriculturists—Unemployed Urged to Seek
Work in Home Towns.
The co-operation of 6,000,000 farm owners and operators
of the country in providing increased employment was
sought on Dec. 23 by Colonel Arthur Woods, Chairman of
President Hoover's Emergency Committee for Employment.
From its Washington correspondent, the New York "Evening
Post" further reported as follows:
While fully realizing that in certain areas of the country farmers themselves have been seriously affected by adverse conditions, the Committee
has received frequent reports that farmers in many sections have been
undertaking construction and repair work during the winter for the direct
purpose of relieving local unemployment.
Colonel Woods issued a statement directly to the Presidents of the
National Grange, with a membership of 800,000; the National Co-operative


Milk Producers Federation, with 345.000 members;the Dairymen's League.
with 43,000 members; the American Farm Bureau Federation, with 1,000,000 members, and the National Farmers' Union. with 200,000 members.
Colonel Woods also has sought the co-operation of the editors of agricultural
publications in every section of the country.
Colonel Woods said in part:
"It has already become manifest that many unemployed persons, discouraged because of their inability to secure work in industrial centres,
have returned to the rural communities from which they originally came.
We recognize the serious problem which is thus created. Every effort is
being made by this committee to encourage employment and relief in
industrial centres to eliminate the distress which stimulated such return,
but where it has occurred it is highly necessary for rural communities to
act in searching out and alleviating through local employment, if possible.
those persons facing hardship during the winter months."
Unemployed men were warned again to-day by Colonel Woods to seek
work in their home communities rather than in other cities or towns. He
said Arizona, California and Florida in particular are swamped by an influx
of jobless men and families.

President Hoover Signs Bill Providing $150,000,000
Additional for Carrying into Effect Agricultural
Marketing Act—Hearings by House Committee,
President Hoover, on Dec. 22, signed the bill providing
for an additional appropriation of $150,000,000 which would
become part of the revolving fund of $500,000,000 authorized
to be appropriated under the Agricultural Marketing Act.
As was stated in our issue of Dec. 13, page 3804, the $150,000,000 additional funds were requested by President Hoover
in a letter addressed to the Speaker of the House on Dec. &
The House passed the bill on Dec. 18, as was reported in
these columns a week ago (page 3975); the measure was
favorably reported to the Senate on Dec. 19 from the Committee on Appropriations; near midnight on Dec. 20, before
the adjournment of Congress for the Christmas holiday,
the bill was passed by the Senate. Noting that the appropriation brings the total revolving fund so far available to
the Board, for loans to co-operative associations and stabilizing corporations, up to $400,000,000 out of the original
authorization of $500,000,000 in the Agricultural Marketing
Act of 1929, the "United States Daily" of Dec. 23, said:
The balance of $100,000,000, out of the total authorization,
is being considered by the House appropriation subcommittee
on the independent offices appropriation bill, which will be
reported to the House after the holidays. The independent
offices bill, covering funds for the Farm Board,.Shipping
Board and other independent institutions, applies to the
fiscal year beginning July 1 1931.
The following is the text of the bill:
An Act making an additional appropriation to carry out the provisions
of the Agricultural Marketing Act, approved June 15 1929.
Be it enacted, etc., That to provide an additional.amount for carrying
into effect the provisions of the Agricultural Marketing Act, approved June
15 1929 (46 Stat. 11-19), including all necessary expenditures authorized
therein, there is hereby appropriated, out of any money in the Treasury not
otherwise appropriated, the sum of $150,000,000, which amount shall become a part of the revolving fund to be administered by the Federal Farm
Board as provided in such Act.

From the "United States Daily" of Dec. 23, we take the
Drouth Appropriation.
The drouth relief appropriation—whether $45,000,000, as agreed upon
by the conferees on the authorization measure (S. J. Res. 211) or half that,
or whatever figure the Department of Agriculture and the House Committee
on Appropriations agree is necessary—will be passed as soon as Congress
reassembles, Jan. 5, in all probability, Representative Snell (Rep.), of
Potsdam, N. Y., Chairman of the House Committee on Rules, stated orally
Dec. 22. Meantime the House Committee on Appropriations is proceeding
with plans for hearings to be held between Christmas and Jan. 5 to determine the extent of the appropriations to be made under the $45,000,000
The hearings will be before a subcommittee on deficiencies consisting of
Representatives Wood (Rep.), of La Fayette, Ind., Chairman; Cramton
(Rep.), of Lapeer, Rich.; Wason (Rep.), of Nashua, N. IL; Dickinson
(Rep.), of Algona, Iowa; Ackerman (Rep.), of Plainfield, N. J.; Bacon
(Rep.), of Westbury, N. V.; Byrne (Dem.), of Nashville, Tears.; Buchanan
(Dem.), of Brenham, Tex.; Taylor (Dem.), of Glenwood Springs, Colo,
and Ayres (Dun.), of Wichita, Kans.
Representative Byrne, the ranking minority member of the Committee,
announced orally Dec. 22 his opposition to any appropriation less than the
$45,000,000 agreed upon as a compromise by Senate and House conferees
on the drouth relief authorization measure. He said he regarded the sentiment of the two Houses of Congress as fully represented in the final conclusion reached on $45,000,000 as necessary for allocation among the States
Furthermore, he said, the Department of Agriculture to make a proper
allocation of these funds should have a single appropriation as a basis and
that necessitates an appropriation of the full amount authorized, irrespective of what the Department of Agriculture says in support of its contention that $25,000,000 would cover all that is needed.

President Hoover Signs Bill Appropriating $116,000,000
for Emergency Construction in Behalf of Unemployed.
With the signing by President Hoover on Dec. 20 of the
bill appropriating $116,000,000 for emergency construction



(VOL. 181.

on public works the new legislation was placed on the 3973-3974. The following is the text of the bill as signed
statute books. With regard to this legislation the New York by President Hoover:
"Times," in a Washington dispatch, Dec. 19, said:
The House to-day voted [135 to 5] to accept the report of the conferees
OR the $116,000,000 measure, the conferees having reached a partial agreement, but insisted upon its disagreement to three Senate amendments, two
of them dealing with appropriations for highway building in Alabama and
Georgia. The third, the Couzens amendment, would compel contractors to
use local workers in the public improvements for which the $116,000,000
is to be expended. . . .
The next move toward completion of the relief program will come tomorrow, when the Senate acts on its three still disputed amendments to
the $116,000,000 public works bill, to which the House conferees refused
to agree to-day, and then were sustained by the House. Whether the
Senate will recede remains to be seen.
The House completed virtually all of its pre-holiday business, lingering
until late in the afternoon, hoping that the Senate would deal with the
conference report on public works.

Making supplemental appropriations to provide for emergency construction on certain public works during the remainder of the fiscal year ending
June 30 1931, with a view to increasing employment.
Be it enacted by the Senate and House of Representatives of the United
States of America, in Congress assembled,
That the following sums are appropriated, out of any money in the
Treasury not otherwise appropriated, for the purpose of providing for
emergency construction on certain public works during the remainder of
the fiscal year 1931, with a view to increasing employment, namely:

Department of Agriculture.
Forest Service.—Improvement of National Forests.—For the construction
and maintenance of roads, trails, bridges, fire lanes and so forth, including
the same objects specified under this head in the Agricultural Appropriation Act for the fiscal year 1931, $3,000,000.
Special Road Items.—National Forest Highways.—For the construction
In its further advices as to the action on the bill on and improvement of highways within the boundaries of the national forests,
fiscal year 1931, $3,000,000.
Dec. 20, the Washington advices to the "Times" stated:
Roads on Unappropriated or Unreserved Public Lands, Non-taxable
As sent to the President, the $116,000,000 bill contained none of the
Indian Lands and So Forth.—For the survey, construction, reconstruction
three Senate amendments which caused a clash in the conference with the
and maintenance of main roads through unappropriated or unreserved public
House and for a time seemed to jeopardize the fate of the measure. lands, non-taxable Indian lands, or other Federal reservations other than
Without roll calls, the Senate receded from all these amendments, two of
the forest reservations, under the provisions of the Act entitled "An Act
which would have allowed Alabama and Georgia to use about $2,000,000
to amend the Act entitled 'An Act to provide that the United States shall
of formerly appropriated flood relief funds, and the third of which would
aid the States in the construction of rural post roads, and for other purhave forced employment of local labor and the payment of the highest
poses,' approved July 11 1916, as amended and supplemented and for other
prevailing wages to laborers on Government construction work.
purposes," approved June 24 1930 (46 Stat. p. 805), fiscal year 1931,
The Senate's acceptance of the conference report was preceded by pro$3,000,000.
tests from Senators La Follette of Wisconsin and Walsh of Massachusetts,
Federal Aid Highway System.—For apportionment to the several States
who declared that the appropriation was totally inadequate to cope with
under the provisions of the Federal Highway Act, as amended, as a tempothe distress throughout the country.
rary advance of funds to meet the provisions of such Act as to State funds
required on Federal aid projects, $80,000,000.
La Follette's Protest.
Provided, That the sums so advanced shall be reimbursed to the Federal
Senator La Follette's protest against the "smallness" of the appropriaof five years, commencing with the fiscal year
tion.was accompanied by numerous letters, which he read into the record, Government over a period
1933, by snaking deductions from regular apportionments made from future
replying to questionnaires he recently sent out asking for unemployment
authorizations for carrying out the provisions of such Act as amended and
statistics in various parts of the country. He said these messages constituted "a complete refutation of the statements that the situation is well supplemented:
Provided further, That the amounts advanced in consequence hereof shall
In hand." His communications came chiefly from points west of the
Alleghenies, while Senator Walsh produced similar letters and telegrams be limited in each case to the sum actually paid out by a State under such
advance for work performed before Sept. 1 1931, for the construction of
from Eastern areas.
"I regard this program," Senator La Follette said, "as sponsored by the Federal aid projects:
Provided further, That should any State fail to claim any part of its
Administration and insisted upon by the House, as totally inadequate."
The Wisconsin Senator asked Senators who go to their homes for Christ- allotment hereunder, the President may reapportion such unclaimed funds
MU to study conditions among the unemployed, and added: "I hope that
to States capable of using them prior to Sept. 1 1931.
when they return they will be at least as generous as they were to
Department of the Interior.
corporations and income taxpayers last year."
National Park Service.—Roads and Trails.—For the construction, reconSenator Walsh's unemployment statistics included one from Buffalo,
N. Y., saying that unemployment there approximated 40,000 persons, Or struction and improvement of roads and trails, inclusive of necessary
bridges, in the national parks and national monuments under the jurisdiction
21.4% of those normally employed.
Unemployment conditions, accompanied by acute distress, are not con- of the Department of the Interior, fiscal year 1931, $1,500,000.
fined to any one locality, the two Senators reported, Senator Le Follette's
War Department.
figures including 9,000 reported unemployed in New Haven, Conn., with
Corps of Engineers.—Rivers and Harbors.—For the preservation and
"much suffering," and 25,000 unemployed in San Antonio, Texas.
maintenance of existing river and harbor works, and for the prosecution
Hr. Walsh said his survey showed generally high percentages of unemof such projects heretofore authorized as may be most desirable in the
ployed, and added: "It is rare to find a Mayor who is optimistic as to
interest of commerce and navigation, and so forth, including the same
the near future."
objects specified under this head in the War Department Appropriation Act
When he stated that Springfield, Mass., had between 7,000 and 8,000
for the fiscal year 1931, $22,500,000, to be expended under the direction
unemployed, Senator. Gillett, also of Massachusetts, interrupted to assert of the
Secretary of War and the supervision of the Chief of Engineers,
that New England cities "are able and willing to bear the burden of
and to remain available until expended.
caring for their poor," and challenged Senator Walsh's statement that
Flood Control, Mississippi River and Tributaries—For prosecuting the
outside aid was wanted.
work of flood control in accordance with the provisions of the Flood
Senator Couzens objected to the abandonment that local labor be used
Control Act, approved May 15 1928 (U. S. C., Supp. III, Title 33, Sec.
on Federal building contracts, but Senator Jones, a Senate conferee, said:
702a), $3,000,000, to remain available until expended.
"I should like to see something worked out along those lines, and we
Section 2. The 6W/18 herein appropriated shall be available interworked a great deal for that in conference. But this bill will be held up
changeably for expenditure on the objects named in this Act upon order of
on this provision, and that is a step we cannot
indefinitely if we insist
the President stating the amounts and the appropriations between which
afford to take. I think it wise to recede so that the $116,000,000 may
such interchanges are to be made.
be immediately available.
Section 8. A report shall be submitted to Congress on the first day
The "stone wall" of House opposition was given frequently by Senate
of the next regular session showing, by projects or other appropriate
conferees as the reason for other recessions on measures which bad been
detailed classification, the amounts allocated under each of the foregoing
proposed counter to Administration and House desires.
appropriations, the expenditures under each allocation, and such other
Senator Couzens stated that this attitude on the part of the House "shows
infOrmation which the President may deem pertinent in advising Congress
the absolute uselessness of trying to hold conferences." He added:
as to the allocation and expenditure of such appropriations.
"I would be perfectly willing to have the bill defeated in preference
to giving contractors $116,000,000 for the purpose of depressing wages,"
he said. "If it is necessary for conditions to get worse before they get
better, I'm willing to make those conditions as bad as possible, if that is President Hoover Signs Resolution
necessary, to impress on contractors and employers the necessity of main$45,000,000 for Drouth Relief.
taining a high wage standard."
On Dec. 20 President Hoover signed the resolution, as
The $116,000,000 bill stipulates the following appropriations:
Federal aid highways system to States
Rivers and harbors
Flood control on the Mississippi and tributaries
Highways in national forests
Roads and trails in national forests
Roads In unreserved public lands
Roads and trails in national parks


As we have heretofore indicated, the bill passed by the
House on Dec. 9 proposed an appropriation of $110,000,000,
while the bill adopted by the Senate of Dec. 11 called for
an appropriation of $118,000,000; the Senate bill likewise
curtailed the President's control over the fund. The conferees of the Senate and House on Dec. 13 agreed on an
appropriation of $116,000,000, and eliminated the Robinson
amendment taking from the President authority to allocate
the money; on Dec. 18 the Senate receded from the Robinson
amendment. Details of the Congressional action on the
$116,000,000 appropriation measure up to Dec. 19 were given
In these columns Dec. 13, page 3805, and Dec. 20, pages

adopted by the House and Senate on Dec. 19, providing for
an appropriation of $45,000,000 for advances Or loans to
farmers in the drouth or storm-stricken areas of the United
States. The new legislation is designed for emergency
assistance in behalf of farmers for the purchase of seed,
fertilizer, feed for work stock, fuel and oil for tractors, &c.
Loans and advances are to be made through such agencies
as the Secretary of Agriculture may designate. The proposed legislation was referred to in these columns Dec. 13,
page 3806, and Dec. 20, page 3974. As passed by the Senate
originally (Dec. 9) the resolution authorized an appropriation of $60,000,000. Previously, on Dec. 6, the House Committee on Appropriations had fixed the amount at $30,000,000-425,000,000 for drouth relief and $5,000,000 for
farmers in the storm area. On Dec. 18 the House rejected
the Senate amendments and passed legislation appropriating the $30,000,000 proposed by the House Committee. The
bill went to conference Dec. 18, and on that date the conferees agreed upon an appropriation of $45,000,000. The

DEC. 27 1930.]



conference report was accepted by both the House and nomic
depression. We quote from the Now York "Times"
Senate on Dec. 19. Regarding the action by the two of Dec. 21 which
branches of Congress on Dec. 19, we quote the following
As an alternative, or in addition, the resolution advocates
from the Washington advices to the New York "Herald dent appoint "a commission of outstanding representatives that the Presiof business for
the purpose of reviewing the operations of existing laws, that we
may ascertain whether it is possible,

under our democratic system, to effect a more
The $45,000,000 drouth relief measure, as agreed upon last night
by efficient co-ordination of industrial and commercial relations to the end that
conferees and adopted to-day by both houses, was $15,000,000 above
such violent depressions in our business and economic life
may be anticiAdministration's recommendation, but the White House announced
pated and lessened or prevented."
The resolution, which is signed by Seymour N. Sears, President,
that the President would sign it, nevertheless, without delay.
It was
L. Dryer, President-elect, Charles F. Abbott, Vice-P
expected to reach the White House to-morrow and be a law before
resident and Chairnight- man
of the Resolutions Committee, and William G. Adams,
fall—the most unusual law of the kind on record.
Director of the Association, endorses the policies of
With the construction fund fixed at $116,000,000, Administra
President Hoover,
tion esti- praises his
stand in commercial and industrial matters and pledges
mates showed to-day that construction work of $700,000,000
has been support as patriotic
Americans" of the 33 trade and territorial organizaprojected by the Government for the next calendar year.
This is exclusive tions affiliated
with the National Association, which includes hundreds
of the $45,000,000 drouth relief fund, which is intended to
be disbursed In thousands of members
throughout the United States.
loans obtained by liens on crops. It is by far the
largest program of
Pointing out the necessity for first aid toward restoring
public works ever undertaken in one year by the Federal Governmen
normal operat.
tion of business in general the resolution compliments
President Hoover is determined to resist any increase
the President for
of the program in "signal leadership in pointing the
way for business toward coping with the
the name of emergency relief, on the ground that it is
the most the emergencies that have arisen." It emphasize
s the desirability for united
Government can do without increasing taxes above the
1928 level. More- support "to keep our factory wheels turning,"
and urges that the present
over, the President considers it the maximum of already
authorized work business laws be scrutinized carefully.
that can be done during the year. . . .
"We believe," the resolution declares, "that if given
the united support
ofbusiness organizations,ofthe people as a whole and of
First Bill Completed.
their representatives
in Congress, President Hoover will so direct the
policies of the national
The $45,000,000 drouth relief bill was the first of the President's
emer- Government as to make it an aid rather than a deterrent
gency program to be completed in Congress. It was a
to business and
compromise between the sooner and safer return of national prosperity."
$60,000,000 demanded by the Senate and $30,000,000 insisted
The following officers were elected for the next year:
upon by the
House. Following the compromise agreement last night
by Senate and
Joseph L. Dryer, Associated Millinery Men, Inc., President.
House conferees, the drouth relief bill went through both
Herbert L. Schamberg, Far Western Travelers' Associatio
houses to-day
n. First Vicewithout a record vote, but with Senate Democrats
protesting that it was
"inadequate." It was adopted in the House without
Al Goldstucker, Southern Travelers' Association, Second Vice
discussion and a few
scattered opposition votes that were barely audible.
Benjamin Wurzburger, Jewelry, Leather and Fancy
Goods Association,
The Senate's insistence on having the drouth relief
bill permit advances Third Vice-President,
to farmers to buy food had been met in last
Charles F. Abbott, Salesmen's Association of the Structural
night's conference by the
Steel Insubstitution of a clause permitting aid "for such
other purposes incident dustry, Fourth Vice-President.
to crop production as may be prescribed by the
Sol Wollerstein, Garment Salesmen's Association, Secretary.
Secretary of Agriculture."
Arthur M. Hyde, Secretary of Agriculture, is on record
Robert B. Smith, Boot and Shoe Travelers' Associatio
opposed to the use
n, Treasurer.
of Treasury money to buy food for farmers on
Seymour N. Seam, Hardware Boosters Association,
the ground that it would
Chairman of the
come close to being a dole. The Administration
Board of Governors.
prefers to leave cases of
individual distress to the Red Cross.
William G. Adams, Executive Director.
In the prolonged debate which preceded Senate
The convention, which opened last Thursday, ended
passage of the drouth
relief measure, Senator Ellison D. Smith, Democrat, South
Carolina, explained that the word food was removed and this inserted because
"the Dr. H. Parker Willis Sees Withdrawal of Credit from
House conferees said they could not get away with the word
food, but
Investment Market at End.
could with something else."
"As a matter of pure stubborn pride on the part of
The economic collapse of 1929 was fundamentally a quessomebody," Senator
Alben W. Barkley, Democrat, Kentucky, said, "the
conferees were com- tion of banking and bank credit so that now it is certain
pelled to strike out the word food and substitute other language.
I think the rate of recovery will
be dependent upon the correct
that shows pretty conclusively who is 'playing politics at
the expense of
human misery.'"
handling of the credit situation, according to belief expressed
He suggested that hungry Americans could be fed if they
were sent to by Dr. H. Parker Willis, editor of the New York "Journal
China or Russia, recalling the appropriations for food
made for those of Commerce" in a survey
of the loan situation prepared
countries during and after the war.
for Shields & Co., members of the New York Stock Exchange.
Senator J. Thomas Heflin, Democrat, Alabama,
complained that "the
House in collusion with some Senators has put the horse above
the human; The substantial progress made toward reducing the overload
the mule above the man."

of credit obligations which existed a year ago is abundant
The following is the resolution as finally passed by Con- ground for satisfaction, Dr. Willis points
out. Much remains
gress and signed on Dec. 20 by the President:
to be done, he finds, and the most important influence to
business and the stock market during coming months will
be the policy pursued by the banks.
For the relief of farmers in the drouth- and/or storm
-stricken areas of
the United States.
Dr.. Willis is Technical Advisor to the Glass Committee
Resolved, by the Senate and House of Representatives of the
United States of the Senate which is about to conduct investigation of the
of America in Congress assembled,
Federal Reserve with the idea of advising constructive
That the Secretary of Agriculture is hereby authorized,
for the crop changes in the law. He is among
the foremost authorities
of 1931, to make advances or loans to farmers in drouthand/or stormstricken, or hail-stricken areas of the United States where
on central banks and international finance having just
he shall find
that an emergency for such assistance exists for the purchase
of seed of returned from a special study of Roumanian and other Eurosuitable crops, fertilizer, feed for work stock, and/or fuel
and oil for pean banking conditions. He was
associated with the formtractors used for crop production and when necessary to
procure such
ation of the Reserve System in the Wilson Administration.
seed, fertilizer, feed, and fuel and oil, and for such other
purposes incident to crop production as may be prescribed by the
His survey shows there has been a reduction of $5,000,000,Secretary of Agriculture, and sell the same to such farmers. Such advances,
loans or sales 000 in credit since Oct. 1 1929, but the decline
has been chiefly
shall be made upon such terms and conditions and subject
to such regulathe result of less business activity. While brokers' loans
tions as the Secretary of Agriculture shall prescribe, including
an agreement by each farmer to use the seed, fertilizer, feed for
work stock, fuel are but $2,000,000,000, or about what they were at the
and oil thus obtained by him for crop production. A first
lien on all close of the war, the burden of carrying securitie
s has been
crops growing or to be planted or grown during the year
all, in shifted to the banks
and analysis of security loans, contained
the discretion of the Secretary of Agriculture, be deemed sufficient
for such loan, advance or sale. All such loans, advances and sales
shall be in the survey, shows no important curtailment of this form
made through such agencies as the Secretary of Agriculture may
designate, of accommodation.
and in such amounts as such agencies, with the approval of the
Analysis of the loan situation points strongly to the belief
of Agriculture, may determine. For carrying out the purposes
of this
resolution, including all expenses and charges incurred in so
that withdrawal of credit from the investment market has
doing, there
is hereby authorized to be appropriated, out of any money in the
Treasury about reached its limit, Dr. Willis maintains. Weak holders
not otherwise appropriated, the sum of $45,000,000; provided,
that loans of securities have been broadly eliminat
ed and their holdings
shall be available for summer following in 1931.
are in the hands of those who are protected by materially
Section 2.—Any person who shall knowingly make any
material false
representation for the purpose of obtaining an advance, loan or
sale, or in better collateral.
assisting in obtaining such advance, loan or sale, under this
Indications he says, suggest that the banks will pursue
shall, upon conviction thereof, be punished by a fine of
$1,000, or by imprisonment not exceeding six months, or both. exceeding a policy of moderate and conservative action in taking
care of what liquidation remains necessary, he believes,
that will permit of early recovery in the level of security
National Council of Traveling Salesmen's Associa
tions prices—other things being equal.
of America Asks President Hoover to Call Parley
to Aid Trade—Urge Conference of Industries to
Mayor Walker of New York Urges Depositors to Keep
Seek End of Depression.
Money in Banks.
In a resolution addressed to President Hoover, as
Urging depositors "not to become stampeded about their
by the delegates at their annual convention at the
Hotel deposits in the banks" Mayor Walker of New York on D.
Pennsylvania and ratified on Dec. 20 by the Board
of 13 pointed out "the withdrawal of funds, if general, would
Governors, the National Council of Traveling Salesmen
's only embarrass the strongest and most sound banks to
Associations of America asks the President to call a
national provide cash enough to meet these demands." The Mayor's
conference of industries to study means to combat the
eco- statement, issued at the City Hall, follows:



I am informed that depositors in banks are becoming alarmed by
closing of the Bank of United States and are drawing their full
out of other banks in the city. Such action, if general, would only emto
barrass the strongest and most sound banks to provide cash enough
meet these demands, and also affords a fine field for pickpockets and
"No bank keeps all of its depositors' money in cash in its
for detime. The bank not only provides a safe way of keeping money
it must lend
positors, but in order to succeed as a business institution,
on their
money on notes, bonds and mortgages to business men to carry
by the
business. If all of the money in all of the banks was to be called for
depositors at the same time, all business would have to stop.
their deposits
"Let me urge depositors not to become stampeded about
In the banks. The financial structure of the country and the city, through
the Clearing House Association, as well as the Federal Reserve
DeIs organized to safeguard the deposits and the savings of the public.
not be frightened
positors should only draw what they need and should
into withdrawing from the bank any more than they need.
do not
If the depositors have drawn money from their banks that they
and rumors.
need, they should redeposit it and not spread alarming fears
savings by carrying
and they should not take the chance of losing their
secrete it in
money around with them on their persons or by trying to
some place in their home. This will only encourage robberies and add
burdens not only to the police but to all concerned.

W. E. Hotchkiss Named Pacific Coast Employment
Appointment of Willard Eugene Hotchkiss of Stanford
University, Calif., as regional director of the President's
Emergency Committee for Employment for the Far West
was announced at Washington on Dec. 15 by Col. Woods,
Chairman. A Washington dispatch to the New York
"Journal of Commerce" stating this added:
Dr. Hotchkiss' activities will be directed to maintaining contacts between the committee and State and local employment and relief committees
in the Far Western area.
Problems of relief for the needy unemployed are receiving the attention
of the committee, it was indicated to-day by Col. Woods, and the conthrough
clusion has been reached that the mere feeding of the out of work
situabread lines is neither satisfactory nor adequate. Investigations of the
tion in a number of the leading cities have convinced members of the comdone
mittee, Col. Woods said, that if food is to be distributed it should be
Indoors, so that there need not be long "bread lines" in the cold. Every
wholesome, which does not
effort should be made to see that the food is
seem to have been done in all instances, and the relief should go further
than the mere provision offood.

Senator Wagner to Introduce Legislation in Congress
for Unemployment Insurance.
Senator Wagner (Dem.), of New York, announced on
Dec. 20 that after the holiday recess he will introduce a
resolution and a bill relating to unemployment insurance.
Such legislation, he stated, is the next step in a program to
meet the problem of unemployment. A statement by
Senator Wagner describing the proposed measures is given as
follows in the "United States Daily":
The resolution will call for an intensive examination, by a joint committee
orof the Senate and the House, of American and foreign experience in the
ganization and maintenance of private and public unemployment insurance
systems and the results achieved by each.
General Study Planned.
The principal provisions of the resolution will read as follows:
of the
"The committee is authorized and directed to make a generalstudy
employment insurance systems in use by private interests in the (1) the
by foreign governments, with a view to determining
States and
manner in which such systems were instituted and are now being operated:
(2) the cost involved, and the results achieved under each such system:
(3) the relief, if any, afforded by each such system during the of July 1
depression of 1930, and (4) the condition of each such system as economic
with particular regard to the manner in which it survived the
depression of 1930."
The bill which will accompany this resolution contains a proposed set-up
for Federal and State co-operation in the maintenance of unemployment
Insurance systems.
A rounded program of organized action against unemployment must
contain two primary features: First, the reduction of the amount of unemoccur,
ployment by every known means;second, when unemployment does
the prevention of hardship by distributing the loss.
are part of our methods of dealing with the fire
Both of these features
hazard, the risk of industrial accident and the risk of loss at sea. The
method will be extended to unemployment as soon as we realize that that,
too, is a business risk.
We can be quite certain that after stabilization of private business, adunvance planning of public construction, and a perfectly co-ordinated
employment exchange system have accomplished all that can be expected
In steadying employment, there will still remain a residue of unemploym
caused by the improvement and invention of machinery,sudden dislocations
of business and unexpected losses of markets. The loss of wages involved
In such temporary failures of employment is a risk which is attached
every business and industry and is in part the price we pay for
this loss into part of the general expense of
Through insurance we can turn
running all of industry and prevent in large measure.personal suffering.
introThe resolution and bill on unemployment insurance which I shall
duce upon the reconvening of Congress have that object in view.

[VoL. 131.

Bowman, declared. It is added that under the Indiana law,
it was explained, State control of local expenditures is provided by allowing an appeal to the State Tax Commission in
certain cases where the advisability of an expenditure is
Record Christmas Mail Creates Many Jobs; Parcel Post
Increases 10% Over Last Year.
Christmas greetings and presents have swollen the mails
to a record-breaking volume within the last few days and
have given temporary employment to thousands of clerks
and helpers all over the country, a recapitulation showed
on Dec. 23, so the New York "Times" of Dec. 24 reported.
It added:

In the postoffice at Thirty-third Street and Eighth Avenue alone 14,962,628 letters and post cards were canceled in the twenty-four hours
ending at midnight Monday.
With similar reports of unprecedented business coming from postoffices all over the United States, The Associated Press estimated that
the total Christmas mail would surpass that of last year, when 1,670,000,000 letters; 20,000,000 packages and 17,000,000 Christmas post cards
were distributed by the postal authorities.
More than four tons of air mail were carried yesterday by the six air
lines which operate from the Newark Metropolitan Airport.
The huge total at the Thirty-third Street postoffice, which was entirely
from Manhattan and the Bronx, was handled by 2,000 substitute
4,000 extra men. They also handled 225,173 insured parcels on
about 10 per cent more than on the corresponding day a year ago.
Brooklyn more than 4,000,600 letters were handled Monday and 3,500
extra men were employed as the result of the rush.
Money orders sent abroad between the end of November and Dec. 20
numbered 729,975 with a total value of $10,623,919, it was revealed
the local postoffice, which acts as clearing house for all foreign
orders except those for the Orient, Australia and Central America.
sum is about $43,000 less than last year's total. Since Sunday 31,351
sacks of mail have come in from abroad on seventeen
Chicago reported 15,000,000 pieces of first class mail were received
single day of 12,000,000
there Monday, breaking the previous record for a
Springfield, Mass.;
established in 1928. Albany, Providence, New Haven,
, Ala.; MontRichmond, Va.; Louisville, Ky.; Atlanta, Ga.; Birmingham
, Fla.; Miami, Fla., and
gomery, Ala.; New Orleans, La.; Jacksonville
-breaking quantiCharlotte, N. C., were other places which handled record
post cards was estities of mail. At Memphis, Tenn., the increase in
mated at 33;i% with a decline of 25% in parcel post.

Year Book of New York Stock Exchange.
The 1929-1930 edition of the New York Stock Exchange
Year Book containing statistical data and other important
information concerning the activities of the Exchange has
just been published. The new publication contains practically
all of the data which was in previous editions, with the
statistics and other material brought up to date.
Among other things, the new year book reveals that in
the fall of 1930 there were 3,911 partners in 654 firms in
New York and elsewhere throughout the country, and that
at the same time there were 1,533 branch offices, of which
279 were located in New York City, and 1,274 were outof-town. These offices were in widely separated parts of the
country and abroad; namely in 407 cities, 44 States and
territories, five foreign countries, and abroad three transatlantic liners. A year ago there were 663 firms and 1,561
branch offices. The further data revealed in the book are
indicated as follows:

has grown during
The statistics show that the inactive stock department
issues were designated
the past year so that on Oct. 1 1930, 310 different
-share basis, as compared with 266 on
as "inactives" and traded in on a 10
Oct. 1 1928, and 285 on Oct. 1 1929.
broken during
Few of the many high records established in 1929 were
of contracts cleared
the past year. Among those, however, was the total
which, on May 5 1930.
by the night branch of the Stock Clearing Corp.,
Friday and Saturday,
amounted to 13,104,800 shares for the preceding
day clearance on record. The previous
which represents the largest double
similar record was 11,069,600 shares cleared on Dec. 10 1928.
in the year book
The personnel records of the Exchange contained
its affiliated companies
reveal that on Sept. 1 1930, the Stock Exchange and
number in its history,
had a total of 2,526 employees, which is the largest
On Sept. 1 1929, employees numbered 2,239.
year was that of the Quotation
Another record established during the last
on securities by direct
Department which supplies current quotations
1930, answered a
wire to member offices. This department on May 5
total of 54,201 requests for such quotations.
Saturday session ever
The largest volume of trading during a two-hour
shares on Saturday,
recorded on the floor of the Exchange was 4,867,530
3,749,890 shares traded
May 3,of this year, breaking the previous record of
in on Dec.8 1928.
the year book is the
One of the new features of the latest edition of
years, of the
inclusion in the call money rates, going back more than 10
issues carried only the
high and low renewal rates by weeks. Previous
weekly high and low of new loans.

Indiana Approves Fund to Provide Jobs for Idle.
According to Indianapolis advices Dec. 20 to the "United
Governing Committee of New York Stock Exchange
States Daily" the Indiana Tax Commission has approved
Approves Amendment to Constitution Lowering
the expenditure of $10,000 which it says will provide jobs
Commission Rates on Inactive Stocks Selling
The sum
for 500 unemployed family heads in Marion.
Under $10 a Share in Units of 10 Shares.
was appropriated for cleaning and beautifying the MississThe Governing Committee of the New York Stock Exthat while the work is not absoinewa River. It is stated
Dec. 23 an amendment to the constilutely essential, the expenditure will be less than if the cases change approved on
lowering the commission rates on
were handled as charity, the Secretary of the Board, L. S. tution of the Exchange

DEC. 271930.]



inactive stocks selling at less than $10 a share in units of
Committtee of Arrangements.
ten shares. The amendment MIS submitted to the memDec. 19 1930.
bers of the Exchange on Dec. 24 for balloting, in accordance To the Members of the Exchange:
Effective at the opening on Dec. 20 1930, the ticker abbreviation for
with article 25 of the constitution The new rates, which
the common and preferred stocks of the Anchor Cap Corp. will be changed
will apply only on sales of so-called "inactives," will become from
effective on Jan. 7 if not disapproved by a majority vote
ASHBEL GREEN, Secretary.
of the members of the Exchange.
The new commission rates for stocks selling between $5 $50,000 in Bonuses to Be Paid to New York Stock
and $10 a share will be not less than ten cents a share, and
Exchange Employees.
the rates on stocks selling between $1 and $5 a share will
Employees of the New York Stock Exchange will receive
be pot less than five cents a share. Heretofore the rate a bonus this year of 234% of their annual
salaries, said
on all stocks selling between $1 and $100 has been twenty the New York "Times" of Dec. 19, which further
cents a share. The member to member rates will also be
A year ago they received a 10% bonus and a similar amount was paid
decreased proportionately. The new rates are indicated in 1928.
The Stock Exchange has more employees now than ever in its history.
in the following announcement issued by Secretary Green:
Dec. 24 1930.
The following Amendment to the Constitution was adopted by the
Governing Committee on Dec. 23 1930 and is submitted to the Exchange
in accordance with the provisions of Article XXV of the Constitution:
(ballot enclosed herewith)
Amend Section 2 of Article XIX as follows:
Paragraph (a).sub-paragraph "On Inactive Stocks:(as designated by the
Committe of Arrangements)" to read:
Rate per Share.
Selling at less than $1 per share
As mutually agreed
Selling at $1 per share and above but under $5
Not less than Sc
Selling at $5 per share and above but under $10
Not less than 10c
Selling at $10 per share and above but under $100
Not less than 20c
Selling at $100 per share and above
The same rates
as provided for
other stocks.
Paragraph (b),sub-paragraph "On Inactive Stocks:(as designated by the
Committee of Arrangements)" to read:
Rate per Share.
Selling at less than $1 per share
As mutually
Selling at $1 per share and above but under $5
Not less than 2c
Selling at $5 per share and above but under $10
Not less than 4c
Selling at $10 per share and above
Not less than Sc
Paragraph (c), sub-paragraph "On Inactive Stocks: (as designated by
the Committee of Arrangements)" to read:
Rate per Share.
Selling at less than $1 per share
As mutually
Selling at $1 per share and above but under $5
Not less than lc
Selling at $5 per share and above but under $10
Not less than 2c
Selling at $10 per share and above
Not less than 4c
In each case where the term "Inactive Stocks" is used (13 times) it should
be changed ta read "Ten-share-unit Stocks."
ASHBEL GREEN, Secretary.

From the New York "Times" of Dec. 25 we take the
Commission rates on active stocks have been automatically reduced
during the last year by the decline in stock prices, since commissions on the
active issues are on a sliding scale which decreases with the price of the
stock. Commissions on the inactive stocks, however, had not been correspondingly reduced, since shares in this group selling for less than $10
were on the same commission basis as inactive stocks selling as high as $100.
The revision proposed yesterday would therefore equalize the rate scale of
inactive issues in comparison with the rates for active issues, it was said.
The present scale of rates was adopted on Oct. 22 1924.

New York Stock Exchange Notice Respecting Situation
Anent Annual Drawings of Hukuang Railways
Bonds of Chinese Government.
Under date of Dec. 18 the following notice was issued
by the Committee of Securities of the New York Stock
Committee on Securities.
Dec. 18 1930.
I am directed by the Committee on Securities to call particular attention
to the situation existing with respect to annual drawings of
% Hukuang Railways Sinking Fund Loan of 1911.
Although the terms of the loan agreement under which these bonds were
issued provide that a portion of the bonds should be drawn for the sinking
fund each year and such drawings have been made, the Committee
is informed that beginning December 1924, in the case of the German issue
and December 1925 in the case of the American. British and French issues,
the called bonds have not been redeemed. Under Rule 104 of the Rules
for Delivery such bonds are not a delivery on regular transactions and
members should be particularly careful In receiving or delivering bonds, to
avoid future claims for reclamation.
Attention is also called to the circular issued by the Committee on Securities on Feb. 1 1930 (C'4037), reading as follows:
"The Committee on Securities rules that bonds of the Imperial Chinese
Government 5% Hukuang Railways Sinking Fund Loan of 1911 called
for redemption in accordance with the plan set forth in listing application
No. A-4251, are not a delivery beginning the date following that of the
drawing in London: and this ruling shall apply to bonds drawn in December 1929 and subsequent drawings but not to bonds drawn prior thereto.
"The Committee is informed that the last drawing took place in London
on Dec. 3 1929."
ASHBEL GREEN, Secretary.

They number about 2,000. The annual payroll is said to be between
$2,000.000 and $3.000,000, and the 235% bonus is estimated to be about
As 90% of the offices and stores in the new exchange buildings are rented
and the Board's expenses are reduced a cut in the dues was requested by
the membership.

Chicago Board of Trade Cuts Dues.
Dues of the Chicago Board of Trade for 1931 have been
reduced $200 and will be $300, the directors announced
on Dec. 10. A dispatch to the New York "Times" said:
As 90% of the offices and stores in the new exchange buildings are rented
and the board's expenses are reduced a cut in the dues was requested by the

Farnum, Winter & Co. to Accept on Marginal Basis Margin
Stocks Selling Under $10 Share—Action by Shields
& Co. and Others.
In accordance with the lifting of loan restrictions by
certain banks and security houses on many stocks selling
below $10 a share, Farnum, Winter & Co., members of thek
New York Stock Exchange announce that they will now
accept on a marginal basis certain issues in this price
The following is from the New York "World" of Dec. 20:
Shields & Co. announced yesterday it is accepting marginal orders for
stock selling at $7 or more a share. The minimum margin required is
$4 a share. This is believed to be the first time that a brokerage firm
which is a member of the New York Stock Exchange has been willing
to accept marginal orders an stocks selling under $10 a share.
The new low limit was decided upon because of the large number of
issues selling below $10. Stocks selling for less than $7 a share will be
traded in only on an outright basis.

In its Dec 22 issue the New York "Journal of Commerce" said:
Lower Margins
Announcement by a member firm of the New York Stock Evelh.nge
that margin trading would be accepted on stocks selling lower than $10
is regarded in financial quarters as a strong bid for additional business
under existing circumstances. Reports that the banks would now be
disposed to accept more freely than they do now these low priced shares
as collateral for loans were doubted in brokerage quarters. It was said
that such of these stocks as were deemed to have adequate intrinsic value
would continue to be taken as collateral. It is questioned whether wider
acceptability of shares selling below $10 by brokers in margin trading
would be considered reason for their acceptance by the banks. Were the
banks to take these stocks it is felt a considerable extension of market
operations might be made possible, with speculators already owning lines
of these shares being able to use them to expand the volume of shares
they can hold in brokerage accounts.

It was stated in the "Wall Street Journal" of Dec. 24
that Chisholm & Chapman have established new margin
requirements on securities listed on the New York Stock
Exchange as follows: Stocks selling from 6-9%, 50%;
10-19%, 6 points; 20-29%, 8 points; 30-59%, 10 points;
60-79%, 15 points; 80 and upwards, 25%.
The New York "Evening Post" of Dec. 23 said:
Watson & White announced today they would carry on margin a
selected list of stocks listed on the New York Stock Exchange selling
at or under $10 a share.
Sydeman Brothers, members of the New York Stock Exchange, announced today they would carry on margin certain issues selling for
less than $10 a share.

The reduction in margin requirements by E. A. Pierce
& Co. was noted in our issue of Nov. 22, page 3303; similar
action by Samuel Ungerleider & Co. was referred to in our
issue of Dec. 6, page 3650.

Norris B. Henrotin, Floor Member of the New York
Stock Exchange for J. A. Sisto & Co. Before its
Suspension on Sept. 30, Applies for Reinstatement
as Member of Exchange.
Norris B. Henrotin, who was floor broker for the Stock
Exchange firm of J. A. Sisto & Co. of this city, before it was
Change in Ticker Abbreviation for Stocks of Anchor suspended on Sept. 30 for inability to meet its obligations,
Cap Corp.
has been proposed for reinstatement on the Exchange,
The Committee of Arrangements of the New York Stock according to the New York "Times" of Dec. 25, which conExchange issued the following announcement on Dec. 19:
tinuing, said:



The Committee on Admissions will consider the proposal on Dec. 31,
it was announced yesterday (Dec. 24). If Mr. Henrotin's application is
approved, Sisto & Co. will again become a Stock Exchange firm. A plan
of settlement of its obligations was submitted recently to creditors and it
was announced that it would resume.

A report of the matter in the New York "Journal of Commerce" of Dec. 26 said:
The firm has been paying off its obligations on a basis of50c. to the dollar,
with the prospect that all debts will be liquidated in full with realization of
the slow assets. Progress in the settlement has been reported as satisfactory. It is expected the firm will resume business upon liquidation of
its debts and the reinstatement of its floor partner.

The firm's composition plan under which the creditors are
receiving 50% of their claims at the present time was noted
in our Dec. 13 issue, page 3811.

[VoL. 13L

provision of the code of practice with reference to the joinder of action
and the joinder of parties."
Stockholders Might Sue,
do not mean to say," the opinion continues, "that, in the case of a
single corporation, causes of action against more than one director could
not be joined in one proceeding. Nor do I mean to say that the appointment
of a receiver absolutely excludes the possibility of a stockholders' suit
against offending officers or directors. Circumstances might arise in
which it might be permissible, and even advantageous, to allow such a
"But it is clear, I think, that stockholders could sue in such circumstances
only after obtaining leave to do so, from the court which had appointed
the receiver. And the court, upon such an application, would have a discretion to grant or deny the leave asked for, according to its judgment as
to the expediency of the course proposed."
It is the receiver's duty, according to the opinion, to take all legal steps
necessary for the recovery of money that may have been dissipated by the
officers and directors. It is also his duty to take such action as he may
deem necessary to protect the creditors of a defunct institution.

Harold Russell Ryder, Former Partner in the Bankrupt
Brokerage Firm of Woody ac Co., Pleads "Guilty"
Fraud—First Action
to Theft of $95,000—Fails in Plea To Bar Further Short Seller Cited for Alleged
Against Individual Taken in New York.
Prosecution—To Be Sentenced Feb. 27.
The following dated New York, Dec. 22, is from the
Harold Russell Ryder, former partner in the bankrupt
brokerage house of Woody & Co. of this city, which failed "United States Daily" of Dec. 23: individual for short selling of
The first action ever taken against an
June 19, unexpectedly pleaded "guilty" on Dec. 23 in the securities has been started by the Bureau of Securities, in the case of
Court of General Sessions before Judge Bertini to the Francesco Ebell of Ebell & Company, 32 Broadway, dealers in foreign exspecific theft of approximately 895,000 from John Vanneck, change and bullion, according to Assistant Attorney General Watson Washburn, who stated orally that show cause order enjoining Mr. Ebell from
President of the Equitable Holding Corp., a customer of further stock transactions is a
returnable in the Supreme Court of Brookthe firm. We quote below in part from the account of the lyn, Dec. 24.
Mr. Washburn said Mr. Ebell was found to have given orders to a nummatter appearing in the New York "Times" of Dec. 24:
After arrangements had been made for the beginning of the trial this
morning (Dec. 24) before Judge Bertini, Philip C. Samuels, counsel for
Ryder, said:
"My client desires to enter a guilty plea to this charge, but he asks that
assurance be given that his plea will cover all indictments to accrue in the
"I will make no such promise," replied Richard S. Gibbs, Assistant
District Attorney. "It is not my intention to bind the hands of the
District Attorney against future prosecutions.
event of a man being indicted more
• "It has been my custom, in the
than once, to recommend that his plea be taken on one of the indictments
and the others taken into consideration by the court in the imposition
of the sentence."
"Ryder has been assisting the creditors and others, and has given names
of persons who may be persuaded or forced to give back property of the
brokerage firm," broke in Mr. Samuels, after explaining that Ryder had
been a frequent visitor to the bankruptcy referee's office and had given
much information already in an effort to reduce the liabilities.
"The Court can enter into no such condition," said Judge Bertini, and
then Ryder's lawyer replied: "That is satisfactory to me. I leave the
defendant in the hands of the District Attorney, believing that he will
be content with the plea of guilty which I now make for my client."
With the support of the prosecutor, the lawyer followed this with the
statement that creditors of the bankrupt firm had asked that he urge the
Court not to impose sentence on Ryder for at least four months, but Judge
Beninl refused to acquiesce in this, and set the date for sentence as Feb. 27.
Ryder was released on the $10,000 bail he had furnished at the time
of his indictment. He was alleged to have been the dominating influence
in Woody & Co. He received the $95,000 from Mr. Vanneck in June to
buy stock through the concern.

Our last reference to the affairs of Woody & Co. appeared
in the Dec. 20 "Chronicle," page 3980.

ber of brokers at the same time to sell various securities short last August
and September and that if the stocks went down he took his profits and
if they advanced he left the brokers to take their losses or buy the necessary stocks. Four of the stock houses were members of the Stock Exchange,
he stated, and through a complaint made by the Better Business Bureau,
the present action was taken.
It was pointed out that since the intention to deliver any securities was
entirely lacking, and the orders placed at the risk of the brokers, the
Bureau of Securities characterized the transactions as fraudulent.

California Report Favors Change in Stock Sale Law.
• Assemblyman Morgan Keaton, of Long Beach, Chairman
of the Joint Legislative Committee investigating the regulation and control of the sale of corporate securities in California, announced Dec. 2 that a subcommittee has recommended an amendment to the present law to abolish the permit system to sell corporation stock. Dec. 9 advices from
Sacramento to the "United States Daily" continued:
He said the recommendation probably will be incorporated in the main
comittee's report to the 1931 Legislature.
Under the present law, a corporation desiring to sell stock is given a
permit by the State Corporation Commissioner, provided after thorough
investigation the Commissioner believes the enterprise is sound.
The amendment recommended by the subcommittee would do away with
the permit and simply require the corporation to file with the State Corporation Department a notice of intention to sell its securities. Within 10
days, unless the Corporation Commissioner interfered, the corporation
could proceed with its sale plan.

B. C. Feeney Expelled from Chicago Board of Trade. Banks Act to End Number Lottery—New York
House Considering Stopping Publication of Daily
Under date of Dec. 23 a dispatch from Chicago to the
Figures—Action Likely on Jan. 1—Gambling on Data
New York "Times" said:
Has Spread All Over Country and Has Caused Much
Board of
Bernard C. Feeney, who has been a member of the Chicago
Trade more than ten years, was expelled by the directors this afternoon
under Rule 141, which refers to falsifying statements. He is the second
Betting on "the numbers," a form of lottery based on the
corn trader expelled within a week.
The other member expelled by the Board was noted in figures for daily clearings as published by the New York
Clearing House Association, will become a closed avenue to
our issue of Dec. 20, page 3981.
fortune if the Clearing House carries out the plan to
Kentucky Court Rules Against Stockholders in Hold- abandon the publication of the figures which it now has
ing Company—Action Filed Against Officers of under consideration. We quote from the New York
Banco Kentucky Company Is Held as Violating "Times" of Dec. 23 which continued:
Definite action had not been taken up to last night, but officials of the
Code of Practice.
Clearing House said that it was likely that after Jan. 1 the daily figures
Daily" reported would no longer be chalked up on the little blackboard in the lobby of
Under date of Dec. 23, the "United States
77 Cedar Street, where the Clearing House is located.
the following from Frankfort, Ky.:
suspending pubbeen
The stockholders of the Banco Kentucky Company are without legal
authority to bring the action recently instituted by them against the officers
and directors of that organization, Judge Lafon Allen held Dec. 20 in Jefferson Circuit Court, when he sustained a special demurrer in the case of
Luther F. Scholl et al. v. James B. Brown et al.
Judge Allen reviewed the events leading up to the receivership of the
Banco Kentucky Company, and outlined the interrelationships of the corporation with the National Bank of Kentucky and the Louisville Trust Company, both closed.
Receiver Was Appointed.
A receiver was appointed by the Comptroller of the Currency for the
national bank, and receivers for the other two institutions were appointed
by the court. Concerted action and co-operation on their part held out
some hope, the court declared, for reorganization of the bank or trust company, or at least the release of a part of the deposits held by them.
"In this posture of affairs," the opinion states, "this suit was commenced." The prayer of the petition was for a recovery not only of the
losses of the Banco Kentucky Company, but of the bank and trust company
as well, resulting from the negligence or wrongdoing of their officers and
The plaintiffs' petition, in joining causes of action against the officers
and directors of the three institutions, the opinion held, "violates every

Officials of the Clearing House have
lication of the figures because of the annoyance which the lotteries have
caused. In recent years these lotteries have spread all over the country
and have found a particularly enthusiastic clientele in Harlem. Numerous attempts have been made by those interested in the lotteries to
have the figures changed or to obtain publication of the wrong figures,
and lately officials of the institution have even been asked to place bets
by persons who innocently supposed the Clearing House itself ran the
Telephone calls from all over the country are received daily requesting
information as to the figures and unauthorized persons attempt frequently
to gain admittance to the Clearing House building at 11:30 A. M., when
the "numbers" are posted.
Apart from the nuisance which publication of the figures now causes,
officials of the Clearing House are of the opinion no useful purpose is
now served by them. Formerly the daily clearances were looked to by
the financial community as a valuable index of the volume of business
being done. With the growth in importance of the Federal Reserve
Bank's operations, however, other indices have been accepted as more
Should the Clearing House decide to give up the daily publication of
the figures, it will continue to compile them and will at intervals make
them available to statisticians and organizations of repute to which they

DEC. 27 1930.]



are of value. It is considered likely that publication of weekly
on the volume of clearings will be continued in any case.
The Clearing House was founded in 1853 and has published
the total
of daily clearings continuously since that time.

"I am seeking by this bill to eliminate from the New York
Stock Exchange
the reprehensible practices which have made it so harmful,"
the Alabama
Senator said. "I want to make it impossible for any speculative
or gambling institution to ever again become the dominant force
in finance
In its Dec. 24 issue the "Times" said:
or in industry. If the New York Stock Exchange is, as its
friends claim,
The New York Clearing House Association announced officially
yester- purely and wholly a State institution and subject only to State control,
day that after Dec. 31 it would discontinue the publication
of daily ex- then in the name of justice and fair play we are justified in demanding that
changes and balances.
Governor Roosevelt take the steps necessary to put an end to its
The Senator declared he recognized the need for legitimate trading,
From Pittsburgh, Pa., the "Times" reported the followbut
he saw no reason for operations involving the selling of things
ing under date of Dec. 23.
which the
seller did not possess and probably never would have in his
"Numbers writers" in Pittsburgh saw no cause today for
alarm in He asserted that there were instances where short-selling interests in the
the decision of the New York Clearing House Association
to stop the exchange had sold more than 200 shares of a stock to one share of the stock
daily publication of figures on whch the nation-wide lottery is
based. The actually outstanding, and this practice he considered to be dangerous and
Pittsburgh Clearing House still publishes a daily report
and numerous destructive to business.
other financial tables change daily, the writers said.
"If a man wants some shares of Pennsylvania Railroad stock,let him
The Pittsburgh Clearing House is not likely to follow
the lead of New it," the Senator said, "let him buy and take delivery on it. If he wants to
York unless gambling becomes noticeable, according
to Carl D. Fogle, sell it, let him sell it and give delivery on it at that time. That sort of thing
manager. He said he believed no pools were operating
on the Pittsburgh is proper. But what I seek to destroy is the practice that results in fictitious
values on watered stocks and general speculation in things not

Bauer, Pogue, Pond & Vivian Failure.
Further referring to the affairs of the failed New York
Stock Exchange firm of Bauer, Pogue, Pond &
New York City, the following letter was sent on Dec.
by the creditors' committee to all the creditors and customers of the firm, including those who had already authorized the committee to represent them,inasmuch as the committee desires to inform all creditors of the progress

sending you its letter of Dec. 1 1930, the committee
has received
its preliminary report of the receivers' accountants
showing some cash and
a large list of securities on hand, some of which
are readily marketable.
The greater part of the securities, although
yielding a substantial return
are, at the present time, in the opinion of your
committee, due to depressed
market conditions, quoted at prices out of line with
their real values.
A preliminary investigation makes it appear
that it would be a mistake
to dispose now of those securities not readily
marketable, at sacrifice prices.
The report of the accountants indicates, and
the committee is working on a
plan, whereby a favorable settlement can be
accomplished on the basis of a
substantial dividend in cash when the settlement is
effected and the issuance
to creditors pro rata of participations in a liquidation
corporation which
would be controlled by the creditors. Such corporation
would take over
assets which it appears inadvisable to dispose of at
this time, and effect a
liquidation thereof as rapidly as conditions warrant.
The committee will keep you informed of the progress
being made and
hopes that the debtors will soon make a satisfactory
offer of settlement
along the lines above indicated.
Experience has shown in matters of this kind, that
because of the protracted and expensive legal proceedings in bankruptcy
, creditors fare far
worse than in effecting a just and speedy settlement through
While this committee already represents,or has the co-operatio committee.
n of creditors
whose claims total close to a majority, it is important in
its negotiations
that it should represent as large a body of creditors as
possible, and you are
therefore urged, whether your claim is large or small,
without delay, to
sign your authorization to the committee to represent you.
For your convenience, a form of authorization is enclosed.
You will note
that this authorization specifically provides that the
committee is not
empowered to accept any settlement in your behalf without
your written
approval. No settlement can be worked out unless the great body
so desire, and work together to that end through this
committee. If you
wish to have a speedy settlement, please send in the enclosed
Very truly yours,

Public Administrative Clearing House Planned in
Illinois to Conduct Research in Governmental
Matters—Former Governor Lowden and Newton
D. Baker Interested in Project.
The "Public Administration Clearing House," under
the sponsorship of former Governor Frank 0. Lowden,
former Secretary of War Newton D. Baker, and other
distinguished leaders in national life, was incorporated in
Springfield on Dec. 18. The New York "Herald-Tribune,"
in advices from Chicago on that date said:
Its purpose is the exchange of ideas and research on public administrat
with a view to especial service to State and Municipal Governments.
Mr. owden described the plan of the organization which will hold its
first meeting in Cleveland, Dec. 31. On that occasion the details of a sum
providing $50.000 a year for 10 years will be announced, and the organization will be perfected. The body will be actually a clearing house for
hundreds of other organizations already in the field of government
al-administration, Mr. Lowden explained. No formal affiliation with other
groups will be made and no particular form of Government or specific
remedies for ills will be sponsored. The best of available i formation
will be
Headquarters will be established in Chicago, it is now planned. The
permanent secret _ry will be Louis Brow nlow, municipal consultant for
the City
Housing Corp., New York City. Mr. Brownlow, a former newspaperm
has been city manager of several municipalities and is a former Commissioner of the District of Columbia.
"The organization," said Mr. Lowden, "will constitute an independent
clearing house to which governors, or mayors, or other public officials of
different cities or States can turn for information they desire.
"For example," said Mr. Lowden,"if a State is contemplating a reorganization program it could apply to the clearing house for data resulting from
past experience of other States along the same line. Or if a city or a State
has a new utility project in mind,or a highway project, it could get information and ideas from the organization here."
Besides Mr. Lowden and former Secretary Baker, the incorporators are
Louis Bronlow, Fairlawn, N. J.; Chester H. Rowell, Berkeley, Calif.;
Richard S. Childs. New York City, and Harry F. Byrd, Winchester, Va..
former Governor of Virginia.
Edward W. Beatty, of Montreal, President of the Canadian Pacific RR.,
has been aske I to serve as a member of the board and is considering the

The failure of the firm on Nov. 19 was noted in the Federal Reserve Board's Review of Money Market in
November—Investments of Reporting Banks at
"Chronicle" of Nov. 22, page 3303, and its affairs referred
Highest Level on Record—Commercial Loans Into in our Nov. 29 issue, page 3459.
creased by $315,000,000 in Two Months.
In reviewing in its December "Bulletin" the money marRepresentative Sabath Urges Additional Power
Rediscounting Bank Paper With Federal Reserve ket during November. the Federal Reserve Board states
Banks—Says Right Should Be Extended to City, that "Investments of the reporting banks increased to the
highest level on record, as the consequence of purchases by
Railroad and Utility Securities.
these banks of investment securities in the amount of
The following is from the "United States Daily" of Dec.
15: $1,460,000,000 since the low
Municipal, railroad, and public utility bonds, as well as
point in October of last year."
securities, should be made eligible for rediscount with Federal estate It is also brought out
by the Board that "commercial loans
banks, Representative Sabath (Dem.), of Chicago, Ill., stated
in a letter of tthe member banks increased
by p15,000m0 during the
to the Governor of the Federal Reserve Board, Eugene Meyer,
date of Dec. 12. Mr. Sabath announced that he proposed to
offer a bill past two months." The growth in the volume of these loans
granting that additional power to reserve banks.
after the middle of October, says the Board, "was contrary
The Illinois Congressman states that it is his belief that the
Federal Reserve Board already has the power to permit the rediscount of the
to the usual seasonal trend, and represented, at least in
paper of
finance corporations,secured by automobiles,radios,refrigerators,and
other part, an increase in member bank holdings of bankers'
like commodities, He asks for Governor Meyer's views on the
acceptances." The Board's review of the month follows:
Recent Developments.
Maximum Interest for Call Money Is Proposed in MeasDuring November money rates, which have been at a low level throughout
ure—Senator Heflin Would Limit Interest to 8%
the year, showed a further easing tendency, indicated by declines in rates
and Declare Margin Trading Unlawful.
on open-market commercial paper and on bankers' acceptances of the longer
The interest rate on call money would be limited to 8% maturities, as well as in rates charged by banks to their customers and in
yields on United States Government
and trading on a marginal basis would be declared unlawful rates at the opening of December wasbonds. The general level of money
as low as at any time since records
under a bill introduced in the Senate, Dec. 16, by
became available. This ease in the money market has accompanied a
further decrease in the demand for credit from the security market, which
Heflin (Dem.), of Alabama, who declared in a speech
the same time that continuing prosperity in the United States is shown by a rapid decline in brokers' loans to the lowest level in five
years. Security loans of member banks consequently decreased, while incould never be accomplished without the restrictions
he vestments continued to increase, and there was also an increase in all other
proposed being applied to operation of stock exchanges.
loans. At the Reserve Banks there was little change through the third
His week in November in the total volume of credit outstanding or in
bill proposed penalties ranging up to $50,000 in fines and im- composition,
a large part of the seasonal demand for currency being met
prisonment from two to 10 years for violations. The
"United by imports of gold from abroad.
States Daily" of Dec. 17 reports this and adds:
Member Bank Credit.
Senator Heflin directed his remarks at the New York Stock
which he described as a "colossal institution, the far-reaching
operations of
which now permitted are dangerous to, and have seriously injured,
the farmer, merchant, banker, manufacturer and the railroads."

During the two-months' period from Sept. 24 to Nov. 26, total loans
and investments of reporting member banks increased by $84,000,000; this
change in the total reflected changes in the component parts shown by the
accompanying chart [We omit the chart.—Ed.] and in the following table:

Loans on securities
All other loans

[VOL. 131.



Nov. 26.
Sept. 24.
$7,761,000.000 —$700.000,000
8,766,000,000 +315,000,000
6,854,000,000 +469,000,000
$23,297,000,000 823,381,000.000

Loans and investments

Change from Last Week in
July to Third Week
in November.


Investments of the reporting banks increased to the highest level on
record, as the consequence of purchases by these banks of investment securities in the amount of $1,460,000,000 since the low point in October of
last year. Investments of member banks had been at a high level in the
spring of 1928, but had declined continuously during the following 15
months of high money rates, and toward the end of October of last year
were $800,000,000 lower than at their previous high point. Since that
time easy conditions in the money market and the small demand for credit
from trade and industry have influenced the banks, not only to repurchase
securities in an amount sufficient to replace the sales of the preceding 15
month', but to add a further $660,000,000 to their holding,.
Security loans of the reporting member banks decreased by $700,000,000
during the two months covered by the table. This decrease reflected a
rapid decline in loans to brokers and dealers, the course of which is shown
in more detail in the following table:

Reserve bank credit
Monetary gold stock


Third Week in
November to
Last Week of
Year (Average

+8212,000.000 +$65,000,000 +8223,000,000
+20,000,000 +31,000,000 —20,000,000

Reserve bank credit plus gold stock +5232,000,000 +896,000.000 +8203,000,000
+143,000,000 +77,000,000 +205,000,000
Money in circulation
+83.000,000 +25,000,000
Member bank reserve balances
large during the period from
Changes in monetary gold have not been
July to November, either this year or, on the average, for the preceding
seven years. When the two sources of Reserve Bank funds are combined
It appears that this year the increase during the autumn was $96,000,000,
as compared with $232,000,000 on the seven-year average. This diminution
in the growth is accounted for in part by the decrease in the seasonal
demand for currency, which was only half as large this year as on the
average for the preceding years, and in smaller part by a decrease of about
$60,000,000 in the growth of member-bank reserve balances. It is usual
for member banks to increase their loans, and consequently their deposits
and their reserve requirements during the autumn months, but this year the
LOANS TO BROKERS AND DEALERS MADE BY REPORTING MEMBER relatively small demand for bank credit, caused by the inactive state of
business, has resulted in a relatively email growth of bank credit and of
bank reserves.
Nov. 26.
Sept. 24.
In the last column of the table are shown average changes in Reserve
$1,721,000,000 81,288,000,000
For own account
—402,000,000 funds and in sources of demand between the third week in November, when
For account of out-of-town banks 782,000,000
—264,000,000 the increased demand for currency to be used in the Christmas trade usually
For account of others
begins, and the last week of the year, for the seven years 1923-1929. The
83.222.000,000 82,123,000.000 —41,100,000,000 growth in these funds, combining Reserve Bank credit and gold, has been
during the seven years on the average equal to about $200,000,000 and
Brokers' loans declined by $1,100,000,000 during the two months, the has been entirely accounted for by the demand for currency for the holiday
decline being shared among all classes of lenders. On Nov. 26 1930 brokers' trade. In entering upon this season of increased demand for currency the
loans were smaller by $300,000,000 than at the /ow point in 1928. The member banks this year start with a smaller volume of indebtedness to the
decrease, compared with the low point in 1926, was chiefly in loans for Reserve Banks than at any time since 1917, and are, therefore, in an excepaccount of out-of-town banks, an item that includes a certain amount of tionally strong position to meet this temporary demand.
loans placed by these banks for their customers, i.e., for non-banking
lenders. Reported loans for account of non-banking lenders also were
smaller than in May 1926, while loans to brokers by New York City Federal Reserve Bank of New York Reduces Redisbanks for their own account were larger by $400,000,000 on Nov. 28 1930
count Rate from 234% to 2%.
than at the earlier date. The chart [We omit the chart.—Ed./ shows the
course of brokers' loans since 1917, when figures first became available.
The Federal Reserve Bank of New York announced on
It Indicates that the present level of brokers' loans, while it is the lowest
Dee.23, that "effective from the opening of business Wednesin five years, is higher than at any earlier time.
Commercial Loans and Bills.
Commercial loans of the member banks increased by $315,000,000 during
the past two months, an increase that has continued beyond the middle of
October when the seasonal peak of this class of loans is usually reached.
These loans had decreased rapidly from the middle of last November, when
the recession in business activity became pronounced, until the middle of
June of this year; from May through September these loans showed little
change, notwithstanding the fact that usually they show a seasonal growth
with the beginning of the crop marketing season in the middle of August.
The volume of the so-called "all other" loans, however, turned up at the
end of September and continued to rise during October, and the first three
weeks in November. The growth after the middle of October was contrary
to the usual seasonal trend and represented, at least in part, an increase
in member bank holdings of bankers' acceptances. The volume of acceptances outstanding at the end of October this year, though somewhat smaller
than a year ago, was much larger than in any earlier year, and the member
banks, in view of the low rate of return and the absence of demand for
credit, in the security market, have supplemented their purchases of longer
time securities by buying acceptancca in the open market and by holding
acceptances of their own creation. Member bank holdings of acceptances
are consequently larger now than at any previous time, and member bank
absorption of acceptances has been a factor in the smaller than usual
growth of acceptance holdings of the Reserve Banks during this autumn.
Reserve Bank Credit.
The following table shows changes in the total volume of Reserve Bank
credit and in its composition between the last week in July and the week
ending Nov. 22 1930, compared with changes during the corresponding
period, on the average, for the years 1923-1929. The chart [We omit the
chart.—Ed.] shows the composition of Reserve Bank credit since 1926.
Changes from Last Week in July to
Third Week in November.
Average 1923-29,

Total reserve bank credit
Bills discounted
Bills bought
United States securities


As compared with a seven-year average increase of $180,000,000 in
acceptance holdings of the Reserve Banks during this period of the year,
these holdings in 1930 increased by only $26,000,000. This smaller increase
has been due in part to the active market for bills at member banks, already
mentioned, but chiefly it has reflected the smaller than usual seasonal
demand for Reserve Bank credit, the total of which increased this year
by $65,000,000, compared with $212,000,000 on the average during the
corresponding period of the preceding seven years.
Smaller Currency Demand.
Diminution in the seasonal demand for Reserve Bank credit this autumn
has reflected slack demand for currency, which, in turn, has been due in
part to the decrease in payroll disbursements by factories, and to the
continued decline in commodity prima, which have made the requirements
for currency to transact the country's business much smaller than they
have been in other recent years. The following table shows changes between
the last week in July and the third week in November in the volume of
Reserve Bank credit, in the country's stock of monetary gold, which together
represent the available supply of Reserve Bank funds, and in maney in
circulation and member bank reserve balances, which represent the principal demand for these funds. The table compares 1930 in this respect
with the average for 1923 to 1929. It also includes a column showing
on an average basis the changes that have occurred in these items during
the remainder of the calendar year:

day, Dec. 24 1930, until further notice and superseding the
existing rate, this bank has established a rate of 2% for all
rediscounts and advances." The Bank's rate had prior to
this week's action been 234%—that rate having been in
operation since June 20 1930. In the present year the rate
has been out from 434% to 2%; the first cut in February
lowered the rate to 4%; in March the rate was reduced to
334%;in May it was cut to 3%,then in June to 234%, while
now the new low level of 2% is announced. From the New
York "Times" of Dee.24 we take the following:
Meeting is Prolonged.
Directors of the Federal Reserve Bank met yesterday because their usual
day of meeting fell this week upon Christmas Day. The action was not
Mken until after the discussions of the board had been prolonged to
4:30 p.m., one hour beyond the usual time limit.
The financial community was taken by surprise. It had been supposed
generally that the series of four reductions in the bank rate effected this
year had carried the price of member bank borrowings to the lowest point
likely to be witnessed. It was learned from informed bankers, however,
that the Federal Reserve authorities had been contemplating a reduction
in the rate for at least a week. The closing of the Chelsea Bank & Trust
Co.,it was said, had no direct connection with the action.

From Washington, Dec.23 a dispatch to the "Times" said:
Action of the New York Federal Reserve Bank to-day in reducing its rediscount ratefrom 2 to 2% met no comment in Federal Reserve or Treasury
circles. However, unofficially there were a number of interpretations.
The outstanding meaning of the 2% rate probably is the strong hope of the
government to stimulate not only productive, but speculative business.
Likewise, there is the hope to accomplish domestically what has been
accomplished internationally, that is, to stimulate the movement of money
into sections of the country where it is most needed—principally the industrial centres of the Middle West—just the same as arrangements have been
made informally for a difference in rediscount rates between the United
States and Europe,so that gold might be diverted to those countries whose
supplies are low.
The 2% rate in New York, the world's greatest financial centre, it is
pointed out, may prove an encouragement to the member banks of the
country to relax their conservative view and to encourage the making of
loans, which in turn might be turned toward increased production and
toward the encouragement of construction, particularly home building.
The result of the lowest rate in Reserve history in the key bank of the
system was held problematical here, although Treasury officials said that
ultra-cheap money might prove a stimulant to many phases of industry,
and that within the next few months much would be accomplished n the
direction of economic recovery.

Members of New York Stock Exchange Called Upon for
Report of New York Loans at Close of Business
Dec. 31.
The following notice has been sent to members of the New
York Stock Exchange:
Office of the Secretary,
December 24 1030.
To the Members of the Exchange:
Under Section 4, of Chapter XV of the Rules adopted by the Governing
Committee pursuant to the Constitution, the Committee on Business
Conduct requests that members please submit to it by noon Friday, Jan. 2
1931: a report of their New York loans at the close of business on Dec. 31
1930. For that purpose, I am sending you herewith the form on which the

DEC. 27 1930.]


report is to be made, a duplicate of it for your records, and a return
Please note that the report form calls for a reply from each member ofthe
Exchange to whom it is sent, regardless of whether or not he had any such
loans at the particular time.
ASHBEL GREEN, Secretary.


have placed willing agents at the bead of great executive departments and
in subordinate governmental positions, and financial control of newspapers and magzines has made it possible to lead public opinion far astray.
"The tangled web of deception in the Treaty of Versailles was directed
against the American people who were to become the victims of the clever
reparations clauses. To carry out the financial settlement, it was a necessary condition that this state of deception be not disturbed; that it be
made permanent and allowed to dominate the post-war policy of the United
States Government. The hypnotic trance in which the paid American
Bill Buying of New York Federal Reserve Bank
publicists and the political college professors have lived for a decade has
enabled the international financiers to use their voices and pens to keep
The following is from the "Wall Street Journal" of Dec.24: the political deception alive."
Mr. McFadden, therefore, said "it is because this deception is now being
Federal Reserve Bank of New York has reduced its buying rates on
bankers' acceptances to 1
for maturities up to 120 day s and 2% for unmasked that the futility of the Versailles settlements are at last becoming
longer maturities. Previous rates were 134% for maturities up to 75
"The part the United States is to play under the Young plan is to guaran2% for 90 days,234% up to 120 days and 2
for longer maturities.
tee by its preponderating power the settlements of the Versailles Treaty
Federal Reserve Bank of Boston has reduced its buying rate for
accept- and to dig
ances to 13d % for one to 120 days and 2% for 121 to 180 days.
deeply into its superabundant financial resources to rehabilitate
Previous the
depleted treasuries of Europe," he declared.
rates were 1%% for one to 75 days, 2% for 76 to 90 days,
2% for 91 to
"The liquidation of the war debts in accordance with the principles of
120 days and 254% for 121 to 180 days.
the Treaty of Versailles has failed," Mr. McFadden declared. "It Is time
to discard them and make new adjustments."
New York Clearing House Association Cuts Rates on
Mr. McFadden called attention to the fact that the Governor of the
Federal Reserve Bank of New York was abroad, conferring in London,
Paris, and Berlin, with J.
Owen D.
The following is from the New York "Sun" of last night, various central banks, and P. Morgan,upon theirYoung, and the heads of
said that
return to New York a
meeting was held in the Federal Reserve Bank in New York, where Owen
Dec. 26:
Young, George L. Harrison, and J. P. Morgan reported on the results of
The New York Clearing House Association announced to-day that
beginn- their conferences.
ing to-morrow interest rates paid on deposits by members of the
assoThe public, however, knows nothing about the changes put into operation
ciation would be lower. The new rate on deposits by banks
will be 1%. in connection with these various
against the 1%% now paid. Deposits made by mutual savings
conferences, he said.
banks will
"All we have to go by," he said, "is the fact that after the other conget a rate of 1)4%. against 2% paid now, while other
deposits will draw
ference held in this country in 1927, a change in the discount policy was
1%,against the 1)4% now paid.
made and money was made cheap, which resulted in the shipment out of
country of $500,000,000 worth of gold which, at the same time,
Representative McFadden Holds Foreign Policies of a superabundant amount of credit resulting in stimulating
the beginning
Nation Affect Depression—People Fear Foreign of the stock speculation which ended so disastrously last year. Since then,
Commitments Too Heavy—He Says in Criticizing Mr. McFadden said, it has been more and more the practice of the Federal
Reserve Bank of New York to make gold loans to the central banks of
War Adjustments.
Europe and to buy foreign bills on a large scale.
The extensions of the powers of this bank have appeared to be a matter
Representative McFadden (Rep.), of Canton, Pa., Chairthe Federal
man of the House Committee on Banking and Currency, in a to indifference to knowledge Reserve Board in Washington who profess
have but little
of what it is doing, he said.
speech in the House, Dec. 20, attributed the industrial situaDifference in Policies Declared to Exist.
tion as largely due to the distrust of the people in the GovHe said these loans have all been made to the national banks of the
ernment's foreign policy and the financial policies of the Allied governments whose policies have been the integral execution of the
Versailles Treaty and the proceeds used
Federal Reserve System. According to the "United States States Government, he said, has never exclusively to that end. The United
avowed the policy of upholding
Daily" of Dec. 22, from which we quote, he said the people treaty, and there is therefore a discrepancy between the policy of that
United States and the financial policy of the Federal Reserve Bank of
do not want entangling alliances and fear that the financial
New York. He said the policy of the Federal Reserve Bank of New York
system is being weakened by too many commitments abroad. has been to uphold and further the Stresseman
policy in accordance with
the wishes of the "economic exports" to whose control that bank ham
The paper quoted further indicates as follows what
Repre- been abandoned.
sentative McFadden had to say:
"This is not as it should be," said Mr. McFadden. "America's foreign
Mr. McFadden told the House that forces are now making
themselves felt financial policy should be fixed for the Federal Reserve Banks by the
that come in large measure from without and that their cause and
effect are Federal Reserve Board at Washington and not by one of the 12 co-ordinate
not clearly visible and the motives not understood. These world
forces, he Federal Reserve Banks. And the Federal Reserve Board in Washington
said, are primarily political, and it is Congress that must cope
with them should mold its policies in accordance with the foreign policy of the United
so that the United States shall not' be drawn "unwittingly into
the sweep States Government whose creature the Federal Reserve Board is.
of policies determined for it from without or privately by the
"What is the foreign policy of the United States Government at this
Government's executive branch alone."
time? Is it a policy primarily directed to the nation's wealth and to the
"The particular gentlemen who in regard to post-war Europe
have repre- conserving of the nation's strength, or is it a policy of timidity and drift
sented American financial prestige in the treaty settlements there,"
he said, which follows the line of least resistance? In view of its tolerance of
"have succeeded in leaving that distracted continent in a worse
condition the London ultimatum and the Dawes plan, and of the hospitality it now
than that in which they found it."
gives to the Young plan and the World Bank, with the implication which
these acts carry of choosing sides in Europe and throwing the support of
European Sivation Termed Complicated.
the United States Government to the integral execution of the Versailles
Mr. McFadden said that these men have complicated the
international Treaty while assuring the public it is having nothing to do with
situation and perpetuated the fatal errors of the peace settlements
to such quarrels in Europe and takes no interest in German reparations—it is
an extent that no recovery has been possible in Europe.
to be
questioned whether its policy has been in the interests of the American
"The financiers and economic experts have had their turn,"
Mr. McFad- people and whether it has shown that ingenious quality which
den said. "It is time for them to retire and relinquish the
ought to
possibility of characterize the government of a republic."
determining the policy of the United States Government by the
representaHe said Congress ought to pass a bill he introduced at the last session to
tives in Congress where it belongs. It is time that the control of
the prohibit traffic in German reparation bonds in this country. He said
Federal Reserve Bank of New York be taken out of their hands
and that, would be a first step in the establishment of a definite policy
and would
by legislation, its activities be brought into line with a national
policy bring to an end "the dangerous financial heresies of the treaty
which the Congress of the United States will fix."
of Vergallica." He said legislation is needed to protect United States gold in the
He asked why the makers of the Versailles peace treaty saddled
upon future and to guide the Secretary of the Treasury and the Federal
the enemy an utterly impossible war tribute of $33,000,000,000 to be
paid Board in Washington on that subject.
in annual installments over a period of 37 years. He said that the
Mr. McFadden said events in Europe since last July indicate clearly that
conquest of Germany was attained in the six months following the
armistice combinations are forming against Anglo-French dominance.
"Simulby ruthless blockade. All this, he said, was done in violation
of the taneously with the failure of the German International 536s
on the Amerpreliminary peace agreement.
He said that under international law Germany is not morally or legally ican investment market," he said, "Mussolini called for a revision of
the Treaty of Versailles and left Italy out of the Allied ranks. Italy is
bound to carry out the treaty. He said it is a pity that this was
not making alliances with the countries which were defeated ni the
war, and
perceived by the State Department in Washington in 1921, when
it an Italian-Russian-German understanding is taking form which
entangled the United States in the post-war mirage and implanted in
the become formidable in certain eventualities."
minds of European statesmen fond hopes that Europe might be
re-estabHe said his attention was called to the speech this week of Premier
lished through the commercialization of the German indemnity in
the Mussolini in Italy in which the latter dealt with financial and
United States.
depression in this country and laid Italy's economic nad financial
"Even if Germany had been conquered on the field of battle
before to the stock crash in the United States and to the
development of the
armistice, in which case the settlement would have had some
elements plan of mass-production in this country which has resulted
of honesty, it would not have been a rational act for the United
in creating
States enormous surpluses.
to have permitted the commercialization of the indemnity among its
citi"Let us set ourselves to the formulation of legislation made in America
zens," he declared. An unconquered enemy, giving up arms in
reliance to safeguard the interests of the American people," he said.
upon the good faith of an armistice agreement, was afterward "tricked
"The industrial stagnation in this country to-day," he concluded,
the power of his adversary, who thereupon reduced him to unconditional
largely due to the distrust of the people in the foreign policy of
surrender by the pressure of starvation and compelled him to
accept the Government and in the financial policies of the Federal
Reserve System.
burden of a colossal war tribute for 87 years," he says.
They have seen an increasing tendency toward entangling alliances as the
When that happens, as it did happen, he said, "the obligation is
fraudu- years have passed. They do not want to see their financial system
lently imposed and the bonds afterward issued are tainted with illegality.
by too great extensions in its commitments abroad."
"Such are the repartion bonds of the Treaty of Versailles," he said,
Representative Ramaeyer (Rep.), of Bloomfield, Iowa, told the
it Ii inconceivable when the real facts of the peace settlement are
known that "as to the worthlessness of these reparation bonds, I have
that the Government of the United States could open its doors to the
sale suspicious myself as to the advisability of Americans investing in
of those bonds among the American people.
bonds. It is true," he asked, "that since the World War we have lent
now done so is wholly due to the influence through
"That it has
year a great deal of money to Europe, something around $1,000,years that a small and powerful group of our international bankers, and each
000,000, is it not?"
through them the Allied governments, have been able to exercise con"It is a total of more than they have paid on the war debts," replied
tinuously upon the policy of our executives. Cunning, grape-vine methods
Mr. McFadden.



[Voi... 131.

of a national bank, and below this' pictureis the statement:
asked for an
Same guarantees protection to all depositors." And you
Your letter
opinion as to whether or not such an advertisement is legal.
also contains the following statement:
"It appears to me that this advertisement is very unjust to the
banks of the State, and will tend to create false impressions with
general public in that it will lead them to believe in the event they
, that our
National Bank at
their fundiewith the
United States Government guarantees their protection on all deposits."
The Legislature of Kentucky enacted Section 1376f, Kentucky Statutes.
Mr. McFadden.
which is as follows:
Ramseyer asked if it
Advertising Law.
"The two. combined," agreed Mr. Ramseyer. Mr.
Any person, firm or corporation or association, who, with intent to
"before there can be peace in the world we
is Mr. McFadden's idea that
plan and substitute sell or in anywise dispose of merchandise, securities, service, or anything
have got to scrap the Versailles Treaty and the Young
association, directly or inthat "we offered by such person, firm, corporation or , or with intent to increase
else in the place of them?" Mr. McFadden replied
directly, to the public for sale or distribution
until we go the consumption thereof, or to induce the public in any manner to enter
in Europe
will not get a proper solution of this whole matter
title thereto, or any
into any obligation relating thereto, or to acquire circulates, or places
back to the very foundations."
interest therein, makes, publishes, disseminates, be made, published.
before the public, or causes, directly or indirectly, to
this State, in a
disseminated, circulated, or placed before the public in notice, handbill.
newspaper or other publication or in the form of a book,
Federal Reserve Board on Bank Suspensions
advertiseposter, bill, circular, pamphlet, or letter,or in any other way,an
in November.
ment of any sort regarding merchandise, securities, service or anything
any assertion, repro
offered to the public, which advertisement contains
its sentation or statement of the fact which is untrue, deceptive, or misIn its report of bank suspensions in November in
and, upon conviction. shall
the leading. shall be guilty of a misdemeanor, imprisonment in the county
December "Bulletin," the Federal Reserve Board gives
' fined in any sum not exceeding $100, or
during the month as 236, jail not exceeding 90 days, or both so fined and imprisoned in the discretion
number of all banks suspended
The of the jury.
of which 31 were members and 205 non-members.
It is a fact well known to every business man acquainted with the banking
suspended banks in November this business that the Federal Government of the United States does not
total deposits in the
000 were held guarantee protection to all depositors. Such an advertisement is misleading
year were $204,082,000, of which $107,548,
In and deceptive, and does, in our opinion, do grave injustice to State instituby member banks and $96,534,000 by non-members.
engaged in the banking business. The same kind of a statement
November this year the number tions
the period from January to
and advertisement could with the same degree of reason be circulated by
000, State bank. The Federal Government, like the State Government, mainof banks suspended is 981, with deposits of $515,486,
tains banking departments, the duty of which it is to cause examination
compared with 590 bank suspensions in the same period of the State and national banks to be made from time to time for the
000. The number of purpose of protecting the public against unsafe banking methods, and it
last year, with deposits of $218,802,
the State nor the Federal
bank suspensions in October was 66, with deposits of $26,- is a fact too well known to be denied that neither
Government guarantees protection to all depositors of either State
our issue of Nov. 29, page 3463. national institutions. Both the State and Federal Governments attempt
605,000, as was indicated in
to protect, but neither guarantees. It is, therefore, the conclusion of
The Board's compilation for November follows:
Department, from an examination of our statute quoted above, and as
financial a matter of common knowledge and experience, that such an advertisement
[Banks closed to public permanently or temporarily on account
banks. Deposit
and is calculated to do grave injustice
difficulties by order of supervisory authorities or directors of the are subject to is clearly misleading and deceptive
to State institutions engaged in the banking business.
figures are for the lastest available date prior to suspension and
for the latest month are preliminary.]
revision. Figures

each year more to
"At any rate," Mr. Ramseyer asked, "we have lent
Europe than the balance of trade in our favor amounted
Mr. McFadden.
"The record of that shows an excess of loans," said
stimulate our trade and
"And that," Mr. Ramseyer said, "has helped
country and in
helped a great deal in keeping up the prosperity in this
undoubtedly our failure
the world that we enjoyed during that period, and
volume had a good
last year to continue making these loans in the same
deal to do with bringing about this world depression."
York market," added
"And the loss of money by foreigners in the New

Number of Banks.

All Banks,
Federal Reserve Magna.









New York
St. Louis
nsas City
San Francisco



















Deposits (in Thousands of Do!ars).
Members a

All Banks.
Federal Reserve District.







285 10,979 1.643 30.442
16.173 3,584 11,168 23,567 39.743
61.838 15,050 27.799 15.539 54.450
967 11,558 2.324 70,557
8,658 86,965 91.094 46,081 68,567
262 1,537 4,709 17,560
250 7.978 1,581 19.968
975 3,866
185 11,484
115 4,709
204,082 515.486 218,802 107,548 180,790 96,534
a November figures include 25 nationa banks with deposits of $68,837,0001930
six State bank members with deposits of $38,711,000; January to 18 State bank
banks with deposits of 5134,664.000 and
figures include 111 national
members with deposits of $46,128,000. b Includes private banks for which deposit
figures are not available, as follows: November, none; January to November
four banks.

New York
St Louis
Kansas City
San Francisco

1,028 41,421
27.151 10,911
30,589 82.249
3,291 82.115
133,046 159.661
4,971 19.097
1,831 27.946
1,160 15.350
115 9.892

Kentucky Court's Ruling Upheld in Inheritance Case—
Right to Assess Stock of Domestic Company Owned
by Non-Resident Decedent Denied on Appeal.
In its Dec. 22 issue the "United States Daily" published
the following from Frankfort, Ky., Dec. 20:
The Circuit Court of Jefferson County, Ky., has sustained the decision
of the County Court (V U. S. Daily, 2325) holding that the transfer of
the shares of stock in a Kentucky corporation which were owned by a deinceased resident of New York cannot be subjected to the Kentucky
heritance tax.
The State. Tax Commission appealed the case to the Circuit Court,
where it was tried de novo on a demurrer to the appeal. The Circuit
that a
Court overruled the demurrer. The Commission has announced
further appeal will be taken to the Kentucky Court of Appeals.
, The opinion rendered by Judge Barratt on Dec. 13 is entitled Kentucky
State Tax Commission et al. v. Equitable Trust Co. of New York, &c.
The opinion follows in full text:
1. For the purpose of appealing to the County Court shares of stock
in a Kentucky corporation that belonged to a non-resident decedent is
estate situated in the county where the corporation has its principal place
of executor's
of business. Special demurrer of Tax Commission to statement
appeal to County Court overruled.
2. Under the decisions of the Supreme Court the privilege of
to the shares of stock in question is not subject to the power of
of the Commonwealth of Kentucky.
BaldFarmers Loan & Trust Co. V. State of Minnesota, 280 U. S. 204.
win v. State of Missouri, 281 U. S. 586.
General demurrer of Tax Commission to executor's statement of

Effect of Mergers on Executorship—Morristown (N. J.)
State Court to Decide Whether Chase National
Gets Equitable Trusteeship—Case Similar to
Worcester (Mass.) County Bank Proceedings,
Whether Chase National Bank automatically succeeds
to an executorship held by the Equitable Trust Co. by
virtue of a will naming the latter executor, following merger
of the two institutions under the former's name, is a question
PicKentucky National Bank Advertisement Carrying
to be decided by Judge Albert H. Holland in the State
of "Uncle Sam" Held Misleading—Display Court at Morristown, N. J., according to Washington
Said to Guarantee Federal Protection to Depositors accounts to the "Wall Street Journal" of Dec. 20, which
is Ruled Unlawful.
further observes:
The case is similar to that decided last year by U. S. Supreme Court in
The advertisement of a national bank which carries a
(Mass.) County Bank case, when it was held,that under
of "Uncle Sam" and the statement that "Uncle the Worcester ts law a national bank does not automatically succeed
the Massachuset
to all depositors," is "clearly to the executorship of a will held by a State institution after a fusion under
Sam guarantees protection
by the court.
but must
misleading and deceptive" in the opinion of the Attorney- the national charter,many thatbe reappointedwould be detrimental to the
the decision
It was feared by
Kentucky, J. W. Cammack. The advices to National Bank System in the belief that State courts would favor State
General of
this effect were contained in Frankfort, Ky., advices Dec. 20 institutions In the matter of appointing executors and trustees. However,
there have been no evidences that such has been the case. It was also
to the "United States Daily" which went on to say:
believed that national banks, rather than chance losing this business,
The Banking Commissioner, W. A. Dicken, inforthed the AttorneyKentuckY,
General that such an advertisement was being circulated in
and in a letter dated Dec. 17, written by Assistant
by the Department.
James M.Gilbert, the position so outlined was taken
Neither the Federal Government nor the State guarantees the deposits
made to a
in national or State banks, the opinion asserts. Reference Is
statute in Kentucky which makes deceptive advertising a
The opinion follows in full text:
a photoDear Sin—Your letter of Dec. 16 has been received inclosing
circulated in
graph showing an advertisement that is being posted and
the name
Kentucky containing a picture of "Uncle Sam," together with

would merge under State charters.
The New Jersey case was instituted by counsel for a beneficiary under
the will of the former Jacob Henry Perkins of Madison, N. J., who had
named the Equitable Trust Co. executor and trustee of his estate under
The counsel contends that the executorship does not succeed to the
Chase National Bank after the merger and suggests that a New Jersey
banking house be appointed in its stead.
The question of jurisdiction is prominent in the case, upon which the
decision may be based. Under the laws of New Jersey the national bank

DEC. 27 1930.]


would have to be reappointed by the court. Under the New York law
She executorship held by the State institution automatically goes to the
national bank in such a case.
There are five States,some of which have enacted laws since the decision
ef the Supreme Court in the Worcester bank case, where the national
bank succeeds to the executorship held by a State bank when the two merge
under a national charter. These States are New York, Illinois, California,
Pennsylvania and Tennessee.

Senate Sets Time to Vote on Nomination of Eugene
Meyer Jr. as Member of Federal Reserve Board.
According to the "United States Daily" of Dec. 22 the Senate, in executive session, Dec. 20, entered into an agreement
by which the nomination of Eugene Meyer of New York
to be a member of the Federal Reserve Board will be a
special order of business for Jan. 9 1931, in event that is
the first day after the New Year on which executive business is considered. The proposal to designate a time for
consideration of the Meyer nomination was made by Senator Wagner (Dem.), of New York.
The approval of the nomination by the Senate Banking
and Currency Committee was noted in our issue of Dec. 20,
page 3987.


"There is on the desk," Mr. Glass said, "a resolution offered some
time ago directing the Department of State to discontinue the exercise of
a lawless function in the matter of undertaking to approve or disapprove
loans negotiated by banks in this country with citizens of foreign countries and foreign nations themselves. I want to ask to have that resolution
referred to the Committee on Banking and Currency, with the intention
of asking that Committee to report it immediately after the holidays.
"I do this because I notice in the press diimatches that the State
Department found it necessary, or rather desirable, the other day to disclaim having disapproved certain loans by American banks to Italy upon
the ground that it would not sanction any loan to Italy until Italy yielded
In the matter of its differences with France on the question of naval
"I saw a statement in which the State Department said it had not
been asked to consider any such loans, and had not considered them, the
subject had never been brought up," Senator Reed interjected.
"I know that," Mr. Glass continued, "but I am saying that we should
not have a situation in this country where the State Department feels
compelled to deny that it has done something that it has no lawful right
to do in any event."

The "United States Daily" of Dec. 20, in referring to
what Senator Glass had to say, published the statement
Issued by Secretary Stimson denying reports that the State
Department had disapproved a loan to Italy. We quote from
that paper the following:

Department's Rights Doubted.
The Virginia Senator told the Senate that the Department of State "had
no legal right to know anything about whatever foreign loan was proposed,"
President Thompson of American Farm Bureau consequently it could, and should, have nothing to say about it, he asserts.
of State
Federation Confers with President Hoover— referredstatement by the Department of rumors to which Senator Glass
was issued on Dec. 8 because
that the Italian GovernSuccessor to Late E. H. Cunningham of Federal ment was endeavoring to negotiate a loan or credit in the United States
and that the Department had objected. The statement issued by the
Reserve Board.
Secretary of State, Henry L. Stimson, follows in full text:
President Hoover conferred on Dec. 20, with S. H. Thomp"In view of persistent rumors that this Government has Informally indicated to
son of Chicago, President of the American Farm Bureau bankers its disapproval of loans to Italy as a means of bringing pressure in favor
of disarmament, I wish to make It perfectly clear that there is-absolutely no foundaFederation, regarding the appointment of a successor to tion for any such rumors. No loans to Italy have been discussed by this Department,
formally or Informally or In any way whatever, and I have not heard
Edward H. Cunningham of Iowa of the Federal Reserve suggestions or discussions by any representative of the Government. of any such
Board. This is learned from the New York "Times" of Dec.
Does Not Approve Loans.
The policy of the Department of State, as announced during the Harding
21, which in a Washington dispatch, Dec. 20, added:
Administration and continued ever since, has been that all loans by
Mr. Cunningham has been generally looked on as the spokesman for
American bankers to foreign countries must be submitted to the Departagriculture on the Board.
Mr. Thompson said he suggested no name, but confined his remarks to the ment. The Department then informs the bankers whether it has any
objection to the loans in question. The Department has stated that it
type of man the Farm Bureau would like to see chosen.
Mr. Thompson told the President the man to be appointed should does not undertake to approve the loans but only to object to them in case
understand the need of rural credits and should be interested in keeping they are contrary •to the public interest.
Among loans to which the Department has objected, according to informathe circulating medium of the nation distributed equably and in accordance with seasonal requirements. He should, Mr. Thompson added, be one tion received at the Department of State, are loans to countries which have
who would endeavor to use the discounting privileges within the powers not funded their debts to the United States—which at one time included
sif the Board so that availability of credits would be equalized, the specu- France, Italy, and other allied countries—and loans for the purpose of
lative use of money discouraged, the concentration of wealth retarded and controlling monopolies consumed by the American people. Under the latter
category a proposed loan to the State of Sao Paulo, in 1924,- for the
stability in the purchasing power of the dollar brought nearer.
purpose of "valorizing" coffee, was vetoed.

Election of New Directors of Branches of St. Louis
Federal Reserve Bank.
According to anouncement of John S. Wood, Chairman
of the Board of the Federal Reserve Bank of St. Louis, at
a meeting held Dec. 17 the directors of the parent bank
elected the following branch directors to succeed thos3
appointed by it whose terms expire at the end of this year.
For Louisville Branch—W. F. Huthsteiner, Tell City, Ind., for three
years, and W. P. Kincheloe, Louisville, for one year.
For Memphis Branch—R. Brinkley Snowden, Memphis, Tenn., for three
years, and W. H. Glasgow, Memphis, for one year.
For Little Rock Branch—W. A. Hicks, Little Rock, Ark., for three
years, and A. F. Bailey, Little Rock, for one year.

The Federal Reserve Board has appointed the following
branch directors to succeed its appointees whose terms
expire at the end of this year:
For Louisville Branch--Gen. E. IL Woods, Lucas, Ky.
For Memphis Branch—E. L. Anderson, Dickerson, Miss.
For Little Rock Branch—Hamp Williams, Hot Springs, Ark. Each has
been appointed for a three year term beginning January 1, 1931.

Russia Is Exception.
Russia is the•only country to which the United States now interposes
an objection to loans, according to information obtained at the Department of State. This, however, does not apply to short-term credits for
the purpose of financing the purchase of American goods for Russia.
There is evidently a concerted movement to stop the granting of any
additional loans by international bankers to Italy, Representative McFadden
(Rep.), of Canton, Pa., Chairman of the House Committee on Banking
and Currency, stated orally Dec. 19.
"Not only were the people of the United States in the New York stock
market speculation but the whole world was in that market," he said.
"There is no question but that the development of mass production and
the consolidation and refinancing of industries resulted in bringing about
the catastrophe of last October.
"In the recent German elections, the Nationalist party made great gains,
and that party is continuing to make gains in all by-elections. It indicates that the new Nationalist movement in all probability will elect its
own President of Germany and take control of that Government in 1982.
That development brought from Mussolini a speech reaffirming his early
stand as regards Nationalsit movements within the borders of the various
countries. That evidently has drawn the fire of those in opposition to
him an dhis policies to at extent that there is apparently a concerted
movement to forbid the granting of any additional loans by the international bankers to Italy.
"It has been currently report,d here that the Department of State has
looked askance at what was reported to be negotiations for a large loan to
Italy and that apparently has stopped the activities of the international
banking group that was considering such loan. If this be true, it is a
further indication of our .Government meddling in internatienal finance
and politics."

The Board of Directors of each branch consists of seven
members, four of whom are appointed by the parent Federal Reserve Bank in St. Louis, and three by the Federal
Reserve Board in Washington. The Managing Director is
Items regarding reports on the Italian loan appeared in
elected annually, while the other six directors serve for
our issue of Dec. 6, pages 3633-3634.
terms of three years each.
Senator Glass Proposes to Seek Early Action on Resolution Directing State Department to Cease Indicating Attitude Toward Foreign Loans—Secretary
Stimson Denies Reports of Disapproval of Loan
to Italy.
The question of whether the State Department should
pursue its present policy of passing upon loans to foreign
governments which it is proposed to float in this country
oame up in the Senate again on Dec. 19 when a resolution
by Senator Glass to stop this practice was referred to the
Banking and Currency Committee. In making this known
a Washington dispatch to the New York "Times" quoted
Senator Glass as follows:

U. S. Senate Confirms Frank R. McNinch and Others
Nominated as Members of the Federal Power Corn.
mission—Reports of Reconsideration of Appointees
as Result of Dismissal of Two Officials.
Stating that the new Federal Power Commission of five
members named by President Hoover to take over the work
formerly handled by three members of his cabinet, is now
complete as a result of the action of the Senate in confirming on Dec. 20 George Otis Smith as Chairman, and Prank
R. McNinch and Marcel Garsaud, the two Democratic members. This is noted in a Washington dispatch Dec. 20 to the
New York "World" which also said:
The principal fight centered on McNinch and prompted a three-hour
debate in the Senate, in which Senators Simmons and Morrison, who broke



relations in 1928, were brought together in the fight to have the North
Carolina member confirmed.
George Otis Smith, who will end his service as head of the Geological
Survey to take the Chairmanship of the Power Commission, was confirmed
by a vote of 38 to 22, McNinch by a vote of 47 to 11 and Gerund, 47 to 14.

[Vou 181.

held by Mr. Bonner, no longer exists, with the coming into being of a
Commission whose members devote their whole time to water power affairs. Mr. Bonner's post will be filled by a regular secretary.
Chairman Smith to-day indicated that the Commission's failure to reappoint Mr. Russel and Mr. King was the result of a decision to start off activities of the new setup in a harmonious way.

Commission Now Complete.
Two other members of the Commission had been confirmed by the Senate
earlier and the full membership is expected to begin functioning soon after Congress Adjourns for Christmas Recess—Measures
the holidays.
Passed in Closing Hours—Plans Respecting PendPolitics occupied the limelight throughout the sessions on the confirmaing Legislation.
tion of the Commission, with the exception of that of Mr. Smith, whose
attitude toward municipal plants was questioned by Senator Dill of WashCongress adjourned for the Christmas recess at 12:05 a. m.
ington, who urged rejection of the nominee selected by the President.
The debate on Smith turned from the nomination to politics and paved Sunday, Dec. 121, having completed action on the two
the way for Senator Norris of Nebraska to air his complaints against the emergency measures—one appropriating $116,000,000 for
Republican National Committee. This completed, the Senate turned to a
construction work and the other appropriating $45,000,000
vote on the nominee, and Smith won, although by a closer vote than the
for farm relief in the drouth area,,—and the bill providing
two Democratic members.
The fight on McNinch had been anticipated and Senators Walsh (D., for additional funds of $150,000,000 for the Federal Farm
leveled at
Mont.), Glass (D., Va.) and Hawes (D., Mo.) led the criticism
Board. From the "United States Daily" of Dec. 22 we quote
the nomination. It was pictured as made entirely by the President to pay
a debt for the support which turned North Carolina to the Republican col- the following:
umns in 1928.
In addition to its action on the legislative program, the Senate cleared
its executive calendar of all nominations which were ready excepting
Morrison in Maiden Speech.
Eugene Meyer, of New York,
"It is not a question of whether we shall refuse to confirm McNinch as those to the Tariff Commission and that of
a Democrat because he bolted," Glass declared, "but one of whether we to the Federal Reserve Board.
Committee Activity.
shall reward him for that action."
Lively tilts featured the debate on the North Carolinian and it proLeaders orally expressed satisfaction at the amount of work accomplished
vided the opportunity for Senator Morrison,.who succeeded Senator Over- and except for possible committee work in several instances, there will be
man, to make his maiden speech. He gave promise of quickly taking rank an absence of action in the Capitol until Jan. 5 1931. Among the Commitas one of the Senate orators and commanded keen attention from the floor. tees that may sit is the Senate Committee on Appropriations, which may
At one time, when he referred to the great things being done for his decide to utilize the vacation to hear the six Government officials in touch
State by the Duke interests, Senator Walsh reminded him that E. L. Do- with relief work on measures being taken to create employment and relieve
heny also had done considerable civic work. Efforts to connect McNinch distress, in accor,dance with the resolution of Senator La Follette (Rep.),
directly with power interests failed, and it was evident, by reason of the of Wisconsin.
bolters in both parties, that the Senate would not reject him because he
The House Committee on Appropriations also is planning to hold hearfailed to support Gov. Smith in 1928 and Senator-elect Bailey last November. ings on the amount to be appropriated under the $45,000,000 drouth
The nominations of Claude L. Draper, of Wyoming, and relief act. The drouth relief act authorized appropriations of $45,000,000,
of as against a budget recommendation of $25,000,000.

Ralph B. Williamson, of Washington State as members
the Power Commission were confirmed by the Senate on
Dec. 19. It was noted in the Associated Press advices from
Washington on that date that Mr. Draper and Mr. Williamson were approved by the Senate Inter-State Commerce Committee unanimously, while opposition votes were cast in
Committee against the other nominees—Chairman George
Otis Smith, of Maine; Marcel Garsaud, of Louisiana, and
Frank It. McMach, of North Carolina.
According to the New York "Journal of Commerce" reconsideration of President Hoover's five appointees to the
Federal Power Commission by the Senate when Congress
reconvenes on January 4 was threatened on Dec. 23 with
summary dismissal by the Commission of Solicitor Charles
F. Russell, and William V. King, an accountant. The further Washington advices, Dec. 23, to the paper quoted, said:
Senators Borah of Idaho and Norris of Nebraska said they would support a

Plans After Recess.
House and Senate leaders announced plans to proceed immediately after
the recess with the regular annual supply bills, three of which have passed
the House. These are: Treasury-Post Office, Interior and Agriculture, the
Treasury-Post Office bill has passed the Senate with amendments, and is in
conference. Another measure in conference and which is scheduled to be
discussed by conferees during the holidays is the Muscle Shoals legislation.
The Senate will return to its unfinished business, the so-called Jones
maternity bill (S. 255) but with an understanding that any conference
reports reaching it will be given priority. In addition, it has made consideration of Tariff Commission nominations and that of Mr. Meyer the
special order of business for Jan. 9.
The Chairman of the Committee on Rules, Representative Snell (Rep.),
of Potsdam, N. Y., said the House will consider "first the War Department appropriation bill, not yet reported from the Committee on Appropriations.
"At the first opportunity, the Vestal copyright revision bill (H. R. 12549)
will be taken up again in the House," Mr. Snell said, "and I am of the
opinion that it will pass the House. There will be some disposition of
the Kelly-Capper re-sale price bill (H. R. 11), on which there is strong
sentiment on both sides of the question. I will be disappointed if something is not done to dispose of the Muscle Shoals question at this session
of Congress. On the so-called lame duck resolution (H. J. Res. 292), I
am individually opposed to the resolution in its present form without some
limitation on the expiration of the second session of a Congress, but I will
not oppose its consideration some time during this session. I think this
session has made excellent progress; we have passed all emergency
measures in the House and the appropriations are running along according
to schedule."
The House Committee on Banking and Currency, according to the
Committee Clerk, probably will resume hearings on branch, group, and
chain banking after the holiday recess, and possibly have other hearings.

move for such reconsideration, but neither can move for reconsideration
under the Senate rule which forbids such a motion being made by any
member who cast an adverse vote on the ballot by which the Senate confirmed the power commissioners.
The secretaryship of the Commission also was vacated to-day when
F. E. Bonner, who served as Executive Secretary under the old Commission, carried out his threat to resign, made two weeks ago during hearings
by the Senate Inter-State Commerce Committee on the new Commissioners.
Although not called before that committee, his name figured largely in the
hearings and he said he was "tired of being crusified on the altar of politics" in a letter he wrote at that time to Senator Couzens (Michigan),
Chairman of the committee.
Taxation Measure.
Representative Hawley (Rep.), of Salem, Oregon, Chairman of the
Dismissal No Surprise.
The dismissal of Mr. Russell and Mr. King was not unexpected, but the House Committee on Ways and Means, plans to expedite two measures, he
act caused considerable discussion in political circles because of the man- said. One is his bill (H. R. 10165) to reduce international double taxation.
ner in which it was done. Their dismissal was announced in one executive The other is the bill (H. R. 10585) amending the Trading With the Enemy
order of the new Power Commission vested with complete control over Act, providing for payment to nationals of Germany, Austria, and Hungary,
power sites and projects in the United States, three of whose members ' for patents issued to the United States, the use of which the United States
were confirmed by the Senate late Saturday night after Administration obtained through the Chemical Foundation in connection with the Office
leaders had pronounced this to be one of the essential duties of the Senate of the Alien Property Custodian. This bill, Mr. Hawley said, involves about
$2,500,000, and may be amended so as to include Swiss patentees who
before Congress recessed for the holidays.
"It is almost unbelievable," Senator Norris said, "that the first act happened to be residents of Germany during the World War.
Representative Johnson (Rep.), of Hoquiam, Wash., Chairman of the
of the new Power Commission should be the removal of two of the outthat It is his desire that
standing faithful servants who have stood between the power trust and House Committee on Immigration stated orally
Government officials can
the people who have insisted on more common honesty in fixing the valu- during the Christmas holidays ;he interested
they want enacted as to
ation of power concerns. Russell and King are known all over the United come to some agreement as to what legislation
States as the two public officials who have stood up for honesty in dealing suspension or further limitation of
The Committee has ordered reported Mr. Johnson's resolution (11. J. Res.
with power companies in the commission."
Mr. Johnson,
Senator Borah declined to make a statement on this dismissal of the two 439) providing for a two-year suspension of immigration.
report until after the holimen but said he would support any movement to reconsider the members however, stated he preferred to defer filing the
days pending common understanding between the interested Government
of the Commission.
officials and the Senate and House Committees which might result in his
Would Be Confirmed Again.
revising and reintroducing his resolution.
In the event of this reconsideration of the appointees to the CommisNo Reapportionment Proposals,
sion it would appear from the previous votes on the Power Commissioners
Representative Fenn (Rep.), of Wethersfield, Conn., Chairman of the
that they would be confirmed again, but interminable debate on the
alleged power trust and the new members of the Commission probably would House Committee on Census, stated there is no proposal pending before his
Committee for reapportionment and that there is nothing to be done until
take place.
The Commission is headed by Dr. George Otis Smith, Maine, Chairtnan. some measure is introduced.
The House Committee on Naval Affairs will continue its hearings after
Its other members are Claude L. Draper of Wyoming, Marcel Garsaud of
Louisiana, Frank R. McNinch of North Carolina and Ralph B. Williamson the holidays on the bill (H. R. 14688) authorizing approximately $184,Geological 000,000 for the first-year construction program of the Navy Department
of Washington. Dr. Smith resigned to-day as director of the
under the London treaty, it was announced by the Committee. It is
Under the terms of the Water Power Act, giving the President authority expected that the hearings will be completed in about two days after they
to appoint this Commission in place of the old one composed of the Secre- are begun, and a vote on the bill will then be taken, it was said.
Representative Vestal (Rep.), of Anderson, Ind., Chairman of the House
taries of War, Interior and Agriculture, as ex efficio members, the Commissioners have full authority to appoint their aides, to remove them or to Committee on Patents, explained that he will call his Committee together
change personnel as they see fit. The post of executive secretary formerly for the first time this session after the holidays, so that the Committee

DEC. 27 1930.]


can decide on whether or not it will hold hearings on any bills pending
before it.
Marine Bills Pending.
The House Committee on Merchant Marine and Fisheries has before it
several proposals relating to seamen which will be taken up following the
holidays, according to information from the Committee.
The House Committee on Public Lands expected to reach a decision on
the creation of a national park in Florida and to consider several oil
shale bills after the recess, according to the Chairman of the Committee,
Representative Colton (Rep.), of Vernal, Utah.
Chairman Dowell (Rep.), of Des Moines, Iowa, of the House Committee
on Roads, said that several bills would be taken up after the recess, but
that the emergency road construction bill which was recently passed had
taken care of all the urgent legislation of the Committee.
The House Committee on Irrigation expects to consider several bills
regarding the flood control in areas affected by the Columbia River. The
first of these is set for Jan. 18, tentatively, Chairman Smith (Rep.), of
Twin Falls, Idaho, said.
No dates for hearings have been set in the Committees on Labor, Post
Offices, and Post Roads, Flood Control, Mines, and World War Veterans'
Legislation, according to statements by the Chairmen of the various
Representative Denison (Rep.), of Marion, Ill., a majority member of the
House Committee on Inter-State and Foreign Commerce, stated orally that
the Committee expects to receive the report on holding companies which
is being made, shortly after the first of next year, and that the Committee
will then take the matter up.

President Hoover Favors Renewal of Current Appropriations to Avert Extra Session—Suggests Adoption of "Continuing Resolution" in Event Regular
Supply Bills Meet Difficulty in Passage.
President Hoover feels that the matter of the adoption by
Congress of a continuing resolution, in event it appears
toward the end of the present session the regular appropriation bills for running the Government cannot pass, is one
for the determination of the congressional leaders themselves.
This statement was made orally at the White House, Dec.
22 (we quote from the "United States Daily"), on behalf of
President Hoover, when attention was drawn to published
reports that the President was taking vigorous steps to prevent an extra session. We likewise quote further from the
"Daily" as follows:
The President was represented as having suggested the feasibility of
such a resolution to Republican leaders in Congress, including Senator
Moses (Rep.), of New Hampshire.
At the White House it was explained that President Hoover had not
communicated with Senator Moses on the subject. Several Senators were
said to have suggested such a move to the President, however.
Senator Moses (Rep.), of New Hampshire, president pro tem of the
Senate, declared Dec. 22 that it is as yet too early to tell "whether or not
it will be necessary to resort to the use of a continuing resolution on annual supply bills to preclude forcing the Senate into an extra session next
Mar. 4."
The so-called "continuing resolution" is a legislittive device which provides for the renewal of current appropriations for the next fiscal year to
provide funds for the operation of Government Departments until the regular supply bill can be passed.
The object of such a proposal, Senator Moses said, is to make any attempt
to force an extra session by filibuster futile, by assuring necessary funds
in advance.


Miss Ruth Lewinson, attorney, of 18 East 41st Street, who, prior to the
Investigation of practice in bankruptcy cases, had acted as receiver in several
hundred proceedings, told James N. Rosenberg, Chairman of a committee
of lawyers appointed by the court to revise rules, that honest lawyers had
been made to suffer because a few dishonest ones had been guilty of malpractice.
"I regard it as an affront to my profession," she said, "to see the Irving
Trust Co. designated as the only bankruptcy receiver in the Southern
District of New York. By that designation it was indicated that lawyers in
general could not be regarded as properly qualified for the post of receiver.
"As a matter of fact, the members of the bar as a class are the best
qualified individuals to handle receiverships and they should not be barred
from so doing because of half a dozen miscreants."
Nathan D. Penman, counsel for the Board of Fire Underwriters, told
Mr. Rosenberg and a large group of lawyers and laymen who attended the
meeting that in his opinion the committee, in attempting to frame and
bring about the adoption of rules covering all phases of bankruptcy, was
"exercising a legislative function."
Harold Remington of 141 Broadway declared that the character of appointees was the most important point to be considered in designating
persons to handle or give advice concerning bankruptcy proceedings.
Robert P. Levis, another attorney, criticized the proposed rule of the
committee, which, if adopted, would prohibit the employment as attorney
for either a receiver or trustee in bankruptcy of any lawyer representing any
creditor of the bankrupt.
Mr. Levis expressed his belief that a lawyer might represent one creditor
and do satisfactory work for the body of creditors. Other lawyers said that
the recommendation of creditors should be of great weight in determining
who should act as trustee and as an attorney for the trustee.

$1,500,000 Suit by W. C. Durant Asks Stock Damages—
Market Operator Contends Block & Co. Broke
Margin Contract in Selling Shares—Preceded
Brokers' Action.
Details of the suit which W. C. Durant, automobile
manufacturer and stock market operator, announced on
Dec. 8 that he had brought against Benjamin Block & Co.,
stock brokers, disclosed on Dec. 13 that Mr. Durant is
asking $1,500,000 damages for the conversion of securities
deposited for his account and others with the brokerage
concern. We quote from the New York "Herald Tribune"
of Dec. 14, which continued:
The suit preceded another action, brought by Block & Co.for $71,367,
in which Mr. Durant was named as defendant, but its filing temporarily
escaped notice.
According to Mr. Durant's petition,filed in Trenton, N.J., the brokerage
house on Oct. 10 1930, had some $3,700,000 worth of stock belonging to
the Whittier Corp., but asked increased margins. It was agreed, the
petition continuos, that if the corporation delivered the brokers $300,000 in
notes, 75,000 shares of Durant Motors, Inc., of Delaware and a "give up"
on 3,000 shares of Loew's, Inc., at $60 a share that the defendants would
hold the account without further margin. The brokers, it is charged, disregarded the agreement and sold out most of the securities, occasioning the
corporation loss for which Mr. Durant asks $1,500,000.
The action asks smaller amounts of damages for losses said to have been
sustained by persons associated with Mr. Durant who have now assigned
him their claims. The sum of $70,000 is asked for the account of R. Randolph Hicks, $150,000 for that of Edward V. Rickenbacker and $80,000
for that of F. W. A. Vesper.
The suit which Block & Co. brought in New York Supreme Court on
Dec. 6 against Mr. Durant and others alleged that late in October the
accounts showed a net deficiency of $644,482 and that after Mr.Durant had
posted additional collateral it was not sufficient to meet the deficit. The
brokerage firm asserted that it had warned Mr. Durant that it would have
to close out the accounts and that he agreed when told that the best Judgment would be used in disposing of the securities. The firm asked $71,367
for its remaining deficit and that the court decree its rights and those of
Mr. Durant pending settlement. It is not known whether the New Jersey
or the New York State action will be tried first.

President Hoover Will Not Call Extra Session of Senate
to Act on Ratifying the World Court Protocol.
President Hoover does not at this time contemplate calling the Senate into extra session after the adjournment of
Congress on March 4 for ratification of the protocol of Revisions Sought in New York Law on Stock Frauds—
American adherence to the World Court. In stating this
Assistant Attorney-General Also Would Set Up
a dispatch Dec. 20 from Waghington to the New York
Special Criminal Division in Securities Bureau—
"Times" added:
Amendments Proposed to Martin Act.
This was announced from the White House to-day as the administration's
The Assistant Attorney-General in charge of the Bureau
answer to published reports that the President intended calling such a session for this purpose.
of Securities, Watson Washburn, announced Dec. 20 that
These reports were said to be without foundation in fact and to have he had sent to Attorney-General Hamilton Ward in Albany
been made without any authority.
It is generally understood that about the only contingency which could a draft of five amendments to the Martin Act, under which
bring an extra session of the new Congress, urged by some Senators and security frauds in New York are punishable. These amendRepresentatives, would be the failure of Congress at the present session to ments, says the "United States Daily" of Dec. 22, are
pass appropriation bills to meet the expenses of the government for the
designed to effect the following results, he stated:
fiscal year 1982.
The Senate Committee on Foreign Relations by a vote of 10 to 9 on
Wednesday (Dec. 17) decided not to report the World Court protocol at
this session, and it was following this action that the reports of a prospective extra session gained circulation. It now appears that no action of
any kind will be taken on World Court adherence in advance of the convening of the first regular session of the Seventy-second Congress, which
will be on the first Monday in December 1931.

1. To make the "State notice" regarding dealers really effective by
requiring considerable additional information to be filed, and requiring
brokers to file these notices at least 15 days before they start business.
The present law merely requires that a skeleton notice giving only the title
of the firm and its address be filed at the time when the firm starts to operate. Fraudulent brokers whose past records would arouse suspicion are
naturally careful to use firm names which give no inkling of the real personnel.
2. To require some additional information in the "State notice" required
Woman Lawyer Attacks Policy on Receivers in New regarding each new security issue. The notice provided for in the present
law regarding issues of new securities contains no more useful information
York—Sees Affront to Profession in Making than the dealers' notice referred to in the preceding paragraph.
Irving Trust Co. the Only One—Group Seeks New
3. To authorize the Attorney-General to place under bail, pending the
result of his investigation, any persons whose testimony is essential to the
investigation. Under the present practice, the service of a subpoena often
The following is from the New York "Times" of Dec. 18: operates merely as a warning to the culprit to disappear.
The comparatively recent custom of appointing the Irving Trust Co.
4. To permit the Attorney-General to require an appropriate bond from
receiver in bankruptcy cases in preference to other candidates for appoint- any brokers whose previous record discloses fraudulent prat:aces.
ment was attacked yesterday as"an affront to lawyers" at a public hearing
5. To make plain that violation of a Martin Act injunction is not only a
on the proposed revision of bankruptcy rules, held in the Postoffice Building contempt of court, but a misdemeanor punish ble by a fine of rot more
than $5.000 orimprisonemnt for not more than t o years, or both.
at the suggestion of Federal Judge John C. Knox.



The paper quoted adds:
Mr. Wasuburn pointed out that in connection with the fifth recommendation, he has requested Mr. Ward to recommend that a Epecial criminal
division be set up in the Bureau of Securities, which would indict and
prosecute stock swindlers directly, instead of merely referring criminal
prosecutions to the district attorneys, to avoid duplication of work.

[Vera. 181..

forward step in the near future. No one could be in a better position than
the presidents of the Eastern trunk lines to take this step. I have faith
that we can depend upon their leadership."

Government Loses $30,000,000 Tax Case—Community
Property Laws of Washington, Texas, Louisiana
and Arizona Allowing Husbands and Wives to
Tax Losses Deductible by Stock Market Traders in
File Separate Returns Upheld.
Succeeding Year if They Exceed Net Income
The community property laws of the States of WashingAccording to Gammack & Co.
If losses established by professional stock market traders ton, Texas, Louisiana and Arizona, where husbands and
in any year are in excess of total income for that year such wives each return one-half of the community property inlosses may be reckoned in the succeeding taxable year, come for Federal taxation, instead of a joint return in
according to Gammaek & Co., members of the New York which each participates and the husband pays the whole
Stock Exchange, who have prepared a memorandum on tax tax, were upheld on Nov. 24 by the United States Supreme
selling. As an example of what this means the firm says:
Court in the first opinion delivered for that body by Owen J.
In other words. if your total income this year is $20.000 and by the sale
of stock a loss of $30.000 Is established, your net loss for the year will be
$10,000. If in the next year your total income is 88,000, you may apply
the $10.000 loss from the previous year against that income, leaving a
remainder of $2,000 which could be applied against income for the second
succeeding taxable year. It is important to point out here that from the net
loss, as calculated above, must be deducted non-taxable income received,
such as interest from Liberty bonds, &c., The taxpayer, however, must
show that trading in securities is carried on by him as a business (not
necessarily his exclusive business activity).
Whether a trading account is a business depends on the facts of each
case, but the proportion of the taxpayer's resources invested in trading,
the amount of time devoted to trading and the frequency of trades made are
all factors which enter in. It is doubtful, for instance, that an executive of
an established business, other than an investment firm, should take advantage of these rulings. However, so-called professional traders as well
as partners of Stock Exchange firms, for example, might very well come
under this category.

Prof. Ripley of Harvard University Declares It Essential
for Railroads to Obtain Advantages of Consolidation.
"To-day, as never before, it is necessary for the railroads
to obtain the advantages of consolidation," said Professor
William Z. Ripley, speaking on Dec. 18 at the Commodore
Hotel before the New York Problem Discussion Group dinner of Vim National Association of Owners of Railroad and
Public Utility ISecurities. "Hard times have proved that
the- railroads must effect every possible economy of operation," said Prof. Ripley, "but with the strictest economy in
1930 they have been unable to earn anything like the fair
return prescribed by law. It is apparent that means must
be provided to make possible greater economies." He
"I believe that the railroad presidents of the -United States could perform
no better service than by reaching a prompt agreement upon a consolidation
policy. Thereafter, having the matter in their own hands, it could be put
into effect. Such action would stabilize trunk line conditions and be of
great public importance, coming as an expression of confidence in the
future of the industry at this discouraging time.
"Most of our railroads are operating upon a wastefully competitive
rather than an economic basis. Every time that a car of freight is hauled
over a longer route instead of a shorter one, there is an economic loos.
Yet competitive systems haul thousands of cars merely because they are
competitive. The loss from 'empty mileage' alone runs into imposing
figures. While no one wishes to bring about consolidations that would
lessen competition, it is possible to effect consolidations that will be both
competitive and economic."

Roberts, the new Associate Justice. A Washington dispatch
to the New York "Times" Nov. 24 from which we quote,
The result of these test cases, brought by the treasury upon 1927 incomes,
is said by attorneys to mean that the government loses the chance of
collecting about $30,000,000 in back assessments for 1927, 1928 and 1929.
If it is accepted citizens of the four States are saved $10,000,000 annually
through the community property laws. New Mexico, Idaho, Nevada and
California are expected to bring test suits on similar laws, and the treasury
estimates that dal! eight States are upheld the government's loss will be
about $25,000,000 yearly.
The cases originated from attempts by the treasury to have the husband
pay the full tax as though the property were all his personal possession.
Finally, the treasury agreed with Representative John N. Garner of Texas
to test the matter in court, with the proviso that if the Government won
it would not go back of 1927 in assessments.
The controversy dates back to a Spanish law adopted many years ago by
the States affected which carried forward the equal ownership of husband
and wife in the community property or the income arising therefrom.
In presenting the case of the Supreme Court the Government relied
largely upon the court's decision in the Robbins case from California several years ago in which it struck down the so-called community property
law of California because the wife had an expectancy in one-half of the
estate at the death of the husband as distinguished trona ownership during
Associate Justice Roberts adopted the Washington case for extended
reasoning, 'showing that the statutes of that State provide that except
for property acquired by gift, bequest, devise or inheritance, all property,
however acquired after marriage, by either husband or wife, or by both,
is community property.
Justice Roberts discussed the contentions of both the taxpayer and the
Government, pointing out that the question of income taxes from the
community had been the subject of numerous decisions of the Department
of Justice, and following them, had been fixed in departmental rulings in
favor of divided returns from the so-called community property States.
Further, it was shown that Congress three times re-enacted the income
tax law without change in the wording found in paragraphs 210 and 211,
thus giving legislative sanction to the executive construction. Also that
twice the treasury has suggested the insertion of a provision which would
impose the tax on the husband in respect of the whole community income,
and that Congress bad not seen fit to adopt the suggestion.

Secretary of the Treasury Mellon Asks Exemption From
Income Tax of Contributions by Corporations to
Charities for Unemployment Relief.
Following a request by Secretary Mellon, Chairman
Hawley of the House Ways and Means Committee introduced in the House on Dec. 11 a joint resolution to authorize
corporations to deduct contributions to unemployment
Professor Ripley also pointed out that It was necessary
relief and other charities in computing their income taxes
to equalize conditions of competition in the transportation
during the period from July 1 1930, to June 30 1931, as a
field. He went on to say:
further emergency measure in meeting the present economic
"It is evident that we have left the day behind us when the railroads
represented the only great arteries of transportation, as they did at the situation. We quote from a Washington account to the
time of their inception. In 10 years the number and facilities of the New York "Times" which went on to say:

railroads' competitors have grown enormously. Almost without exception
these competitors enjoy some form of subsidy giving them advantage over
the railroads, while the railroads have been penalized in the form of
taxation, even to the extent of maintaining highways for certain competitors. Now I do not believe that we should coddle the railroads by
granting them conditions of operation denied to competitors, but It is
equally true that we should not favor such competitors by the grant of
subsidy over the railroads.
"The remedies are not hard to find. In the case of waterways, we
should develop those which are geographically and economically necessary.
For instance, the Great Lakes and Mississippi River are essential highways.
It would be uneconomic if we failed to utilize such natural riches. But
it is a greater mistake to undertake a national policy that would make
seaports out of island towns by long and expensive construction enterprises.
That is granting a subsidy to the railroads' competitors for which there
can be no sound reason. It is plain, as well, that waterway rates, hours
of labor, and other factors of cost, should be regulated as in the case of
the railroads.
"That stipulation especially applies to the motor lines. One of the
first and urgent measures of relief for the railroads is adequate taxation,
regulation of rates and hours of labor as concerns motor transport lines.
Then, of course, they should be adequately taxed. If the motor transport
lines can operate against the railroads upon these terms, by all means
we should have them. There need be no turning back of the transportation
cycle. We need do no more than prescribe conditions of equality for the
factors concerned.
"It has been well said that good comes out of evil. Without the pressure
of hard time we might have gone on for years in the old way, discussing
consolidations, regulation, and what not, without doing anything about
these great and grave questions. But the pinch has caused the practical
men to face,the issue anew, and I believe that we may expect a red

In his recommendation for this legislation, contained in letters to Vice
President Curtis and Speaker Longworth, the Secretary of the Treasury
pointed out the exemption of gifts by individuals and said:
"A number of inquiries have been made by unemployment relief organizations with a view to ascertaining whether gifts made by corporations
to those organizations may be deducted in computing net income for income
tax purposes.
"There is no provision in the law which would permit corporations to
make such deductions, though courts have held that contributions by corporations to hospitals or to charitable and educational institutions, from
which they or their employees derive direct benefit, may be deducted as
'ordinary and necessary business expenses.'
"The Bureau of Internal Revenue feels that while contributions to emergency relief funds or to such organizations as community chests would
undoubtedly contribute to the public welfare and as such would be beneficial
to the corporations, nevertheless the benefits to be derived by the latter or
their employees would not be sufficiently direct as to bring them within the
terms of the law as at present interpreted.
"In view of the existing emergency and the fact that corporations as
well as individuals should ho encouraged to contribute liberally to relief
organizations, I believe that it would be advisable, for the time being, to
allow corporations the same deductions as are allowed to individuals in
respect of gifts made exclusively for charitable or unemployment emergency
relief purposes."

Distribution of $10,903,108 New York State Bank
Tax Collections—Portions Allotted to State Cities
of New York and Buffalo and Counties.
Distribution of $10,903,107.69 to the State, the City of
New York, the City of Buffalo, and the yarious counties

Mac. 27 19301


of the State, all of which has been collected since September 1
under the New York State Bank Tax Law, was announced
at Albany on Dec. 14 by Thomas M. Lynch, Commissioner
of Taxation and Finance. A year ago about $8,335,000 was
distributed. The increase of approximately $2,650,000 in
this year's tax it is stated has been accounted for by tax
officials as being the result of the high rate of call money
during the major portion of last year, the banks making a
greater margin of profit than had been anticipated and thus
paid more tax to the State on net income. The bank tax
which was due Sept. 1, and as based on the preceding calendar year's profits, is one of the few levied by the State
which will show an increase for the year, according to officials.
The Commissioner's announcement also says:
The taxes are collected by the State under Articles 9b and 9c of the tax
laws, but in reality the State is merely a central collection agency, for the
major portion of the tax is returned within a short time to the localities
in which the banks are situated. The money collected under Article 9b is
in the form of a franchise tax on State banks,trust companies and financial
corporations at the rate of 4%% with a minimum tax of $10 but not less
than one mill on the dollar and is imposed on domestic corporations for the
privilege of exercising their franchises and on foreign corporations for the
privilege of doing business in New York State. The measure of the tax is
the apportioned entire net income for the preceding calendar year or a
minimum on the apportioned issued capital stock. This year the State
collected over $7,500.000 under this article but it retains only $230,639.66
which represents all the money collected from the foreign banks and institutions doing business in the State. The remainder representing the total
collected from the domestic Institutions is returned to the counties and the
cities of New York and Buffalo, these two municipalities being treated as
separate units and not as part of the counties in which they are located.
The sum collected under Article Sc. slightly over $3,426,000, is in the
form of an income tax on the national banks in New York State, being
based and measured on the net income of the preceding calendar year
at the rate of 4%%. All of this money is returned to the localities. The
total amount returned to the various localities under both articles is sent
back from refund replacements required by law are deducted by the State.
These are comparatively insignificant items, totaling less than $100,000.
After the money has been received by the various county treasurers, it is
then disbursed to the various tax districts in each county in the proportion
which the aggregate assessed valuations of each tax district bears to the
aggregate assossoci valuations of all the districts of the county.


If the Treasury Department will not give this assurance then the Massachusetts Commissioner of Corporations and Taxation will, following a
change by the Federal Government, adjust the Massachusetts return.

Florida Asks Part in Tax Litigation Before U. S. Supreme Court—Deductions for Cost of Carrying
Municipal Bonds Involved in Case.
It is learned from the "United States Daily" of Dec. 10
that the State of Florida has asked leave to file a brief in
the Supreme Court of the United States in a case involving
the Federal Revenue Act. The paper quoted adds:
The question presented is whether or not dealers in municipal securities are entitled to a deduction in computing their Federal income on
account of money borrowed to buy and carry such bonds.
"The State of Florida has an immediate interest in the question at
issue in this case, more pressing perhaps than that of many other states,"
the Attorney-General of Florida, Fred H. Davis, says in a statement filed
with the court. "There are many situations in the State where much
needed financing has become difficult and in a few Instances impossible,"
the statement continues. "Every added burden hurts such financing and
renders less salable or unsalable the bonds of one or another city, county.
school, road or drainage district. The State itself through a special agency
is contemplating the issuance of $2,000.000 bonds for flood control in the
Everglades, and such issue is nepese.pry to enable the State to secure
Federal aid in such work under Rivers and Harbors Act of Congress 1930.
•In Florida, as in other states, financing is not only necessary for many
pressing improvements, but it is immediately desirable to relieve un
employment caused by the present depression."

Florida State Chamber of Commerce Opposes Change
in Tax Method—Would Sanction Only Minor Differences.
At its annual meeting at West Palm Beach the Florida
State Chamber of Commerce went on record as opposed to
any change in the State system of taxation, and advocated
abolition of groups unnecessary to the good government of
the State. The "Wall Street Journal" of Dec. 15 in indicating this, reported further as follows:

Resolutions to this effect were passed unaimously. In brief they were
as follows:
Opposition to any State constitution amendment permitting State to
Decreased Revenue from New York Stock Transfer issue bonds or incur indebtedness for purposes other than now provided.
Opposition to change in the present form of taxation, except in some
Stamp Tax.
administrative or detail matters, such as equitable and proper assessment
Bearing out predictions of greatly decreased revenues from of tangible real and personal property.
Opposition to
class of property from taxathe stock transfer stamp tax, collections by the New York tion, or finding elimination of any species orbut endorsement of relief
of new sources of revenue,
State Department of Taxation and Finance from this source fixing maximum amount of fees payable to county officers, abolition of
unnecessary commissions, useless officers, etc., abolition of numerous small
for the five month period of the fiscal year beginning July
1st and ending November 30th were $8,430,844.98 as com- -ounty and city consolidation of counties and drastic reduction in State,
pared with collections of $19,108,178.64 for the same period
Other resolutions provided: Approval of co-operative marketing, endorsea year ago, or a drop of approximately $10,770,000. The ment of movement for state-wide highway beautification with necessary
legislative action.
amount collected from this tax during the month of NovemG. G. Ware resumed the presidency of the organization with the followber amounted to $1,691,964, according to Thomas M. Lynch, ing associates: Joe H. Gill, Miami, vice president; J. D. Ingraham, Jackmanager; district vice
Commissioner of Taxation and Finance. The revenue se- sonville, treasurer; R. G. Grassfield, secretary and F. Fitch, Jacksonville;
presidents, William L. Wilson, Panama City; F.
cured from this source by the Department last month is Just J. H. Therrell, Ocala; James A. Griffin, Tampa; Senator Alfred H. Wagg,
a little more than half of the total for November 1929, when West Palm Beach; vice presidents at large: Dr. Burdette G. Lewis, Jacksonville; J. C. Chase, Tampa; Hamilton M. Wright, New York City.
$3,109,830 was added to the State's funds by receipts from
Florida is becoming agricultural minded, according to Dr. Burciette G.
this stock transfer tax. It is added:
Lewis, for the agricultural committee. Among the points stressed in his
In October of this year this tax totaled $2,187,521.40 so that it is seen report were: Encouragement to marketing machinery, ceasing to compete
that the November total is nearly a half million dollars below the previous in canning with communities where production is cheaper, use of none but
month. The lowest amount recorded in any one month since July 1928, good citrus fruit for canning and freezing, emphasis on dairy farmers to
was the money received in August of this year when approxitnately $1,282,- grow own feed, and interest in tong oil.
William L. Wilson, for the industrial committee, outlined the committee
000 was collected.
efforts to bring paper mills to the State, its interest in the new citrus
This decrease in revenue is the direct result of the slump in the
trading fruit juice freezing process, its backing of the factory tax exemption amend-.
of stocks which has existed since the market crash of last fall. During
the ment. International Paper Co. was brought to Florida largely through
several months preceding that crash New York State garnered several
dollars monthly but following the crash the monthly revenues have been efforts of the chamber.
consistently below the totals for the same months of the previous year and
with less trading or selling of stocks New York gathers less revenue from
10,000 Shopmen on Southern Pacific Line to Go On
its stamp tax of two cents a share on the sale or exchange of every
Full Time.
of $100 par value or fraction thereof.

Under date of Dec. 25 Associated Press accounts from
Sacramento, Cal., said:
Opinions Affect Tax Deductions in Massachusetts
The Sacramento Union quotes officials of the local Southern Pacific
State Commissioner Says Corporations May Find
Company headquarters as saying about 10,000 shop and maintenance emDifficulty in Accruing State's Levy.
ployes of the railroad's northern district are to return to work Jan.
5 on

Under the above head the United States Daily reports a full-time basis.
The men have been working two months on part-time shifts three days
the following from Boston, Dec. 15:
a week. Two ten-day layoffs were put into effect during that period.

Corporations filing tax returns in Massachusetts may have difficulty in
accruing the Massachusetts tax to meet a recent decision of the General
Counsel, Bureau of Internal Revenue, the Massachusetts Commissioner of
Corporations and Taxation says in a recent statement. The full text follows:
After correspondence and reading of two opinions—one G. C. 3/. 6616
a later one G. 0. 11. 8553—I feel that business corporations filing in Massachusetts will have a great deal of difficulty in accruing the corporate excess
tax assessable inthe subsequent year for the purpose of current year deductions.
I agree as a matter of law that Mr. Charest's opinion is correct and the
corporations filing in Massachusetts should adjust themselves to this opinion.
The corporations filing in 1929 may have to consider revision of the 1928
return unless the Treasury Department will assure them that there will be
no disturbance of the 1928 and 1929 returns by audit or other investigation in respect to the Massachusetts corporate excess item.
This will allow on the 1929 return the deduction for the tax credit taken
which the General Counsel's opinion now holds should have been deducted
In 1928 on these corporations whose fiscal year is coincident with the
calendar year.

Chicago, Burlington & Quincy RR. Acts to Relieve
Its Unemployed.
From the New York "Journal of Commerce" we quote
the following from Chicago, Dec. 15:
Officials and department representatives of the Chicago, Burlington &
Quincy Railroad have just formed a system wide emergency relief organization for the benefit of the road's former employes who may be in
temporary need, now or later on, due to unemployment.
The Burlington's 38,000 employes will be solicited to pledge a voluntary contribution in money each month between now and May 1, 1931.
The fund will be utilized for the purchase of food, clothing, fuel and
other requirements of the unemployed and their families.

Spokane Railroad Men Vote to Share Jobs With Idle.
Associated Press accounts from Spokane, Wash., Dec.
15 are taken from the New York "Times."



Railroad trainmen and switchmen, representing six lines in Spokane,
voted today to share their jobs with the jobless.
The trainmen agreed to surrender work up to 1,000 miles a month, depending on the length of their runs, and the switchmen gave four days
a month. The trainmen stipulated, however, that they would surrender
work only after they had run a minimum of 3,300 or a maximum of
3,600 miles.
The work would be given to seniority holders on the extra list according to their ranking, but the proposition must be approved by the trainmen's national organization.

[you 131.

This decline within one week was said to have led to heavy selling of
the bank's stock in the over-the counter market. It was held that on
Monday rumors had been spread regarding the ability of the bank to meet
its liabilities, leading to runs on all of the branches. It was alleged that such
rumors had been spread through telephone calls to depositors of the bank
warning them of impending failure.

The same paper in its Dec. 26 issue stated:
Assistant Attorney-General Watson Washburn on Wednesday examined
eight brokers. These examinations were based upon allegations that in
order to manipulate its stock false rumors had been spread regarding the
Chelsea Bank. The investigation is for the purpose of determining who, if
anyone, profited by the suspension and whether such persons had committed any acts to make the suspension necessary.
The police department is also conducting an investigation of alleged
Communist plots against New York banks. It is claimed that in their open
meetings the Communists revealed which banks would be subject to attack
and the order in which bank after bank would be forced to close. The list
of banks to be subjected to future attack through the spreading of false
rumors was said to be in official hands.

New York State Banking Department Takes Possession
of Chelsea Bank and Trust Company of New York
Following Rumors Causing Heavy Withdrawals of
Joseph A. Broderick, New York State Superintendent of
Banks, announced that he had taken possession at 1:47
p.m., Dec. 23, of the Chelsea Bank & Trust Co. of New
York, N. Y., pursuant to the provisions of section 57 of the Depositors of Closed Bank of United States Get Loans on
Banking Law. In announcing this the Banking Department
Funds—Saul Singer, Executive Vice-President, Quessaid:
tioned by Assistant Attorney-General Washburn ReRumors have been circulated which have caused abnormal withdrawals of
garding Financing of Securities by Bank and Affiliates.
deposits, and the bank has been closed for the purpose of conserving the
The plan whereby depositors of the closed Bank of
The last quarterly statement submitted by the bank to the Department United States, of this city, may obtain loans up to 50%
as of Sept. 24 1930, indicated the following condition:
Capital, $2,500,000; surplus and undivided profits, $2,306,000; gross of their deposits, at 5% interest, became operative on
Monday, December 22; it was stated in the New York
deposits, $18,801,000.
e "Times" of Dec. 23 that while depositors of the bank
A later announcement by the Banking Department
waited Dec. 22 in long lines before six of the bank's
same day (Dec. 23) stated:
Joseph A. Broderick, Superintendent of Banks, in a statement supple- branches, the State Attorney General's Bureau of Securimenting an earlier announcement that he had taken possession at 1:47 ties pushed its investigation to determine whether stocks
p.m. of the Chelsea Bank & Trust Co. of New York under the provisions
of section 57 of the Banking law explained that this action was made neces- of the bank and its investment trust subsidiary, Bankus
sary by heavy withdrawals of deposits, which, so far as appearances in- Corporation, had been sold through misrepresentation to
dicated, threatened to continue in increasing number and size until the
the depositors. The "Times" continued:
depletion of the bank's available cash would have rendered proper liquidation increasingly difficult. Under the circumstances he considered it advisable for the conservation of the assets of the bank to prevent further
withdrawals by taking possession of the institution.
The bank had a number of branches in Manhattan, Bronx and Brooklyn,
and as many of these remained open in the evening, the likelihood was that
the run which had gained great headway would have become more severe
and difficult of handling. The Superintendent stated that the officers and
directors had rendered all the assistance and co-operation within their
power to meet the situation, which so far as he can tell at this time was due
to causes beyond their control.
Before taking possession of the bank the Superintendent had been in
negotiation also with financial institutions, and through them had arranged
for a substantial amount of cash to be available for the payment of even
more than the excessive withdrawals under the prevailing conditions, but
the withdrawals had gained such headway that it was deemed inadvisable
to continue to keep the bank open for business.

- The Chelsea Bank & Trust Co. was not a member of the
New York Clearing House Association nor the Federal
Reserve System. From the New York "Herald-Tribune"
of Dec. 24 we take the following:
It was learned that the National City Bank, with resources close to
$2,000,000,000, which served the Chelsea Bank as correspondent in the
Federal Reserve, sent several millions in cash by armored truck to the
Chelsea's branches to aid in meeting the run before the State Superintendent
of Banks acted.
Depositors in the institution's six branches and main office at 24 East
45th St. numbered between 40,000 and 45,000. The bank had 100,000
shares of stock outstanding, of a par value of $25 a share, held by 1,400
The bank, Mr. Broderick declared, had a very strong and efficient board
of directors and its investments in real estate, considered difficult of liquidation, were comparatively small.
Officers and Board.
• Its officers are Edward S. Rothchild, President; William A. Lobb,
Charles G. Rapp, Lewis H. Rothchild. Vice-Presidents; Harry S. Groh,
Treasurer; James V. Boise, Howard A. Front, Emil C. Heim, Emile F.
Levy, Harry Weiss, John N. Connelly and L. A. Stubing, Assistant Treasurers.
Its board of directors included Jules E. Brulatour, of the Eastman
Kodak Co.; William J. Flynn, Commissioner of Public Works of the
Bronx; Louis Guide, of S. Gold° & Sons; Victor H. Gramount, of Wood,
Struthers & Co.; Louis Haas, of the A. E. Lefcourt Realty Holdings;
Toney A. Hardy, Attorney; George Kern, Capitalist; John W. Kiser,
Chairman of the Board of the Phoenix Mfg. Co.; William A. Lobb, VicePresident; A. A. l'vlarsten. Capitalist; William E. Reed, of the GoodwinGallagher Sand and Gravel Corp.; Edward S. Rothchild, President; Lewis
H. Rothchild, Vice-President, and Charles J. Soecht, President of the
Peerless Iron Works.
The bank was organized in 1903 as the Chelsea Exchange Bank, and in
1929 was reorganized and recapitalized with the name it now bears. In
addition to the office at 24 East 45th Street it had branches at 7th Ave. and
48th St.,526 8th Ave.,and 2298 7th Ave.,1632 Madison Ave., 1272 Bedford
Ave., Brooklyn, and 3819 Third Ave., the Bronx.

The New York "Journal of Commerce" in its Dec. 24
issue said in part:
The bank was said to have built up important business connections in
the theatrical and in other branches of the amusement field. Only a small
proportion of the deposits of the bank, however, represented the funds of
Large theatrical companies, most of its customers having been business men
dependent upon the theatrical industry. The largest of the bank's offices,
located at 49th Street and Broadway, catered largely to this clientele.
From Nov. 20 to Dec. 11, according to the weekly reports of gross
&posits, withdrawals were extremely light. During this period there was a
decline in gross deposits offrom $18,968,000 to $18,067,000.
However, the report on Dec. 18 showed a much more pronounced decline.
It was considered possible that this decline to some extent had been the
•esult of the suspension of the Bank of United States, which led to a shifting
of deposits from bank to bank. The latest report published over the weekml.howed gross deposits of $16,323.000.

The loans were made possible by a plan worked out by twenty-three
banks of the New York Clearing House Association. Lines forming at
the doors of the banks quickly grew when word was spread among the
depositors that loans were being paid. While thousands waited, details
of police and detectives kept the lines in order. Only a fraction of
those waiting in line were admitted and thousands were turned away
Many of the depositors arrived far in advance of the opening hour.
About 500 were on hand when the branch at 107 Second Avenue opened,
some of them having been there, according to the police, since 4 o'clock
in the morning. At the branch at 204th Street and Perry Avenue, the
Bronx, a line of 400 men and women was filing slowly up to the tellers'
windows shortly after the opening of business.

2,000 at Midtown Branch.
A line of depositors estimated by police at more than 2,000 waited
hours before the doors of the branch at 416 West Forty-second
Street. • •
More than 300 depositors were handled at the South Brooklyn branch,
Fifth Avenue and Fifteenth Street.
Loans will be advanced today to those depositors who made application last Tuesday (Dec. 16). The largest number of applications to be
filed thus far will be presented for payment today. These total 8,000,
made last Wednesday, and represent net deposit claims of $6,175,000,
against which loans of approximately $3,587,500 have been asked for.
The number of applications for loans filed yesterday at the 59
branches was the smallest for any full business day since the plan began
to function a week ago. A total of 3,982 depositors applied, compared
with 2,609 during the half-day of business on Saturday and 5,935 last
Friday. To date there have been 33,397 applications out of a total
of 400,000 depositors, and many have since canceled their applications.
The ten-day period during which, under the law, stockholders of the
suspended bank have the right to apply for a court order taking the
institution out of the hands of the Banking Department, having expired with the close of business Saturday night, Superintendent of
Banks Joseph A. Broderick was free yesterday to make final disposition
of the business and property of the bank.
Silent on Reorganization.

Mr. Broderick refused to say whether he had any plans for a reorganization or whether he had received offers from any other banks to
take over the suspended bank. Thus far the superintendent has not
yet applied, he said, for any court orders to permit him to dispose
of such assets of the bank as cannot be liquidated at book value.
Such readily liquidable assets as call loans were realized immediately
after the closing of the bank, it was revealed several days ago, and payment has been accepted upon loans made by customers of the institution
which have fallen due since the Banking Department took charge of
its affairs. Beyond this, liquidation has not proceeded, it was said.
The Superintendent of Banks is permitted to sell the assets of a
suspended bank at book value or better, but must get a court order
to dispose of any assets at less than book value.
Under the direction of Assistant Attorney General Watson Washburn,
Deputy Assistant Attorney General Richard J. Sherman questioned
additional branch managers and employes to ascertain whether the bank
sold its stock and that of its affiliate, the Bankus Corporation, under
misrepresentations to depositors.
The Attorney General's office is hampered in the examination because
of its inability to get records and other data to back up the testimony
of officers because those records are in possession of the State Superintendent of Banks, for whom they were produced under subpoena.

In its Dec. 24 issue the "Times" said:
While the applications by depositors of the closed Bank of United
States for loans up to 50% of their balances reached their peak yesterday when 8,000 depositors were eligible for loans, State Superintendent
of Banks Joseph A. Broderick announced last night that he had received
no report on the total of loans advanced under the plan of the twentythree New York Clearing House banks.
At the branches where the loans were issued it was said that the
number of applicants had been heavier than on the preceding day.

DEC. 27 1930.]


The 8,000 depositors who had applied for loans last week and were
scheduled to receive the money had aggregate balances of $6,250,000
and were eligible for aggregate loans of $3,125,000.
The Bureau of Securities of the State Attorney General continued
its examination of branch managers of the Bank of United States in
connection with the sale of units of stock of the hank and its investment trust subsidiary, Bankus Corporation, at $198 a unit, to depositors.
The Bureau is trying to determine whether the units were sold through
the branches under misrepresentations. Depositors have maintained that
they were given to understand that if the price of the stock slumped
they could turn in their stock at the price they paid for the units.
The examination of officials of the bank and Bankus Corporation
was hampered by the failure of Mr. Washburn to obtain from the receivers records and books of the two organizations.
Saul Singer, Vice-President and Chairman of the executive committee
of the bank, appeared at Mr. Washburn's office for examination by
Deputy Assistant Attorney Richard J. Sherman, but it was decided
that his testimony, as well as that of Bernard K. Marcus, President of
the bank, and A. S. White, Vice-President of the Bankus Corporation,
would not be taken until records to back it up were available. In the
meantime Mr. Sherman continued with the questioning of branch bank

An appeal by Norman Thomas, Socialist leader for a
Moreland act investigation of the State Banking Department, with particular reference to the Bank of United
States, was supported on Dec. 24 in another request to
Governor Roosevelt by the East Broadway Protective
League of Bank of United States Depositors. This is
learned from the "Times" of Dec. 25, which likewise said:
In a letter to the Governor the League also requested the calling
of a special term of the New York County Supreme Court "to investigate
into criminal misconduct." * * •
Other developments yesterday included the formation of a "United
Depositors Committee" which was said to represent various committees of depositors in all the boroughs. Its first action was to elect
delegations to call on Police Commissioner Mulrooney to obtain permission to hold open air meetings and to call on Mayor Walker on
Friday "with a memorandum calling his attention to the plight of the
400,000 depositors, to the brutality of the police to those who are seeking to get the 50% loans and to the red tape involved, and to ask the
Mayor to use his office to aid the depositors to get their money back."
2,827 Depositors Seek Loans.
In the course of the day 2,827 depositors applied at branches of the
closed bank for loans on their accounts. •••
The letter to Governor Roosevelt was signed by Joseph Gorodis as
Chairman of the East Broadway League and by Alex J. Whynman, its
counsel. The letter said that the League represented deposits of about
"Something must be wrong in the administration of the State Banking Department if two State banks, with deposits aggregating $180,000,000, have come to such a precarious condition that they had to
be closed by the State Superintendent," said the letter.

The closing of the bank was noted in these columns
Dec. 13, page 3814, and Dec. 20, page 3982.


Another Georgia Bank, the National Bank of Wilkes Co. at
Washington, Ga., was reported closed in a dispatch by the
Associated Press from that place on Dec. 23, which said:
A notice on the door of the National Bank of Wilkes County here to-day
said the institution had been closed pending a meeting of the Board of
Directors. The bank was capitalized at $50,000 and assets were reported at

Again, on Dec. 24, the closing of two more Georgia banks
was announced by the State Superintendent of Banks,
acoording to Associated Press advices from Atlanta on that
date. These banks are the Bank of Dearing, at Dearing,
near Augusta, capitalized at $15,000, and the Citizens'
Bank of Waynesboro with capital of $50,000. Heavy withdrawals was given as the reason in both cases. The Superintendent of Banks was reported as saying that the condition of the institutions indicated their depositors would
suffer little or no loss.
Still another Georgia bank was closed Dec. 26. The
closing of this bank, the Union Savings Bank in Augusta,
an institution capitalized at $100,000 and with deposits and
resources as of Nov. 26 of $873,061 and $1,174,840, respectively, was reported in Augusta advices by the Associated
Press yesterday. A notice posted on the door stated that
it had been placed in charge of the State Superintendent of
Banks to conserve the assets. T. S. Gray, the President of
the institution, was reported as saying that the closing was
due to heavy withdrawals and the inability of the bank to
collect loans rapidly enough to meet demands for cash.
In Mississippi on Dec. 20 four of the five banks in Greenwood were closed after heavy withdrawals, according to
United Press advices from that place on Dec. 22. The four
institutions, having total deposits of more than $1,000,000,
are: The Wilson Banking Co., Security Bank & Trust Co.,
First National Bank, and the Greenwood Bank & Trust Co.
Associated Press advices from Jackson, Miss., on Dec. 20
added two more banks, namely the Commercial Bank at
Drew, Miss., and the Bank of Pheba at Pheba. We quote
from this dispatch as follows:
Those taken over by the Banking Department are the Wilson Banking
Co., at Greenwood, the Commercial Bank at Drew,and the Bank of Pheba
at Pheba.
Simultaneously came announcements that the Greenwood Bank & Trust
the First National Bank and the Security Bank & Trust Co., all at Greenwood, had closed temporarily as a protective measure because of excitement
prevailing there over the closing of the Wilson Banking Co.

Later, Dec. 23, Jackson, Miss., advices by the Associated
Press stated that two more Mississippi banks had closed on
that day, viz., the People's Bank of North Carrollton, with
Banking Situation in South and Middle West.
deposits of $400,000, and the Bank of McCool in Attala Co.,
In the State of Arkansas, the Merchants' & Planters' with deposits of $100,000.
Bank & Trust Co. of Arkadelphia, suspended on Dec. 20
Still another Mississippi bank, the People's Bank & Trust
for a five-day period. Associated Press advices from Arkadel- Co. at Tupelo, with branches at Nettleton and Rienzi, Miss.,
phia on Dec. 20, reporting the closing, also said:
failed to open yesterday, Dec. 26, and its directors called a
James G. Clark was President of the local bank and of the Clark County meeting to consider plans for reorganization,
according to
Bank at Gurdon, which suspended yesterday (Dec. 19) for five days.
Officers of the bank said suspension was decided upcn because of uneasi- a dispatch by the Associated Press from Tupelo on that date,
ness caused by the Gurdon Bank suspension.
which furthermore stated:
The Merchants & Planters Bank had deposits of about 1750,000, with
capital and surplus of $90.000.

Little Rock advices by the Associated Press yesterday,
Dec. 26, stated that Walter E. Taylor, State Bank Commissioner for Arkansas, had announced the reopening on
that day of the Citizens' Bank at Foreman, which was
closed Dec. 21.
In North Carolina three small banks failed to open on
Saturday, Dec. 20, namely the National Bank of Goldsborough and the Goldsborough Savings & Trust Co. (both
under the same management) and the Rural Hall Bank &
Trust Co. at Rural Hall, according to Associated Press
advices from the places named on that date. The dispatch
from Goldsborough stated that the National Bank of Goldsborough listed deposits on Sept. 24 of $382,140 and had combined capital and surplus of $121,715, while on the same
date the Goldsborough Savings & Trust Co. had deposits of
$226,414 and combined capital and surplus of $60,078.
In Georgia, also, three small banks closed on Dec. 20.
They were the Union Banking Co. of Douglas, operating
branches in Braxton and Nichols; the Tombs County Bank
at Lyons and the Citizens' Bank of Ray City. An Associated
Press dispatch from Atlanta on Dec. 20 reporting that the
State Superintendent had been asked to take over the affairs
of these banks, said:
A. B. Mobley, State Superintendent of Banks. announced to-day his department had been asked to take over the affairs of the Union Banking
Company of Douglas, operating branches in Braxton and Nichols: the
Tombs County Bank at Lyons and the Citizens' Dank of Ray City.
The Union Banking Company, at the last call Sept. 24, listed capital of
$100,099 and deposits of $626,770. The Tombs County Bank reported
capital of $30,000 and deposits of $163,000. The Citizens' Bank of Ray
City showed capital of $25,000 and deposits of$108,148.92.

The bank was capitalzed at $200,000. Its last statement showed a
surplus of about $75,000 and deposits of approximately $1,700,000. The
branches were smaller. S. J. High, the President, said continued withdrawals and inability of the bank to obtain further credit forced the suspension.

That two Alabama banks had failed to open their doors on
Dec.23—the City National Bank of Bessemer and the Bessemer Trust St Savings Bank—was reported in Bessemer advices by the Associated Press on that date, which went on
to say:
The City National had $200,000 capital and surplus, and deposits of
8960,090 at the beginning of 1930, and the Trust and Savings Bank capital
and surplus of $65,000 and deposits of $570.000.

Previously (Dec. 20) the closing on Dec. 20 of the Bank of
Camphill, at Camphill, Ala., was announced by Dent F.
Green, State Superintendent of Banks for Alabama, according to advices from Montgomery by the Associated
Press. The institution was capitalized at $50,000 with
surplus of $10,000. Mr. Green was reported as saying the
closing was due to "frozen assets," caused by poor crops
and the extended drouth of last Summer.
In Virginia, according to a dispatch by the Associated
Press from Richmond on Dec. 23, the State Division of Insurance and Banking announced on that day that the People's
Bank of Gretna, Va., had suspended business. An examiner,
it was said, from the State Division had been sent to take
charge of the institution, which was capitalized at $50,000
and had deposits of $474,000. 0. L. Ramsey was President.
Yesterday (Dec. 26), according to Associated Press advices from Richmond, M. E. Bristow, State Commissioner
of Insurance & Banking for Virginia, announced that the
State Bank of Pamplin, in Appomattox County, suspended



business on that day, pending a meeting of its depositors
to-day, Dec. 27.
In the State of Missouri, the Bank of Green City, an
Institution which was closed Nov. 13, reopened on Dec. 24,
according to Associated Press advices from Jefferson City
on that date. The same dispatch, however, reported that
the Bank of Americus at Americus had closed the same day,
because of heavy withdrawals.
In Indiana, the New Albany Liberty State Bank, closed
last month, reopened for business on Dec. 22, according to
an Associated Press dispatch from New Albany on that date.
Offsetting the reopening of the New Albany bank, however, the First National Bank of Connersville, Ind., was
closed by its directors on Dec. 24. Associated Press advices
from Connersville on Dec. 24 reporting the closing of this
bank said:

riren.. 131.

banking, investment, trust and safe deposit facilities of
the worldwide National City organization.
The Bank of America N.A. on Dec. 22 opened its Crosby
Avenue Branch at 2942 Westchester Avenue. The new
office, the most northerly of the 36 in the city-wide chain,
will provide a complete banking service including foreign
banking in all its branches, money transfer and trust
Authorization for the removal of the headquarters of
Irving Trust Co. from 233 Broadway to the company's new
50-story building at One Wall Street, is asked in the notics
of the Irving's annual meeting, sent to stockholders Dec. 20.
The notice reads:

"We are pleased to inform you that the Irving Trust C'o. Building at
No. 1 Wall Street is rapidly nearing completion, with over 50% of the
Frozen assets was given as the cause. It is understood the bank, capital- space in the building now under lease (Including the basements, lower
ized at $200,000, is solvent.
ten floors and top three floors to be presently occupied by our company),
Still later (Dec. 26) a dispatch by the Associated Press and that the total expenditure for the land and building will be less than
our original estimates.
from Indianapolis, reported that two Gary, Ind., banks, "It is expected that our headquarters in the building will be ready for
the People's State Bank, capitalized at $50,000, and the occupancy prior to March 1. and our stockholders will be asked to authorize
Glen Park State Bank, capitalized at $25,000, had been the change in the location of our principal place of business at the annual
meeting to be held Jan. 21 1931.

closed on that date. The former, the dispatch said, had
deposits of $531,000, while the latter, a suburban bank, had
Chester D. Pugsley, it is stated, has become the thirteenth
deposits of $435,000.
largest stockholder in the Irving Trust Co. of New York,
which has more than 56,000 stockholders. He also owns
New Hampshire Bill Would Provide Penalty for Spread- 13% of the capital stock of the Lloyds Casualty Co. of
New York.
ing Bank Rumors.
Under date of Dec. 22, Concord, N. H., advices to the
Regarding reports of an increase in the capital of the Corn
"United States Daily" mid:
Exchange Bank of this city we quote the following from the
A bill has been filed providing penalties for persons who circulate rumors
regarding the financial condition of banking institutions, according to an New York "Times" of Dec. 24:
announcement by the Secretary of State, E. D. Fuller. It was filed with
the Secretary in advance of the opening of the legislative session by
Senator-elect Matthew J. Ryan, of Berlin.
The penalty for violation of the proposed law on bank rumors is a fine
of not less than $200 nor more than $1,000 or imprisonment for not longer
than one year or both.

Arkansas Funds in Bank Failures—Treasurer Estimates Amount of State Deposits in 11 Institutions.
Little Rock (Ark.) advices, Dec. 22, to the "United States
Daily" said that State funds in 11 State depository banks in
northwestern Arkansas which have closed the past two
days total approximately $125,000, it was announced orally
Dec. 22 by State Treasurer Ralph Koonce. It is added:
An accurate check of the amount, he said, cannot be determined until
It is known how many checks and drafts in transit failed to clear before
the institutions closed.
The funds are protected by adequate surety bonds or State and Government bonds as required under the State depository law, Mr. Koonce

Transamerica Annual Report to be Issued in March.
Inquiries made Dec. 26 at the offices of Transamerica
Corporation, as to the approximate time when the annual
statement of the corporation might be expected, brought
the reply that it would be issued upon the completion of the
yearly audit by certified accountants which the corporation
hopes to receive during February or in early March.
Arrangements were reported made this week for the sale
of three New York Stock Exchange memberships for $200,000 each. Names of the principals will be made known
next week.

A meeting of the stockholders of the Corn Exchange Bank Trust Company has been called for Jan 13. Authority will be asked to Increase
the amount of authorized capital stock from $15,000,000 to $20,000.000.
In this connection stockholders have been asked for five-year proxies
authorizing the directors to take steps to increase the capital.
Officials of the bank said yesterday that no plans for an immediate increase in the amount of capital outstanding were contemplated now.
The purpose was to make available to the directors the privilege of increasing the stock should the occasion warrant.

According to Associated Press advices from Plattsburg, N. Y., on Dec. 14 a consolidation of the Plattsburgh National Bank & Trust Co. and the First National
Bank of Plattsburg was announced on that date by the
directors of the former. The dispatch continuing said:
The new institution, to be known as the Plattsburgh National Bank,
will open tomorrow (Dec. 15), in the building of the bank and trust
The new bank will be the largest in New York north of Glens Falls.

That two Connecticut banks—the Riverside Trust Co.
of Hartford and the New Haven Bank of Pallotti,
Andretta & Co.—were suspended on Tuesday of this week,
Dec. 23, by Leslie E. Shippee, State Bank Commissioner,
was reported in Associated Press advices from Hartford
on that date. The last named bank has the same officers
and directors as the Pallotti bank in Hartford, but has
been managed independently. The dispatch continuing
The local bank was closed before 9 o'clock this morning (Dec. 23).
The bank in New Haven was closed at noon.
The Commissioner said the Riverside Trust Co. "is unquestionably
solvent," and that the assets of Pallotti, Andretta & Co., "are somewhat frozen, but it is likely that the depositors may be adequately protected."
The State Manual for 1930 gave the capital of the Riverside Trust
Co., incorporated in 1907, as $400.000, surplus $600,000. undivided
profits $244,229.61, savings deposits $643,805.23, and commercial deposits $3,185,455.10.

The Central Hanover Bank and Trust Company opened
three of its offices in new quarters this week. The Herald
Square office is now located in a new building at 6th Avenue and 35th Street, the West Broadway office at Church
and Franklin Streets, and the Warren Street office at Jay
and Greenwich Streets. There are no changes in the personnel of the three offices.

The Bankers' Trust Co. of Philadelphia, with head office
at Walnut and Juniper Streets, and 20 branches throughout
the City and County of Philadelphia, on Monday of this
week, Dec. 22, was voluntarily closed by its directors, following which its affairs and holdings were immediately
taken over by Peter G. Cameron, State Superintendent of
Banking for Pennsylvania. A steady seepage of deposits—
$17,000,000 having been withdrawn since last July—was
given by Mr. Cameron as the reason the directors deemed
It best to close the institution to conserve the assets, which
at the last report. on Sept. 24, were listed at over $55,000.000.
Philadelphia advices. Monday, to the New York "Journal of
Commerce," from which the above information is obtained,
continuing, said. In part:

The National City Bank of New York opened on Dec. 22
its forty-ninth branch in Greater New York. The new
unit, to be known as the 125th Street Branch, is located
at 125th Street and Old Broadway and will offer the full

A meeting, at which all the leading banks of the city were represented,
was held late to-day (Dec. 22) at the offices of Drexel & Co. A large
credit to take care of the present banking situation was arranged, according
to Horatio Gates, the Drexel & Co. spokesman, who said that in the general
opinion of those present the anxiety which some depositors seem to feel
is unwarranted.

Central Hanover Bank and Trust Company of New
'York announces the appointment of Hubert B. Chappell
as Assistant Vice-President; John J. Quirk and J. Eustace
Bizzell as Assistant Managers, Foreign Department; and
George E. Ehrhardt, Charles A. Senior, A. Richard Towers, Jr., and Arthur H. Edwards as auditors.

DEC. 27 1930.]


The closing precipitated minor "runs" on other
banks, officials of the
Franklin Trust Co. being forced to issue a statement
that that institution
stood ready to cover dollar for dollar on every
demand, and that its assets
as of Wit night were over $50,000,000. Albert M.
Greenfield, a prominent
director in the Bankers' Trust Co., and bead of the
Albert M. Greenfield
Real Estate Co., this noon (Dec. 22) denied rumors that
the local building
and loan associations were involved. He listed 19
of these organizations
and declared none were affiliated in any way with the
closed institution.
The Philadelphia Clearing House Association also stated
officially this
afternoon that the Bankers' Trust closing does not
affect any other institution in the city. A simple notice posted on the doors
of the bank's main
offices this morning attracted a small crowd: Secretary
Cameron's first
act was to appoint Robert Van Moschzisker, former
Chief Justice of the
(Pennsylvania) Supreme Court, to represent him
in the Bankers' affairs.
He also said he saw no reason why "the company
should not be reorganized."
Samuel H. Barker, President of the bank, said
after a directors' meeting
that the company was solvent and plans were
already under consideration
for an early reorganization. He blamed the
drainage of deposits for the
situation. The bank numbers 1,850,000 depositors
, whose holdings are
reported as 845,066,592.45 as of Sept. 24. The
resources of the bank were
Bated on that date as $55,491,501. . . .
State officials said they could not make a detailed
statement on the
bank's condition, but they emphasized that the
closing was voluntary and
presumably only an emergency action. City funds
in the bank are fully
protected, as the company was bonded as a
depository up to $600,000.
City Treasurer George E. Kemp said that checks and
cash totaling $260,000
lad been sent to the bank after noon Saturday, but
inasmuch as the bank
was officially closen then the sums were for deposit
as of to-da
The Bankers' Trust Co. is the outgrowth of many consolidat y.
ions of small
banks, its largest merger coming in 1927, when it
absorbed the National
Bank of Commerce. In a statement to stockhold
ers on May 2 1929, Mr.
Barker said the company was 10 times as large
as on Jan. 1 1927.
Other officers of the company are George W. Brown,
Jr., Executive VicePresident ; .1. Milton Lutz, Edwin Ristine, Max
Neumann, General Cyrus S.
Radford, Anthony S. Ruggeri°, Samuel Graham,
Jr., Thomas W. Bull,
Miles B. Munn, and Lester E. Pfeif, Vice-Pres
idents; Irland H. I3 ckman,
Vice-President and Comptroller; Clinton S.
Selzer, Treasurer; O. E. Mayo,

Announcement of the closing of the City National Bank
of Miami, Fla.. said to be the second largest financial institution in that city, was made early Dec. 22 by the Board
Directors, according to Associated Press advices from Miami
on that date, which went on to say:
The Board said heavy withdrawals, "due to malicious
the banks' condition, were responsible for the decision to rumors" regarding
It was announced the City National Bank of
Miami Beath, the City
Trust Co., and the Guardian Trust Co., subsidiari
es of
Bank in Miami, would not be affected by the closing. the City National
A statement dated Sept. 24 last gave resources of
$7,209,234.75, deposits
totaling $5,862,662.27, with a surplus of $500,000.
The bank was capitalized at $50.000.

Miami adv ices on Dec. 22 to the New York
"Journal of
Commerce" gave the additional information that the
institution would be placed in the hands of the Comptroller
of the
Currency and reiorted Eugene R. Black, Governo
r of the
Federal Reserve Bank of Atlanta, as saying:


The proposed consolidation of four Berwyn
(Cook Co.),
Ill. banks (noted in our issue of Nov. 22,
page 3313),
namely the First National Bank (capital
$100,000), the
American State Bank (capital $100,000), the
State Bank (capital $50,000) and the Ridgela
nd State
Bank (capital $100,000), became effective Dec.
15. The
new institution, the First American Nationa
l Bank &
Trust Co. of Berwyn is capitalized at $175,000.
Fromthe Chicago "Post" of Dec. 15, it is learned
formation of the Sheridan Trust & Savings Bank
of Chicago
a new bank with invested capital of $1,200,000 paid
in cash,
to succeed the Sheridan Trust & Savings Bank,
has been
announced. The paper mentioned, continuing, said:

Gerhard Foreman, President of the ForemanState Corporation and a
director and Vice-President of the Foreman-State
National Dank,is President of the new bank. George H. Campbell,
also a Vice-President of the
Foreman-State National Bank, will be a new VicePresident. The ormer
President, Edwin L. Read, will become Chairman
. - All of the directors
and officers of the old bank will continue.

The directors of the Chicago Bank of Commerce
in the Chicago Bank of Commerce Building at
and Madison Streets, that city, have decided
to recommend to the annual meeting of the stockholders on
13 next a change in the par value of the shares of
bank from the present $100 par value to $50 par value.
A communication from the bank in the matter goes on
It is believed that the Chicago Bank of Commerce is the
first bank
in Illinois to avail itself of the recent change in the banking
law permitting a par value of less than $100 for State banks in
Should this change be adopted by the stockholders, it
is expected
that a cash distribution of $80 per share will be made on or
Feb. 1 next. After this distribution, the bank will have a capital about
of $1,500,000, surplus of $750,000 and contingent fund and
profits iii
excess of $350,000—a total of $2,600,000. The book-valu
e of the $50
shares will be around 87.
"Our present net capital stock is slightly in excess of $5,000,00
said Henry S. Henschen, President of the bank, "which we find
than we can profitably employ at the present time of abnormally low
for money and dull business. The change in our capital stock
will also
effect a substantial saving in taxes. We opened for
business eight
months ago, and during the last six months have shown
an operating
profit each month."
The directors of the bank are: Walter S. Aagaard, W. L.
S. A. Bennett, Harry W. Bishop, Henry S. Henschen,
George A.
Hughes, Adolph Lindstrom, Francis E. Matthews, Roy O. Nereim,
Thomas M. Pletcher, Francis J. Plym, J. A. O. Preus, Edward
Schroeder, Paul Schulze, J. P. Seeburg and E. P. Strandber
g, Sr.
Among large stockholders aro Vincent Bendix and Harley L. Clarke,

Ivor W. Chambers, Secretary of the Minnesota Loan &
Trust Co. of Minneapolis, will retire from active business
Jan. 1, severing a connection with that institution which has
been continuous for forty-five years. Mr. Chambers was
born in Monmouthshire, England, and entered the trust
company's employ in 1885. He has had the distinction of
being the oldest man in point of service with the institution.
According to the New York "Herald Tribune" of
Retirement of Mr. Chambers makes William A. Durst,
President, who dates from 1889, both head of the compan
iDec. 23. .1. C. Penney, chain store magnate and
and oldest man in seniority of service. Two other men,
of the Board of the closed bank, in a statement
given in
B. B. Gibbs, manager of_a_, estate department, and
New York the previous day, Dec. 22. said:
the real
James M. Martin, veteran counselor, also date from 1889.
"My personal interest in the City National Bank of
Miami, Fla., consists
"I regret exceedingly the situation caused by the
closing of the City
National Bank in Miami. I had hoped that Miami would
have no backset
to her progress. I am glad to state that the other banks
in Miami and
Iliamt Beach are in good condition and are fully able to
legitimate demand made upon them. In this situation I care for every
the depositing public will give these other banks their full certain that
will accord them the confidence to which they are entitled." support and

shares of stock. The Penney-Gwinn Corp. of Florida
ef 7,098 shares and has on &posit at the present time, holds a total
in the bank,
approziniatel3 $750,000.
"Neither myself nor the Florida corporation has any loans
with the bank
against notes or other collateral. My initial interest in the
Januar) 192h. when following the flurry caused by the bank was in
hurricane, the
Institution wa, in need of nlinancing. At that time
the Florida corporation bought stock to the extent of $550,000.
"Upon a reorganization of the capital structure of the bank in
1929, tla. Florida corporation made a voluntary subscription
of approximately uou,ilini to the bank to improve its surplus
position. This subscription was not made in the nature of a loan, but was a
direct contribution
to the hank.
"In 1910, to relieve the bank of frozen assets in the form
of real estate
paper, the Florida corporation financed a company to
purchase a large
block of this paper, advancing, in round figutes, $800,000 in
"We have consistently come to the support of the hank
financial flurrit. None of the members of the Florida through several
corporation are
officers of the hank, and none have drawn salaries from
the bank."

Rochester, Minn., has gained a $5,000,000 bank as the
result of the purchase and absorption of the First State
Bank & Trust Co. by the First National Bank, according
to a communication from the First Bank Stock Corp.
(headquarters St. Paul and Minneapolis) which went on
to say:
The First National, it was announced, assumed the complete deposit
liability of the State Bank. The combined bank has total resources
of $5,779,000, ranking it as one of the largest depositories in the
outside of the twin cities.
The First National, Rochester's only group bank, is a member of
the First Bank Stock Corporation system which includes 108 banks
trust companies in the Ninth Federal Reserve district with resources
in excess of $494,000,000. The First Nationals of Minneapolis
Saint Paul are the central members of the system.
C. A. Chapman, President of the First National, who with P. J.
Leeman, Vice-President and General Manager and L. W.
Vice-President of the First Bank Stock Corporation, arranged the
purchase, said that a group of directors representing the First State
would be added to the Board of the First National and certain officers
and employes of the State bank would continue with the First National
staff. Temporarily the two staffs have been combined.

A charter was issued by the Comptroller of the
on Dec. 19 for the McDowell County National Bank
Welch, Welch, W. Va. The new bank is capitalized
$250,000. Isaac T. Mann is President, and T. A.
Johnston, Cashier.
". The American Exchange Bank of Pierre, S. D., with
deposits of approximately $415,000,failed to open on Dec. 15
On Dec. 15 a charter was issued for the National Bank as reported in Omaha advices by
the Associated Press on
of Charleston, W. Va., with capital of $200,000. The new that date:
bank is a conversion of the Bank of Commerce. G. W.
Further referring to the banking situation in Iowa, where,
Van Horn is President and Edward Hess, Cashier of the
as noted in our issues of Dec. 13, page 3321, several banks
have closed recently, Associated Press advices from Chicago



on Dec. 12 reported that the Exchange Bank at Marcus,
Iowa, and the Ellston Savings Bank at Ellston, Iowa, had
closed on that date. On Dec. 15, a dispatch from Chicago
by the Associated Press stated that two more Iowa banks,
the First National Bank of Cherokee, capitalized at $100,000
and with deposits of $750,000, and the Cherokee County
State Bank at Meriden, were closed on that day. The closing of the First National Bank of Cherokee, the dispatch
said, was attributed by its officers to "frozen assets." Still
again, on Dec. 18, three more Iowa banks were reported
closed in United Press advices from Rock Rapids, Iowa.
These institutions, which closed their doors the previous
day, Dec. 17, were named in the dispatch as the First National Bank of Rock Rapids, with $333,000 in deposits; the
Alvord Bank at Alvord, a small institution, and the Larchwood Savings Bank at Larchwood, with deposits of $220,000.


we believe such a condition is timely and secondarily because we believe
such a condition will redound greatly to the benefit of these institutions and
to their earning possibilities for 1931 and the future.
The National Bank of Commerce, the principal member of the Marine
group, is a good example of what I mean. It has deposits of $27,000,000.
As against this deposit liability it has cash of over $10,000,000, U. S. Government and short-term municipal bonds of over $6.000,000. commercial
paper, call loans and paper eligible for rediscount with the Federal
Bank of over $4,500,000. From these sources this bank has over $20,000,000 of cash resources over and above loans to customers.
Included among this bank's 813,000,000 of loans there are approximate
most of
$6.000,000 secured by listed bonds and stocks with usual margins,
which are payable on demand. At a recent meeting of the executive comPresimittee of the National Bank of Commerce, Manson F. Backus, its
posident. said that never in its 41 years of history was it in a more liquid
The outstandingly strong position of this organization has been accomplished without detriment to its customer relationships, every merited
accommodation sought having been gladly granted, so that their
and operations might be continued with a minimum of ill-effect as a result
of the current depression.
The true situation is that the demands of business are slack and that
money has naturally accumulated in banks awaiting an opportunity
Its profitable employment.

Merle N. Foster, Chief Bank Examiner of the Nebraska
State Department of Trade and Commerce, on Dec. 16 anIn a summary of the annual statement of the Canadian
nounced the closing of the State Bank of Niobrara, Niobrara, Bank of Commerce (head office Toronto), as at Nov. 29
Neb., according to Associated Press advices on that
1930, S. H. Logan, General Manager of the institution, stated
from Lincoln, Neb., which, continuing, said:
was unable on Dec. 20 that:
by the directors. He
Suspension, Foster said, was voluntary
to say whether reorganization would be attempted.
The bank carried deposits of approximately $275,000, with surplus of
$6,000, and capital of $30,000. Chris Larsen was President; J. D. Blankenfield, Vice-President, and G. B. Bauman, Cashier.

"The cash position of the bank was exceptionally favorable. Total
assets, $126,000,000, which, if added to other quick assets aggregating
assets $344,000,000, or
$208,000,000, make total immediately realizable
55% of total liabilities to public of $625,000,000. Profit and loss as
follows: $475,119 brought forward, $200,000 in premiums on shares hunfed
as balance of new stock offered in 1929, and $5,878,423 profits, which is an
increase of $312,000 over the previous year. $10,000,000 added to capital
and rest in 1929 had earning power for only part of 1929, but was fully
effective in 1930. Savings deposits comparatively stable regarded as
healthy sign although interest bearing deposits decrease $23,000,000 and
non-interest bearing $19,000,000. Largest decrease in deposits in those
held by foreign banks as result of decline in rates on New York market and
subsequent withdrawals of foreign money. This also reflected in reduction
of $25,000,000 in call loans outside Canada.
"Decrease in current loans in Canada note circulation and advances
under Finance Act owing to decline in business and commodity prices
contraction not as marked as in volume of Canadian business generally.
Canadian call loans down $6,000,000, securities up $12,500,000."

Effective Dec. 4,the Malta National Bank, Malta, Mont.,
capitalized at $50,000, was placed in voluntary liquidation.
The institution was taken over by the First State Bank of
The Comptroller of the C-urrency on Dec. 17 issued a
charter for the First National Bank of Plano, Plano, Tex.,
capitalized at $50,000. R. A. Davis heads the institution,
with D. S. Coleman, as Cashier.
That two Gilmer, Tex., banks, the First National Bank
The Canadian Bank of Commerce is one of Canada's
and the Gilmer State Bank, have consolidated under the
reported in the following advices from largest and strongest banking institutions. It has
title of the former, was
t the Dominion and other countries.
branches throughou
Gilmer on Dec. 15 to the Dallas "News":
The first National Bank of Gilmer, capital stock $100,000. With
and surplus of $50.000, and the Gilmer State Bank, capital $50,000, have
Gilmer State will be employed at the
consolidated. The entire force of the
First National. V. H. Todd, the Cashier of tne Gilmer State, to be permanently connected with the First National. The accounts of the First
State will all be paid at the First National, and its deposits taken over
all the accounts of the First State are liquidated, and then the stockholders
will be paid the remainder.
The First National, H. P. McGaughy, Cashier, is the oldest bank
County. Total assets will be a little over $750.000.

We are in receipt of the annual report of the National
Bank of Scotland, Ltd. (head office Edinburgh), covering
the fiscal year ended Nov. 1 1930. The report, which was
presented to the shareholders at their annual general meeting on Dec. 18, shows net profits, after providing for all
bad and doubtful debts, rebate, interest, Sze., of £276,928.
To this amount was added £73,766, representing the balance
preceding fiscal year, making
of brought forward from the
The appointment of Robert F. Schwaner as manager
together £350,694 available for distribution. From this sum
the Hibernia Bank Building was announced Dec. 19 by the following appropriations were made: £136,400 to pay a
President Hecht of the Hibernia Bank & Trust Co. of New dividend of 16% per annum (this being exclusive of income
Orleans. He will succeed the late Leonard W. Noyes, who tax of £39,600) payable in equal parts on Jan. 13 and July
died Dec. 6. Mr. Schwaner has been associated with the 14 1931; £50,000 contributed to reserve fund; £35,000 to
Hibernia Bank Sc Trust Co. since 1919 and for the past heritable property account; £50,000 to officers' pension fund,
several years has served the bank as Chief Clerk and As- and £5,000 to staff widows'fund,leaving a balance of £74,294
sistant Cashier. His duties in these capacities necessarily to be carried forward to the current fiscal year's profit and
brought him in close contact with the building and building loss account. The bank's total resources are shown in the
management, and the experience thus gained readily qualifies statement as £38,992,352 and deposit receipts, current
him for this new position.
accounts, and other creditor balances,as £32,266,197. The
issued a paid-up capital is £1,100,000 and the reserve fund £1,550,000,
The Comptroller of the C- urrency on Dec. 17
dividend and
charter for the Hollister National Bank, Hollister, Cal., exclusive of £136,400 set aside to meet the
J. R. Pendergrass is President £74,294 carried forward. The institution (which is affiliated
with capital of $100,000.
with Lloyds Bank, Ltd.) was established in March 1925 and
of the institution and James Kelly, Cashier.
at present has 175 branches and sub-offices throughout
The board of directors of t- he Marine Bancorporation of Scotland. The bank's London office is at 37 Nicholas Lane,
Seattle has declared a quarterly dividend of 45 cents per E.C. 4. During the year, the report tells us, the directors
share on the stock of the corporation, payable Jan. 2 to accepted with regret the resignation of William Carnegie as
stockholders of record at the close of business Dec. 15. This General Manager and have placed on record their high
dividend amounts to $162,744.30. Total dividends paid by appreciation of the value of his services to the institution,
the Marine Bancorporation for the year 1930 amount to especially during the last 10 years as General Manager.
$630,941.20. The Seattle "Post-Intelligencer" quoted An- Mr. Carnegie was succeeded as General Manager by John
Taylor Leggat, who assumed the office on June 2 last. The
drew Price, President of the corporation, as follows:
As pointed out at the end of last quarter, many factors have made
Most Hon. the Marquess of Zetland is Governor of the
of busiyear 1930 less attractive from the standpoint of earnings in all lines
of Foulis, Bt., Deputythe main- institution and Sir Hector Munro
ness and we are therefore pleased that our earnings have justified
which has been paid since the Governor.
tenance of the regular quarterly dividend
organization of the Marine Bancorporation.
The board of directors of Barclays Bank (Dominion,
In order to offset lower earnings, in part, substantial economies
been effected during the past year and budgets which have been
and Overseas) recommend final dividends for the
not as we hope they Colonial
for the year 1931 deal with conditions as we find them,
year ended Sept. 30 1930, at the rate of 8% per annum on
will be.
divi- the
We are pleased to be able to maintain uninterrupted the quarterly
cumulative preference shares, and at the rate of 5%
dend of 45 cents per share which has been regularly paid since
shares, making, with the
which have per annum on the "A" and "B"
of the Marine Bancorporation, especially in face of conditions
year upon
to reduce or pass their dividends interim dividend paid in July last 43 % for the
made it necessary for so many businesses
"B" shares. Income tax at the rate of 3s.
the "A" and
Liquidity and high current earning power do not go hand in hand, but 9d, in the £ will be deducted in all cases.
of security in the exceedingly liquid
as bankers we have a distinct sense
condition of the Marine Bancorporation and its banks, primarily because

DEC. 27 19301


Realizing sales gave the market an appearance of irregularity during the early part of the week, but considerable improvement was noticeable on Wednesday when the trend of
prices turned upward though the market suffered renewed
collapse on Friday. One of the outstanding happenings of the
week was the reduction late on Tuesday afternoon of the rediscount rate of the Federal Reserve Bank of New York from
23/3% to 2%,the lowest rate ever recorded in the history of
that institution. The fact that following that event the
stock market on Friday suffered another breakdown was
deemed significant. The weekly statement of the Federal
Reserve Bank issued after the close of business on Friday
showed a further decrease of 8,000,000 in brokers' loans in
this district. Call money renewed at 2% on Monday, continued unchanged at that rate until Friday when it advanced
to 2%%.
Irregularity again marked the course of the market during
the two-hour session on Saturday, though many of the more
active issues showed gains ranging from 1 to 3 or more points.
Some of the pivotal industrials like United States Steel,
American Can, Westinghouse Electric, and General Electric
displayed improvement during the early trading but were
generally off at the close. Public utilities were somewhat
stronger, American Water Works improving over a point,
followed by Standard Gas & Electric with a gain of 1%
points and numerous other members of the group, with fractional gains. Local traction stocks continued in good demand, Interborough Rapid Transit shooting ahead over 2
points, and good gains were registered by Manhattan guaranteed, and Brooklyn-Manhattan. A few issues like United
Cigar Stores pref., and Goodyear surged forward to higher
levels, the former recording a gain of 9 or more points as it
closed at 63, while Goodyear scored an advance of 23/3 points
at 50%.
The market worked lower on Monday, realizing sales and
pressure on some of the active issues forcing prices to lower
levels. Railway shares gave ground all along the line and
most of the prominent issues were of from 1 to 3 or more
points, Union Pacific, for instance, breaking about 4 points
to 175, Missouri-Pacific, and New York Central dropping
back about 3 points each, and smaller losses being recorded
by Atchison, Rock Island, New Haven, Baltimore & Ohio,
Delaware & Hudson, Nickel Plate, and Southern Railway.
Some of the higher priced and more volatile stocks also
showed severe losses, the list including among others, FosterWheeler, Cocoa Cola, J. I. Case, Eastman Kodak, Worthington Pump, Air Reduct., Columbian Carbon and Internat.
Business Machine. Auburn Auto and Allied Chemical &
Dye were down about 7 points each. Copper stocks were
stronger in the early dealings and managed to hold some of
their gains until the close, but American Can, United States
Steel, Westinghouse, and General Electric were down from
2 to 3 points at the end of the session.
Irregularity was again prominent in the trading on Tuesday, and while the market was fairly strong in the early
trading, the heavy wave of selling that came into the session,
following the announcement of the closing of the Chelsea
Bank cancelled most of the early gains. The principal
changes of the day on the side of the advance were Allied
Chemical & Dye 23/3 points, American Can 1 point, American
Power & Light 2 points, Auburn Motors 23 points and Erie
2d preferred. The losses were quite extensive and included
such active stocks as New York & Harlem 9 points, J. I.
Case Threshing Machine Co. 24 points, Baldwin Locomotive preferred 5 points; Norfolk & Western 5 points, Delaware
Lackawanna & Western 2 points, and St. Louis-San Francisco
2 points. The tone of the market was somewhat stronger
on Wednesday, though trading was quiet and selling pressure
had entirely disappeared. Prices were somewhat higher in
the morning session, several important stocks scoring substantial advances, and while the later trading showed some
recessions, the final quotations, were, in most cases, on the
side of the advance. During the morning trading, pivotal
stocks were in good demand and gains up to 3 points were
recorded by such active issues as American Tel. & Tel.,
du Pont, Bethlehem Steel, Consolidated Gas, Westinghouse,
United States Steel, and Worthington Pump. American Can
was up about 3 points, and so was Ingersoll Rand, Vanadium
Steel, Western Union, and Amer. Tobacco B. Auburn Auto
moved up about 7 points and such active issues as R. H.
Many, Allied Chemical & Dye, J. I. Case and Liggett &
Myers improved from 4 to 6 points. Railroad stocks showed
excellent gaini3 which included among others Baltimore &


Ohio, Chicago & North Western, Union Pacific, New Haven,
and Rook Island.
The New York Stock Exchange, the Curb market, and
all of the commodity markets were closed on Thursday in
observance of Christmas Day. Holiday influences predominated in the stook market on Friday,and while there was
a little buying early in the day, the volume of trading was
comparatively light and prices were somewhat irregular.
Coppers were apparently the strongest of the active stocks,
Anaconda moving into new high ground for the present advance. Considerable selling was in evidence in the merchandising group, R. H. Macy slipping down to 843/3 with a
loss of about 6 points, while Sears, Roebuck was off about
2% points as it dipped to 43%, New lows were recorded by
many weak stocks. These included among others, Gillette
Safety Razor which slid back 2 points to 19, while Interns,
tional Harvester, pref. sunk to a new low at 453/3 with a loss
of 23/3 points on the day. Declines of a point or more were
recorded by U.S.Steel, Amer.Can and Westinghouse.
Week Ended
Dec. 26 1930.

Number of


Musfapal &
For% Bonds.



$4,919,000 $1,960,000

$205,000 87.084.000
307,000 8,893.500
862,000 11,177,000
435,000 8,960.000

9,058,288 329,453,500 $11,181,000

$2,197,000 842.831,500


Sales at
New York Stock

Week Ended Dec. 26.

-No. of sharedBonds.
Government bonds_ -State & foreign bonds.
Railroad & misc. bonds




Jan. 1 to Dec. 28.










Total bonds

$42,831,500 388.784,500 $2,714,649,000 32.960,242.950
Week Ended
Dec. 26 1930.




Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.




158,441 3248,0000









prev. week revised

204,309 $117,000 209,409 $286,300
30,442 $161.100
a In addition,sa es of rights were: Wednesday. 300.
Sales of warrants were: Saturday, 500; Monday. 400; Tuesday, 100;
Wednesday. 300.

Trading on the Curb Exchange was quiet this week, the
lessening of speculative interest in connection with the holidays being a feature. Prices moved lower though changes
were not large. Oils were particularly weak. Humble Oil
& Ref. dropped from 633 to 583. Standard Oil (Ind.)
was down from 367s to 33, the close to-day being at 33/s.
Standard Oil of Ohio com. declined from 453i to
4 %.
Vacuum Oil eased off from 553/3 to 533/8, recovered to 54/g
and closed to-day at 54. Gulf Oil of Pa. sold down from
64% to 603( and finished to-day at 61%. Among-Utilities
Electric Bond & Share corn. declined from 43 to 393 but
sold higher and closed the week at 393/g. Amer. & Foreign
Power warrants sold down from 173 to 14%, recovered to
163 . Amer. Gas & Elec. corn. fell from 82'% to 773/3 and
ends the week at 803/3. Tampa Electric Co. lost over 3
points to 453 and ends the week at 45/s. Industrials and
miscellaneous issues show few changes of importance.
Aluminum, Co. corn. declined from 163 to 1473/3 with the
final figure to-day 1503/ Deere & Co. moved down from
35/s to 31, recovered to 363( and closed to-day at 33.
Swift International was fairly active and sold up from
to 37%•
A complete record of Curb Exchange transactions for the
week will be found on page 4199.

Week Ended
Dec. 26.

(Number of

Bonds (Par


Domestic. Government.

3,400 $2.016.000
8,100 3,450,000
3,100 3.643,000
1,200 2,487.000
2,600 2.382,000


$235,000 $2,251,000
462,000 3,912,000
415,000 4,058,000
356.000 2,843.000

190,000 2,572,000
18,400 313,978,000 $1,658,000


[vol.. 131.


We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 10 1930:
The Bank of England gold reserve against notes amounted to £154.648,810 on the 3rd inst. (as compared with £156,568,569 on the previous
Wednesday). and represents an increase of £8,688.726 since Jan. 1 last.
Bar gold from South Africa to the value of £953.000 arrived this week
but none of this was available in the open market yesterday as it had
previously been sold forward to France.
The feature of the week has been the resumption of demand for gold
on German account and there have been some withdrawals from the
Bank of England for Germany. It is interesting to note that during
the last two months it is estimated that about £12,000,000 of gold has
been exported from Germany to France. Hence it can be readily understood that, with the sterling exchange moving in favor of Germany, that
country should take the opportunity to replenish its stocks by withdrawing
gold from London. As the Reichsbank is willing to accept standard gold
as delivered by the Bank of England, refining has not been necessary.
The French demand for gold continues and movements at the Bank of
England during the week show a net efflux of £3,054,214. Receipts
totalled £81,179 and withdrawals consisted of £36,000 in sovereigns and
£3,099,393 in bar gold. Of the latter, about £1,150,000 was for Germany
and about £1,850.000 for France after refining.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 1st inst. to mid-day on the 8th inst.:
£1,748.765 France
1,000,000 Germany
British South Africa
1,637,181 Switzerland
British West Africa
9,340 Spain
British India
Straits Settlements and
7.300 Austria
72.000 Other countries

Dec. Dec. Dec. Dec. Dee. Dec.
Per Cent ofPar-72
Harstadt (12)
Mannesmann Tubes (7)
North German Lloyd (8)
PhoenLt Bergbau (64)
142 Roll- Roll
Polyphonwerke (20)
Rheln-Westf. Elektr. (R.W.E.) (10)
130 day
Sachsenwerk Licht U. Kraft (734)
Siemens & Ilaiske (14)
143 141
Leonhard Ties (10)
Ver. Stalhwerke (United Steel Works) (6) 57

Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:

Dee. 20 Dec. 22 Dec. 23 Dec. 24 Dec. 25
Francs. Francs. Francs. Francs. Francs.
Bank of France
20,100 19,700 19.300 18.700
Banque Nationale de Credit
1,235 1 220
Banque de Paris et Pays Bas._ 2,250
2,210 2.170
Banque de Union Parisienne- 1.305
Canadian Pacific
1,050 1.020990
Cana. de Sues
16,705 16,675 16.880 16.600
Cie Distr. d'Electridtle
Cie Generale d'ElectrIcitie
2,640 2,580
Cie Gle Trans-Atlantique
Citroen B
Compton' Nationale d'Escompte 1,670
1,660 1.650
Coty, Inc
1,212 1,187
Credit Commerciale de France- 1,170
Credit Lyonnais
Emu Lyonnais
2,500 2.480 2,500
Energie Electrique du Nord
Euergie Electrique du Littoral... 1,191
Ford of France
£3,468,745 French Line
522 RollGales Lafayette
130 day
The market has continued to be influenced by the weakness in Shanghai L'Afr Liquids
1.150 1,130
China offered to sell Lyon (P. L. M.)
which developed further during the past week.
freely but offerings met with very little resistance and as a consequence Nord Ry
1.390 1.390
the market has been easily depressed, prices showing a considerable decline Orleans Ry
Paths Capital
from those ruling last week. The confidence in the market established Pechiney
during the recent steadiness has been shaken during the past two weeks Rentes 3%
85.70 85.90
85.70 85.40
134.70 134.60 134.70 134.60
consequently there has been no disposition to buy, bear covering being Rentes 5% 1920
Rentes 4%
102.20 102.20 102.20 102.10
practically the only source of support. America has been more disposed Rentes 5% 1917
101.10 101.10 101.10 101.10
to sell in spite of the weaker tendency, and offerings from that quarter Rentes 6% 1920
101.20 101.00 101.00 100.80
Royal Dutch
have been made freely on most afternoons.
2.900 2 910
3.360 3.175
The price fixed to-day for cash delivery was 15 7-16d.. equalling the Saint Cobin, C.& C
Schneider & Cie
1.645 1.605
lowest recorded price for that delivery quoted on June 24 last.
Societe Lyonnais
2.040 2,030
The following were the United Kingdom imports and exports of silver, Societe Marseille's°
Tubise Artificial Silk. prof
8th inst.:
registered from mid-day on the 1st inst. to mid-day on the
Union d'Electricitie
1.050 1.030

British India
United States
Other countries

£49,624 Hong Kong
35.500 British India
22,113 France
5,670 Germany
Other countries


Nov.30 Nov. 22 Nov. 15
(In Lacs of Rupees)17064
Notes in circulation
Silver coin and bullion in India
coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
The stocks in Shanghai on the 6th inst. consisted of about 95,300,000
ounces in sycee, 150,000,000 dollars and 2,960 silver bars, as compared
with about 95,700,000 ounces in sycee. 150,000,000 dollars and 3,500
silver bars on the 29th ultimo
Quotations during the week
-Bar Silver per Oz. Std.Bar Gold per
2 Mos.
Oz., Fine.
15 15-16d.
Dec. 4
85s. 1%d.
Dec. 5
85s. 1 Ud.
155 od.
15 9-16d.
Dec. 6
85s. 1%d.
15 11-164.15
85s. 1)4d.
Dec, 8
85s. I% •
Dec. 9
15 7-16d.
Dec. 10
85s. 114d.
85s. 1.63d.
The silver quotations to-day for cash and two months' delivery are
hd. below those fixed a week ago.

(See page 4180.)
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day csf the past
week have been as follows:

Dec. Dec. Dee. Dec. Dec. Dec.
Per Cent of Pa
Aug. Deutsche Credit(Adca)(8)
Berlin tlendels Gm.(12)
Commers-und-Privat Bank (11)
Dannstadter u. NatIonalbank (12)
Deutsche Bank u. Dlsconto Gm.
Dresdner Bank (10)
227 228
ReIchsbank (12)
Algenneine Kunstalide Unle(Aku)(18)....._ 49
Albi. Elektr. Gee.(A.E.0.)(9)
67 Roll- HoliDeutsche Ton- und Steinzeugwerke (11)- 66
day day
Ford Motor Co.. Berlin (10)
Gelsenkirchen Bergwerk( )
Gesfuerel (10)
Hamburg-American Lime(Hamm) 7
100 100
Hamburg Electric Co.(10)
Hayden Chemical (5)
Harmer Bergbau (6)
Hotelbetrieb (12)
3.0. Farben Indus.(Dye Trust)(14)
107 107
Kali Chamie (7)

Dee. 26


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.27) bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will fall
20.0% below those for the corresponding week last year.
Our preliminary total stands at $7,561,156,514, against $9,449,543,816 for the same week in 1929. At this centre there
is a loss for the five days ended Friday of 19.2%. Our comparative summary for the week follows:
Clearings-Returns Sy Telegraph.
Week Ended Dec. 27.
New York
Kansas City
St. Louis
San Francisco
Los Angeles
New Orleans




53.784,000.000 $4.624.000.000 -19.2
433,986.172 I -29.6
446,000.000 1 -25.4
302.000,000 H +23.8
95,143.815 II -18.3
104,200,000 H -20.7
155,743,000 II -31.5
Will no longer n port clearilgs
141,219,914 -200
91.556.034 I -19.0
64.017.588 I -14.2

Twelve cities, five days
Other cities, flve days


Total all cities, flve days
All cities, one day


87.485 990.072
, 1,963,553.744


Total all cities for week

S7 561.156_514

49 440 543 816

--9.1) n


$6,012.1472.4142 rl7.6

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them .to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present furthSr below, we are able to give final and complete
results for the week previous-the week ended Dec: 20. For
that week there is a decrease of 9.9%, the aggregate of
clearings for the whole country being $10,726,597,240,
against $11,908,604,018 in the same week of 1929. Outside
of this city there is a de4rease of 12.2%, while the bank clearings at this centre record a loss of 6.4%. We group the cities
now according to the Federal Reserve Districts in which they

DEC. 27 1930.]


Federal Reserve Dusts.
let Boston_ _12 °Mee
2nd New York_11 "
3rd Philaderia_10 "
.ith Clevelead__ 8 "
5th Richmond.6 "
6th Atlanta___ 12 "
7th Chicago --_20 "
8th St. Louie__ 8 "
9th Minneapolis 7 "
10th Kansa8CIty 12 "
11th 135119.6
5 "
12th San Fran 17 "











We now add our detailed statement, showing last week's
figures for each city separately,for the four years:
Week Ended Dec. 20.

Clearings al


First Federal Reserve Dist act
Maine-Bangor_ _
liass.-Boston_ _ 454,743.350 480.000.000
Fall River_ _ _ _
New Bedford
Springfield. _
New Haven_
I . -Providence
I, I.


Second Feder al Reserve D istrict-New
N. Y.
New York
7,078,302.412 1,560,704.373
N. J.
Northern N. J.

Inc. or



-5.3 612,000.000
-9.4 • 16,992,500



-6.4 8,920,735,160 6,840,587.460

Total(11 cities) 7,268,555,439 7,753,035,192 -6.3 9,118,322,924
Third Federal Reserve Dist rict-Philad elphia
1,579,277 --24.2
5,611,934 --22.8
1,179.029 --15.8
488.000,000 702.000.000 ---30.5 698,000,000
4.052,864 --21.9
5,263,247 --8.5
3.664,065 --9.5
Total (10 cities) 518,052,466 733,463,309 -38.4 731,736,458
Fourth Feder at Reserve D istrict-Clev eland
Ohio-Akron_ _
4.834,000 -10.7
4,289.587 -13.3
Cincinnati _
71,693.239 -8.4
137,276,138 153,911,532 -10.9 156.166,138
16,108,300 -0.3
2,137,582 -16.0
Youngstown .._
3,941,752 +0.2
-Pittsburgh _ 218,308,157 186,522.383 +17.0 224,470.873 1 5,503,430
Total(8 cities)_ 451,091,189 443.438,375 +1.7 492,426.877
Fifth Federal Reserve Dist rict-Richm ondW. Va.-IIunt'on
1,286,721 -14.0
Va.-Norfolk _
5,341,329 -13.6
Richmond _ _ _
55.476.000 -14.2
2,274,513 -8.5
93.009,303 105,867,054 -12.1 106,368,299
D. C.
27.724,377 +1.7
Total(6 cities). 176,631,946 197,969.994 -10.8
199,954,618 195.804,143
Sixth Federal Reserve Dist rict-A dant a-Tenn.
3,000,000 --33.3
24,962,967 --28.9
59,457,135 ---10.2
2,722.277 --34.0
2,110,994 --22.7
16,367,193 --10.4
3,270,000 ---41.4
Ala.- itirm'gham
26,847.035 --42.0
2.126.648 --22.5
MISS.-Jaekson _
2,139,000 i-7.1
Vicksburg __
228,073 ---29.9
-New °Wm.
55,877,113 --26.7
Total(12 cities) 155,878,676 199,109,035 -22.3
212,177,930 214,490,699





Seventh Feder at Reserve 13 strict-Chi cagoMich.-Adrian-221.247
227,447 -2.7
Ann Arbor___
954,944 -25.0
167,886.363 206,636,491 -18.8 277.201.465 181,639.036
Grand Rapids_
7,562,404 -31.3
2.805,325 -3.4
-Ft. Wayne
4,504,031 -22.4
21,037,000 -12.2
South Send2,015,813
2,732,196 -26.3
Terre Haute_
5.738.012 -9.0
30,756,831 -16.3
Iowa-Ced. Rap_
3.001,574 -10.6
Des Moines.7,658,382
10.046.932 -23.8
Sioux City
6.452.106 -44.5
1,548,549 -23.9
1,637.702 -1.8
494.237,196 652.427,985 -14.3 727.473.883 699.044,829
1,104,434 -5.2
5.291.498 -24.6
3.831,353 -26.7
Springfield_ 2,502,834
2,313,722 +6.2
Total(20 cities)


126 eitite 10,726,597,240 11,908,604,018 -9.9 13,698,222,191 10,958,189,169
Outside N. Y. City
3,648,294,828 4,155,568,826 -12.2 4,777,487,031 4,117,601,709
31 cities
573.090 9F0
455 077 455 -954
404 11.50 14A
WA F14 <An

Total (12 cities)



970,610.536 -22.4 1,122,745,356

Eighth Peden' tReserve Die truce-Se.La uls-ind.-Evansville
5,313,407 -2.2
Mo.-St. Luis_ 128,200,000 146,000,000 -12.2
Ky.- Louisville.
37.320.492 -28.1
663,179 -27.0
26,064.216 -36.6
-Little Rock
16.282.821 -53.8
314.321 -48.8
1.290,514 -53.8






Ninth Federal Reserve Die trict- Minn eapollsMinn.
9.186.421 -49.8
Silnneapolls_ _
. 77.265,563
90,417.286 -14.5
St. Paul
28,777,784 -9.4
N. D.
2,000,000 +2.0
5, 63.
1,177,745 -8.5
625.139 +7.0
3,639,505 -9.8


Total(8 cities).




233.248,950 -19.7

135,823,880 -15.3



Tenth Federal Reserve Dis trict Kane as CityNeb.-Freemont.
352,277 -20.9
511,882 -9.6
3,363.098 -6.4
47,132,799 -10.8
3,709,266 -17.0
7,537,614 -11.9
Mo.-Kan. City_ 116,641,820 144,823,791 -19.5 140.308,310
St. Joseph. _
6.360.567 -19.4
1,136,569 +2.9
1,790.362 -14.2


Total(12 cities)


216,718.225 -17.0



Eleventh Fade rat Reserve District
-Da IlasTexas-Austin _
1,723,642 -17.5
65,132.955 -35.0
Fort Worth
16,652,789 -40.7
5,748,000 -32.4
5,834,408 -3a.9






Total(5 cities)



Twelfth Feder at Reserve D Istrict-San
Utah-S. L. City
Long Beach
Los Angeles. _ _ No longer will report clearin
San DlegO
Ban Francisco_ 191.743.618 210.156.238
San Jose
Santa Barham_
Santa Monica_


Week Ended Dec. 20.

Week Ended December 20.





, i +11:1 11+ 1 2 1 1111103 I
e4 4,

are located, and from this it appears that in the New York
Reserve District, including this city, the totals show a
loss of 6.3%, in the Boston Reserve District of 5.4% and in
the Philadelphia Reserve District of 38.4%. The Cleveland
Reserve District shows a gain of 1.7%, but the Richmond
Reserve District has a decrease of 10.8% and the Atlanta
Reserve District of 22.3%. In the Chicago Reserve District
the totals are smaller by 22.4%, in the St. Louis Reserve
District by 19.7% and in the Minneapolis Reserve District
by 15.3%. In the Kansas City Reserve District there is a
shrinkage of 17.0%, in the Dallas Reserve District of 35.6%
and in the San Francisco Reserve District of 10.7%.
In the following we furnish a summary of Federal Reserve



Total(16 cities) 350,940,890 392,913,186 -10.7 426,719,832 384,684.385
Grand total (126
10726 597.240 11908 604,018 -9.9 13698 222,191 10958189,163
OutsideNew York 3,648,294,828 4,155,568,826 -12.2 4.777.487,031 .4117,601.709
Week Ended D C. 18.

Clearings at
St. John
Fort William_ __ _
New Westminster
Medicine Hat
Prince Albert
Total(31 cities)



Inc. Of

178,220.890 -28.9
162,002,679 -31.1
54,481,856 -14.1
20.237,153 -2.9
9,462,997 -20.9
7,085,819 -24.4
6.278,686 -50.4
6,393,232 -16.8
10,780,627 -21.8
2,433.046 -16.4
2,465,180 -15.5
3,580,277 -11.5
7,166.396 -26.5
6,881,497 -38.4
725.530 -29.3
715,583 -28.6
2,844.547 -24.0
1,281,103 -26.5
1,501,819 -7.3
1,144.248 -27.5
819,542 -10.5
477,248 -14.7
892,411 +77.0
1,067,789 -26.7
1,439,962 -9.1
5,163,280 36.0
575.358 -21.8
1,389.628 -36.5
794,997 +2.8
954,098 -23.4
739,959 -16.3
499,977,435 -25.4

*Estimated. a No longer reports weekly clearings

921,650 .






ermunerdatiand WsceilaiteratsBoxs
-The following information regarding
National Banks.
National banks is from the office of the Comptroller_of the
Currency, Treasury Department:
-The First National Bank of Smithton, Ill
Dec. 18
The First State Bank of Smithton,
Conversion of
-The Dyersville National Bank of Dyersvllle, Iowa
Dec. 15
President: A.0.
-The National Bank of Commerce of Charleston, W.Va
Dec. 15
Conversion of The Bank of Commerce,Charleston, W.Va.,
President: G. W. Van Horn. Cashier: Edward Hess.
-The Hollister National Bank, Hollister, Calif
Dec. 17
President: J. R. Pendergrass. Cashier: James Kelly. ;.
-The First National Bank of Plano. Texas
Dec. 17
President: R. A. Davis. Cashier: D. S. Coleman.
Welch, W. Va.--2 250.000
-McDowell County National Bank in
Dec. 19
President: Isaac T. Mann. Cashier: T. A. Johnston.
-The Malta National Bank, Malta, Mont
Dec. 17
Effective Dec. 4 1930.
of Directors of The Malta Nat'l Bank.
Liq. Agents: Board
Absorbed by The First State Bank of Malta, Mont.
-The First National Bank of Berwyn, Ill
Dec. 15
American State Bank of Berwyn. Ill
State Bank, Berwyn, 111
Ridgeland State Bank Berwyn, Ill
Consolidated today under Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter of The First National Bank
of Berwyn, No. 12426, and under the corporate title of "First
American National Bank & Trust Co. of Berwyn," with
capital stock of $175.000.
On Bulletin No. 1964, dated Dec. 8 1930, it was inadvertently stated
that The First National Bank of Porterville, Calif., No. 6808, which went
into voluntary liquidation, effective Nov. 24 1930, was absorbed by Bank
of America National Trust & Savings Association, San Francisco, Calif.
This advice was in error as The First National Bank of Porterville was
absorbed by the Bank of America, Los Angeles, Calif.

-Among other securities, the following,
Auction Sales.
not actuatty deatt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo, on Wednesday of this week:
By A. J. Wright & Co., Buffalo:
$ per Sh.
$ Per Sh. Shares. Stocks.
Shares. Stocks.
100 Booth's Hyomel Co
21 lot
150 The Harriben Investment
lot 275,000 Kilexter Airplane dc Motor
Co.. par $10
Corp.(old), par 21
250 Acme Packing Co., temp.
55 lot 6 Niagara Falls Hotel Corp.. pref-.53 lot
Ws.. par SIO
3 Niagara Falls Hotel Corp.,no par $2sh.
42 Walker Knaler Shoe Corp..
45 lot 150 Universal Wireless Communi2d preferred
cations Co., Inc., of Delaware.
Resort, Inc., pf_$5 lot
10 Jackson Health
temp. ctf., no par
4 Jackson Health Resort. Inc.,
Per Cent.
52 lot
common, no par
Terminal & Transportation
100 Molyneux Mailing Machine
Co. of America 20-yr. 18t mtge.
$2 lot
Co., par $10
% gold
700 Monarch Lead Co..Par $ & coll, trust s. f.
bonds,series A. due May 1 1947,
3.127 Detroit Star Grinding Wheel
May 1 1930 dc sub, coups. on325 lot
10c. eh.
Co., par $10
55.000 New Orleans Pontchartrain
20 The Walter Bentley Co., Inc.,
Bridge Co. 15-yr. deb. s. f. 7%
$12.80 lot
bonds, due Sept. 1 1941, nth of
20 The Walter Bentley Co., Inc.,
dep. with stock purchase war$13 lot
rants for 50 she. cons. stock34.50 lot
20 The Walter Bentley Co.. Inc..
513 lot 56.000 Ctf. of dep. for New Orleans
Pontchartrain Bridge Co. 1st
330 Universal Wireless Communimtge. s. 1. 7% gold bonds, due
cations Co.. Inc.. of Delaware,
$10 lot
Sept. 1 1946
$5 lot
temp. ctf., no par

By Barnes & Lofland, Philadelphia:
per M.
$ per Sh. Shares. Stocks.
Shares. Stocks
10 R. M.FIollingshead,$7 pref.__ -$7 lot
5 Broad Street Trust Co., par $50.- 46
10 R. M. Hollingshead, A com__ __$1 lot
10 Chase Nat. Bank, N. Y
$3 lot
70 Big Horn Fuel Co.. pref
20 National City Bank, N. Y
3 Olney Bk. & Tr. Co.. Par $50-166 $15,000 certif. of indebtedness,6%.
1800 Market St. Investing &
1014 Mitten Men & Management
$30 lot
Holding Corp
Bank & Trust Co.. par $50
25 Master Fox Ranch, common $10 lot
6 Tradesmens National Bank &
50 Sharpless Solvent Co., prof.;
Trust Co.. Par 5100
$10 lot
50 common
40 Corn Exchange National Bank
250 Federal Aviation Corp. (with
& Trust Co.. par 520
$10 lot
$3 lot
16 Union Bank & Trust Co
$1 lot
$6 lot 20 Robert Wrench Co
50 Union Bank & Trust Co
Per Cent.
50 Bank of America, New York.. 54
$3.000 Rittenhouse Square Corp..
66 Continental-Equitable Title &
6% 20
-year Inc., Jan. 1 1946
Trust co., Par 45
$2.000 Delmar Water Co., 6% ref.
leo Plaza Trust Co., par $10
Coup. Jan. & July. Due 1956._ 07
Germantown Trust Co.. par $10. 50
$10,000 Illinois Coal Corp., 7% let
25 Franklin Trust Co.. Par $10-- 40
M. s. f. A. certif. of deposit.- $6 lot
60 Liberty Title & Ti,. Co.,par 550.200
$1.000 Pine Manor, S. E. corner
5 Provident Trust Co
49th and Pine Sts., Phila., 6%
82 Pa. Co. for Ins. on Lives &
lst M. cl. B; coup. M. & N.
Granting Annuities, Par 210
$200 lot
Due May 1 1932
380 Aldine Trust Co., par $10
18 lot $3.000 Lehigh Valley RR. 6s. Per140 Island Development Co
Petual annuity, J.& D
$80 lot
220 Great 5% est Refining Co
$16 lot $10,000 Rittenhouse Square Corp.
468 Wilcken Staats Co
6% Inc. (20-year); due 1946
250 Best Kid Co., Inc., common...$12 lot
25 Rockhill Coal .5; Iron Co., pref $10 lot $2,000 Builders Materials Corp.8%
$7 lot
debenture; due 1939
750 Sword & Kimber Co..common,
no par; 500 first pref.. par $10-35 lot $10,000 Un. Rock Asphalt 6Si a__ 5300 lot
$3 lot $2,000 Old Ben Coal Corp., 1st tis,
6 Philbrin Corp.. corn.;8 prof
100 Financial Annalists, Inc., cum.
Partic. cony. class A, no par. $40 lot 52,000 Advance Bag & Paper Co.
1st 6s, 1952
35 Berry Autom. Lubr. Corp.---ill lot
$1.000 Republic of Bolivia 7s, 1969_ 50
865-100 Wilkes-Barre & Hazleton
$1.000 Prov.of Buenos Aires 6s,'61 30
Corp., pref. (with 6 65-100 shs.
$15108 51,000 B. F. Keith Corp. 1st 6s,'46 5
$25,000 Pittsburgh Hotels Corp.68.. 5
$20,000 Seaboard Mr Line 5%
10% 510.000 Chic. Milw. St. P. & Pac.
notes, 1931
adjustment 5s
500 C. K. Eagle Co..7% prof

By Adrian H. Muller & Son New York:
Shares. Stocks.
$ per Sh.
200 (The) Mirror 7% cum. pref
100 St. Lucie County Bank & Trust
Co. of Ft. Pierce, Fla
2 United States Trust Co
1,000 59th St. & 5th Ave. Corp.
pref.; 1,000 common, no par____ 434
2,000 Amer. Salamandra Corp.
gen.stock, par $50

$ per Sh.
Shares. Stocks.
2,000 Hermetite Corp., pref., par
$10: 2,500 common, par $10_ _ _8500 lot
$275,000 Raystock Corp. 6 mos.
subordinated 6% notes, due
$LOW lot
June 30 1930
18 Wade & Butcher Corp. com$55 lot
mon, no par; 82 preferred
$3 lot
333 Talcs Mines, Inc., par $5

[VOL. 131.

$ per St.
Per Sh. Shares. Sto4.1.
Mares. Stocks.
50 Old Point Comfort Hotel Corp-34 lot
625 Amer. Solvents & Chem. Corp.
168,668 Trinity Gold Min. & Red.
cony. prof, stock purchase war$10 lot
Co., par $1
275 lot
1,000 Colombian Oil Concessions.
25 Detroit Harbor Terminals, Inc.,
Inc., no par
common, no par
3,000 Ilarmercol Hold.Corp., pfd320 lot 10 Commonwealth Bond Corp..
pref., no par; 10 common
300 Fedco Number Plate Corp. of
200 National Electric Water Heater
Del., no par; 20 Federated EngiShot
Corp., par $10
neers DEW. Corp. of Del., com150 Continental Broadcasting Corp.
mon, no par; 20 Fed. Eng. Dev.
no par
$1 lot
Corp. of Del. prof
220 Philippe-Venetian Island, Inc.
33 Weston Biscuit Corp. (Del.).
$10 lot
(Fla.), par 510
$51 lot
200 Aeromarine Klemm Corp..
2,788 Weston Biscuit Corp. (Del.)
$25 lot
Par $5
$100 lot
common, no par
18,203 Nedicks, Inc., common, no
15 Angelus-Campfire Co. (Del.)
515 Photomaton, pref.; 1,100 class
2,90734 Angelus-Campfire Co.(Del.)
$125 lot
B common, no Par
$100 lot
common, no par
100 Radio Products Corp., com80 Noe-Equil Textile Mills, Inc.,
mon, no par
$10 lot
common, no par
2 Truro Realty Corp.(N. Y.), no
68 Residuum Reclamation Corp.
cum. pref.(par 510), with subscr.
157 Livingston 011 Corp. common,
warr. to subscribe to 136 shares
$2 lot
Par $1
common: 201 common v. 8. 0.,
$25 lot 100 Gilbert Mammoth Last Hope
no par
111 lot
par 81
Mines Co.. nom.,
100 Coney Island Hotel$50 lot 262 Livingston Oil Corp. common.
mon,no par; 200 preferred
26 lot
par $1
Bond Corp.cony.
30 Commonwealth
Prof.. no par;30 cora., no Par-$24 lot 130 The Allerton Corp. class B
pref.; 35 Anerton Co.of Chicago.
250 Olympia Impt. Corp.(Fla.).....56 lot
Pref.: 75 Allerton Corp. corn., no
50 Hutchinson Sugar Plantation
Par: 35 Allerton-Cleveland CO..
Co.(Calif.), Par$15;40 American
7% cum. pref
Dry Corp. class B (Va.), no par:
125 Atlantic Suspended Monorail
50 R. Krause & Son, Inc., pref.
Corp. pref. temp. Ws.; 250 com(N. Y.); 1,500 Rural Mines, Inc.
mon temp.ctfs.. no Par
(Del.), par $1; 8 Compania Cu$20,000 etts. of indebt. of The 32nd
bans de Frutas y Refrigeracion
$100 lot
Street Bldg. Co.,series B
$375 lot
(Cuba), Par $1,000
22,500 Standard Oil Co. of Ky.,
440 Liquidometcr Corp. class A:
common, par Elk_ -Prom $1955 to 520
1,000 class B V. t c
per share
$8,807.30 North Hayti Sugar Co.,
100 Maedier Engine Corp. class B
Inc., 6% prom. notes, dated
common, no par
Dec.1 1927.overdue
50 Berliner Strauss & Meyer, Inc.,
54.500 North Hayti Sugar Co..Inc..
$15 lot
$10 lot 8% preferred
6% gold notes, past due
100 Cessna Aircraft Co., common,
$8,807.30 North Hayti sugar Co.,
$31 lot
no par
Inc..6% prom. notes,dated Dec.
$10 lot 100 Fall River Bleachery, common,
11927, overdue
no par
150 "La Auxillar Maritima, S. A.,"
5150 lot 3,750Intercontinent Aviation,Inc.,
prof.; 150 common
no par
500 Stanley Automotive Products,
$3 lot 150 Internat. Print. Ink Corp.comInc., common, no par
mon stock subscrip. warrants-$3lot
250 Beaver Valley Community Hotel
Co., pref.; 125 common. no par.$15 lot 2,144 Broadway Dept. Stores. Inc..
common, no par
50 Wolf Invest. Synd., Inc., prof _.$1 lot
$6 lot 500 units Universal Chain Theatres
75 Ezra Park (a corp.), pref
750. per unit
20 Braylight moulding Corp., Pf..$1 lot
21 Emo Syndicate, Inc.. no Par-- 1
50 Paramount Brick Works, Inc.,
$100 lot 125 Eastern Iron Ore Co. common,
par $2
11 80-100 Palestine Economic Corp.
common v. t c
27 lot 25 Eastern Iron Ore Co.. pref.-..$10 lot
300 O'Rourke Engineering Con20 ord. she. The "Dvir" Co., Ltd.
$55 lot
23lot struction Co
(Palestine), par £5
10 The Keyes Products Co.
21 lot 100 Arllnton Terrace Corp., no par.82lot
$72.321.67 note of the 112 East 83rd
1,000 Livingston Mines Corp.(Del.)
2100 lot
Street Realty Co., Inc
$150 lot
Dar Si
200 Cornstalks Products Co., Inc-51 lot
5.900 American Adjustable Lockup
200 Cornstalk Products Co.,Inc-35 lot
$50 lot
Corp.(N. Y.), no par
500 Amer. Enka Corp., corn
$2,500 Amer. Adjustable Lockup
526 United Aviation Corp., com•.
Corp. dem. notes, Jan.'6 1928;
and 2000-10,000ths scrip: 250
$350 deal. notes Feb. 20 1928-$30 lot
$30 lot
class A let series
50 Morris County Oil Co., Inc.,
$50 lot 50 United Retail Chemists Corp.. lot
class A temp. ctf no par
94 Morris County 011 Co., Inc.,
$100 lot 50 United Retail Chemists Corp.
24 lot
class B v. t. e., no par
50 Pyramid Silk Co., Inc., pref _$20 lot
100 United Hotels of the South dc
500 British American Consolidated
2100 lot
West, Inc., prof
$80 lot
Properties, Ltd., common
ZOO United Hotels of the South &
1,260 Gen. Equip. Co.of Del.514%
$50 lot
West, Inc., common
$46 lot
COTO. pref
1.600 Barnet Leather Co.. Inc., pf. 20
Refin150 Panhandle Producing &
100 Bonwit Teller 53.25 cony, pref.,
ing Co., pref
no par
200 Colombian 011 Concessions,
$5 lot $25,000 note No.3of the IntermediInc.,110 par
ary Finance Corp.. dated May 11
70 Safe-Guard Check Writer Corp..
1925 and pay, on dear, with int.
$6 lot
no Par
250 Trinity Oil Corp. Prof.; 250
$51 lot
$100 lot SOP.J. Realty Corn
common, no par
.5100 lot
Par--- _5500 lot 475 Eighth & Ninth Ave. By...
50 Land Credit Corp.,no
20 Hexamer Riding Academy, Inc.,
2,099 Mammoth Oil Co. class A
$115 lot
common, no par
20 Hexamer Riding Academy,Inc.,
2,500 Internat. Combustion pref.
etre. of deposit, no par
2,200 Jasahill Coal Mining Co..8%
500 Great Atlantic lc Pacific Tea
rum• Prof
Co. non-voting corn., no par_ _ _ _165
2,200 Josabill Coal Min. Co. com_810 lot
2,900 Advance Rumely common... 2
$6 lot
10 450 Forzina, Inc., pref
400 Advance Rumely
$1 lot
40 Forzina. Inc., corn., no par
2,000 Nat. Service Cos, common,
3 200 Indiana Limestone Co.. prof.;
no par
$2,000 lot
1,000 common, no par
48 Southern New England Ice 7%
$3,000 lot
70,000 Pinto Valley Co
aura. pref
1,000 Mountain Producers Corp,
100 Standard Oil Group, Inc., of
par $10
$500 lot
Del., pref
175 Union Nat. Gas Co.of Canada.
200 Standard Oil Grout), Inc., of
Ltd., no par
$100 lot
Del.,common, no par
200 Transportation Insurance Co.
23-1250ths int.In 2,000she.of pref.,
of New York, par $10
2,575 shs, of corn. and 1,525 shit.
100 American Re-Insurance Co..
coin. B stock of Federal Leather
Par $10
250 Bedford Johnson Co.. pref--$100 lot 200 Great American Insurance Co., 22%
par 10
53 Jefferson Title & Mtge., Mount
200 Mohawk Carpet Mills, Inc
Vernon; 25 Anaconda Copper
636 Amer. Fruit Distributors, Inc-$20 lot
cons.; 30 Safeway Stores, corn.;
$4.500 lot 600 The Duette, no par-81001ot
10 U.S.Steel common
64 Stern Bros. temp. corn. v. t. 0.,
25 Natural Water Softener Co.,
no par
Inc., pref.: 50 common, no par-53 lot
Allot the right, title & int. of Kar50 Wheat Products Co., Inc., compoles de Co., Inc., a N. Y. corp.,
$1 lot
mon;50 preferred
which has been dissolved, in and
50 Combustion Securities Co.. Inc..
to any trade-marks and copyrights
Co., Inc.,
pref.; 50 Combus. Sen.
owned by it with the good will •
class A corn.. no par; 60 National
appurtenant thereto. List at
Radiator Corp., pref., no Par;
$250 lot
auctioneer's oflice
1,313 Assoc. Dyeing & Printing
$475 lot 25 Bright Star Electric Co. class -$20 lot
Corp. common. no par
prof., no par; class B no par
Unified Invest. Corp., par $25 $50 lot
100 Western Pacific En
500 Investors az Traders, Inc., com$50 lot 100 Maytag Co.cum. pref., no par_ 15
mon, no par
200 Rudolph Karstadt, Inc.. Amer224 West Virginia Coal & Coke
ican shares, no par
2110 lot
Corp.,common,no par
100 Atlantic Refining Co.. Par 225- 18
350 Palisades Fire Ins. Co.. in
Glenchester Corp., com$60 lot 6552-10
liquidation, par $10
$11 lot
mon, no par
5 Wm. R. Compton Co. class B
Common,Dar $10;original co m.--37 lot 138 Glenchester Corp., pref
2,500 Cornstalk Products Co., Inc.
438 Brooklyn Cornell Utilities, Inc..
(Del.), common, no par
class A. no par;38 class B,no par:
234 preferred, no par
$50 lot 2,650 Internat. Rustiess Iron Corp.
common, par 21
$10,000 series A notes of Robert
8256 City Nat. Bank In Miami,
v. 1.0..
Beyer Corp.;75 common
Issue of April4 1930, lot
no par
par $25
150 Asbestos Corp. of Am. com$17 lot 1,100 Yellow Text Corp. of N. Y.. 5
mon (Mass.), no par
no par
35 Belding-Hall Elec. Corp. class A
$1 lot 200 Brunner-Winkle Aircraft Corp , 50c.
no par
50 Old Point Comfort Hotel Corn-32 lot

Dgc. 27 1930.]


$ per share.
Shares. Stocks.
$ per share. Shares. Stocks.
99 Advertising Printer Corp., no
100 S. W.Straus & Co. (Del.). no
530 lot
216 12-18 Reserve Petroleum Co_ _560 lot $57,381.84 notes made by BayOcean Realty Associates, Inc.,
1,521 Union Discount Co., Inc,
all pay. to George Shaskan, dated
common,no par
855 lot
Apr. 1 1929, pay. 10 days after
907 AutomaUc Straight Mr Brake
dem., and bearing int. at 6%,
Co., corn., V. t. c., no par;728%
without recourse
$55 lot
sec. pref
52 lot
65 Hays Realty Oper. Corp.. com800 Godschaux Sugars,Inc., class B
mon,no par;65 170 West 78th St.
no par
Realty Co., inc., corn., no par;
2 Realty Unit E. Inc.. no par; 1234
75 170 West 76th St. Realty Co.,
Metropolitan Co., Atlanta, comInc., pref
$175 tot
mon,no par;25 Metropolitan Co.
120 Park East OPer. Corp., no Par:
Atlanta 8% cum. pref.; 50 Amer.
120 112 East 83rd St. Realty
Airports Corp., no par; 30 Photo
Co., Inc., corn., no par; 70 112
Par: $1,000 Realty Unit E 6%
East 83rd St. Realty Co.. Inc..
$16 lot
50 Fairways, Inc., prof.; 25 com-- _51 lot
$50 lot
12,500 Raleigh-Wyoming Mining
200 Harrison White, Inc., pref.:
200 common,no par
Co., no par
5100 lot
$1,000 lot
200 Real Estate Equities, Inc.,
120 Cincinnati Car Corp., class A.
no par
par SIO
S65 lot
$100 lot
40 Brooklyn Weekly News. Inc.,
2,629 Cincinnati Car Corp. class B
no par
no par
$240 lot
810 Crown Lock Co. Cl. B,no Par 5150 lot 100 Mtrato Co. corn.. no Dar
$22 lot
124 New York Knife Co.. pref _ _ _$105 lot 84 Harrison Reg.Co..Inc.,coin _ _$20 lot
500 Cady Lumber Co.7% pref__ _S21 Tot 140 Harrison Refg.Co.,inc., yid _1150 lot
600 Corlite Corp. class par _3100 lot 120 Cincfnnati Car Corp., class A.
4.600 Corlite par_ _550 lot
no par
565 lot
50 Engineering Decd. Co
$50 lot 200 Cincinnati Car Corp. class B.
1,522 Cornstalk Prod. Co.,Inc.. 305.
$40 lot
no par
10 Boucher, Inc.. pref.; 10 com_ _535 lot 100 Attrato Co. corn.. no par
$2 lot
165 General Bottle Cap Corp..
84 Harrison Refining Co., Inc.,
no par
COMMOn, no par
$25 lot
$50 tot
150 Alrdry Corp., no par
51 lot 140 Harrison Refining Co, Inc..
600 A merican Plano Corp.el. A _ _$150 tot
1,2.50 afiesch 511g. Co. 7% cum.
1,033 Canada Copper Corp., Par 55;
4,000 Apollo Cons. Gold Mint
MO lot
8,997 :Meseta Mfg. Co., common,
Co., par 31: 10 Burnutrsal Co..
no par
500 Comanche County Oil Co.,
5100 lot
18 Continental Sugar Co., corn -$200 lot
series A, par 51; 485 Copper Pe500 U. S. & M. Petroleum Co..
troleum Co., Par Si; 625 Empire
par $10
$20 lot
State & Lima 011 Co., par 51;
7,924 Golden Reward Consol. Gold
2,250 Furnace Creek Copper Co..
Min.& Milling Co..Par $10$30 tot
par SI; 1 Clara Laughlin Travel
235 Pacific Tin Corp
$32 tot
Services. Ltd
55,000 327 West 80th St. Holding
Corp.6% note
BondsPer Cod
$25 lot
400 Internat. Indus. & Chem. Co.,
54,153.85 Coney Island Hotel
Ltd., Montreal, Can., cl. li_ _3400 tot
Corp. 3rd mtge. trust, class A;
20 Ampere Engineering Labora$13,498.77 3rd mtge,trust cl B$50 lot
tories, Inc. (N. J.) 7% Pref.:
$45,000 State of Arizona, Marlcopa
20 common. no Par
Co., Mun, Water Cons. Dist.
$2 lot
75 The Mission Oil Co_ par SI
No. 1 water bond, let series 6%.
200 Transportatlou Indemnity Co.
Due Jul y 1947;Jan. 1930 coupons
of N. Y., par $10
$225 lot
62 Armstrong Elec. & Mfg. Corp.
$10,000 ctf. of dep. for let St. lien
cum. prof
6 A % s. f, gold bonds. 1939, of
5.50 lot
Cady Lumber Corp
100 Art Cinema Corp. cum. pref.__ 20
51.200 lot
320,000 ctf, of dep. tor let (closed)
813 Art Cinema Corp.corn., no Par 3
M.6 % s.f. gold loan ars., 1952,
100 Antille.s Cigar Corp_ no par- -550 lot
50 General Phonograph Corp. comof Central By. Term. & Cold
mon. no par
Storage Co.,Inc
$64,000 Beaver Valley Community
100 Amer. Eagle Aircraft Corp. of
Del., no par
Hotel Co. 65, 1931 to 1945
$40 lot
S85 lot
$11,900 St. Augustine North Beach
5 Aeolian Weber Piano & Plauola
& Toll Bridge Co. 8% 2d mtge.
25 Clarence Saunders Stores class 13
gold bond
MO lot
v. i.e., no par
$5 lot $10,000 Lehigh Valley /IR. gen.
cons. 4,1.s, 2003
90 Georgia & Florida RR. pref.
stock trust ctf
$10,000 Bait, & Ohio RR- Toledo
Cinc. Div. 1st ref. A 4s, 1959_ 100 Iron Steamboat Co. common.
par $10
$50 lot $10,000 Chtcago Milw. & St. Paul
gen. C 43gi. 1989
135 Mercantile Securities Corp., pf_ 1
$10,000 Oregon Short Line RR.
10 Mercantile Securities Corp..comguar. 1st 5s, due 1940
mon, no par
510,000 Wabash RR.2d Is, 1939_ _101
600 The Magna Chief Copper Co.,
SS lot $10.000 Illinois Central RR. Co.
40-yr. 434s, 1966
10 Oil & Exploration Co_ par $10_ _51 lot
$10,000 Ball. & Ohio RR. ref. &
500 Reorganized Silver King Divide
gen. mtge. A 55, 1995
Mining Co., par 10c
$1 lot
$10,000 Shell union Oil Corp. deb.
50 Esmeralda Oil & Gas Co., Inc.,
55, 1947
$1 lot
Par 81
$10,000 Loulsv. & Nashv. RR, lot
300 Consol. Arizona Smelt. Co..
Ar mfg. mtge. C
Par 5.5
$3 lot
s, due 2003--100
$10,000 Republic Iron & Steel ref.&
1,200 Standard Rock Asphalt Corp.
gen. A 5 kss, 1953
no par
$10,000 Halt. & Ohio RR. 30-yr.
10 prom. notes of It. C. Shaw, past
525 lot
cony. 43ss, 1960
due. aggregating 515,000
$50,000 Commercial Investment
250 bearer ells. CM. Vendedora
Trust, Inc., 20-yr. 554s, 1949,
Chevrolet-Oldsinobile. S. A., with
redeemable coupons Noe. 2 to 10,
$10,000 Chicago & N. W. RR. 20Incl., and coupons of divs. Nos.
yr. cony. gold A 4)4g. 1949
6 to 40, incl.; 288 bearer shs. with
coupons of dire. Nos. 1 to 40,
$10.000 Federal Farm Lands Bank
(Omaha & Baltimore)4)s,1943_ 95
580 lot
$10,000 Federal Farm Lands Bank
700 New England Southern Corp.
(Spokane) 45:5. 11/53
$26 lot
Metropolis Land Co. bondholders'
10 Equitable Bonded Mtge. Co.
non-assessable full-paid pref.;
Protective committee deposit rct.
for $12,000. Metropolis Land
30 non-assess, full-paid comma'$20 lot
Co. (a Nevada land project) 1st
100 Childs Company
1.000 Amerada Corp
mtge. 7s, 1926, ex-coup., ext. for
10.000 Mill Creek Bevel. Co
$45 lot
Pay. to Feb. 1 1930; subject to
committee expenses
2,000 Louisiana Land dt Explora$16 lot
& W. Grand cony. 5, f.
tion Co
1)4 $5,000
deb. 63,s, 1948, with June 15
600 Gardner Motors Co
1931 coup. attached
1,500 Foreign Foundation Co
55,000 Metropolitan Chaln Prop.
52,000 New England Southern se1st cony. 5. f. 6s, 1948, with
cured 7% gold note. due 1933,
May 15 1931 coup. attached.....65
$100 lot
ctf. of deposit
1,500 Feder, Systems, Inc., no par _517 lot $568,000 Amer. Continental Co.,
C. Pot A., 7% 15-yr. gold deb.,
250 Tidewater Rolling Mills. pref.;
prin. pay. May 1 1942, May
$75 lot
625 common. no Par
1929 & subs,coup.attached_ _.5125 lot
200 Richardson-Garrett Bag Co.
common, no par; 200 preferred_.825 lot 55.000 Kentucky Fuel Gas Corp.
s. f.goId8s,seriesA. 1942 __- 30
540 Tidewater Rolling Mills. Inc.,
pref.; 870 common, no par__ _ SIO0 lot $5,003 Minas Geraes(State of)series
1,000 Fedco Systems,Inc., no par_$12 lot
A 634s, 1959
100 Wade & Butcher Corp. pref_ _$95 lot Four mtges. aggregating $34,500,
made by Shaw Farm Land Co. to
120 Baxter-Lane Paper _$27 lot
Donander Co., with Int. at 8%.
51 Bradley Hotel Systems, Inc..
Past due as to prin. & IM., on
5 lot
land near St. Augustine, St. Johns
6.250 Belmont Emory Corp.. par $1 $8 lot
CO., Fla.; also claim of the Don50 Carbofractor Corp. 7% 1st preander Co. for money loaned &
ferred; 125 common, no par
adv. to Shaw Farm Land Co.
200 Fedco Systems, Inc., no par_.51 lot
amounting to $61,583.37, with
84 American Hotels Corp., pref.; 8%,Past due
48 common, no par
$11 lot
5100 lot
$15,000 Miles Building (Detroit)
500 Playmor Golf Club corn., no
1st 6 As, 1938, Mt, of dep. -5550 lot
$50 lot
$13 lot $20,000 Rittenhouse Hotel 1st real
156 Amer. Trading Co., pref
estate gold 6s of Frank F. Bar100 Montreal Development & Land
ker, series A, 1930, with May
Co., common
$100 lot
1930 & subs, coup, attached, etf,
Promissory note of R.E. Robinson.
dated Apr. 12 1929, for $2,500,
of deposit
with int. at rate of 6% per an$2,000 East Liverpool Drainage &
Levee Dist., Fulton Co., Ill.,
num,due July 11 1929
lit series 6s. 1931
35 lot
500 Big Ledge Copper
5350 lot


Shares. Stocks.
5 per Sh.
$ Per SI.. Shares. Stocks,
50 Allem, Solarium, Inc., com____52 lot
3 Lancaster 511115, corn.; 20 Sharp
10 Balmer Corp., pref
511g. Co., corn.; 10 Sauquoit
$1 lot
Spinning Co.. pref
$1.10 lot 25 Kansas Gas & Elec. Co.,7% Pf-106
547 Whitman Altus
$11 lot 200 Georgia Casualty Co., Par $5_$60 lot
18 Newmarket alfg. Co
163i 4654 American Protein Core., corn,
v. t. c
100 Holmes Mfg. Co.,common_ _ _ 1
SI lot
15 Great Falls Mfg. Co
51.50 lot 273i American Protein Carp., COM.
V.t. C.; 703-31i)3 founders shares_$1 lot
125 West Boylston Mfg.Co.. corn__ 60c
20 Naumkeag St. Cotton Co _8011 ex-div 13934 American Protein
v. t. c.; 1 341-3193 founders shs_lit lot
131 Boston Mfg. Co., common _ _S6 lot
15414 American Protein Corp., corn,
20 Naumkeag Steam Cotton Co.,
V.t. c.; 1 721-3193 founders shs_ _ $2 lot
82-84 ex-dlv.
785% American Protein Corp.,corn•
532 Worcester Consolidated Street
v.1. c.;6 735-3193 founder:shs $5 lot
By., 1st pref., par $SO
1,287% Amer. Protein Corp., corn.
50 Boston Elev. St. fly., pref
V .t. c.; 10 693-3193 founders shs_37 lot
/05 Worcester Consolidated Street
Ry., 1st pref.. par 580
$11 lot 50 Northwestern Leather CO., pref.;
40 Herschell Spillman Motor
1 Boston & Maine RR,coin. unstpd 16
Co., corn.; 40 Herschel! Spillman
1,050 Holyoke St. By., com_ _ _$1,000 lot
Motor Co.. pref., par 550; 20
75 Southern Indus. UtilitIes, com_ _$ Hot
Converse Rubber Shoe Co., pref.;
4 Saco Lowell Shops, common
500 C.K.Seymour Corp., par $10:
50 Atlantic Fruit & Sugar Co..
25 Internat. Cotton Mills, pref_S6 lot
corn.. Par 31; 50 Lockwood,
534 Fort Bend Oil Co., common,
Greene & Co.,pref.;8 Lockwood.
p ar 525
Greene Jr Co., class B.; 2 Fort
520 lot
1,000 altchfgan Sugar Co.. par
Dodge Des Moines & Southern
RR.. pref.; 50 rt. Dodge Des M.
5150 lot
& Southern RR., corn., v. t. c.$1.0 tot 200 Safety Auto Lock Corp., par
100 warrants to purchase 100 Cuban
SICt lot
Cane Products Co., Inc
32 lot 213 Wickartre Spencer Steel Co.,
corn., ctf, of dep.; 25 New York
40 Punta Ate.Tre Sugar Co, eertlf.
Harbor Dry Dock Co., Inc.,
of deposit
corn.; 7K. Y. Harbor Dry Dock
10 Brotherhood Investment CO..
Corp., corn.; 25 N. Y. Harbor
pref.; 5 common
51 lot
Dry Dock Corp.. pref
160 City Central Corp. of America.
$11 lot
first preferred
544 Bausch actinic Tool Co.,com _ 1
240 City Central Corp.of Am.,ram 250 2.5 F.C.PIngree Sons Co.;200 May
Lint-versa! Last Corp., par $5;
160 City Central Corp. of America,
120 Stockholders Alining Co.;
first preferred
200 Cascade Gold alining &
2.40 City Central Corp. of Am.,corn 25c
Milling Co., Ltd
3 Canada Carbide Sales Co., Inc.;
200 Win:Mester Repeating Arms,
5 Rolls-Royce ot America, Inc.,
comm.; 2,500 Utah Shale & Oil
7% Preferred
$50 lot
lot 50 Copley Square Trust, common-- 28
Corp., Par $10
25 Boston Wharf Co
160 City Central Corp. of Amer.,
45 Boston Woven Hose & Rubber
1st pref
Co., common
240 City Central Corp.of Am.,com 250
31 lot $8,500 Americana Hotel Co., Inc.,
50 American Newstencler Corp
Gs. Feb. 1938:1,423 common_ _5100 tot
71 Universal Safety Thread Co..
31-50 lot. 2,250 Cinder Concrete Units Corp.,
second preferred
100 Sherritt-Gordon Mines Co.,
80c 26 Schletter & Zander, pre
Ltd.. par SI
115 Sehletter & Zander, common
20 Fedders Mfg. Co., Inc., A
65 Brown Durrell Co., common
50 Great Amer. Ins. Co., par $10_ 23
100 State Street Inv. Corp.. ct asa B 62
50 Eastern Utilities Assoc., cony _ 6
25 Chain Jr Gen. Equities Corp 537 lot
Per Cent.
$15,000 Central Oregon Brig Co.,
75 Chain Stores Invretment Co..
6s, Jan. 1931 (Jan. 1913 and
$10 lot
common, par $5
subsequent coupons on)
30 Old Colony Investment Trust__ 8
$8 lot
$10 lot $1,000 Brooktyn Ferry lot Mtge.
40 Three Millers Lowell Co
is, 1948, certif. of deposit
30 Savannah River Lumber Co..
$2 lot
$1,000 Jewett Repertory Theatre
pref.; 24 corn. v. t. c. as bonus.
Fund 6s, 1939; $5,000 New
par $/
England Southern alills, 7%
500 Consolidated Mayflower Mines
Notes, 1933, certit. of deposit _5500 lot
$12 lot
Co., par 10c
$10.000 United Fuel Supply Co. 6s,
8 units First Peoples Trust
April 15 1936, certif. of deposit_ 515 lot
2 Barnstable Properties Trust,ownership sharer;2 profit sharing slis_52 lot Subscription receipt for June 3 1930
156 Salem Briquette Co., A
311 lot
installment of $9 per sh are on 860
shares Quincy mining CO
250 Hopkins, Inc., pref.; 250
V5 lot
$500 lot Judgment note a ettinst Frank Brown
dated Oct. 23 1920 for $144.76;
$2 lot
100 India Co
55 lot
credits, 554.74
$2 lot
1,200 American Protein Corp

By Wise, Hobbs & Arnold, Boston:

1. Shares. Stocks.
S PetSi
$ per Sh.
50 Hyde Engineering Corp., com534 Federal National Bank, Bosmon class A
ton. par $20
$5 lot
60 Quincy Market Cold Storage &
10 National Rockland Bank, Bos84
Warehouse Co.,common
ton. par $20
7 Worcester investment Trust. pref.58 lot
5 Guaranty Trust Co.. N. Y
24 Elec. Bond ar Share Co_ corn- 41
3.5 First National Bank, Boston,
6534 200 Curtis Stephens Embry Co _ _ _ _ 1
ex-dividend, par $20
290 Punta Alegre Sugar Co., corn,
SO National Shawmut Bank, Bos(ctf. of deposit), liar 550
ton, ex-dividend, par $25
24 Consolidation Coal Co
95 Joint Stock Land Bank, Dur2
125 Standard Brands, Inc
ham, N.C
20 Gold Dust Corp.. par $20
8 Webster & Atlas National Bank- 35
22 Edison 13ectrie Illumlnat'g Co24l34
200 Brookside Mills
30 Electric Bond& Share Co.. coin_ 4134
432.34 New England Southern Corp.
I Columbian Nat. Life lnsur. Co 325
common; 75 prior pref.; 20 New
England Southern Mills 7% PL$10 lot 10 Shawmut Bank Investment Tr_ 7
6 Units First Peoples Trust
105 Associated Textile Companies_ 35
100 ALL Gas & Elec. Corp., class A 3
50 Boston Mfg. Co., pref. 11901
$4 lot 1,552 Central Mfg. Dist. of Del_5100 lot
200 Mass. Utilities Associates, corn. 454
20 alonadnock 511115
100 Salt Creek Producers Asso21 Naumkeag Steam Cotton Co..
ciation, par $10
15 Associated Textile Companies-- 3654 100 Standard Oil of N. J., par $25_ 4654
50 U. S. Worsted Corp., let pref-$1 lot 100 Standard Oil of led., par $25_ 34,
200 Wanisutta Mills
8)4 10(1 Continental Oil Co.of Del_... 8%
100 P. Lorillard, Corn
2 Associated Textile Companies
60 Fox Film Corp., class A
10 Suncook Mills, pref
100 Curtis-Wright Corp., class A
5 Associated Textile Companies
30 United Elastic Corp.,ex-div.20-1734-24 100 Internat, Nickel Co., corn_
300 Western Dairy Prod., class 13_ 5
5 Associated Textile Companies
5 Associated Textile Companies
3654 50 Shawmut Bank Investment Tr_ 6
50 Chicago & N. W. Ay_ com 12
33% .50 Shawmut Association
10 Amer. Telep. & Teleg. Co
65 Worcester Consolidated Street
fly.. 1st pref.. par 580
510 lot 100 Western Dairy Prod., class B_ 5
50 Pennsylvania RR., par $50---- 5734 10 Western Mass. Companies
25 North American Co., corn
50 Worcester Consolidated Street
By., 1st pref., par $SO
13e. 100 Intermit. Telco. & Teieg. Co
100 Chicago at Alton Rli.. com
34 50 Hahn Dept. Stores, corn
20 Worcester Consolidated Street
10 Hahn Dept. Stores. pref
By., lit pref., par $80
150. 459 Electric Bond & Share Co.. corn. 4154
25 Heywood Wakefield Co., coin,- 834 50 Amer. & Foreaa Pow. Co.. corn- 27%
25 Mass. Bond. & Ins. Co.. par $25 5
25 E. I. du Pont de Nemours
30 Punta Alegre Sugar Co., com& Co., common, par 520
mon. par $50
25 Allied Chemical & Dye Corp_ _188 A
9 Boston Chamber of Commerce
87 Heywood Wakefield Co.. corn_. 654
Realty Trust, 2d pref
314 5 Puget Sound Power & Light Co..
500 Langford Satre Audit Machine
$5 prior pref„ ex-dividend
Co., class A
$1 lot 50 Mogi° Co. of America. class A
7 Amer. Founders Corp., corn
50 Eastman Kodak Co..common_ _148
5454 6 Units First Peoplea Trust
30 Johns Manville Corp.. corn
Shaw Inc., pest
50 Mid-Continent Laundries. Inc..
25 Page &
$2 lot
participating class A
200 Atl. & Pam Internat. Corp.,
cl. A coin.(with ware.). par 510_ 2
50 Brown Durrell Co., rem
25 State Street Associates
250 Metal dr Mining Shares. me,,
50c. 250 Certified Industries, Inc., corn.
Participating trust ctts
7 Washington Investment Trust
518 lot 2 Eastern Utilities Associates, Corn. 29
Inc., pref
200 Metropolitan Chain Stores.
50 Public Utilities Consolidated
$1 lot
Inc.,7% preferred
common class A
100 Detachable Bit Corp. of A merl7 Washington Investment Trust
l ea, common
Inc., pref
516 lot
5 Natioral Service Co's. Prof
100 Leatberizer Corp., Pref.. par$10 1
100 Leatherizer Corp., common_ ..-$2 lot 100 United Founders Corp., coin._ 7
100 Jefferson Electric Co.. corn
7 Washington Investment Trust
By R. L. Day & Co., Boston:
$12 lot 1.482 Logan County Coal Co. of
Inc., preferred
West Virginia
Shares. Stocks.
$ Per Sh. Shares, Stocks.
3 per Sh. 7 Worcester Investment Trust, prel.$8 lot
65 lot
5001layStateGasCo.,coM..Dar$5(13.10 lot
Reynolds, Remsen & Burrows,
12 Federal Nat. Bank, par 20
40 Fedi Nat. hank, par $20
$1 lot 100 Pennroad Co
Inc., corn.; 10 pref
12 Brooklyn Trust Co., New York_175
35 Atlantic Nat. Bank, par 525,
73-7414 ex-dlv 20 Associated Textile Cos
35-36% 7 Worrester Investment Trust pret$0 lot 23 Glidden Co., coin


$ per share.
Shares. Stocks.
$ Per share. Shares. Stocks.
5 Frances Jordan, Inc., class B;
400 Tehnicolor Inc., corn
$1 lot
10 class A
700 Color Pictures Inc., corn
$500 Ctf. of Int. New England Inv.
100 Technicolor Inc., corn
& Securities Co. pref, share100 U.S.Electric Power CorP.,com. 434
holders' protective agreement _51.50 lot
250 Color Pictures Inc., corn
Per Cent.
100 Southern Surety Co.,Par $2.50 3
50 Blue Ridge Corp., coin
334 15.000 City of Clearwater. Fla.,
13s. June 1935(Dec. 1930 coupons
50 Vacuuin Oil Co., par $25
and subsequent coupons on)--4% flat
50 Texas Corp., par $25
100 International Havester Co
4734 $2,000 Auburn & Syracuse Electric
RR. 58, Oct. 1942 (Oct. 1926
61 Standard Oil Co. of Calif
coups.& subsequent coups.on)15%flat
50111-Utilities Corp., corn
50 Amer. Superpower Corp., COM- 911 $2.000 Indianapolis Nor. Traction
Co.58,July 1932(Jan 1925 coups.
15 Power & Light Securities Trust_ 10
and subsequent coupons on)_ _10%flat
300 Benedict Stone Co.. cont.; 50
$60 lot $3.000 Rochester & Syracuse KR.
Co. 5s, 1957 (May 1927 coupons
20 New Boston Arena, corn.: 5 Pf-$10 lot
and subsequent coupons on)...4% flat
100 Caddo Central 011 dr Ref.Corp.;
$1.000 Great Lakes Terminal Ware50 Keystone Tire & Rubber Co.;
Detroit, deb. 78,
100 Trinity Copper Co
$6 lot
56 lot
August Co..
109 g American Shoe Machinery
$1 lot 52.000 Punta Alegre Sugar Co. 6s.
Co.. corn. par $10;99 pref
Oct. 1930 (ctf. of deposit)__._S% flat
100 Calumet & Jerome Copper Co.,
Dar 11:10 Pacific Develop. Corp.$1 lot $10.000 Shur-On Standard Optical
Co., Inc., 6345, April 1940 (April
100 Northern Texas Electric Co..
1928 coupe. di sub,coups.on)2g% flat
P1ef.:200 corn.:$450 die.scrip _3205 lot
13.000 Punta Alegre Sugar Co. 68
300 Consol. Chain Stores
Oct. 1930 (ctf. of deposit)____5% flat
$100 lot
Pref.; 750 common
$2,000 First Carolina Joint Stock
20 Meteor Crater Exploration &
Land Bank 55, Juno 195.5
Mining Co., corn.; 20 pref
$1 lot
$2,000 Salina Joint Stock Land Bk.
10 U. B. Worsted Corp., tat pref.;
548, Nov. 1951 (ctf. of dep.)50% flat
$1 lot
$30 1st pref, dividend scrip
$1,000 City of Porto Alegre, Brazil,
1,000 American Signal Co.. par $10;
50 & Mt.
78, Feb. 1968
200 Brockton Rubber Works Co.,
Co..$11 lot $1.000 German Consol, Municipal
Dar $10: 100 Seneca Mining
67& Int.
Loan 6s. June 1947
63 General Reduction Gas & BYProducts Corp., pref.;63 corn-510 lot 51.000 Republic of Peru 6s, Oc37 Jr int.
tober 1961
$1,000 Note of Weymouth Mfg.
$1.000 Punta Alegre Sugar 6s.
Co., Inc., dated Sept. 30 1927.
8% flat
October 1930
due Sept. 30 1928; 1.000 Central
$15 lot $1,000 Rhine Westphalia Electric
Manitoba Mines, Ltd
10 W eyinouth Mfg.Co.,Inc., pref.:
' Co. Os, Aug. 1953 (with Pur3534 & Mt.
chase warrants)
100 Southern Field Petroleum,
$1,000 Tokyo Electric Light Co.
Par $10; 10 Van Alstyne Milling
83 &
6s. June 15 1953
$1 lot
Co., preferred
51,000 Public Utilities Consolidated
10 New England Industrial Corp.:
60 & int.
Corp. Is, March 1948
255 New Columbia Co., par $10 $10 lot
$1,000 United Industrial Corp. of
1,130 Massachusetts Security Corp..
Germany 6s, December 1945_65 Si int.
8% pref., par $10; 236 com.$1,000 lot
$3,000 Central States Electric Corp.
Assignment from Ballard Oven
61 & Int.
5345. Sept. 15 1954
Corp. to Arthur H. Ballard. Inc.,
$1.000 Kansas City Joint Stock
of the patents covering ovens
Land Bank Es. May 1952 cerletters patent numbers as follows.
50 flat
tificate of deposit)
No. 1, an Invention on improve51,000 Lincoln Joint Stock Land
ments on ovens, letters patent
Bank 58, November 1951____78 Jr int.
No. 1,434.035,dated Oct.
$1,000 North Carolina Joint Stock
No. 2. an invention on improveLand Bank of Durham 58,
ments on ovens, letters patent
40 & Mt.
February 1955
No.1,434,036,dated Oct.13
$1,000 Chicago Joint Stock Land
No. 3, an invention on improveBank 55, November 1963___45 & int.
ments on ovens, letters patent
100.000 rubles Russian internal
No. 1,625,761. dated Apr. 19
loan 4.9. 1917
1927: assignment dated May 31
35.000 Southern Minnesota Joint
1930. recorded in Patent Office
Stock Land Bank 58, Nov. 1964.
June 121930. book M-144,p.324510 lot
25% flat
42 K nzua Lumber Co.. corn.; 50
$5,000 Kansas City Joint Stock
Rinses Lumber Co.. 6% Pref.:
Land Bank 55. May 1939 (cer1.000 Tintic Empire Mining Co.,
50 flat
tificate of deposit)
Dar We,; 10 Temtor Corn & Fruit
51,000 State of Queensland, AUBProducts Co.. class A; 50 United
90 & int.
trails, 78, October 1941
Eastern Mining Co., par $1:
$1,000 Cities Service Co. cony.
5 Wyoming Tie & Timber Co..
71 & int.
55, June 1950
corn.; 5 Wyoming Tie & Timber
51.000 Southwestern Natural Gas
Co.. 8% pref.; 12 Holly Sugar
70 & Int.
Co.68, May 1945
$15 lot
Corp.. 7% pref

Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Ann Arbor, common
Carolina Clinchfield & Ohio,stPd.
(MO Delaware Lackawanna & Western (au.)_
Hawaii Consolidated Ry., pref.(quar.)
Hudson & Manhattan ItR., pref
Missouri-illbetle HR
Norfolk & Western,adj. pref.(quar.)--Pittsburgh Mel. Chicago & St. Louis__

Cent. Payable.

Books Closed.
Days Inclusive.

*27 Dec. 31 *Holders of rec. Dec. 29
Dec. 31 *Holders of rec. Dec. 29
134 Jan. 10 Holders of rec. Dec. 31
*51.50 Jan. 20 *Holders of rec. Jan. 3
*150. Dec. 31 'Holders of rec. Dee. 20
.234 Feb. 16 *Holders of rec. Feb. 2
Dec. 31'Holders of rec. Dec. 15
Feb. 19 *Holders of rec. Jan. 31
*234 Jan. 20 *Fielders of rec. Jan. 10

Public Utilities.
-American (21ths Power & Light
Feb. 1 *Holders of rec. Jan. 5
Class A (l -.42 sh. cl. B stk. or 75c. cash)
Feb. 1 *Holders of rec. Jan. 5
Class It (2 g% In class it stock)
American Commonwealths Pow.Corp.
$1.75 Feb. 2 Holders of rec. Jan. 15
1 list preferred series A (guar.)
51.62 Feb. 2 Holders of rec. Jan. 15
$6.50 firs pref. (quar.)
51.54) Feb. 2 Holders of rec. Jan. 15
$6 first preferred (quar.)
31.75 Feb. 2 Holders of rec. Jan. 15
Setood preferred series A (Oust'.)
Anier. & Foreign Power•$1.40 Dec. 30 *Holders of me. Dec. 15
Allot. etta. 80';', Paid (guar.)
'$1.75 Jan. 1 'Holders of rec. Dec. 20
Appalachian Gas Corp., pref.(quar.)_
Associated Gas & Elec. cl. A (quer.)---- cc50c. Feb. 2 Holders of rec. Dec. 19
Dec. 27 *Holders of rec. Dec.
Attleoon, Stet/III & Electric (emir.)
Dee. 27 *Holders of rec. Dec. 19
Dec. 31 *Holders of rec. Dec. 31
Bell Telephone of Pa., common (quar.).- *2
Dec. 31
Central Hudson Gas & Elec., corn.(qu.)_ *20e. Feb. 1 *Holders of rec.
'134 Jan. 1 *Holders of rec. Dec. 20
preferred lunar.)
2 'Holders of roe. Dec. 31
Chica o Aurora & Elgin RR., pref.(qu.) *134 Jan.
Cities serv. Po w & Lt.$7 pf. mthlit.)-5 8 1-3c. Feb. 16 Holders of rec. Jan. 31
50c. Feb. 1 Holders of rec. Jan.
$6 prefrred (ino, tidy.)
41 2-3e Feb. 16 Holders of rec. Jan. 31
33 prefer.-ed (monthly)
1st pi. A (q.v.) *134 Jan. 2
Columbus Ky., Pr.&
Mar. 16 *Holders of rec. Feb. 6
Consolidated I :its ,if N Y., clan.(qu.)
Jan. 15 *Holders of rec. Dec. 31
Consolidated Traction of New Jersey*234 Jan. 2 *Holders of rec. Dec. 20
Gas & Electric Co.of Bergen
134 Jan. 2 Holders of rec. Dec. 31
Gold & Stock Telegraph (guar.)
5.50 Jan. 2 Holders of rec. Dec. 20
Gulf Power Co..$6 Pref.(quar.)
'5734r Dec. 31 *Holders of rec. Dec. 20
Houston Natural Gas, pref. (quar.)
n1.50 Jan. 2 *Holders of rec. Dee. 20
Illinois Traction. pref.(guar-)
Inland Utilities, class A-Dividend omit ed
rec. De . 31
International Ocean Telegraph (quar.)._ '134 Jan. 1 *Holders of
Jan. 16
International Utilities Corp.87 Pt.(qtr.)- 51.75 Feb. 2 Holders of rec. Dec. 30
Jan. 15 Holders of rec.
Claus A (quar.,
134 Jan. 15 Holders of rec. Dec. 31
Interstate Public Serivee, pr.lien (qu.)
134 Jan. 2 *Holders of rec. Dec. 15
Iowa Power & Light. 7% Pref.(qua'.)
'134 Jan. 2 *Holders of rec. Dec. 16
8% preferred (quer.)
'234 Dec. 31 *Holders of rec. Dec. 15
Ja estown Telephone Corp., pref. A_
rec. Dec. 20
Kamm Power & Eight,7% pref.(quar.)_ •114 Jan. 2 *Holders of rec. Dec. 20
•114 Jan. 2 *Holders of
8% preierred (quar.)

[Vox, 1111,



Name of Company.

Cent. Payable

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Louisville Gas & Elec.(KY.).7% Pt.(Q11.) •15( Jan. 15 *Holders of rec. Dec. 31
*134 Jan. 15 *Holders of rec. Dec. 31
6% Preferred (quar.)
'134 Jan. 15 *Holders of rec. Dec. 31
5% Preferred (quar.)
*51.25 Dec. 31 *Holders of rec. Dec. 22
Lynn Gas & Electric (quar.)
Mass. Utilities Associates, pref.(qu.)__. '623.40 Jan. 15 *Holders of rec. Dec. 30
"50. Dec. 31 *Holders of rec. Dec. le
Metropolitan Gas & Electric (quar.)
Milwaukee Elec. Ky.& Lt., pf.(quar.)-- 114 Jan. 31 Holders of rec. Jan. 20
Minnesota Northern Power,corn.(quar.) •150. Dec. 24 *Holders of rec. Dec. 15
51.75 Jan. 1 Holders of roe. Dec. 20
Mississippi Power Co.$7 pref.(guar.).
$1.50 Jan. 1 Holders of rec. Dec. 20
513 Preferred (quar.)
Monongahela Valley Water. pref. (qu.)_ el% Jan. 15 "Holders of rec. Jan. 1
vey.5 Jan. 1 Holders of rec. Dec. 15
Montana Cities Gas Co., preferred
Jan. 15 Holders of rec. Dec. 31
Montreal Telegraph (quar.)
234 Jan. 15 Holders of rec. Jan. 7
Montreal Tramways, common (guar.)._
Mountain States Tel. & Tel.(quar.)
Jan. 15 Holders of rec. Dec. 31
Municipal Gas (Texas), pref.(quar.)
'134 Jan. 1 Holders of rec. Dec. 15
Municipal Teiep.& Utilities, pref.(qu.)_ *44e. Jan. 2 Holders of rec. Dec. 24
*21g c Jan. 2 Holders of rec. Doe. 24
Class A (quar.)
Nevada-Calif. Elec., pref.(qua'.)
134 Feb. 2 Holders of rec. Dec. 30
Jan. 2 Holders of rec. Doe. 20
New England Invest. & Security, pref. "2
New Jersey & Hudson River R. Ferry *S3 Jan. 2 *Holders of rec. Dec. 31
*75c. Jan. 1 *Holders of rec. Dec. 31
N. Y. Mutual Telegraph
*750. Jan. 1 'Holders of rec. Dec. 23
Norristown Penn Traction (qua',)
North American Edison. pref.(guar.)._ _ $1.50 Mar. 2 Holders of rec. Feb. 16
Feb. 20 *Holders of rec. Dec. 20
North Amer. Light & Pow.,corn.(qu.) "t2
*51.50 Jan. 2 "Holders of rec. Dec. 2056 Preferred (quar.)
Northern Indiana Public Service
134 Jan. 14 Holders of rec. Dec. 31
7% preferred (qua'.)
134 Jan. 14 Holders of rec. Dec. 31
6% Preferred (qua'.)
114 Jan. 14 Holders of rec. Dec. 31
53.4% preferred (qua'.)
Northern New York Telephone(quar.) _ '234 Jan. 15 *Holders of rec. Dec. 31
Northwest States Utilltlee, 6% pf. (qu.) '134 Jan. 1 *Holders of roe. Dec. 15
*52.50 Jan. 2 *Holders of rec. Dec. 20Norwalk Consolidated Gas
'51.75 Jan, 1 *Hold Ts of rec. Dec. 20
Northern Pa. Power, $7 pref.(quar.)
*51.50 Jan. 1 *Holders of rec. Dec. 20
$6 preferred (quar.)
Philadelphia & Camden Ferry (qua'.).
- "750. Jan. 10'Holders of rec. Dee. 19
'134 Jan. 10 *Holders of rec. Dec. 31
Pied ont Jr Northern Ky.(guar.)
50c. Feb. 20 Holders of rec. Jan. 31
Power Corp.of Canada, corn.(quar.)
Feb. 2 *Holders of rec. Jan. 15
Rhode Island Pub. Serv., Cl A (quar.)_ *51
*500. Feb. 2 *Holders of rec. Jun. 15
Preferred (come.)
50c. Feb. 15 Holders of rec. Jan. 20
Southern Calif Edison. corn.(quar.)....
25e, Feb. 16 Holders of rec. Jan. 31
Southern Canada Power Co.(quar.)
"115 Jan. 15 *Holders of rec. Dec. 31
Southern Counties Gas,6% pref.(qu.)
134 Jan. 2 Holders of rec. Dec. 20
Sou. Indiana Gas Jr Elec., 7% pr. (qu.)_
1.65 Jan. 2 Holders of rec. Dec. 26
6.6% Preferred (quar.)
134 Jan. 2 Holders of roe. Dec. 26
6% preferred (quar.)
Jan, 2 Holders of rec. Dec. 26
• 3
6% preferred (semi-annual)
*15c. Doe, 31 *Holders of rec. Doe. 19
South Pittsburgh Water
•51.15 Jan. 2 *Holders of rec. Dec. 20
Springfield Ky. Cos. (1926)
Jan. 2 *Holders of rec. Dee. 20
*750 Jan. 2 *Holders of rec. Dec. 20
Preferred (extra)
Jan. 1 *Holders of rec. Dec. 20
Thirteenth Jr 15th Sts. Pass.Ry Phila.. "56
Twin States Natural Gas, class A-Divl dend o mined
United Gas Corp.,$7 2d pref.(quar.)__ - *51.75 Dec. 30 *Holders of rec. Dec. 24
•211 Jan. 15 *Holders of rec. Dec. 31
United Gas Jr Klee. Co., 5% pref
United Pow. AL,
(Kan.),7% pref.(au.) '134 Jan. 2 *Holders of rec. Deo. 15
*31.75 Jan. 1 *Holders of rec. Dec. 20
United Teieph. pref. Omar.)
Vermont Lighting. pref.(quar.)
'134 Jan. 2 *Holders of rec. Dee. 20
Western N.Y.Water,$5 part pf.(qua'.) *51.25 Jan. 1 *Holders of rec. Dee. 28
Wisconsin Gas & Elec.,7% pf. A (qu.)- '134 Jan. 15 *Holders of rec. Dec. 31
615% preferred B (qua',)
•114 Jail. 15 *Holders of rec. Dec. 31
Bryant Park Bank (quar.)
*50e. Dec. 23'Holders of roe. Doe. 22
Peninsula National of Cedarhurst
Richmond National (Brooklyn)-DIvide nd act on defe rred.
Trust Companies.
Bank of Sicily Trust Co. (quar.)
Federation Bank Jr Trust (quar.)

*150. Jan. 10 *Holders of rec. Doe. 31
Dec. 30 *Holders of reo. Doe. 30

Aero Supply Mfg.,class A-Dividend om Med.
Alliance Realty (quar,)
*75c. Jan, 31 *Holders of rec. Jan. 10
Allied Kid Co., preferred (Oum.)
134 Feb. 1 Holders of rec. Jan. 15
Allied Motor Industries, pref.-No actio n take n
Amer. Art Works,Inc., prof
'134 Jan. 15
*25c. Dec. 31
Amer. Basic Business Shares
American Composit Trust Shares
19 .11 25c Deo. 31
American News (bi-monthly)
*50c. Jan. 15 *Holders of roe. Jan. 5
Amer.Rediscount Corp., 1st pref.(au.). ,81% Jan. 7 *Holders of rec. Dec. 15
Jan. 7 *Holders of rec. Dec. 31
Second preferred (quar.)
Americana Corp., Pref. (annual)
6210. Feb. 16 Holders of rec. Jan. 10
Anaconda Copper Mining (quar.)
Anaconda Wire Jr Cable (quar.)
"25c. Feb. 9 *Holders of rec. Jan. 10
Andes Copper Mining toner.)
*25c. Feb. 9 *Holders of ree. Jan. 10
Anglo Persian 011, Amer. dep. receipts.... •16c. Dec. 29 *Holders of rec. Dee. 5
•60c. Jan. 2 *Holders of roe. Dec. 22
Ansbacher Siegle Corp., pref. (quar.)
*63c. Feb. 2 *Holders of rec. Jan. 10
Associated Dry Good, corn. (quar.)
First preferred tquar.)
'134 Mar. 2 *Holders of rec. Feb. 7
Second preferred (quar.)
'134 Mar. 2 *Holders of rec. Feb. 7
Jan. 2 *Holders of rec. Dec. 24
Athol Mfg., cont. (quar.)
7% preferred
'334 Jan. 2 *Holders of rec. Dec 24
•334 Jan. 2 *Holders of rec. Dec. 20
Atlantic Ice Jr Coal, prof.(quar.)
*20c. Jan. 1 'Holders of rec. Dec. 20
Autoline Oil, pref.(qua'.)
Baer Sternberg & Cohn, lst pref.(qu.)_.. 134 Jan. 2 Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec. 22
Second preferred (quar.)
+73 Jan. 10 *Holders of rec. Dec. 31
Bansleilla Corp.. cl. A & B (quar.)
*750. Mar. 2 *Holders of rec. Feb. 14
Bastian Blessing Co.(quar.)
*50e. Jan. 2 *Holders of rec. Dec. 22
Bell View Oil Syndicate (quar.)
.400. Jan. 1 *Holders of roe. Dec. 20
Bohon(D.T.) Co., pref.(qua'.)
Bond Clothing Co., class A.-DIvIdeed o mitted .
Bonner & Co., class A-Dividend deferr ed
Boots Pure Drug Co., Ltd.
Jan. 7 *Holders of rec. Dec. 18
American deposit receipts ordinary abs awe
Boston Metropolitan Bldg.. prel.(quar.) .11 Deo. 31 *Holders of rec. Dee. 23
Boston Sand Jr Gravel, common (quer.). •400. Jan. 2 *Holders of rev. Dec. 20
*8718c Jan. 2 *Holders of rec. Dec. 20
Preferred (quar.)
Brandram Henderson, Ltd., corn.(qu.)_ •500. Feb. 2'Holders of rec. Jan. 2
*50c. Jan. 15 *Holders of rec. Dec. 20
Brantford Cordagetst pref.(qua'.)
*3731c Jan. 26 *Holders of rec. Jan. 10
Briggs Manufacturing (quar.)
*1218c Jun. 26 'Holders of rev. Jan. 10
British Columbia Packers, pref.-Divide nd
*25c. Jan. 2 *Holders of rec. Dec. 23
Broad Jr Market Securities (qua'.)
Broadway Dept. Stores, ist pr. (quar.)- '134 Feb. I 'holders of rec. Jan. 17
*20c. Dec. 20'Holders of rec. Dec. 1
Broadway Market Corp.. cum.(extra)
Bunker Hill Jr Sullivan Mining
'250. Jan. 5 *Holders of rec. Dec. 21
Jr Concentrating, corn.
Jan 5 'Holders of rev. Dec. 31
Preferred (Oiler.)
550. Dec. 31 Holders of rec. Dec. 20
Burkhart Mfg.. Pref. (quar.)
•1% Dec. 30 *Holders of rec. Dec. 29
Butler Mfg., pref.(qua'.)
•1% Jan. 15 *Holders of rec. Dec. 31
Calaveras Cement Co. pref.(quar.)_ _
*51.75 Jan. 2 *Holders of rec. Dec. 15
California Consumers Co., prof.(qu.)
Dec. 31 *Holders of rec. Dec. 31
Cameron Machine, Dref. (qua'.)
Campo Corp.,common Dividend omitt ed.
'134 Feb. 2 *Holders of rec. Jan. 15
634% preferred (qua'.)
Canadian Bronze, Ltd., corn.(quar.). 62340. Feb. 1 Holders of rec. Jan. 20
134 Feb. 1 Holders of rec. Jan. 20
Preferred (qua'.)
Canadian Car Jr Foundry, pref. (qua'.). *44e. Jan. 10 *Holders of rec. Dec. 26
Canadian Foundries Jr Fong.. Cl. A (quar) 37tic. Jan. 15 Holders of rec. Dec. 31
Canadian Pow. Jr Paper Invest.. Pf. qu.) 62gc. Feb. 16 Holders of rec. Jan. 20
•138 Dec. 31 *Holders of rec. Dec. 19
Cassidy's. Ltd.. pref.(quar.)
Central Amer. Plant.. pref. A-Divides d defer red.
•20c. Jan. 15 *Holders of rec. Dec. 31
Celveland Tractor (qua'.)
*50e. Jan. 2 *Holders of rec. Dec. 23
Central Illinois Co.(quar.)
'6254c Feb. 15 *Holders of rec. Feb. 1
Chain Belt Co. (qua'.)
Champion International Co., corn. (au.) '134 Jan. 2'Holders of rec. Deo. 19
•13i Jan. 2 *Holders of rm. Dec. 19
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 24
Champion Shoe Mach.,7% pref.(qu.)
*3134e Jan. 15 *Holders of rec. Dec. 24
ChapmanIce Cream (guar.)

DEC. 27 1930.1
Name of Company.

Cent. Payable

Books Closed.
Days Imitates.

Miscellaneous (Continued).
Chapman Valve & Mfg., corn. (guar.)._ *2
Common (extra)
Cincinnati Wholesale Groc., pref.(qu.).•81.50 Jan. 1 *Holders of ree. Dec. 15
Cleveland Graphite & Bronze (guar.)._ *25e. Jan. 2 'Holders of rec. Dec. 24
Cleveland Securities, prior lien stock.... •200. Jan. 10 *Holders of rec. Dec. 31
Consolidated Bakeries of Can.(guar.).- •25c. Jan. 2 *Holders of rec. Dec. 20
Consolidated Royalty 011(qua?.)
"734c Jan. 25 *Holders of rec. Jan. 15
Continental Gin (guar.)
Jan. 1 *Holders of rec. Dec. 18
Corn Products Refg., corn.(guar.)
*750. Jan. 20 *Holders of rec. Jan. 5
Common (extra)
*50c. Jan. 20 "Holders of rec. Jan, 5
Preferred (guar.)
"131 Jan. 15 'Holders of rec. Jan. 5
Courier Post Co., corn. (guar.)
Jan. 1 *Holders of rec. Dec. 15
Common (extra)
Jan. 1 *Holders of rec. Dec. 15
Craddock-Terry Co., 1st pref
Dec. 31 Dec. 20 to Dee. 31
Second preferred
Dec. 31 Dec. 20 to Dec. 31
Class C preferred
334 Dec. 31 Dec. 20 to Dec. 31
Curtis Publishing, corn.(monthly)
*50c. Feb. 1 *Holders of rec. Jan. 20
Preferred (guar.)
*51.75 Apr. 1 'Holders of rec. Mar.
Dairy Corp. of Canada, pref.(guar.)._ '134 Jan. 2 *Holders of rec. Dee. 20
Distributors Group, Inc.(guar.)
*250 Jan. 1 *Holders
ree. Dec. 20
District Bond Co., common (guar.).- _ *62 SiC Jan. 1 *Holders of rec. Dec. 27
Preferred (guar.)
*3734c Jan. 1 *Holders of rec. Dec. 27
Diversified Trustee Shares, class A
(dd) Dec. 31
Class A (extra)
(dd) Dec. 31
Class C
(dd) Dec. 31
Class C (extra)
(dd) Dec. 31
Dolese & Shepherd (guar.)
Jan. 2 *Holders of rec. Dec. 20
Dominguez 011 Fields (monthly)
"15e Jan. 3'Holders of rec. Dec. 24
Dominion Tar & Chemical Pref.(guar.).
•144 Feb. 1 "Holders of rec. Jan. 5
Donahocee,Inc.. part. pref. A (qqar.)
*25c Dec. 23 *Holders of rec. Dec 13
Dow Drug. common (guar.)
*250 Jan. 1 'Holders of rec. Dee. 21
Preferred (qua?,)
134 Jan. 1 *Holders of rec. Dec. 21
Dunhill International
-Dividend omitted.
Eaton Axle & Spring, corn.(guar.)
•40c Feb. 1 *Holders of rec. Jan. 15
Edison Bros.Stores(guar.)
1834c Jan. 20 "Holders of rec. Dec. 31
Egry Register, class A (qua?.)
*50c Jan. 1
Electric Household Utilities (guar.).- - *50e Jan. 20 *Holders of rec. Dec. 15
'Holders of rec. Jan. 5
Elgin National Watch Co.
-No action ia ken.
Fairmont Creamery.common (guar.).- •40c Jan. 1
*Holders of rec. Dec. 21
Preferred (guar.)
* 81.625 Jan. 1 *Holders of rec. Dec. 21
Federal Drop Forge (guar.)
•250 Dec. 31
Federated Publications, common (guar.) •300 Jan. 31 *Holders of rec. Dec. 24
Fibreboard Products, prior pref.(guar.). "134 Feb. 1 *Holders of roe. Jan. le
*Holders of rec. Jan. 10
Fidelity Bond & Mortgage(guar.)
*81 Jan. 1 *Holders of rec. Dec. 20
Fifty Associates (Toledo),common
Dec. 31 *Holders of rec. Dec. 24
Common (extra)
Dec. 31 *Holders of rec. Dec. 24
Preferred (guar.)
First Nat. Corp., Portland, Ore., class "134 Dec. 31 "Holders of rec. Dec. 24
A and B (guar.)
Foreign Power Secur. Corp., Pref.(qu.). •50c Jan. 15 'Holders of rec. Dec. 24
134 Feb. 16 Holders of rec. Jan. 31
Foulds Milling, pref. (guar.)
Jan. 10 *Holders of rec. Dec. 31
Freeman Dairy, pref.(guar.)
1P134 Jan, 1
French (Fred F.) Investing Co., pref.- Dividend omit
Fuller Brush Co., pref. (qua?.)
•134 Jan. 2 *Holders of rec. Dec. 24
Fulton Co.(guar.)
Jan. 2 *Holders of rec. Dec. 22
Gary (Theodore) & Co.,corn.(guar.)._ *53
150. Jan. 1 Holders of rec. Dec. 31
Preferred (guar.)
400. Jan, 1 Holders of rec. Dec. 16
General Fireproofing, corn.(guar.)
•50c. Jan. I *Holders of rec. Dec. 20
General Fruit Corp.(qua?.)
*3734c Jan. 1 *Holders of rec. Dec. 20
General Stockyards Corp..corn,(guar.).
500. Feb. 2 Holders of rec. Jan. 16
Common (extra)
250. Feb. 2 Holders of rec. Jan. 15
$6 preferred (guar.)
51.50 Feb. 2 Holders of rec. Jan. 15
Gilchrist Co.
-No action taken.
Gildred Bldg. Co., pref.(guar.)
'134 Jan, 1 *Holders of rec. Dec. 30
Gimbel Bros., pref.(guar.)
. 134 Feb. 1 *Holders of rec. Jan. 15
Cladding, McBean & Co.(guar.)
•750. Jan. 1 *Holders of rec. Dec. 20
Globe-Wernicke Co.. prof. (guar.)
•134 Jan. 1 'Holders of rec. Dec. 31
Gooch Mill & Elev., pref. B (guar.)._ •8734c Dec. 3
*Holders of rec. Dec. 25
Gordon & Beiyea, let pref.(guar.)
*134 Jan. 1
Grace(W.R.) dz Co.,common (guar.)._ *51 Dec. 29 *Holders of rec. Dec. 24
*Holders of rec. Dec. 27
Common (extra)
*31 Deo. 2 'Holders of rec. Dec. 27
a% Pre erred
Dec. 3 *Holders of rec. Dec. 30
Preferred A and B
Dec. 2 'Holders of rec. Dec. 27
Great Lakes Engineering Works (qu.)
•25c. Feb. 2 *Holders of rec. Jan. 26
*250. Dec. 2 *Holders of rec. Dec. 15
Great Lakes Steamship (guar.)
"$1.25 Dec. 31 *Holders of rec. Dec. 20
Great Lakes Transit. Pref.(guar.)
•134 Jan. 1
Great Northern Bond & Share,com.-Di vidend omitted 'Holders of rec. Deo. 20
Preferred (quar.)
•131 Jan. 1 *Holders of roe. Dec. 19
Great Northern Finance,8% Cl. A (qua *2
Jan. 6 *Holders of rec. Dec. 31
Greyhound Corp., pref. A (guar.)
*31.75 Jan. 1 *Holders
Griggs, Cooper & Co.,common (guar.).- "500. Jan. 1 "Holders of rec. Dec. 21
of rec. Dec. 20
Preferred (guar.)
•134 Jan. 1 *Holders
Guaranty Co.of N.J.,Cl. A and B(qua_ *250. Jan. 2 *Holders of rec. Dec. 20
of rec. Dec. 20
Guenther Publishing Corp
825 Jan. 7 Holders of rec. Dec. 6
Guilford Realty. 7% pref.(qua?.)
*154 Dec. 31
Hamilton (U. R.) Corp.. corn.(guar.).- *150. Jan. 1 *Holders of rec. Dec. 20
*Holders of rec. Dec. 16
Preferred (guar.)
"il Jan. 1 'Holders of rec. Dec. 16
Hamilton Watch (special)
15e. Jan. 31 Holders of rec. Dee, 29a
Hamilton Woolen
Jan. 16 *Holders of rec. Dec. 31
Hauser Glove Corp., pref.(guar.)
•ISi Jan.
Hibernia Securities Co., pref.(guar.)._ •ISi Jan. 1 *Holders of rec. Dec. 20
1 *Holders of rec. Dec. 20
Highland Dairy, Ltd., pref. (guar.).Jan.
/Interest Collieries, Ltd., pref. (guar.)._ •13/ Jan. 2 *Holders of rea• Dec. 24
15 Holders of rec. Dec. 31
Home Service Co., let & 2d pref.(guar.) •50e. Jan. 20
*Holders of rec. Jan. 1
Honolulu Plantation (monthly)
•25c. Jan. 10 *Holders of rec. Dec.
Hotel Gibson, common and pref.(guar)
Jan. 1
Huston(Tom) Peanut Co., corn.(guar.) '134 Dec. 31 *Holders of rec. Dec. 17
*Holders of roc. Dec. 20
Hydro-Elec. Securities Corp.•
Partie. pref. cl.B (supplementary div.) 72.49e
Holders of rec.
Industrial Credits Service
100. Jan. 10 Holders of rec. Dec. 30
Insuransharee Corp.(Del.),common A
*40e. Jan. 15 *Holders of rec. Dec. 31
Inter-Island Steam Nay,(monthly).- •10e. Dec.
International Paints, Ltd.. prat(guar.). •5634c Jan. 31 *Holders of rec. Doc. 24
16 *Holders of rec. Dee. 31
Internat. Printing Ink,corn.
-Dividend omitted.
Preferred (guar.)
Feb. 1 *Holders
International Pulp, 7% pref.(qua?.)... '134 Jan. 1 *Holders of rec. Jan. 12
of ree. Dec. 18
International Trustee Shares
• 51.625 Jan. 1
Investment Foundation, cony. pf. (qu.) .3734e Jan. 15 *Holders
of rec. Dec. 31
Investors Trust Associates(guar.)
1234c Feb. 2 Holders of rec. Jan. 15
Johnson Iron Works, Dry Dock & Shipbuilding, pref. (guar.)
Jan. 1 *Holders of rec. Dec. 26
Preferred (extra)
Jan. 1
Kelley-Koett Mfg. Co. pref. (guar.)... '3734c Jan. 1 *Holders of rec. Dec. 26
*Holders of rec. Dec. 20
Kent Garage Invest. Cc;rp., el. A (qu.).._ *50o. Jan.
2 *Holders of rec. Dec. 15
7% preferred (guar.)
Jan. 2
Keystone Watch Case, new earn.(No. 1) '134 Feb. 2 *Holders of rec. Dec. 15
*Holders of rec. Jan. 160
Keystone Wood Preserving.
-Dividend o mitt ed.
Knott Corporation (guar.)
"250. Jan. 15
Laclede Christy Clay Products (guar.)._ 3134c Jan. 2 *Holders of rec. Jan. 5
Holders of rec. Dce.
Lane Co., Inc., cons.(guar.)
'134 Jan. 1 *Holders of rec. Dee. 26
Preferred (guar.)
'134 Jan. 1 *Holders of rec. Dee. 27
Lane Bryant, Inc. pref. (guar.)
'134 Feb. 1
Langendorf United Bakeries, Cl. A (qu.). *50c. Jan. 15 'Holders of rec. Jan. 15
*Holders of rec. Dec. 31
Class B Dividend omitted.
Larus & Bro. Co. pref.(guar.)
Jan. 1
Laundry Service Of California
Jan. 10 *Holders of rec. Dec. 31
Lawrence Portland Cement (guar.)._ *1
Leader Filling Station, pref. (guar.)._ _ _ *81 Jan. 29 *Holders of rec. Dee. 15
2 *Holders of rec. Dec.
Leggett(F. H.) Co., pref.(qua?.)
0131 Jan. 2 "Holders of rec. Dec. 22
Logan Gear Co., pref. (guar.)
*400. Jan. 2 *Holders of rec.
Dec. 24
Lupton (D.) Sons Co., pref.(guar.).' Jan. 1 *Holders of roe. Dee. 15
1 34
Macfadden Publications, $6 pre(
*33 Jan. 10 "Holders of ree. Dec. 31
Macy (R. H.)& Co., common (guar.)._
50c. Feb. 16 Holders of rec. Jan.
Common (payable in corn.stock)
Feb. 16 Holders of rec. Jan. 23
Majestic Royalty Corp.(monthly)
•Iji Jan. 2 *Holden of rec. Dec. 23
Merchant Calculating Mach., pref
*35c. Jan. 15 *Holders of rec. Dec. 24
Maxweld Corporation, corn.(guar.)._ cape. Jan. 15 Holders
of rec. Jan, 1
6% partic. pref.($10 par)(guar.)._
15e. Jan. 15 Holders of rec. Jan. 1
McCaskey Register, 1st pref. (guar.)._
131 Jan. 2 Holders of rec. Dec. 28
Second preferred.
-Dividend omitted.

Name of Company.

Cent. Payable.

Books Closed.
Days huturtoe.

Miscellaneous (Continued).
McCrory Stores Corp., pref.(qu.)... '134 Feb. 2 *Holders of rec. Jan. 20
McLennan, McFeely & Prior, 1st pf.(qu) •134 Jan. 1 "Holders of rec. Dec. 24
Medusa Portland Cement,corn.(guar.). $1.50 Jan. 1 Dec. 25 to Jan. 1
Preferred (qua?.)
•134 Jan. 1 *Holders of tee. Dec. 26
Melchers Distilleries, class A-Dividend deferred.
Meletio Sea Food, common
Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Mercantile Acceptance Tr., pref
.334 Dec. 29 *Holders of rec. Dec. 29
Merchants Nat. Realty, A dc B Pt.(qu.). •114 Jan. 1 *Holders of rec. Dee. 25
Meyer Blanke Co., pref. (qua?.)
•134 Jan. 2'Holders of rec. Dec. 20
Mickelberrys Food Prod., corn. (guar.) •15e. Feb. 16 *Holders of rec. Feb. 2
Midland Pacific Grain, pref. (guar.)._ •IN Jan. 1 *Holders of rec. Dec. 24
Midwest Refining
"514 Dec. 22 'Holders of rec. Dec. 19
Mitchell (Robert) Co., Ltd., corn. (qu.) 260. Jan. 15 Holders of rec. Dec. 31
MonIghan Mfg.,class A (extra)
•200. Jan. 12 *Holders of rec. Dee. 31
Moock Elec. Supply, pref. (guar.)
"lai Jan. 1 'Holders of rec. Dec. 20
Moores Coney Corp.. pref. A (guar.)._ '5634c Jan. 2 *Holders of rec. Dec. 20
Morris Plan Bank of Cleveland (extra)._ 3
Jan. 2 Holders of rec. Dec. 24
Mortgage Say.& Trans.,8% pref
Dec. 31 *Holders of roe. Dec. 30
Murphy Varnish, pref. (guar.)
'1 Si Dec. 20 *Holders of rec. Dec. 17
Myers Publishing Co
•120. Jan. 1 *Holders of rec. Dec. 15
National Distillers Products (quar.)
"500. Feb. 1 'Holders of rec. Jan. 15
National Fireproofing, corn.(guar.)._
750. Feb. 2 Holders of rec. Dee. 31
Preferred (guar.)
75e. Jan. 15 Holders of rec. Dee. 31
Nat. Guar. & Finance, corn.(qua?.)__._ '3734c Jan. 1 *Holders of rec. Dee. 25
First and second preferred (guar.)._ _ •134 Jan. 1 'Holders of rec. Deo. 25
National Gypsum, preferred
Jan. 2'Holders of rec. Dec. 22
Nat. Lumber & Creosote. pref.(guar.)._ *2
Jan. 1 'Holders of rec. Dec. 22
National Republic Bancorp. (guar.)._ _ 11 250. Dec. 31 'Holders of rec. Dee. 20
National Rubber Mach.. corn.-Dividen d omit ted.
National Title (Bklyn.)(guar.)
'134 Jan. 2 *Holders of ree. Des. 26
Naumkeag Steam Cotton Co.(guar.)._ '2
Jan. 2 *Holders of rec. Dec. 24
Nowano Portland Cement,7% pf.(qu.) *134 Jan. 1 "Holders of rec. Dec. 25
Newhall Bldg. Trust, pref.(guar.)
•131 Jan. 15 'Holders of rec. Jan. 1
Newton Steel, pref. A (qua?.)
•134 Jan. 31 'Holders of rec. Jan. 15
New York Casualty-Dividend omitted.
Nicholson File. pref.(guar.)
60c. Jan. 2 Holders of rec. Deo. 20'
North Amer. 011 Consol.(monthly).- *10c. Jan. 1 *Holders of rec. Deo. 20
North American Securities
10e Jan. 1 Holders of rec. Deo. 31
Northern Bond & Mtge.,corn.(guar.)._ •
234 Dec. 31 'Holders of rec. Dec. 31
Dec. 31 *Holders of rec. Dec. 31
North & Judd Mfg.(guar.) '
"500 Dec. 31 'Holders of rec. Dec. 19
Northwestern Yeast (extra)
"I34 Dec. 31 *Holders of rec. Dec. 21
Nomema Chemical
"51.50 Jan. 14 'Holders of rec. Dec. 31
Nutley Mortgage & Title Guar.(guar.). •Ig Jan. 1 'Holders of rec. Dec. 23
Jan. 1 'Holders of rec. Dee. 23
Ohio Leather, first preferred (guar.)._ '2
Jan. 2 'Holders of rec. Dec. 22
Second preferred (guar.)
•134 Jan. 2'Holders of rec. Dec. 22
Second pref.(acct. accum.divs.)
Jan. 2 *Holders of rec. Dee. 22
Ohio Loan, common (annual)
•500 Jan. 1 "Holders of rec. Dee. 30
Preferred (guar.)
Jan. 1 *Holders of rec. Dee. 30
Ohio Telephone Service (guar.)
134 Jan. 1 Dec. 25 to Jan. 1
Pacific Slhwest Realty, 534% pf. (qu.) •134 Jan. 1 *Holders of rec. Dec. 20
634% preferred tquar.)
•154 Jan. 1 *Holders of rec. Dec. 20
Paragon Trading Corp., class A
Dec. 31 'Holders of rec. Dec. 15
Class B and C
"334 Dec. 31 *Holders of rec. Dec. 15
Parmelee Transportation, com.-Divide ndomI tted.
Paaswall Corp. 6% pref. (qua?.)
•144 Jan. 2 *Holders of rec. Dec. 19
Peasiee-Gaulbeh Co., pref. (guar.)._ •134 Jan. 2 'Holders of rec. Dec. 23
Peck Bros. & Co., pref.(guar.)
'3734c Jan. 10 *Holders of rec. Dec. 31
Peerless Cement, Pref.(guar.)
•134 Dec. 31 "Holders of rec. Dec. 20
Penn Tobacco, class A (guar.)
Jan. 3 *Holders of tee. Dec. 15
Penn Traffic
0734c Feb. 2 *Holders of roe. Jan. 15
PoPPerell Manufacturing (guar.)
Jan. 2 *Holders of rec. Dec. 23
Pittsburgh Steel Foundry,corn.(guar.). '25c Jan. 16 *Holders of rec. Jan. 9
Common (extra)
•1234 Jan. 15 'Holders of rec. Jan. 9
Producing Oil Royalty, pref.(monthly). •10e Jan. 15 'Holders of rec. Deo. 31
Providence Building (guar.)
'234 Dec. 30 *Holders of rec. Dee. 19
Public Utility Investment, corn.(guar.). *250 Jan. 1 *Holders of rec. Dec. 20
Republic Stamp.& Enamel.
40c Jan. 10 Holders of rec. Dec. 31
Reynolds Investing. pref. A-Dividend Passed .
(guar.)._Rhode Island Elea. Protec.(guar.)
Jan. 2 *Holders of rec. Dee. 18
Riverside& Dan Cotton Mills, pref
Jan. 1
Roos Bros., coin.(qua?.)
'6234c Feb. 1 'Holders of tee. Jan. 15
Preferred (quer.)
• 51.625 Feb. 1 "Holders of rec. Jan. 16
Royalties Management A & B (mthly.). *314c Jan. 1 *Holders of rec. Dec. 20
Royal Typewriter. common
51.50 Jan. 17 Holders of rec. Jan. 10
Pref.(for last two quarters of 1930)--- 334 Jan. 17 Holders of rec. Jan. 15
Russ Mfg.Co., lst pref.(guar.)
*134 Jan. 1 *Holders of rec. Dec. 21
Jan. 2 *Holders of rec. Dec. 22
St. Croix Paper, pref
50o. Jan. 15 'Holden' of rec. Dec. 31
St. Lawrence Corp., Ltd., class A
Preferred (guar.)
144 Jan. 15 *Holders of rec. lietz. 31
St. Louis Bank Bldg.& Equip.(guar.).- *250. Jan. 1 "Holders of rec. Dec. 20
St.Paul Union Stont Yards
(No. 1)
New sto-k.
*50c. Jan. 1 'Holders of rec. Deo. 20
San Francisco Mines of Mexico, Ltd.
Am,dep. rcts. ord. reg.(Is. per share)
Jan. 13 *Holders of rec. Deo. 19
Santa Cruz Portland Cement (qua?,)... *II
Jan. 1 'Holders of rec. Dec. 19
Dec. 24 'Holders of rec. Dec. 19
Sayers & Scoville, common
•234 Jan. 2 'Holders of rec. Dec. 20
Preferred (qua?.)
11 134 Jan. 2 "Holders of rec. Dec. 20
Sayre & Fisher Brick, pref.(guar.)
41131 Jan. 2 *Holders of rec. Dec. 20
Schettler Drug,class A pref.(monthly).* 112-30Jan. 16 'Holders of rec. Dec. 31
Schnebbe Fire Protection, coin. (guar.). •12 Sic Jan. 15 *Holders of rec. Jan. 1
Class A (guar.)
•60c Jan. 15 'Holders of rec. Jan. 1
*750 Jan. 15 *Holders of rec. Jan. 1
e3 preferred (guar.)
Schwartz (B.) pref. A (guar.)
•500 Jah. 2 *Holders of rec. Dec. 20
Scranton Lace, pref.(guar.)
*134 Dee. 31 *Holders of rec. Dec. 21
Dry Goods, 1st pref
Jan. 2 Holders of rec. Dec. 20
Second preferred
334 Jan. 2 Holders of rec. Dec. 20
Scullin Steel, pref.-Dividend deferred.
Second Twin Bell Syndicate
Dec. 22 *Holders of rec. Dec. 19
Sears, Roebuck & Co. (quer.)
*6234 Feb. 1 'Holders of rec. Jan. 9
Securities Invest., corn.(guar.)
750 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 20
Silver Brook Anthracite, pref. (guar.)._ •75e Jan. 2 *Holders of rec. Dec. 20
Southern Ice, pref. A (guar.)
•134 Jan. 2 'Holders of rec. Dec. 18
Southland Royalty (guar.)
15e Jan. 15 Holders of rec. Jan. 2
30e Jan. 1 Holders of rec. Dec. 23
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
Staley(A. E.) Mfg.,pref
*314 Jan. 1 *Holders of rec. Deo. 20
Standard Coupler, pref.-Dividend omit ted.
Stereo Steel Co.,common (guar.)
*Holders of rec. Dee. 21
*50e. Jan.
First and second preferred (guar.).- '131
*Holders of rec. Deo. 21
Stein Cosmetics Co.. Inc., pref.(cal.)._
50e. Jan. 2 Holders of rec. Dec. 26
Stewart Inso Board Corp., 1st pf.(mthly) 58 1-3c Jan. 1 Holders of rec. Dec. 15
Sullivan Machinery-No action taken.
Swift International
51.50 Feb. 15 Holders of rec. Jan. 15
Thayer's, Ltd.. let pref. (guar.)
*8734c Jan. 2 'Holders of rec. Dec. 20
Third Twin Bell Syndicate
*50c. Dec. 22 'Holders of ree. Dee. 19
Towle Mfg.(guar.)
*81.50 Jan. 2 'Holders of rec. Dee. 27
Trimount Dredging Co., class B(No. 1). *50c. Dec. 15
Class C (guar.)
•500. Dec. 15
Troy Sunshade(guar.)
*50c. Dec. 22 *Holders of rec. Dec. 20
"26c. Dec. 22 *Holders of rec. Dec. 20
Trung Label & Lithograph, class B
4137340 Dec. 15 *Holders of rec. Dec. 1
Tudor City Ninth Unit, Inc., wet
Jan. 15 Dec. 27 to Jan. 15
Tuckett Tobacco, Ltd., com.(guar.)._ "1
Dec. 29 'Holders of rec. Dec. 26
Common (extra)
Dec. 29 'Holders of rec. Dec. 28
Preferred (qua?.)
"134 Jan. 15 *Holders of rec. Dec. 31
Twenty Wacker Drive Bldg., prof.(qu.)_ *31.50 Jan. 15 *Holders of rec. Dee. 31
Twin City Bldg.& Loan Assn. AI.3X Jan. 1 'Holders of rec. Dec.. HI
Class B
•21i Jan. 1 *Holders of rec. Dec. 10
Class C
*It( Jan. 1 'Holders of rec. Dec. le
Twin Disc Clutch Co.(guar.)
*750. Jan. 2 *Holders of rec. Dee. 20
Union Mfg. (guar.)
•3734c Dec. 31 *Holders of rec. Dec. 19
United Cigar Stores of Amer., pref.(qu.) 134 Feb. 1 Holders of rec. Jan. 9
Preferred (qua?.)
134 May 1 Holders of rec. Apr. 10
Preferred (guar.)
134 Aug. 1 Holders of rec. July 10
Preferred (guar.)
134 Nov. 2 Holders of rec. Oct. 5

Name of Common,.

Cent. Payable.

Rooks Cloaed.
Days Indualle.

Miscellaneous (Concluded).
United Linen Supply, class A (guar.)--_ *8754c Jan. 1 *Holders of rec. Dec. 20
ege. Jan. 10 *Holders of rec. Jan. 1
United Milk Co. imonthly)
*15( Jan. 2 *Hoidens of rec. Dec. 15
United Milk Products. pref.(quar.)-*40e. Jan. 1 *Holders of rec. Dee. 20
United Paper Bet, clam A (guar.)
50e. Feb. 1 Holders of ree. Jan. 150
United Piece Dye Works,corn.(quar.)-50e. May 1 Holders of rec. Apr. 15a
Common (guar.)
50c. Aug. 1 Holders of rec. July 15a
Common (guar.)
50e. Nov. 1 Holders of rec. Oct. 15a
Common (guar.)
750. Feb. 2 Holders of rec. Jan. 15
U.S.& British Int.,$3 pref.(quar.)---1214c Feb. 2 Holders of rec. Jan. 15
Class A (guar.)
U.S.Chain & Forging, corn.(quar.).. *75e. Feb. 15
•15‘ Jan. 2
Preferred (guar.)
550e. Jan. 2 *Holders of rec. Dec. 24
U. S. Cold Storage, common (quar.).. ‘
"15i Jan. 2'Holders of rec. Dec. 24
Preferred (guar.)
Dee. 31 'Holders of rec. Dec. 20
U. S. Guaranty (guar.)
$1.50 Feb. 2 Holders of rec. Jan. 15
U.S.Industrial Alcohol (quar.)
*50e. Jan. 15 'Holders of rec. Dee. 31
U. S. Lines, preferred
250. Jan. 15 Holders of rec. Dec. 31
U.S. Smelt., Refg. & Mining. com.(qu.)
8730 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
"750. Jan. 1 'Holders of rec. Dec. 24
Electric, common (guar.)
Jan. 1 'Holders of rec. Dec. 24
Preferred (guar.)
•500. Jan. 1 *Holders of rec. Dec. 20
West Va. Pulp & Paper (Qua?.)
15( Jan. 2 Holders of rec. Dec. 23
Whitman (Wm.) Co., pref.
*50c. Dec. 31 "Holders of rec. Dec. 27
Woolson Spice, Corn.(guar.)
Dec. 31 'Holders of rec. Dec. 27
Common (extra)
"21.50 Dec. 31 *Holders of rec. Dec. 27
Preferred (quar.)
*50c. Jan. 15 *Holders of rec. Dec. 31
Worthington Ball, class A (guar.)
*1 af Dec. 31 *Holders of rec. Dec. 20
Zoller(Wm.)Co., pref.(quar.)

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends an
nounced this week, these being given in the preceding table.
Name of Company.

Cent. Payable

Boots Closed.
Days buctualye.

iteuroads (Steam).
Jan. 1 "Holders of rec. Dee. 15
Akron Canton & Youngstown (quar.)___ *4
Dec. 30 Holders of rec. Dec. 1
Alabama Great Southern,ord
$1.60 Dec. 30 Holders of rec. Dec. 1
Dec. 30 Holders of ree. Dec. 5
Ordinary (special)
Feb. 13 Holders of req. Jan. 9
51.150 Feb. 13 Holders of reo. Jan. 9
Preferred (extra)
Dec. 30 Holders or rec. Dee. 1
Preferred (special)
434 Jan. 1 Holders of rec. Dec. 15a
Albany & Susquehanna
Jan. 3 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. 200
Allegheny & Western
254 Feb. 2 Holders of rec. Dee. Ma
Topeka & Santa Fe, prof
•231 Jan. 1 *Holders of rec. Dec. 12
Atlanta Birmtneham & Coast. prat
314 Jan. 10 Holders of rec. Dec. 121
Atlantic C,oast Line RR.,corn
154 Jan. 10 Holders of rec. Dee. 12a
Common (extra)
Dec. 31 *Holders of rec. Dee. 19
Atlanta & West Point
*214 Jan. 5 *Holders of rec. Dec. 15
Augusta & Savannah
•25c. Jan. 5 *Holders of rec. Dec. 15
•$1.68 Jan. 2"Holders of rec. Dec. 26
Avon Geneseo & Mt.Morris
1 Holders of rec. Nov. 21,10
ilia Jan
Bangor & Aroettrook, MM.(quiz.)
1 Holders of rec. Nov.29
15.i Jan
Preferred (guar.)
15( Mar. 2 Holders of res. Jan. 176
Baltimore & Ohio,common (guar.)
Mar. 2 Holders of rec. Jan. 170
Preferred (quar.)
500. Jan. 2 Holders of rec. Dec. 15
Beech Creek (guar.)
23( Des. 31 Holders of roe. Nov.29
Boston & Albany (quit.)
Dec. 31 Holders of rec. Dec. 120
Boston & Maine. corn.(guar.)
la( Dee. 31 Holders of ree. Dec. 12
Prior preference (quiz.)
134 Dec. 31 Holders of roe. Dec. 12
6% preferred
134 Deo. 31 Holders of rec. Dec. 12
First preferred, class A (quiz.)
Dec. 31 Holders of rec. Dec. 12
First preferred, class B (quiz.)
134 Dee. 31 Holders of rec. Dec. 12
First preferred, class C(guar.)
254 Dee. 31 Holders of rec. Dee. 12
First preferred,class D(qua?.)
134 Dec. 31 Holders of rec. Dec. 12
First preferred. class E (guar.)
21.4 Jan. 2 Holders of roe. Dec. 20
Beaten & Providence (Quer.)
4.2 Dee. 30 Holders of rec. Dec. 284
Buffalo& Susquehana,pref
154 Feb. 2 Holders of ree. Dec.
Canada Southern
(No.1)(ont.) 62540 Dee. 31 Holders of reo. Deer. la
Canadian Pacific new corn.
Jan. 10 Holders of rec. Dec. 310
Carolina Clinch field & Ohio,corn.(qua _
*31.20 Jan. 2'Holders of rec. Dee. 20
Cayuga & Susquehanna
Jan. 1 *Holders of rec. Dec. 3
Central Argentine Ry.,8% pref
Jan. 15 Holders of rec. Dec. 350
Central of N.J.(extra)
750. Jan. 1 Holders of reo. Dec. 84
Chesapeake Corporation (quar.)
6254e Jan. 1 Holders of rec. Deo. 8a
Chesapeake & Ohio, corn. (guar.)
351 Jan. 1 Holders of rec. Dec. 8a
Preferred (guar.)
Jan. 7 Holders of rec. Dec. 6-1
Chicago Great Western, Prof
354 Jan. 10 Holders of rec. Dec. 26
Chic. Indianap. & Louisville. corn
Jan. 10 Holders of rec. Dec. 200
25e. Dec. 31 Holders of rec. Deo. la
Chicago North Western common
134 Dec. 31 Hold= of rec. Dec. la
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 50
Chle. R. I. & Pacific, tom.(guar.)
354 Dec. 31 Holders of rec. Dec. 54
7% preferred
Dec. 31 Holders of rec. Dec. 50
6% Preferred
Dec. 31 Holders of rec. Dec. 15a
Colorado & Southern, eom.(annual)- - 3
Dee. 31 Holders of rec. Dec. 15"
First preferred
Dee. 31 Holders of rec. Dec. 150
Second preferred
114 Jan. 2 Holders of rec. Dec. 10a
(Qua _
of Cuba,pf.
81.20 Dec. 29 Holders of rec. Dec. 29a
Cuba RR.. common
Feb. 2 Holders of rec. Jan. 150
Jan. 6"Holders of rec. Dec. 15
Dayton & Michigan, pref. (quar.)
Jan. 1 *Holders of rec. Dec. 15
Delaware RR
Jan. 5 *Holders of rec. Dec. 20
Detroit Hillsdale dr Southwestern --- *2
Jan. 15 'Holders of rec. Jan. 8
Detroit River Tunnel
11.61 Jan. 1 Holders of rec. Dec. 20
Elmira & Williamsport, prof
Dec. 31 Holders of rec. Dee. 130
Erie RR., 1st & 2nd preferred
354 Jan. 2 Hold, of coup. No. 9
German Rya. Co.(interim)
234 Feb. 2 Holders Of res. Dec. 296
Great Northern, preferred
154 Jan. 2 Holders of rec. Dec. 20,
Gulf Mobile It Nor., prof.(guar.)
Jan. 2 Holders of rec. Dee. 1 1 a
Illinois Central, leased lines
IN Jan. 6 Holders of rec. Dee. 240
Joliet & Chicago
15( Feb. 2 Holders of tee. Dec. 31
City Southern Ry.,Gem.(qua
Jan. 15 Holders of rec. Dee. 31
Preferred (quar.)
Jan. 2 *Holdese of rec. Dec. 8
Lackawanna RR.of N. J.(guar.)
8754c Jan. 2 Holders of rec. Dee. 130
Lehigh Valley, corn. (quar.)
31.25 Jan. 2 Holders of reo. Dec. 137
Preferred (quar.)
$1.13 Jan. 18 Dec 13 to Jan. 15
Little Schuykill Nay. RR.& Coal
354 Feb. 10 Holders of roe. Jan. lba
Louisville & Nashville
812.50 Feb. 2 Holders of rec. Jan. 15a
Mahoning Coal RR.,corn.(guar.)
•31.25 Jan. 2 *Holders of rec. Dec. 23
134 Jan. 2 Holders of roe. Dec. 15
Maine Central. common (qar.)
IJee. al Heide s of rec. Dec. 50
Mo.-Kansas- I e as common (quar.)_ - - SI
11.4 )0. 31 Holders of roe. Dec. 54
Preferred A (guar.)
134 Dec. 31 Holders of ree. Dec. 150
Illetourf Patine preferred (qua?.)
Jan. 2 Holders of rec. Dec. la
Mobile & Birmingham, pref
•354 Dec. 30 *Holders of rec. Dec. 22
Mobile & Ohio
*5 Dec. 30 *Holders at rec. Dec. 22
12.125 Jan. 2 Holders of rec. Dec. 65
Morris & Den
•9354c Jan. 2 *Holders of rec. Dee. 16
Nashville & Decatur
'234 Jan. 1 "Holders of rec. Dec. 15
New London
Jan. 1 "Holders of Tee. Dec. 15
Feb. 2 Dec. 27 to Jan. 28
N.Y.Central RR.(guar.)
134 Jan. 2 Holders of rec. Nov. 154
N.Y.Chic.& St. Louis,corn and Pri(Qu)
$2.50 Jan. 2 Holders of rec. Dec. 15
New York & Harlem corn.& Peet
N.Y. Lackawanna & West.(quar.)---- 134 Jan. 2 Holders of rec. Dec. 151
- 154 Jan. 2 Holders of rec. Dec. 6
N. Y. N.H.& Hartford, corn.(guar.).
la( Jan. 2 Holders of rec. Dec. 5
Preferred (guar.)
Jan. 15 Holders of rec. Dec. 310
Northern Central
15( Feb. 2 Holders of res. Dec. 314
Northern Pacific ((Plat%)
1.54 Jan. 2 Holden of rec. Dec. 8
Northern RR.of N.H.
434 Jan. 10 Dec. 20 to .150. 11
Northern Securities Co.(quar.)
Jan. 1 Holders of rec. Dec. 9
Norwich & Worcester, pref. (quar.)151 Jan. 2 Holders of rec. Dec. 13
Old Colony (guar.)
134 Jan. 2 Holders of res. Dec. 3a
Pere Marquette, corn. (guar.)
134 Feb. 2 Holders of rec. Jan. 20
Preferred and prior preferred (qua?.)

1 Vot- 131.



Name of Company.

Cent. Payable

hooks Clnaed
bags Indus**.

Railroads (Steam) (Concluded).
Philadelphia Baltimore & Washington- - *31.50 Dec. 81 "Holders of rec. Dee. 30
'234 Jan. 10 *Holders of ree Dec.
Philadelphia Trenton (guar.)
Fatah. Ft. Wayne & Ohre , corn.(guar.) 154 Jan, 2 Holders of rec. Dec. 10a
134 Jan. 6 Holders of rec. Dee. 10a
Preferred (guar-)
'32.50 Feb. 2 *fielders of rec. Dee. 26
Pittsburgh & Lake Erie
$1.50 Jan. 2 Holders of rec. Dee. 154
PIttsb. McKeesport str Youghiogheny
134 Jan. 31 Holders of rec. Jan. lsa
Pittsburgh & West Va., corn.(quar.).
254 Dec. 31 Holders of rec. Dec. 10
Providence & Worcester (guar)
Feb. 12 *Holders of rec. Jan. 15
Reading Co., corn.
50c Jan. 8 Holders of rec. Dee. 18a
Seconb pref. (guar.)
Jan. 2 Holders of rec. Dec. 15a
Rensselaer &Saratoga
Jan- 1 *Holders of rec. Dec. 20
Rome & Clinton Muer.)
Jan. 2 Holders of rec. Dec. la
St. Louis-Man Francisco common (tri.)
1% Feb. 2 Holders of rec. Jan. 2a
Preferred (gnarl
154 May 1 Apr. 12 to May 12
6% Preferred (guar.)
154 Aug. 1 Holders of rec. July la
6% preferred (glum.)
155 Nov. 2 Holders of rec. Oct. la
Preferred (qmar.)
114 Jan. 2 Holders of rec. Nov.280
Southern Pacific Co.(quar.)
2 Feb. 2 Holders of rec. Jan. 2a
Southern Hy.common (guar.)
2 May 1 Holders of rec. Apr. la
Aug. 1 Holders of rec. July la
Common (quar.)
154 Jan. 15 Holders of rec. Dec. 26a
Preferred (guar.)
*235 Jan. 1 *Holden; of rec. Dec. 1
Southwestern RR.of Georgia
"500. Jan. 1 'Holders of roe. Dec. 24
•334 Jan. 1 *fielders of rec. Dec. 15
Tennessee Central, pre
134 Dec. 31 Holders of rec. Dec. 156
Texas & Pacific common (guar.)
Jan. 2 "Holders of rec. Dee. 20
Tunnel RR.of Bt. Louis
254 Jan. 2 Holders of rec. Dec. la
Union Pacific common
United N J R11.& Canal Coe.0311-)-- '24 Jan. 10 "[foresee Of Teo. Dee.20
"254 Jan. 1 *Holders of ree. Dee. 20
Valley RR.(N. Y.)
Dec. 31 Holders of rec. Deo.'136
Virginian Hg., common (annual)
"314 Jan. 1 *Holders of rec. Dee. 15
Ware River
$1.50 Jan. 2 Holders of roe. Dec. 15
& Seashore,common
West Jersey
Pa10lc Utilities.
$1.75 Jan. 3 Holders of rec. Dec. 15
Alabama Power,17 pref.(guar.)
51.50 Jan. 2 Holders of rec. Dec. 15
$g preferred (quiz.)
51,25 Feb. 2 Holders of rec. Jan. 15
55 preferred (guar.)
Am.Commonwealths Pow.,cl. A&B(qn) (0 Jan. 26 Holders of rec. Dee. 31
Holders of rec. Dee. 15a
Amer.Community Power, corn.,
Holders of rec. Dee. 15a
$1.50 Jan$6 first preferred (guar.)
Holders of rec. Dee. 15a
31.50 Jan.
$6 preference (guar.)
Jan. 1 *Holders of roe. Dee. 15
Amer.Dist.Teleg.of N.J., eom.(qu.)-- •$1
•131 Jan. 1 *Holders of roc. Dec. 15
7% preferred (guar.)
Holders of rec. Dee. 150
Amer.& Foreign Power. VI pref.(on.).. $1.75 Jan.
Holders of rec. Dec. 151
31.50 Jan.
$8 preferred (guar.)
31.75 Dec. 8 Holders of rec. Dec. 164
Second preferred aeries A (guar.)
Holders of tee. Dec. 10
25e, Jan.
Amer. Gas & Elec., corn. (qua?.)
Holders of rec. Dec. 10
(f) Jan.
Corn.(1-50th abs. coin. stock)
Hoklera of res. Dee. 10
Corn,(extra 2-10ths sh. ann.stock).... (f) Jan.
Holders of rec. Jan. 10
31.50 Feb.
Preferred (quint.)
Holders of roe. Dee. 22
pref.(qua?.).. 17540 Jan.
American Nat. Gas,2nd
Holders of rec. Dec. 15a
8755c Jan.
Amer. Power & Light, $5 pref.(guar.)
Holders of rec. Dec. 150
31.25 Jan.
15 preferred stamped (guar.)
Holders of rec. Dec. 15a
3E50 Jan.
$8 preferred (guar.)
Holders of rec. Dec. 15
154 Jan.
American Public Sere. Co., pref.(qu.)__
*Holders of rec. Dee. 20
Sere., corn. A (oil.).. *a40c. Jan.
Amer.States Pub.
*Holders of roe. Dec. 20
*31.60 Jan.
$8 preferred (guar.)
400. Dec. 3 Holders of ran. Dec. 1
Amer.Superpower Corp. corn.(annual).
Holders of rect. Dee. 1$
$140 Jan.
1st preferred (gear.)
Holders of rec. Dee. IS
31.50 Jan.
$6 preference (guar.)
Hoidens of rec. Dec. 200
Amer. Telephone & Telegraph (quar.)... 214 Jan. 1
Holders of rec. Jan. 9a
Amer. Water Works & El., cons.(qu.)-Holders of rec. Dee. 120
31.50 Jan.
56 first preferred (guar.)
*Holders of rec. Dec. 5
Appalachian El. Pow.,37 pref.(qu.)----•$1.75 Jan.
*Holders of rec. Dec. 5
•31.50 Jan.
$6 preferred (guar.)
Holders of rec. Dec. 15
Arizona Edison Co.,$6.50 pref.(guar.)_ 51.625 Jan.
Holders of rec. Dec. 15
15e, Jan.
Arkansas Natural GM, pref.(quar.)____
Holders of rec. Dee. 15
Arkansas Power & Light, $7 prof.(Qui- 51.75 Jan.
Holders of roe. Dec. 15
21 140 Jan..
te preferred (guar.)
*Holders of rec. Dee, 24
Arizona Power,7% pee?.(quar.)
'Holders of rec. Dec. 24
8% preferred (Chine.)
Holders of rec. Nov.280
Associated Gas & Elea., original Pf.(:111.) 87540 Jan.
Holders of reo. Nov.284
$8 allotment certificates
Holders of rec. Nov.280
51.7.5 Jan.
$7 preferred (qua?.)
Holders of rec. Dec. 17
Associated Tel.& Tel.. cla-as A (quar.). 31
Holders of rec. Dee. 17
11.50 Jan.
$6 first preferred (guar.)
Holders of rec. Dee. 17
154 Jan.
7% first preferred (guar.)
Holders of roe. Dec. 17
84 preference (aunt.)
a Jan. 1 Holders of rec. Dee. 31
Awn% Telep. Ctn., coin.(guar.)
Holders of roe. Dec. 15
51.50 Jan.
66 cony. pref. see. A (quar.)
*Holders of rec. Dec. 10
att Jan.
Bangor Hydro Electric. 7% pref.(guar.)
14 Jan. 1 *Holders of rec. Dee. 10
Preferred (guar.)
3E50 Jan. 1 "Holders of roe. Dee. 21
Battle Creek Gas. Prof.(quar.)
Jan. 15 Holders of rec. Doe. 23
Bell Telep. of Canada (guar.)
Bell Telep.of Pa..654% pref.(quiz.)--- 134 Jan. 15 Holders of roe. Dee. 20
31.A0 Jan. 2 Holders of rec. Dec. 13
Birmingham Elec. Co.. 56 veg.(Qa.)--31175 Jan. 2 Holders of rec. Dee. 13
$7 preferred (guar.)
135 Jan. 2 Holders of res. Dee. 10
Boston Elevated Sty.,corn.(guar.)
334 Jan, 2 Holders of rec. Dee. 10
Jan. 2 Holden; of rec. Dee. 10
First preferred
Brazilian Tr., Lt. & Pow.. Prof.(oust.) "134 Jan. 2 *Holden' of rec. Dec. 15
•400. Jan. 15 *Holders of rec. Dec. 31a
Bridgeport Hydraulic(quar.)
50o. Jan. 15 Holden) of rec. Dee. 31
British Columbia Power,class A (quar.)..
Brooklyn Borough Gas, corn.(quiz.).... 31.50 Jan. 10 Holders of rec. Dec. 3Ia
d81340 Jan. 2 Holders of roe. Dec. 15
Participating pref. (guar.)
Jan. 15 Holders of rec. Dee. 310
Bklyn.-Manhattan Teen., corn.(guar.). 31
$1.50 Jan. 15 Holders of rec. Dec. 310
Preferred (guar.)
51.50 Apr. 15 Holders of rec. Apr. la
Preferred,serie3 A (guar.)
liklyn.& Queens Transit. pref.(quar.)-- $1.25 Jan. 2 Holders of rec. Dec. 26a
51.25 Jan. 2 Holders of reo. Dec. 1
Brooklyn Union Gas(gum.)
Buff. Niagara & East Per., corn.(Qum.) 040e. Dec. 31 "Holders of rec. Nov. 29
•400. Dec. 31 "Holders of rec. Nov. 29
Class A (quar.)
•40o.Jan. 2 "Holders of rec. Dee. 15
Preferred (guar.)
*51.25 Feb. 2 "Holders of rec. Jan. 15
35 first preferred (quar.)
-Oregon Power Co.,7% PI. MO-- 154 Jan. 15 Holders of rec. Dec. 31
134 Jan. 15 Holders of roe. Deo. 31
6% Preferred (quar.)
13-4 Jan. 2 Holders of rec. Dec. 16
Calgary Power, Ltd. (guar.)
16o. Jan. 26 Holders of rec. Doe. 31
Canada Northern Pow. Corp.,com.(qua
134 Jan. 16 Holders of rec. Dec. 31
7% preferred (quar.)
Canadian Western Natural Gas, Light.
•250. Mar. 2 *Holders of rec. Feb. 14
Heat dc Power, preferred (extra)
•250. June 1 *Holders of rec. May 15
Preferred (extra)
Jan. 1 Holders of rec. Dee, 8
Capital Traction, Wash., D.C.(guar.). 1
51.75 Jan. 2 Holders of rec. Dec. 13
Carolina Power & Light. $7 Pt.(qu.)51.50 Jan. 2 Holders of rec. Dec. 13
36 preferred (guar.)
154 Jan, 2 Holders of rec. Dec. 15
Central Ill, Light Co.,6% prof.(Qua
134 Jan. 2 Holders of rec. Dec. 15
7% preferred (quar.)
-- 31.50 Jan. 15 *Holders of rec. Dec. 31
Central Ills. Pub. Serv.. prof.(Quer-)
Central Maine Power.7% Pref.(quar.)- •131 Jan. 1 *Holders of rec. Dee. 10
•154 Jan. 1 *Holders of rec. Dec. 10
6% preferred (guar.)
36 preferred (fluor.)
*51.50 Jan. 1 *Holders of rec. Dee. 10
Jan. 1 Holders of rec. Dec. 12
Cent.Pub.Sere. Corp.,$4 pref.(qua --- al
$1.50 Jan. I Holders of roe. Deo. 12
$6 preferred (quar.)
$1.75 Jan. I Holders of roe Dee. 12
$7 preferred (quar.)
Jan. 15 "Holders of rec. Dec. 31
Central & S. W.Ctn., cons.(In stock)._ *16
100 Jau. 1 Holders of roe. Deo.
Gent. Stalin Elect. Corp., common (Qu.).
f234 Jan. 1 Holders of rec. Dee. 5
Common (payable In COM.neck)
7% preferred (qua?.)
134 Jan. 1 Holders of rec. [lee. 5
134 Jan. 1 Holders of rec. Dec. 5
8% Preferred (quar.)
Cony, pref. opt. Belies 1928(guar.).m $1.50 Jan. 1 Holders of rec. Deo. 5
Cony. Prof. opt. series 1929 (guar.) Art 31.50 Jan. 1 Holders of rec. Der. 5
5$1.75 Jan. 2 "Holders of rec. Dec. 5
Central States Power & Light, Pf. 0111-5- .
$1.75 Jan. 2 Holders of rec. Dec. 5
$7 preferred (quar.)
Central States Utilities Corp.,$7 of.(Qu) 51.75 Jan. 2 Holders of rec. Dec. 5
Cent. Vermont Pub.Serv.,corn.(111.) -- "$1.50 Den. 31 "Holders of rec. Dec. 16
Chic. North Shore & Milw. pr. lien (oi.) 5.134 Jan. 1 *Holders of ree. Dec. 16
Chicago Rapid Tranalt. pref. A (mtble.) •650. Jan. 1 "Holders of rec. Doe. 16
51100. Jan. 1 "fiefdom of rec. Dec. 16
Prior preferred B (monthly)
Cin. Newport & Coy. L.&Tr.,com.(rp1.) •$1.50 Jan. 15 *Holders of rec. Dee. 31
31.125 Jan. 15 *Holders of rec. Dee. 31
Preferred (guar.)

DEC. 27 1930.]
Name of Company.

Cent. Payable.

Books Closed.
Days Ira

Public Utilities ((ont'nued).
Cincinnati Goa & Elec.. Prof. A (quer.) SINC Jan. 2 *Holders of rec. Dee. 15
Cincinnati Street By.(guar.)
*75e. Jan. I *Holders of rec. Dec. 24
Cincinnati & Sub. Bell Tel.(guar.)
$1.12 Jan. 2 Dec. 20 to Jan. I
Chia.Serv Pr.& Lt. $7prof(mthly)
58 1-3c Jan. 15 Holders of rec. Dec. 31
$6 preferred (monthly)
50o. Jan. 15 Holders of rec. Dec. 31
55 preferred (monthly)
412-30 Jan. 15 Holders of reit Dee. 31
Citizens Water of Washington, Pa.
7% preferred (guar.)
134 Jan. 2 Holders of reo. Dec. 20
Cleveland Elec.Ill.,corn (quer.)
.400. Jan. 1 *Holders of reo. Dec. 20
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb.d16
Cleveland R7., corn.(qua:.)
154 Jan. 2 Holders of rec. Dec. 26
Columbus Del.& Marion Elec.pfd.(qu.) •$1.75 Jan. I *Holders of rec. Dec. 20
Commonwealth & Sou. Corp.. pref.tauJ 51 Si) Jan. 2 Holders of rec. Dec. So
Commonwealth Utilities, class A (qua:.) *37460 Dec. 30 *Holders of rec. Dec. 20
Class A (extra)
*500. Dec. 30 *Holders of tee. Dec. 20
Class B (quar.)
•37340 Dec. 30 *Holders of reo. Dee. 20
Class B (extra)
*50o. Dee. 30 *Holders of tee. Dec. 20
Preferred A (quer.)
•$1.75 Jan, 2 *Holders of rec. Dee. 20
Preferred B (guar.)
•$1.60 Jan. 2 *Holders of roe. Dec.
Community Telep. Co.. Panic.stk.(qu.) *50e. Jan. 2 *Holders of rec. Dec. 20
Comp. Hispano Americana Eleetricidad
Amer.shs. for E
$1.34 Dee. 27 *Holders of reo. Dec. 19
Comp Hispano Amer. Elec.("Cbad")-'
A, B & C shares, 35 gold pesetas
Hold, of coup. No. 19
D & E shares. 7 gold pesetas
Hold, of coup. No. 19
Connecticut Electric Serv..(guar.)
*75e. Jan. 1 *Holders of rec. Dee. 15
Consul. Gas El.L.& P.. Balt., com.(qu.) *90e. Jan. 2 *Holders of rec. Dec. 15
•1yi Jan. 2 *Holders of rec. Doe. 15
5% Preferred, series A (guar.)
6% preferred, seriee D (guar.)
*154 Jan. 2 *Holders of rec. Dee. 16
554% preferred. series E (guar.)
'l 34 Jan, 2 *Holders of rec. Dec. 15
Consolidated Gas of N. Y., pref.(qu.)
$1.25 Feb. 2 Holders of rec. Dec. 270
Consumers Gas(Toronto)(guar.)
*254 Jan. 1 *Holders of rec. Dec. 15
Consumers Power Co.,$5 pref.(guar.)._ 61.25 Jan. 2 Holders of rec. Dee lb
6% preferred (guar.)
11, Jan. 2 Holders of rec. Deo. 15
6.0% preferred (guar.)
$1.85 Jan. 2 Holders of red. Dee. lb
7% preferred (guar.)
154 Jan 2 Holders of res. Dee. 15
6% preferred (monthly)
600 Jan. 2 Holders of tee. Dee 15
6.6% preferred (monthly)
550 Jan. 2 Holders of rec. Dec. If
$5 Preferred (guar.)
$1.25 Apr. 1 Holders of tee. Mar. 14
6% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 14
6.6% preferred (guar.)
1.85 Apr. 1 Holders of rec. Mar.14
7% preferred (guar.)
1% Apr. 1 Holders of rec. Max. 14
6% preferred (monthly)
50e. Feb. 2 Holders of rec. Jan. 15
6% preferred (monthly)
50c. Mar, 2 Holders of tee. Feb. 14
0% Preferred (monthly)
50e. Apr 1 Holders of rec. Mar. 14
6.6°7 preferred (monthly)
55e. Feb. 2 Holders of rec. Jan. 15
6.6% preferred (monthly)
55e. Mar. 2 Holders of rec. Feb. 14
6.6% Preferred (monthly)
55e Apr. 1 Holders of rec. Mar.
Continental Gas & Elec.. corn.(guar.) - $1.10 Jan. 2 Holders Of rec. Dec. 14
7% prior preference (qua'.)
Jan, 2 Holders of ree. Dec. 12a
Continental Pass By., Phila.
$2.50 Dec. 80 Holders of rec. Nov. 29
Continental Tien... 7% pref.(guar.)
Jan, 2 *Holders of rec. Dec. 15
654% preferred (guar.)
*154 Jan. 2 *Holders of rec. Dec. 15
Cuban Telephone Co., corn.(guar.).
Dec. 3 Holders of reo. Dee. 15a
- 2
Preferred (quar.)
134 Dec. 3 Holders of roe. Dec. 15a
Dakota Central Telep.. corn.(guar.)
*Holders of tee. Dec. 31
Preferred (guar.)
'1% Jan.
*Holders of me. Dee. 31
Dayton Power & Light pref.(monthly).. *50c. Jan.
"Holders of rec. Dec. 20
Denver Tramway Corp.. Pref. (quar.)_.. 3754c Jan.
Holders of rec. Dee. 150
Detroit Edison Co.(guar.)
Jan. 15 Holders of rect. Dee. 20a
Diamond State Telep.. 614% of.(I:NJ
*154 Jan. 15 *Holders of rec. Dec. 20
Dixie Gulf Gas,$7 pref.(guar.)
*$1.75 Jan. 2 *Holders of roe. Deo. 20
Duke Power, common (guar.)
154 Jan. 2 Holders of roe. Dee. 15
Preferred (guar.)
1% Jan, 2 Holder, of
Duque/me Light. 5% first pref.(qum.)-- 154 Jan. 15 Holders of rec. Dec. 15
East. Gas & Fuel Associates. Pr. rlf.(411.) 134 Jan. 1 Holders of rec. Dec. 310
6% preferred (qua:.)
Jan. 1 Holders of rec. Dec. 15
Eastern Texas Elec. Co., pref. (quar.)-- •13i Jan. 1
Edison Elec. Illum.(Boston)(quar.)__ $3.40 Feb. 2 Holders of rec. dJan.10
Electric Bond & Share Co.. corn.(quar.) 1154 Jan. 15 Holders of rec. Dec.
$6 preferred (guar.)
$1.50 Feb. 2 Holders of rec. Jan. 8
$5 preferred (guar.)
$1.25 Feb. 2 Holders of rec. Jan. 8
Electric Power & Light
Allotment °Vs.(full paid) (guar.).
- 1% Jan, 2 Holders of rec. Dee. 8a
Allot.efts. 70% paid (guar.)
1.2254 Jan. 2 Holders of reo. Dec. 8a
26 preferred (guar.)
81.50 Jan. 2 Holders of rec. Dec. 8o
87 preferred (guar.)
$1.75 Jan. 2 Holders of tee. Dee. 8a
El Paso Elec. Co., pref. A (guar.)
•$1.75 Jan. 15 *Holders of Fee. Jan. 2
Preferred B (quar.)
*51.50 Jan. 15 *Holders of rec. Jan. 2
Empire District El. Co., pref.(Mthle.)- 50e. Jan. 2 Holders of rec. Dec. 15a
Preferred (monthly)
50e. Feb. 1 Holders of roc. Jan.
Empire Gas & Fuel Co..8% Id.(ruthIY) 682-30 Jan. 1 Holders of rec. Dee. 16a
7% preferred (montane)
58 1-3e Jan. 1 Holders of rec. Dec. 15a
634% preferred (monthly)
54 1-8c Jan. 1 Holder, of rec. Dec. 18a
6% preferred (monthly)
50e. Jan. 1 Holders of tee. Dec. 15a
8% Preferred (moi thly)
66 2-3e Feb. 1 Holders of rec. Jan. 15
7% preferred (monthly)
58 1-3o Feb. 1 Holders of ree. Jan. 16
654% preferred( monthly)
541-Se Feb. 1 Holders of rect. Jan. 16
6% preferred (monthly)
50e. Feb. 1 Holders of rec. Jan. 15
Empire Power, partici. stock
56e. Jan. 1 Holders of roe. Dee. 16
Engineers Public Service,corn.(quar.)
60e. Jan. 2 Holders of rec. Dec. 17a
$5 convertible pref.(guar.)
81.25 Jan. 2 Holders of reo. Dec. I7a
$5.50 Preferred (guar.)
$1.375 Jan. 2 Holders of roe. Dee. 17s
$6 Preferred (quar.)
$1.50 Jan. 2 Holders of reo. Dec. 17
English Eleo. Co., class A (quar.)
75e. Jan. 15 Holders of rec.
Fairmount Park Transp.(Phila.).pf.(qu) *1734 Jan. 10 *Holders of ree. Dec. 31
Dec. 81
Fall River Electric Light (guar.)._
50c. Jan. 2 Holders of rec. Dec. 15
Federal Light &
corn.(quar.)_._ 3754c Jan. 2 Holders of rec. Dec. 13a
Common(pay. in corn.stock)
Jan. 2 Holders of roe. Dee. me
Federal Public Service, pref.(quar,).,_ (0
Jan. 15 *Holders of tee. Dec. 31
FederalWater Service $6 prof.(qua:.)
$1.50 Jan. 1 Holders of rec. Dee. 15
$6.50 preferred (Qua'.)
81.625 Jan. 1 Holders of rec. Dee, 15
$7 preferred (num.)
51.75 Jan. 1 Holders of reo. Dec.
Florida Power & Light, pref.(guar.). - $1.75 Jan. 2 Holders of rec. Doe. 15
Foreign Light & Power $6 pref. (quar,) 51.50 Jan. 1 Howlers of rec.
Frankford & Southwark Phila.Pasa.(qu.) 4.50 Jan. 2 Dec. 2 to Jan. 20
Gas & Elec. of Bergen Co
*$2.50 Jan. 2 *Holders of rec. Dec. 20
Gas& Elec.Securities,core.(monthlY)..
50c. Jan. 1 Holders of roe. Dec.
Common (pay, in corn, stk.) (Infb17.) f)k Jan. 1 Holders of rec. Dee. 15
Preferred (monthly)
68 1-3e Jan. 1 Holders of rec. Dec. 15
Common (two thly)
50e. Feb. 2 Holders of tee. Jan. 15a
Common (payable in corn.stock)
f 54 Feb.
Holders of rec. Jan. 15a
Preferred (monthly)
581-30 Feb.
Holdere of rec. Jan. 15a
(Gee Securities Co.,corn,(monthly)
fki Jan.
Holders of rec. Dec. 15
' Common (in stock)
1600. Feb.
Holders of rec. Jan.
Preferred (monthly)
500. Jan. 1 Holders of rec. Dee. I5a
Preferred (monthly)
150o. Feb. 2 Holders of reo.
General Gas & Elec., corn. A & B (qua - r754e Jan. 2 Holders of reo. Jan. 15a
Nov. 28a
$8 preferred (guar.)
Jan. 2 Hoidens of reo. Nov.28a
$7 preferred (quar.)
51.75 Jan. 2 Holders of rec. Nov.284
General Pub Utilities), $7 pref.(quar.). $1.75 Jan. 2 Holders
General Wax. Wks.& Elec., corn. A(qu.) /50c. Jan. 2 Holders of roe. Dec. 15a
$7 preferred (guar.)
$1.75 Jan. 2 Holders of ree. Dec. 15
$6.50 preferred (qua?.)
31.625 Jan. 2 Holders of rec. Dee. 15
Georgia Power Co.. $91 Pref. (guar.) - $1.50 Jan. 1 Holders of roe. Dec. 15
5.5 preferred (qua:.)
$1.25 Jan. 1 Holders of reo. Dee. 15
Germantown Pass. Ry.
(qu.)..*$ 1.3154 Jan. 6 *Holders of
Greenwich WatirA Gas System,Pt.(qu) 154 Jan. 2 Holders of tee. Doe. 10
Hackensack Water. pref. A (qua:.)... 4354e Dee. 31 Holders of tee. Dee. 20
tee. Dec. 16a
Hartford Gas common (quar.)
*50e. Dee. 31 *Holders of rec. Dec. 15
Common (extra)
*250. Dec. 31 *Holders of rec. Dee. 15
Preferred (quar.)
*50e. Dee. 31 *Holders of rec. Dec. 15
Havana Elec.& Utilities. let pref.(qu.)154 Feb. 16 Holders of rec. Jan. 17
curreeatiee preferenee•(quar.)
$1.25 Feb. 16 Holders of rec. Jan. 17
Haverhill Gas Light (guar.)
*570. Jan. 2 *Holders of roe. Dee. 18
Hawaiian Cons R.Y., Ltd., pref. A ON ) *15o. Dec. 31
Illinois Bell Telephone (guar.)
Dec. 81 Holders of roe. Dee.
Illinois Power Co.,0% pref.(guar.)._ 154 Jan. 2 Holders of reo. Dec. 30
7% preferred (guar.)
1% Jan. 2 Holders of reo. Dee. 15
Illinois Power & Light. 6% pref. (qua:.) 154 Jan, 2 Holders of ree. Dee.
Illinois Water Service. pref. (guar.).- 5E50 Dee. 31 Holders of roe.


Name of Company.

Cent. Payable.

Books Closea
Days Inclustte.

Public Utilities (('ontinued).
Indiana & Mich. Elec. 7% pref.(qu.)__.•$1.75 Jan. 2 *Holders of rec. Dec. 5
*154 Jan. 2 *Holders of rec. Dec. 5
6% preferred (guar.)
Indianapolis Pow. & Lt..654% Pf.(g.) 134 Jan. 2 Holders of rec. Dec. 5
Indianapolis Water Co., pref. A (qu.)_. 154 Jan, 1 Holders of rec. Dec. 12n
Inter. Hydro-Elec.System,el. A (qu.)_ (n) Jan. 15 Holders of rec. Dec. 26a
$3.50 preferred (guar.)
87340 Jan. 15 Holders of rec. Dec. 26s
Internat. Power, Ltd., pref.(guar.).- 134 Jan, 2 Holders of rec. Dec. 15
Internat.Telep.& Telex.(guar.)
50c. Jan. 15 Holders of rec. Dec. I90
International Utilities Cont.,$7 pl.(qu.) $1.75 Feb. 2 Holders of rec. Jan. 150
Class A(quer.)
87540. Jan. 15 Holders of rec. Dec. 80s
Interstate Power Co., $7 pref.(quar.)
$1.75 Jan. 2 Holders of tee. Doe. 5
56 preferred (qua:.)
$1.50 Jan. 2 Holders of rec. Dec.
.144 Dec. 31 *Holders of rec. Dec. 15
Iowa Electric Co.,7% pref. A (quar.)
*154 Dec. 31 'Holders of rec. Dec. 15
634% pref. B (quar.)
Iowa By.& Light, pref. A (guar.)
*154 Dec. 31 *Holders of rec. Dee. 15
Preferred B (qua'.)
*154 Dec. 81 *Holders of rec. Dec. 16
Preferred 0 (qua:.)
*154 Dec. 31 *Holders of rec. Dee. 15
Iowa Southern Utilities, 7% pref. qu.). *154 Dec. 31 *Holders of rec. Dec. 18
•154 Dec. 31 *Holders of rec. Dee. 13
634% preferred (quar.)
6% preferred (guar.)
*154 Doe. 31 *Holders of rec. Dec. 13
Jamaica Public Service, COM
250. Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
$1.75 Jan. 2 Holders of roe. Dec. 15
Jamestown Telep. Corp. let pref.(quar.) *154 Jan. 1 *Holders of rec. Dec. 15
Jersey Central Power & Light
-7% preferred (guar.)
134 Jan, 1 Holders of rec. Dec. 104
6% preferred (guar.)
154 Jan. 1 Holders of rec. Dec. 10a
Karutas City Pow.& Lt.. let pt. B (qm.)- $1.50 Jan. I Holders of rec. Dec. 15a
Kansas Elec. Power, prof.(guar.)
*154 Jan. 2 *Holders of reo. Dec. 15
Kansas Gas & Elec. Co., pref.(guar.).134 Jan. 2 Holders of rec. Dee. 24
Kentucky Securities, coin. (guar.)
181.25 Jan. 2 *Holders of reo. Dee. 20
Preferred (guar.)
$1.50 Jan. 15 Holders of ree. Dee. 20
Kentucky Utilities. pref.(guar.)
.500. Jan. 15 *Holders of rec. Dee. 26
Keystone Pub. Bess.. $2.80 pt. (qu.).. 700. Jan. 1 Holders of rec. Doe. lba
KeystoneTelep. of Penna.. pref.(guar.) 750. Feb. 1 Holders of rec. Jan. 25
Kings County Lighting,(sera.(quar.)
*51.50 Jan. 2 *Holders of reo. Dee. 18
5% preferred (guar.)
*154 Jan. 2 *Holders of rec. Dec. 18
7% preferred (guar.)
*154 Jan. 2 *Holders of tee. Dee. 18
Lincoln Tel. & Tel.. corn.(guar.)
Jan. 10 *Holders of to. Dec. 31
Preferred (quer.)
*154 Jan. 10 "Holders of rec. Dec. 31
Lincoln Telep. Sec., pref. (guar.)
.154 Jan. 10 'Holders of rec. Dec. 31
Lone Star Gas Corp.. corn.(guar.)
*250. Dee. 31 *Holders of rec. Dee. 15
Common (in corn.stock).
Hold.of rec. Feb.2 1931
Long Island Ltg.. 7% pl. A (qua:.)
*134 Jan. 1 *Holders of tee. Dec. 18
*154 Jan. 1 *Holders of reo. Dee. 16
6% preferred series B (guar.)
Mackay Companies, common (guar.)._ 134 Jan. 2 Holder" of roe. Doc. 120
Jan. 2 Holden of rec. Dec. i2a
Preferred (qua:.)
Manhattan 11y., guar.stock (guar.).
- 154 Jan. 2 Holders of rec. Dee. 19a
Maritime Tel.& Tel., cont.(guar.)
*20e. Jan. 2 *Holders of rec. Dec. 15
*154 Jan. 2 *Holders of rec. Dec. 15
7% preferred (guar.)
Memphis Power & Light,57 prof.(qua'.) $1.75 Jan. 2 Holders of rec. Dec. 13
e5 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 13
Memphis Natural Chia,core•(au.)(N0.1)
15c. Deo. 31 Holders of rec. Dee. 15
Common (extra)
10e. Dee. 31 Holders of rec. Dee. 15
Preferred (guar.)
51.75 Jan.
Holders of rec. Dec. 20
Metropolitan Edison CO.. eem• (qua'.) '21
*Holders ot reo. Nov.28
$7 preferred (guar.)
*81.75 Jan.
*Holders of rec. Nov.28
*$1.50 Jan.
*Holders of rec. Nov.28
$6 preferred (qua'.)
*5E25 Jan.
*Holders of reo. Nov.28
$5 (referred (guar.)
Michigan Elea. Power. 7% pref.(guar) 134 Jan.
Holders of reo. Dec. 154
6% preferred (guar.)
154 Jan.
Holders of rec. Dec. 15a
Middlesex Water. preferred
*354 Jan.
*Holders of rec. Dec. 20
Middle West Utilities, corn. (quar.)
Feb. 1 *Holders of rec. Jan. 15
Prof.($1.50 or 3-80ths eh. com.stock)
Feb. 1 *Holders of roe. Jan. 15
Midland Utilities Co., 7% pr. lien (qu.)
154 Jan.
Holders of rec. Dec. 22
6% prior lien (qua'.)
154 Jan.
Holders of rec. Dee. 22
7% preferred A (qua:.)
134 Jan.
Holders of rec. Dec. 22
e% prefcmal A (guar.)
154 Jan.
Holders of rec. Dec. 22
Minnesota Power & Light.7% pref.(qu.) 154 Jan.
Holders of rec. Dec. 15
$6 preferred (guar.)
51.50 Jan.
Holders of rec. Dec. 15
Mississippi River Power. pref. (guar.)._ *154 Jan.
*Holders of tee. Dec. 15
Miss. Valley Pub.Service. pref. B((NJ_ *154 Jan.
*Holders of rec. Dec. 22
Mohawk & Hudson Power. let prof.(qu) $1.75 Feb.
Holders of tee. Jan. 15
Second preferred (guar.)
$1.75 Jan.
Holders of tee. Dee. 15
Monongahela West Penn Pub. Service
6% preferred (guar.)
"3734e Jan.
*Holders of tee. Dec. 15
7% preferred (guar.)
4354c Jan.
Holders of reo. Dec. 15
Montreal Lt.,Ht.& Pow.Cons.(guar.)
38o Jan. 3 Holders of tee. Dec. 31
Mountain State Power,prof.(guar.)
154 Jan. 2 Holders of tee. Dec. 31
Municipal Service Co common
88e Jan.
Holders of rec. Dec. 15e
Mutual Telep. Hawaii (monthly)
*Holders of rec. Dec. 17
*880 Jan.
Nassau & Suffolk Ltg.. pref.(quar.)___ 154 Jan.
Holders of reo. Dee. 16
National Elea, Power Co.. corn. A (qu.) 450 Feb.
Holders of rec. Jan. 150
450 Dec. 3 Holders of rec. Dec. 200
Common B (guar.)
154 Jan.
Holders of reo. Dee. 154
6% preferred (Oust.)
7% preferred (guar.)
Holders of reo. Dee. 154
134 Jan.
National Fuel Gas (quer.)
25o. Jan. 1 Holders of rec. Dee. 31
National (Is.. & Bloc pref. Pinar.%. • $1.62 Jan.
•Hohlers of roe Dee. 2()
National Power & Light,$6 prof.(quar.) $1.50 Feb.
Holders of rec. Jan. 17
National Public Sent,7% pref. A (qu.). 134 Jan.
Holders of rec. Dec. 17e
Newark Telephone, pref.(quar.)
*154 Jan. 1 *Holders of rec. Dec. 15
New England Gas& El. Assn., pf.(qu.)- 51.375 Jan.
Holders of rec. Nov.28
New England Power Co.. pref.(guar.)._ 134 Jan.
Holders of rec. Dec. 12
New England Public Service, corn.(qu.) 250. Dec. 3 Holders of rec. Dec. 15
$7 preferred (qua:.)
$1.75 Jan. 1 Holders of rec. Dec. 31
$8 preferred (guar.)
81.50 Jan. 1 Holders of rec. Dec. 31
Adjustment preferred (guar.)
$1.75 Jan. 1 Holders of reo. Dee. 31
$8 cony. preferred (qua:,)
$1.50 Jan. 1 Holders of reo. Dee. 31
New England Power Assn., corn.
50c. Jan. 1 Holders of rec. Dec. 310
6% preferred (quit.)
114 Jan.
Holders of tee. Dec. wa
Holders of reo. Dee. 100
50e. Jan.
$2 preferred (quar.)
New Dial:1mi Telep. & Teleg.
2 Dec. 31 Holders of rec. Dec. 10
New Haven Water
*82 Jan. 2 *Holders of rec. Dec. 15
N.J.& Hudson River Ry.& Ferry
Jan. 2
New Jersey Power & Light,$6 prof.(qu)*$1.50 Jan. 2 *Holders of rec. Nov.28
*51.25 Jan. 2 *Holders of rec. Nov.28
$5 preferred (guar.)
New Jersey Water Co., 7% pref. (guar.) I 41 Jan. 2 Holders of rec. Dec. 20
New Orleans Pub. Service, pref.(qu.)_ _ $1.75 Jan. 2 Holders of rec. Dec. 15
Newport Elec. Corp.. 6% prof. (quar.) •154 Jan. 2 *Holders of rec. Dee. 15
N. Y. Central Elec. Corp., pref.(guar.) •I 54 Jan, 2 *Holders of rec. Nov.28
N. Y.Power & Light, 18 prof.(qua:.).. *31.50 Jan. 2 *Holders of rec. Dec. 16
7% preferred (qua:.)
"134 Jan. 2 *Holders of rec. Dec. 16
New York Steam Corp.,$7 prof.(guar) $1.75 Jan. 2 Holders of reo. Dee. 15a
$1.50 Jan. 2 Holders of rec. Dee. 154
$6 preferred (guar.)
New York Telephone Co.,614% Pf.(qu.) 134 Jan. 15 Holders of rec. Dec. 2()
Niagara & Hudson Pow.Corp., oom.(qu) 10e. Doe. 31 Holders of roe. Doe. 1
North American Co., com.(in corn. stk.) 1234 Jan. 2 Holders of rec. Dee. 5a
Preferred (guar.)
750. Jan. 2 Holders of rec. Dec. 54
North Continent Utilities,7% pref.(qu.) •154 Jan. 2 *Holders of rec. Dec. 15
6% preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 15
North. Mex.Power & Devel., pref.(qu.) 154 Jan. 2 Holders of rec. Dee. 20
Northern N.Y. Utilities, Inc., prof. Otte
134 Feb. 1 Holders of roe. Jan. 10
Northern Ontario Power, corn. (quer.). 500. Jan. 26 Holders of reo. Dec. 81
Preferred (guar.)
134 Jan. 26 Holders of reo. Dec. 81
Northern States Pow.(Del.),corn. A(qu) 2
Feb. 2 Holders of rec. Dec. 31
7% preferred (guar.)
154 Jan. 20 Holders of rec. Dee. 31
6% preferred (guar.)
154 Jan. 20 Holders of rec. Dee. 31
Northport Water Works, prof.(quar.). 134 Jan. 1 Holders of rec. Dee. 16
Northwestern lieU Telep., corn.(guar.). 2
Dec. 31 Holders of rec. Dee. 29
Preferred (guar.)
154 Jan. 15 Holders of rec. Dee. 20
Northwestern Telegraph
$1.50 Jan. 2 Holders of me. Dee. 16a
North West Utilities, prior lien (guar.)
- $1.75 Jan. 2 Holders of roe. Dee. 15
Nova Scotia Light & Pow.,old (gust.)... *51 Jan. 2 *Holders of rec. Dee. 17
Ohio Bell Telephone, pref.(quar.)
154 Jan. 1 Holders of toe. Dec. 19
Ohio Cities Water, $6 pref (qua:.)
1E50 Jan. 1 Holders of reo. Dee, 20
Ohio Edison. $5 preferred (guar.)
$1.25 Jan. 2 Holders of roe. Dee. 15
$0 preferred (quiz.)
$1.50 Jan. 2 Holders of roe. Dee. 15
$4.10 preferred (guar.)
$1.65 Jan. 2 1.14,1ders of rec. Dee. 15
51.75 Jan. 2 Modern of rec. Dee. 15
$7 Preferred (Uttar.)
$7.20 preferred (guar.)
$1.80 Jan. 2 Holders of rec. Dee. 15
Ohio Electric Power Co.,7% pref.(qu.) 144 Jan. 1 Holders of rec. Dec. 15a
6% preferred (qua:.)
154 Jan. 1 Holders of reo. Dec. 15a

Name of Company.

Cu. Payable

Books Closed.
Days Endwise.

Public Utilities (Concluded).
Ohio Pub. Serv.7% pref.(monthly).... 58 1-3c Jan. 1 Holders of rec. Dec. 150
500. Jan. 1 Holders of rec. Dec. 150
8% preferred (monthly)
41 2-3c Jan. 1 Holders of reo. Dec. 15a
5% preferred (monthly)
58 1-3e Feb. 2 Holders of reo. Jan. 15a
7% prefer. ed (mthly.)
50e. Feb. 2 Holders of rec. Jan. 15a
5% Preferred (monthly)
41 2-3e Feb. 2 Holders of rec. Jan. 15a
5% preferred (monthly)
lum 81 •,....oers el rot Dee 24
Ohio F.., rter vlee OM(
.) --Jan. 1 *Holders of rec. Dec. 15
Oklahoma Natural Gas, pref.(quar.)--- sl
Orange & Rockland Elec., pref. (qUar.)- •14.‘ Jan. I *Holders of rec. Dec. 15
174 Dec. 31 Holders of rec. Dec.
Ottawa Light Heat & Power.corn.(qu.)_
Jan. 1 Holders of rec. Dec. 15
1 SS
Preferred (quar.)
$1.50 Jan. 1 *Holders of rec. Dec. 15
Otter Tall Power.$6 pref.(quar.)
• $1.375 Jan. 1 *Holders of rec. Dec. 15
$5.50 preferred (quar.)
•500. Jan. 2 *Holders of rec. Dec. 15
Pacific & Atlantic Telegraph
50e. Jan. 15 Holders of rec. Dec. 3I0
Pacific Gas & Elec.,corn.(quar.)
(quar.). $1.50 Jan. 15 Holders of rec. Dec. 31
Pacific Lighting Corp. $6 pref.
Par. Northw Pub Sere., pr. pref.(qu.). •1% Jan, 2 *Holders of rec. Dec. 15
*1% Jan. 2 *Holders of rec. Dec. 15
First preferred (quar.)
Pacific Telep.& Teleg.,com.(quar.)___. 1(4 Dm. 31 Holders of rec. Dec. 20a
1% Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
eti Jan. 2 *Holders of roe. Dec. 17
Panama Power & Light. pref.(quar.)
*$10 Jan. 2 *Holders of rec. Dec. 1
Pembroke Elec. Light (annual)
•35c Jan. 1 *Holders of rec. Doe. 15
Peninsular Telephone. corn. (quar.)
Penn Cent. Light & Pow., $5 pref.(qu.) $1.25 Jan. 1 Holders of rec. Dec. 150
700. Jan. 1 Holders of rec. Dec. 15
82.80 preferred (quar.)
Pennsylvania Gas & El Co.
Jan. 1 *Holders of roe. Dee. 20
7% prof. and no par pref.(quar.)
Penn-Ohio Light & Pow.$5 pref.(quar )it $1.25 Jan. 1 'Holders of rec. Dec. 15
Dec. 15
Pennsylvania Pow.& Light,$7 pret.(qu ) 1.75 Jan. 2 Holders of rec.
$ 1.50 Jan. 2 Holders of rec. Doe. 15
$8 preferred (quar.)
$1.25 Jan. 2 Holders of rec. Dec. 15
$5 preferred (quar.)
75e Jan. 2 Holders of reo. Dec. 12
Pennsylvania Water & Power (quiz.)
60e Jan. 2 Holders of rec. Dee. 15
Peoples Leas & Power. class A (quar.)
lei Jan. 1 Holders of roe. Dec. 20
Works. pref. (quiz.)
Peoria Water
Dec. 31
Philadelphia Company, eons.(quar.)_. 20e. Jan. 31 Holders of rec.
35c. Jan. 31 Holders of rec. Dec. 31
Common (extra)
$1.50 Jan. 2 Holders of reo. Deo. 11
$6 preferred (quar.)
Jan. 31 Holders of rec. Dec. 31a
Common old $50 par (quar.)
1/4 Jan. 31 Holders of rec. Dec. 316
Common old $50 Par (extra)
*El Jan. 1 *Holders of rec. Dec. 20
Philadelphia & Darby fly
Philadelphia Electric Co., $5 pref. (qu.) *$1.25 Feb. 2 "Holders of rec. Jan. 10
50c Jan. I Holders of rec. Dee.
Co., pref.(quar.)Philadelphia El. Pow.
Holders of ree. Jan. 150
Jan.; 31
Phila. Rapid Transit, corn.(quar.)
*$1 Jan. 2 *Holders of rec. Jan. 2
Plainfield Union Water (quar.)
'18( Jan. 2 *Holders of ree. Dec. 15
Ponce Electric Co. prof (quiz.)
Portland General Elec..7% pr. pref.(qu) '1(4 Jan. 2 *Holders of reo. Dec. 15
*134 Jan. 2 "Holders of rec. Dec.
First preferred (quar.)
Holders of rec. Dec. 12a
Foetal Tele,/ & Cattle Corp., pt. (quar.) 1(4 Jan. 2
- 174 Jan. 15 Holders of rec. Dec. 31
Power Corp. of Canada. pref.(guar.)
750 Jan. 15 Holders of rec. Dee.
Participating preferred (quar.)
rec. Dec. 22
Power Gas & Water Service, pref.(qu.)_ •15o Jan. 1 *Holders of
.30e Jan. 2 *Holders of rec. Dec. 15
Providence Gas (quit.)
•10e Jan. 2 *Holders of rec. Dec. 15
58 1-3e Jan. 1 Holders of rec. Dee. 15
Pub.Serv.of Col 7% pref.(mthly.)
50e Jan. 1 Holders of reo. Dec. 15
preferred (monthly)
412-Sc Jan. 1 Holders of rec. Dec. 15
5 Preferred (monthly)
58 1-3c Feb. 1 Holders of roe. Jan. 154
7% preferaed (moi Ole)
50o. Feb. 1 Holders of rec. Jan. 166
5% Preferred (monthly)
41 2-30 Feb. 1 Holders of reo. Jan. 154
5% Preferred (monthly)
Public service Corp. of N.J., corn.(qu.) 85e. Dec. 31 Holders of reo. Dec. 6a
Dee. 31 Holden of rOCI. Dec. 54
8% preferred (quar.)
1)4 Dec. 31 Holders of ree. Dec. 5"
7% preferred (quar.)
$1.25 Dee. 31 Holders of tee. Dee. ao
$5 preferred (quar.)
50e. Doe. $1 Holders of roe. Dec. So
8% preferred (monthly)
50e. Jan. 31 Holders of res. Jan. 2a
weferred (morithly)
Jan. 2 Dec. 21 to Jan. 2
Service Co. of Okla., corn.(qu.). 2
1(4 Jan. 2 Dee. 21 to Jan. 2
7% prior Uen stock (quar.)
1/ Jan. 2 Dec. 21 to Jan. 2
8% eller lien stock (quar.)
Public Service Elec. & Gas,7% pf.(qu.) 1 II Dec. 31 Holders of rec. Dec. 54
154 Dee. 31 Holders of reo. Dec. 5s
6% preferred (quiz.)
Pueet sound Power & Light, pref. (qu.) $1.50 Jan. 15 Holders of roe. Dec. 190
$1.25 Jan. 15 Holders of rec. Dec.
Prior preferred (quar.)
82 tee Jan. 15 Holden, of rect. Dec. 23
DueLet Poe er (quar.)
Queensborough Gas & Elec., pref.(ql1.)- •1/4 Jan. 1 *Holders of reo. Dec. 1
Jan. 2 Dec. 16 to Jan.
Ridge Ave. P899. Ry.(Phila.)(quar.)... $3
Rochester Central Power.6% 61. (qu.) •114 Jan. 2 'Holders of rec. Noe. 13
Rochester Telephone. common (guar.).- •$1.25 Jan. 1 *Holders of reo. Dec. 13
'1(4 Jan. 1 *Holders of reo. Dec.
6%et preferred (quar.)
134 Jan. 2 *Holders of rec. Dec. 15
Rockville-WIllamantio Ltd., pref. (cu.) •
•134 Jan. 2 *Holders of rec. Dec. 15
ei% preferred (quar.)
'174 Jan. 2 'Holders of rec. Dee. 15
St. Joseph Ry. 1.t. & Pow.. pref.((In.)
•3734e Jan. 1 *Holders of reo. Dec. 15
Saranac River Power. cont.(Quiz.)
*lei Jan. 1 *Holders of rec. Dec. 15
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 106
Savannah Elec. & Pow., deb. A (quiz.). 2
Debenture [neck. series B (quar.)__. 114 Jan. 2 Holders of reo. Doe. 100
1(4 Jan. 2 Holders of rec. Dee. 10a
Debenture stock. series C
*$1.50 Jan. 2 'Holders of rec. Dee. 8
Scranton Electric $6 pref.(quar.)
Jan. 1 Dec. 2 to Jan. 1
2d & 3d Sta. Pass. Ry., Phila.(guar.).- 23
9(4 Jan. 15 *Holders of rec. Jan. I
Sedells teeter pref
"37/4c Jan. 1 *Holders of reo. Dec 15
Shasta Water, clam A (guar.)
62 tee Jan. 10 Holders of reo. Doe. 18
Shawinigan w ster & Power(qIL)
$1.50 Jan. 1 Holders of rec. Dec. 20
South Carolina Power. $6 pref.(quar.)
500 Jan. 15 Holders of rec. Dec. 20
Son. Calif. Edison orig. pref.(Var.)
343 Jan. 15 Holders of rec. Dec. 20
Preferred series C (quar.)174 Jan. 15 Holders of rec. Dee. 20
.Southern Canada Power. pref.(guar.).*50c Jan. 2 *Holders of rec. Deo. 24
Southern Union Gas, class A (quar.)
Jan. 2
South Pittsburgh Water,6% pref. (411.) 154 Jan. 15 Holders of rec. Jan. 2
lei Jan. 15 Holders of reo.
7% preferred 'quar.)
Southwest Light dc Power. pref.(qllar.)- *21.50 Jan. 2 *Holders of roe. Dec. 15
Dee. 31 'Holders of rec. Deo.
Claes A
rec. Doe. 20
1/i Jan. 1 Holders of
Southwestern Bell Telep.. pref.(quar.)_
Southwestern Gas & El., 7% pf. (qu.).. *lei Jan. 1 'Holders of roe Dec. 15
Jan. 1 'Holders of reo. Dec.
8% prof. (quar.)
Dec. 15
Southwestern Lt. dr Pr., $a pref.(qu.).. •$1.50 Jan. 2 *Holders of rec. Dec. 15
$1.75 Jan. 2 Holders of rec.
Springfield (Mo.) Gas & El., pref
87740. Jan. 24 Holders of rec. Dec. 316
Standard Gas & Elec.. corn.(quar.)
$1.75 Jan. 24 Holders of rec. Doe. 310
87 Preferred (quar.)
$1.50 Jan. 24 Holders of rec. Dec. 310
$8 preferred (quar.)
Dec. 31 Holders of rec. Dec. 20
Standard Gas Light of N. Y.. coin
Dec. 31 Holders of rec. Doe. 20
Feb. 11
Stand. Pow.& Light.corn.& corn.I3(qu) 50c. Mar. 2 Holders of rec. Jan. 16
$1.75 Feb. 2 Holders of roe.
Preferred (quar.)
pref.(qu.)_ '1(4 Jan. 1 *Holders of rec. Dec. 15
Superior Water, Lt.& Pow.,
Deo. 10
Taenny-Palmyra Bridge, corn. & Cl. A. 750. Dec. 31 Holders of rec. Dec 15
Tennessee Elea Power. 5% let pf. (qu.) 1St Jan. 2 Holders of reo. Dec. 15
2 Holders of ree.
134 Jan.
8% first preferred (quar.)
1 ei Jan. 2 Holders of roe. Dee. 15
7% first preferred (quar.)
11.80 Jan. 2 Holders of rec. Dee. 15
7.2% first preferred (quar.)
500 Jan. 2 Holders of reo Dee. 15
6% first preferred (monthly)
600 Jan. 2 Holders of reo Dec. 15
7.2% nett preferred (monthly)
134 Jan. 2 Holders of rec. Dec. 15
Texas-Louisiana Power,7% pref.(qu.)-150
Toledo Edison Co..7% pref.(mthle.)--* 58 1-3e Jan. 2 *Holders of rec. Dec. 150
*50e. Jan. 2 *Holders of rec. Doe.
6% preferred (monthly)
of rec. Dec. 154
•41 2-3c Jan. 2 *Holders
5% preferred (monthly)
Dee. 15
Toledo Tract. Light & Pow.,6% pf(qu.) 174 Jan. 2 Holders of rec.
Twin City Rapid Transit, Minneapolis
Jan. 15 Holders of roe. Dec. 310
Common (pay. In notes & scrip)
lei Jan. 2 Holders of rec. Dec. 120
Preferred (quar.)
Union Elec. Lt.& P.(Mo.) 7% pt.(ti.) •lei Jan. 2 *Holders of rec. Dee. 15
'13.4 Jan. 2 *Holders of rec. Deo. 15
6% preferred (quar.)
Dec. 15
Union El. Lt & Pow (111s.),6% pf.(cill.) '134 Jan. 2 *Holders of reo. Dec. 15
Jan. 1 Holders of roe
Union Passenger Hy.(Phila.)
$1.50 Jan. 1 Holders of reo. Dec. 10
Union Traction (Phila.)
75e. Jan. 2 Holders of roe. Dee.
United Corporation. $3 pref. (quar.)__.
United Gas & Elec. Corp.. pref.(quer.). 134 Jan. 1 Holders of roe. Doe. 151
Pow., new corn. A & B(qu.) 25c Feb. 2 Holders of rec. Jan. lier
United Lt.&
$1.25 Feb. 2 Holders of roe. Jan.
Old common A & B (qua?.)
81.50 Jan. 2 Holders of roe. Deo. 150
$8 Preferred (qua?.)
58 1-3e Jan. 2 *Holders of rec. Deo. 15
United Lt.& Rya..7% pr. pt.(rnthle.)*53c. Jan. 2 *Holders of rec. Deo. 15
6.36% prlor preferred (monthly)
*50o. Jan. 2 *Holders of rec. Dee. 15
0% prior preferred (monthly)

[Var.. 131.



Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Public Utilities (Concluded).
United Gas Improvement,corn.(qua?.). 30c Dec. 31 Holders of rec. Nov.2e
$1.25 Doe. 31 Holders of rec. Nov.
Preferred (quiz.)
$1.75 Jan. 2 Holders of rec. Dec. 16
United Public Service.$7 prof. (quiz.)_
81.50 Jan, 2 Holders of rec. Dee. 15
$6 preferred (quiz.)
United Public Utilities, E6 pref. (quar.)- $1.50 Jan. 2 Holders of rec. Dee. 15
$I 7-16 Jan. 2 Holders of rec. Deo. 15
$6.75 preferred (quiz.)
Jan. 15 *Holders of rec. Dec. 31
United Tel.(Kansas)corn.(quiz.)
'$1.75 Jan. 15 *Holders of rec. Dec. 31
Preferred (qua?.)
'1(4 Jan. 1 *Holders of rec. Dec. 15
Utah Gas & Cote, 1st pref.(quiz.)
'l(4 Jan. 1 'Holders of rec. Dee. 15
Participating pref. (quiz.)
Utah Power & Light, $7 pref (qua?.)... $1.75 Jan. 2 Holders of rec. Dec. 5
$1.50 Jan. 2 Holders of rec. Dec. 5
$6 preferred (Mori
x25e. Jan. 2 Holders of reo. Doe. 60
Utilities Power & Light. corn.(qua?.)
lec. Jan. 2 Holders of rec. Doe. Eia
Common (extra)
250c. Jan. 2 Holders of rec. Dec. 50
Class A (quiz.)
sl5o. Jan. 2 Holders of reo. Dec. 50
Class A (extra)
Y250. Jan. 2 Holders of roc Doe. 54
Class B (quiz.)
Sio, Jan. 2 Holders of reo. Dee. 50
Class B (extra)
1(4 Jan. 2 Holders of rec. Dec. 54
Preferred (quer.)
1(4 Jan. 1 Holders of rec. Dec. 155
Virginia Public Service, 7% pref.(qu.)._
13.4 Jan. 1 Holders of mu Dec. 15e
5% Preferred (quar,)
68/4c. Dec. 31 Holders of rec. Dec. 17
Western Massachusetts Cos.(guar.)
Western Power Corp.,7% cum. pf.(qu.) 134 Jan. 9 Holders of roe. Dec. 31
*lei Jan. 2 Holders of roe Dec. 15
Western Pr., Lt. dr Tel.,7% pt.(qu.)
*lei Jan. 2 Holders of rec. Dee 15
8% preferred (quar.)
Jan. 15 Ifoldera of rec Dec. 231
Western Union Telegraph (quar.).
134 Jan. 2 Holders of rec. Dec. 22
West Kootenay Pow.& Lt., pref.(au.)
21.50 Jan. 1 Holders of rec. Dec. 20
Westmoreland Water, $6 pref (quar.)
$1.75 Dec. 30 Holders of rec. Doe. 17s
Watt Penn Electric Co.. Cl. A (ellar.)
West Penn Power Co., 7% pref.(qu.).. 154 Feb. 2 Holders of rec. Jan. 50
174 Feb. 2 Holders of rec. Jan. 56
preferred (quar.)
$4.25 Jan. 1 Holders of rec Dec. 15
West Phila Passenger Ry
*S1.50 Jan. 1 *Holders of rec. Dee. 15
West Texas Utilities, $6 pref.(quar.)
West Va. Water Service. $8 Prof.(quar.) *31.50 Jan. 1 *Holders of reo. Dec. 19
lei Jan. 1 Holders of rec Dee. 6
Winnipeg Elec. Co.. pref. (quar.)
Wisconsin Electric Power,674% pf.(qu.) •154 Jan. 2'Holders of rec. Doe. 16
6% preferred (quar.)
*174 Jan. 2 Holders of rec. Deo. 15
Wisconsin Hydro-Electric Co., pf.(qu.)- 114 Jan, 2 Holders of roe. Dee. 15
334 Jan, 2 Holders of rec. Dec. 31
Wisconsin Valley Elec. Co., pref
Jan. 2 Holders of rec. Dec. 22
American Union (guar.)
Bank of America Nat'l Ass'n.(quar.)-- $1.125 Jan. 2 Holders of rec. Doe. 17e
Bancamerica-Blalr Corp.(quar.)
Jan. 2 Holders of rec. Doe. 10a
Chase National (quer.)
Chase Securities Co., qua?.)
Jan. 2 Holders of rec. Dec. 15
Nat. Bk.& Tr.(guar.) *31
Chatham Phenix
Jan. 1 Holders of rec. Dec. 314
Fifth Avenue (quar.)
Jan. 2 Holders of rec. Dec. 24s
First National (guar.)
Jan. 2 Holders of rec. Dec. 24e
First Security Co.(guar.)
"75e. Dec. 31 "Holders of rec. Dec. 24
Flatbrish National (Brooklyn)(quar.)
'134 Doe. 31 "Holders of roe. Dec. 20
Jamaica National (quar.)
Doe. 31 *Holders of rec. Deo. 29
Jan. 2 Holders of rec. Dec. 151
Manhattan CO.(quar.)
National City (qua?.)
Jan. 1 Holders of roe. Dee. 8
National City Co.(quar.)
City Bank Farmers Trust Co.,(guar.).
*274 Jan. 1 "Holders of rec. Dec. 9
Ozone Park National (Bklyn.)
*$5 Dec. 31 *Holders of rec. Dec. 31
Jan. 1 Holders of reo. Dee. 9
Peoples National(Brooklyn)(qua?.).. 3
Jan. 1 Holders of rec. Dec 20
Public Nat. Bank & Trust (guar.)
Dec. 31 *Holders of rect. Dec. 16
Queensboro National
Jan. 2 Holders of reo. Dec. 20
South Shore(Staten Island)
Jan. 2 Holders of reo. Dec. 20
Jan. 2 Holders of rec. Dec. 20
Tottenville Nat.(Staten Island)
174 Jan. 5 Holders of roe. Dec. 24
Trade (qua?.)
Jan. 10 Holders of rec. Dec. 31
West New Brighton (Staten Island)
Jan. 5 Holders of reo. Deo. 31
Woodside National
Trust Corneaeles.
Banes Commerciale Itallana (quar.) - 23e Jan. 2
75e. Jan. 2
75e. Jan. 1
Bank of Europe & Trust Co.(quiz.)
25e, Jan, 1
$4.50 Jan. 2
Bank of N. Y. & Trust Co.(qua?.)
$2.00 Jan. 2
400. Jan, 1
Bronx County (quiz.)
Jan. 2
Brooklyn (quiz.)
$1.50 Jan. 2
Central Hanover Bk.& Tr.(qua?.)
Jan. 2
45e, Jan. 2
Chemical Bank & Trust (qua?.)
County(new $25 par stk.)(quar.)(No.1) 300. Jan. 2
80c. Jan. 2
800. Jan. 2
Jan. 2
Fulton (quar.)
Globe Bank & Trust Co., Bklyn.(quar.) *$1.50 Jan. 2
Doe. 31
Guaranty (guar.)
40e, Jan. 2
Irving (quiz.)
*2 Dec. 31
Jan. 2
Manufacturers Trust (quiz.)
Dec. 31
81.25 Jan. 2
New York (quar.)
81.20 Jan. 2
Title Guarantee & Trust(quar.)
60e. Jan. 2
aal5 Jan. 2
United States (quiz.)
43e Jan. 2

Holders of rec. Dee. /6
Holders of re* Dec. 11
Holders of rec. Dee. 20
Holders of rec. Dec. 20
Holders of rec. Doe. 190
Holders of rec. Dec. 190
Holders of reo. Dec. 20a
Holders of rec. Dec. 22
Holders of reo. Doe. 20
Holders of rec. Dec. 20
Holders of rec. Doe, 15
Holders of reo. Doe. 23a
Holders of roe. Doe. 18a
Holders of rec. Dec. DU
Holders of rec. Dec. 22
Holders of rec. Dec. 20
Holders of roe. Dec. 5
Holders of ree. Dec. 2
Holders of rec. Deo. 23
Holden of rec. Dec. 15
Dec. 23 to Jen. I
Holdera of rec. Dee. 200
Holders of roc. Dec. 23
Holders of rec. Dec. 23
Holders of rec. Dee. 22
Dec. 28 to Jan. 1

Fire Insurance.
Amer.Salamandra Corp.(qua?.)
Brooklyn Fire (quar.)
City of New York (guar.)
Hatifax Fire Insurance
Hanover Fire (qua?.)
Home of New York (quiz.)
New Brunewick Fire
Republic Fire (guar.)
Rossla Insurance (qua?.)

Holders of rec. Doe, 19
Holders of rec. Dec. 20
Holders of rec. Dee. 15
Holders of rec. Dec. 310
Holders of ree. Dec. 311
Dec. 11 to Jan. 1
Holders of rec. Dee. 18
Holders of roe. Dee. 15
Holders of ere Deo 15
Holders of roe. Dec. 19
Holders of rec. Dee. 161

50e. Jan,
30c. Jan.
$1.20 Jan.
$1.30 Jan.
60e. Jan.
•40e. Jan.
50e. Jan.
90e. Jan.
50e. Jan.
55o, Jan.


6234c Jan. 1 Holders of rec. Doe. 18
Abbot Laboratories (quar.)
174 Jan. 20 Holders of reo. Jan. lOis
Abitibi Power & Paper.6% In.
lei Jan. 2 Holders of roe. Dec. 20
preferred (quer.)
Co.,pref.(qua?.).. 134 Jan. 1 Holders of rec. Doe, 20
Abercrombie & Fitch
lei Jan. 31 Holders of rec. Jan. 154
Abraham & Straus. Inc., pref.(qua?.)..
Abstract Title & Mortgage of Buffalo,
"40c. Dec. 31 *Holders of rec. Deo. 18
Rochester & Lockport, corn.(guar.)._
'6274c Jan. 2 *Holders of rec. Dec. 20
Acme Steel (quar.)
400. Dee. 31 Holders of roe. Dec. lea
Adams Express,cons.(qua?.)
lei Dec. 31 Holders of roe Doe. 154
Preferred (guar.)
35o, Jan. 10 Holders of reo. Jan. 50
Addressograph Int. Corp.(qua?.)
(u) Dee, 27 Holders of rec. Dec. 22a
Stock dividend
"lei Dec. 31 *Holders of rec. Dec. 20
Aeolian Co., pref.(quiz.)
Jan. 1 "Holders of rec. Dee. 15
Aeolian Co. of Mo.,2d pref.(qua?.)--- *2
134 Jan. 1 Holders of rec. Dec. 15
Aetna Rubber, pref.(qua?.)
$1.50 Jan. 1 Holders of rec. Dec. 20
Affiliated Investors, Inc..$8 p1.
400. Jan. 1 Holders of rec. Dec. 18
Affiliated Products, Inc.(quar.)
Agnew-Surpass Shoe Stores. prat.(qu.). 1.34 Jan. 2 Holders of reo. Deo. 16
75e, Jan. 15 Holders of rec. Dec. 31e
Air Reduction Co.(quar.)
15e. Jan. 1 Holders of rec. Dec. 19
Air-Way Elec. Appliance,cont.(quiz.)
1(4 Jan. 1 Holders of roe. Dec. 19
First preferred (qua?.)
10e. Feb. d2 Holders of rec. Jan. 100
Alaska Juneau Gold kiln.(qu.)(No. 1)
Jan. 2 *Holders of rec. Dec. 24
Alexander Hamilton Institute, prat
150. Jan. 17 Holders of rec. Dee. 810
Allegheny Steel(monthly)
15e. Feb. 18 Holders of roe. Jail. 31.a
3734e Jan. 2 Holders of ree. Dee. 22
Alice& Fisher,Inc.(quar.)
$1.50 Feb. 2 Holders of rec. JIM. 13
Allied Chemical & Dye.corn.
15 Jan. 3 Holders of roe. Dec. lle
Common (payable In oom.stock)
lei Jan. 2 Holders of ere. Dec. 114
Preferred (quiz.)
Allied Laboratories,cony.pref.(quiz.).. •873ec Jan. 1 *Holders of rec. Dee. 15

DEC. 27 1930.]
Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Allied Products, Corn, A (guar.)
'87340 Jan. 1 *Holders of rec. Dec. 15
Allied Telep. UHL, pref. (guar.)
•43140 Jan. 1 *Holders of roe. Dec. 20
Aloe(S.T.) Co.,com.(guar.)
63e. Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
114 1Jan. 2 Holders of rec. Dec. 20
Alpha Portland Cement, corn. (quar.)__
50e.lJan. 24 Holders of rec. Dec.
Aluminum Co.of Amer., pref.(guar.)--- '134 Jan. 1 *Holders of rec. Dec. 31a
Aluminum Goods Mfg.Co.,corn.(qu.)
30c Jan. 1 Dec. 22 to Dec. 31
Aluminum Mfr..Inc..coin us ear.)_
•50e Dec. Si •Hoglers of rec. Deo 16
American Aggregates, Prof. (guar.)._ •$1.75 Feb. 2 *Holders of rec. Dec. 2.)
Amer. Aggregates Corp.. Prof.(quar.). •15‘ Jan. 1 *Holders of rec. Dec.
Amer. Asphalt Roofing. corn.(quar.)-- '134 Jan. 15 *Holden of rec. Dec. 20
Preferred (guar.)*2
Jan. 15 'Holders of rec. Dec. 31
American Bank Note,corn.(guar.)
50o Jan. 2 Holders of roe. Dec. 101
Common (extra)
Doe, 30 Holders of roe. Dec. 10 r
Preferred (guar.)
75e Jan. 2 Holders of rec. Dec. loo
American Bakeries. class A (guar.)
•750 Jan. 2 *Holders of roe. Dec. 18
Preferred (guar.)
'134 Jan. 2 *Holders
Amer. Brake Shoe & Fdy.. com.(guar.) 60e. Dec. 31 Holders of rec. Dec. 18
of rec. Dec. 23a
Common (guar.)
650. Mar. 31 Holders of roe. Mar. 200
Preferred (guar.)
1% Dee. 31 Holders of roe. Dec. 230
Preferred (guar.)
134 Mar.31 Holders of rec. Mar.20a
Amer Bruer, Boverl
pref.(guar.) 14 Jan. 2 Holders of rec. Dee. 200
American Can, pref.(guar.)
134 Jan. 2 Holders of roe. Dee. 160
American Capital Corp.,$3 pref.(guar.)
75e. Jan. 2 Holders of rec. Dec. 15
Amer. Car & Fdy. Corn.(aunt.)
$1.50 Jan. 1 Holders of roe. Dec. 160
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 18a
American Chain. pref.(guar.)
134 Dec. 31 Holders of roe. Doe. 203
American Chicle, com.(guar.)
•50e. Jan. 1 *Holders of roe. Dee. 12
Common (extra)
•250 Jan. 1 *Holders of rec. Doe. 12
American Cigar Co.. Pref.(quer.)
14 Jan. 2 Holders of roe. Dec. 15
American Coiortype. common (qufss.)
60c. Doe. 31 Holders of rec. Dec. 12o
American Express (guar.)
14 Jan. 2 Holders of rec. Dec. 190
American Felt Co. (guar.)
14 Jan. 2 Holders of
American Fork di Hoe. pref.(guar.)--- 14 Jan. 15 Holders of rec. Dec. 18
rec. Jan. 5
Amer. Fruit Growers, Inc., pref.(qu.).
114 Jan. 2 Holders of rec. flee. 23
Amer. Furniture Mart Bldg.. pref.(qu.) 1)4 Jan. 2
Holders of rec. Dec. 20
American Hair & Felt
Corn., first and second pref.(quar.)._ *2
Jan. 1 *Holders of rec. Dee. 20
American Hardware (quer.)
*31 Jan. 1 *Holders of roe. Dee. 18
Amer. Home Products(monthly)
35o. Jan. 2 Holders of roe. Dec. 15a
35o. Feb. 2 Holders of rec. Jan. 140
Amer. Ice Co.,com.(guar.)
750. Jan. 28 Holders of rec. Jan. 9a
Preferred (guar.)
$1.50 Jan. 2 Holders of rec. Jan. 9a
Amer. Inv. Co., Speleld, Ill., pref.(q11.) *4314c Jan.
*Holders of rec. Dec. 19
American Locomotive, corn.(quar.)_.__
500. Dec. 3 Holders of roe. Dec. 12e
Preferred (guar.)
1% Dee. 3 Holders of rec. Dec. 125
Amer. Maine Products,corn.(guar.)
-- •50o. Dec. 3 *Holders of rec. Doe. 13
Preferred (guar.)
Dec. 8 *Holders of roe. Dec. 12
Amer. Manufacturing Co., corn.
Dec II DE. la to Der 80
(qux.) 1
Common (guar.)
Mar.31 Holders of rec. Mar. 15
Common (guar.)
July 1 Holders of rec. June 15
Common (guar.)
Oct. 1 Holders of rec. Sept. 15
Common (guar.)
Dec. 31 Holders of rec. Dec. 15
Preferred t guar./
111 Dee 81 1.).• in to
Dee go
Preferred (guar.)
114 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
1)( July 1 Holders of roe. June 15
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
14 Dee. 31
American Optical Co.. prof. (quar.)____ *1% Jan. 1 Holders of roe. Dec. 15
American Pneumatic Sere.. 1st pref.(qu) 8740 Dec. 31 *Holders of roe. Dec. 20
Holders of rec. Dec. 20
Amer. Potash & Chemical (guar.)
*25e. Dec. 31 *Holders of rec. Dec. 20
American Products, pref.(guar.)
*50o. Jan. 1 *Holders of rec. Dec. 15
Amer. Radiator & standard Sanitary
Mfg., corn. (guar.)
25c. Dee. 31 Holders of rec. Dec. 110
Amer. Railway Trust Shares
•40o. Jan 15
Amer. Republics Corp., pref
*34 Dec. 31 *Holders of rec. Dec. 10
Amer. Rolling Mill.. com.(guar.)
50e Jan. 15 Holders of rec. Dec. 150
Preferred B (guar.)
.14 Jan. 1 *Holders of roe. Dec. 16
6% preferred (guar.)
*1 Si Jan. 15 *Holders of reo. Dec. 31
American Safety Razor (guar.)
$1.25 Dee, 31 Holders of rec. Dee. 101
American Screw %quar.)
134 Jan. 2 Holders of rec. Dec. 202
Amer. Shipbuilding, corn.(aunt.)
$1.25 Feb. 1 Holders of rec. Jan. I5a
Preferred (quar.)
*151 Feb. 1 *Holders of rec. Jan. 15
American Snuff, com.(War.)
75e Jan. 2 Holders of roe Dec. Ile
Common (extra)
25c Jan. 2 Holders of rec. Dec. lla
Preferred (quar)
1% Jan. 2 Holders of rec. Dec. Ile
Amer. Steel Foundries, com.(guar.).
- 750 Jan. 15 Holders of rec. Jon. 20
Preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 15/
Amerhse Stores. common (guar.)
50e Jan. 1 Holders of tee. 1)ee. 13e
American Sugar Refg.,com.(guar.).
- 14 Jan. 2 Holders of rec. Dec. 5/
Preferred (guar.)
1,' Jan. 2 Holders of roe. Doe. 5/
American Surety (guar.)
$1.50 Dec. 31 Holders of roe. Doe. 18.
Amer. Thermos Bottle, pref. (quar.)
*87 c Jan. 2 *Holders or rec. Dec. 20
American 'thread. preferred
•12140 Jan. 1 *Holders of reo. Nov.29
American Tobacco, Prof. (guar.)
14 Jan. 2 Holders of roe. Doe. 10.
American Type Founders, MM.(quar.)_ 2
Jan. 15 Holders of rec. Jan. 6a
Preferred (guar.)
134 Jan, 15 Holders of rec. Jan. 5a
American Wringer, corn.(guar.)
•75o Jan. 2 *Holders of roe. Dec. 15
American Yvette Co.. Pref. (guar.)- - - *50c Jan. 1 *Holders of rec. Dec. 15
Anchor Cap Corp., corn.(guar.)
60c Jan. 2 Holders of rec. Dee. 19a
$6.50 preferred (guar.)
$1.625 Jan. 2 Holders of rec. Dec. 19a
Anchor Post Fence(qu.)(Pay in stk.).Jan. 1 'Holders of rec. Dec. 15
Andover Realty, pret.(qear)
sale•I 4 Jan. 1 *Holders of reo. Dec. 15
Anglo-National Coro., class A (quar.)-50c Jan. 15 Holders of rec. Jan. 3
Anglo-Norweglan Holdings, Ltd., pref.
34 Dec. 31 Holders of rec. Dec. 24
Anglo-Persian 011 Amer. dep. receipts. •te5 Dec. 29
Apex Electrical Mfg.. prior pref.(qu.)- 14 Jan. 1 *Holders of rec. Dec. 5
Holders of
Apponaug Co.. com.(guar.)
•500 Jan. 1 *Holders of rec. Dec. 19
rec. Dec. 15
Preferred (guar.)
•134 Jan. 1 *Holders of rec. Dec. 15
Armour & Co.(111)., Prof (Quer.)
131 Jan. 2 Holders of roe. Dee. 10,
Armour dr Co. of Del, prof.(oust.).... 14 Jan. 2 Holders of
rec. Doe. 10.
Armstrong Cork (guar.)
•250. Jan. 2
Arnold Print Works let pref (guar.).- *31 75 Jan. 1 *Holders of roe. Dec. 18
*Holders of roe. Doe. 20
Arrow-Hart-Hegeman Elec., Com.
(qu.). •750. Jan. 1 *Holders of roe. Dee, 24
• 31.625 Jan. 1 *Holders of rec. Dee. 24
Art MetalConstruction(guar.)
40e. Jan. 2 Holders of roe. Dec. 20a
Arundel Corp.(guar.)
•75e. Jan. 2'Holders of rec. Doe. 22
Associated Apparel Industries (aunt.). $1
Jan. 2 Holders of rec. Dec. 19a
Associated Tikrs. Tr. Mtge. Guar.(au.).'3734c Jan. 2 *Holders of
Associated Brew.(Canada),corn.(qu.)_ •25e. Dec. 31 *Holders of rec. Dee. 20
roe. Doe, 15
Preferred (quer.)
134 Jan. 1 Holders of reel. Doe. 15
Associated Industrial Bankers
Corn. A (guar.)(No.1)
Jan. 2 Holders of rec. Dec. 15
Associated on (guar.)
50o. Dee. 31 Holders of rec. Doe. 12
Assoclatee Investments Co. corn.(qu.). •$1
Dec. 31 *Holders of rec.
Preferred (guar.)
• 1% Doe. 31 *Holders of rec. Dec. 20
Doe. 20
Atl. Gulf & West Indies S.S. Lines
Preferred (guar.)
114 Dee. 81 Holders of roe. Dee. 11
Atlantic Steel, corn.(guar.)
*$1.50 Dec. 31 *Holders of rec. Dec. 20
Atlas Plywood (guar.)
•50o. Jan. 15 *Holders of rec. Dec. 31
Atlas Stores, com.(pay.In corn.stock)
114 Mar. 2 Holders of roe. Feb.
Preferred (cptar.)
750. Jan. 2 Holders of rec. Dec. 16a
Auburn Automobile (guar.)
Jan. 2 Holders of rec. Dec. 20.
Stook dividend
Jan. 2 Holders of rec. Dec. 20
Austin, Nichols & Co., prior A (quar.)
75c. Feb. 1 Holders of roe. Jan. 15a
Automobile Finance Corp., pre!
*87 He Jan 15 'Holders
Axton-Fisher Tobacco, class A (guar.).- *80e. Jan. 1 *Holders of roe. Dee. 31
of rec. Dec. 15
Preferred (quer.)
'134 Jan. 1 *Holders of rec. Dec. 15
Babcock & Wilcox Co.(quar.)
114 Jan, 2 Holders
Balabao & Hats Corp., com.(quer.).-- *75e. Dee. 27 *Holders of rec. Dec. 20a
Preferred (guar.)
•1ti Dee. 27 *Holders of roe. Dec. 15
of roe Dee. 15
Baldwin Locomotive Works, common
87He Jan, 1 Holders of rec. Dec. (10
334 Jan. 1 Holders of rec. Doe, 20
,Baldwin Rubber,elan A (guar.)
•3714c Dec. 31 *Holders of roe. Dec. 20
Preferred A (guar.)
*3734e Dec. 81 *Holders of rec. Dee. 20
Baneomit Corp.. corn. & corn. A (qtr.)._
40e. Jan, 2 Holders of rec. Dec.
Bancroft (Joe.) & Sons Co., corn.(guar.)
300. Deo, 31 Holders of rec. Dee. 15a
Bandini Petroleum (monthly)
*10e. Jan. 20'Holders of roe. Dec. 31
Bankers Commercial Soo.(N. Y.)(qu.)_ *50e. Jan. 1 *Holders of
rec. Dec. 26
Bankers Neer.Corp.(Phila), corn.(CPI.)
750. Jan. 15 Holders of rec. Deo 3Ia
Participating preferred (guar.)
700. Jan. 15 Holders of rec. Dec. 31a

Name of Company.

Cent. Payable.

Books Closed.
Days Indusire.

Miscellaneous (Continued).
Barker Bros., common (guar.)
50o. Jan. 1 Holders of roe. Doe. 13
Preferred (quar.)
131 Jan. 1 Holders of rec. Dec. 13a
Bayuk Cigars, Inc., corn. (guar.)
75e. Jan. 15 Holders of roe. Dec. 31
First preferred (guar.)
14 Jan. 15 Holders of roe. Dee. 81
Bearings Co.of Amer. lot pref.(aunt.)..
131 Doe. 31 Heiders of rec. Dec. 15
Heath (W. D.) & Sons, Ltd., class A.... *20e. Jan, 2 *Holders of roe. Doe, 20
Beaton& Caldwell Mfg.(monthly)
•25e. Deo, 31 *Holders of roe. Nov.30
Beatrice Creamery. corn.(guar.)
Jan. 1 Holders of rec. Dec. 151
Preferred Bluer.)
134 Jan, 1 Holders of rec. Dec. 150
Beatty Bros., common (guar.)
*50c. Jan. 1 *Holderis of rec. Dee. 15
Second preferred
*34 Jan. 1 Holders of rec. Dec. 30
Beech-Nut Pact ing (quar.)
750. Jan. 1 Holders of rec. Dec. 12o
Belding Corticeill, Ltd., com.(guar.)._
134 Feb. 2 Holders of rec. Jan. 15
Belgo Canadian Paper. prof.(quar.)---- 134 Jan, 2 Holders of rec. Dee. 8
Dandle Aviation (guar.)
200. Jan. 2 Holders of rec. Dee. 10a
Benson & Hedges, Ltd., pref.(quer.) _ *114 Jan, 2 *Holden of ree. Dec. 20
Berry Motor(guar.)
30c. Dee. 31 Holders of rec. Dec. 20
Bethlehem Steel, corn.(guar.)
$1.50 Feb. 16 Holders of rec. Jan. 19.1
Preferred (guar.)
114 Jan. 2 Holders of roe. Dec. 54
Bibb Mtg.,common
Preferred (call at 103 on Jan. 1)
30e. Jan. 2 Holders of rec. Dec. 20
Preference (guar.)
624c Jan. 2 Holders of rec. Dec. 20
Bird & Son Inc.(guar.)
•25o Jan. 2 *Holders of rec. Dec. 28
Bebop Oil Corp
Sc. Dee. 31 Holders of roe. Doe. 15
Bissell & Co., pref.(guar.)
134 Jan. 2 Holders of rec. Dee. 19
Black & Decker Mfg.. pref.(guar.)
*50e Jan. 1 *Holders of roe. Dee. 26
Bliss(E. W.), common (guar.)
200. Jan. 2 Holders of rec. Dee. 20
Common(payable In common stock)_ _ 12
Jan. 2 Holders of rec. Dee. 20
Common(payable in common stook)._ 12
Apr. 1 Holders of reo. Mar. 20
Common (payable in common stook)_ _ /2
July 1 Holders of rec. June 20
Common(payable in common stook). /
Oct. 1 Holders of rec. Sept. 20
First preferred (guar.)
$1 Jan. 2 Holders of rec. Dec. 20
Second preferred. class A (guar.)
87Sie Jan, 2 Holders of tee. Dee. 20
Second Preferred. class B (rilBtr-)
156 Jan. 2 Holders of tee. Dec. 20
•1% Dec. 31 'Holder. er me Dee. 20
Bloch Bros 'ret How
Bloomingdale Bros., Inc. pref.(guar.)...... .
1.14 Feb. 1 Holders of rec. Jan. 20's
Blue Ribbon Corp.. Ltd.(guar.)
•500 Jan. 1 *Holders of rec. Dee. 15
Blumenthal(Sidney)& Co.. Pref. OHL/154 Jan. 2 Holders of roe. Dec. lbe
Bohn Aluminum & Braes(guar.)
87140 Jan. 2 Holders of rec. Dec. 150
Borden Company (stook dividend)
Jan. 15 Bolder, of rec. Dec. 304
Borg-Warner Corp., common (guar.)...
25c. Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Bernet, Inc., 32 class A
All Dec. 31 *Holders of rec. Dec. 21)
Boston Herald-Traveler Corp., com.(qu) 40e Jan. 2 *Holders of rec. Doe. 20
Boston Personal Property Trust (guar.)
250 Dec. 30 Holders of rec. Dee. 15
Boston Wlutrf Co
34 Dee. 31 Holders of roe. Dec. 1
Bouelois, Inc.,common (special)
•250 Dec. 31 *Holders of tee. Dec. 26
Brady, Cryan & Colleran, Inc.
8% participating preferred
Jan. 1 Holders of rec. Dec. 20
8% participating preferred (extra)..
Jan. 1 Holders of rec. Dec. 20
Brandram-Henderson, Ltd.
.1.34 Jan. 2'Holders of roe. Dee. 1
Brandtlen & Kluge. pref,(guar.)
'8734c Jan. 1 *Holders of rec. Dec. 22
Brewing Corp. of Canada, pref.(quar.)_ 624e Jan. 2 Holders of No. Dec. 15
Bridgeport Machine, pref.(guar.)
14 Jan, 1 Holders of rec. Dec. 20
Briggs & Stratton Corp.(guar.)
50e. Deo, 31 Holders of rec. Doe. 200
Brillo Mfg.,corn.(guar.)(No.1)
150. Jan, 2 Holders of rec. Doe. 150
Class A (guar.)
50e. Jan. 2 Holders of rec Dec. 16a
British Amer. Oil. Ltd., reg.stk.(guar.) 20c. Jan. 2 Dec. 14 to Jan. 1
Coupon stock (aunt.)
20c. Jan. 2 Holders of coupon No.8
British-American Tobacco,ordinary.... (p) Jan. 19 Bee note(p).
Ordinary (Interim)
(p) Jan. 19 See note (is).
British & Foreign Invest., common
250. Jan. 1 Holders of roc. Dec. 31
Preferred (guar.)
62 Mo. Jan. 1 Holders of rec. Doe. 31
Preferred (guar.)
•624c Apr. 1 Holders of rec. Mar. 15
British Mtge. & Trust Corp
Jan. 2 Hoiders of rec. Doe. 15
Jan. 2 Holders of rec. Dec. 15
British Type Investors, Cl. A (bl-mthly)
90, Feb. 2 Holders of ree. Jan. 2
Broad Street Investing Co.. Inc.(qu.)-30e. Jan. 1 Holders of rec. Dec. 15
Brompton Pulp & Paper (guar.)
50e. Jan. 15 Holders of rec. Dec. 31
Brooklyn Mtge. Guar.& Tr.(guar.)__ 411.50 Dec. 30 *Holders of rec. Dec. 17
Bruce (E. L.) Co., pref (quar.)
$1.75 Jan. 1 Holders of rec Dee 120
Brunswick-Balke-Collender, pref. (qu„). 134 Jan. 1 Holders of rec. Dee. 20
Bucyrus-Erle Co.,com.(guar.)
25e. Jan, 2 Holders of roe. Nov. 280
Convertible preferred (guar.)
624c. Jan. 2 Holders of rec. Nov.280
7% preferred (quer.)
144 Jan. 2 Holders of rec Nov. 28a
Buffalo Nat. Corp., corn.(guar.)
•25c. Dec. 31 *Holders of rec. Dec. 24
Preferred (guar.)
*14 Dec. 31 *Holders of rec. Dec. 24
Budd Wheel, corn .
25c. Dec. 31 Holders of rec. Dec. 250
First preferred (guar.)
14 Dec. 31 Holders of rec. Doe. 22a
First preferred (extra)
750. Dec. 31 Holders of rec. Dec. 22a
Gen. Laundries, panic. pf.(qu.) *564e Dec. 31 *Holders of rec. Dec. 20
Builders Exchange Bldg.(Baltimore).
Jan. 7 *Holders of rec. Dec. 24
- *3
Jan. 7 *Holders of roe. Dee, 24
Building Prod..el. A & B (guar.)
50c. Jan, 2 Holders of rec. Dec. 23
Bulkley Bldg., pref. (guar.)
14 Dee. 31 Holders of ree. Dec. 19
Bullocks, Inc., 7% prof. (alias'.)
*IA Feb. 2 *Holders of roe. Jan. 11
Bunker Hill & Sullivan Mining &
Concentrating (guar.)
*25c Jan. 6
Burco, Inc., preferred (guar.)
•75c Jan. 2 *Holders of rec. Dec. 20
Burger tiros., corn.(guar.)
•25e Jan. 1 *Holders of roe. Dec. 15
g% preferred (guar.)
Jan, 1 *Holders of rec. Dec. 15
8% preferred (guar.)
Apr, 1
8% Preferred (guar.)
91 July 1
8% preferred (guar.)
$1 Oct. 1
Burma Corp., Amer. dep receipts
Div.of 2 annas plus bonus of 1 annaFeb. 20 Holders of rec. Jan. 14
Burns Bros.. prof.(guar.)
Tel Jan. 2 Holders of roe. Dec. 150
Burt (F. N.) Co., corn.(guar.)
•700 Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
*134 Jan. 2 *Holders of rec. Dec. 15
Bush Terminal Bides., pref. (quar.)...
131 Jan. 2 Holders of rec. Dee. 25
Bush Terminal Co.,corn.(guar.)
6214c Feb. 2 Holders or roe. Jan. 20
debenture stock (guar.)
114 Jan, 15 Holders of rec. Jan. 24
Byers(A. M.) Co.. pref.(guar.)
114 Feb. 2 Holders of rec. Jan. 190
Calamba Sugar Estates, core.(Oust.).... •40e Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
•35e Jan. 2 *Holders of rec. Dec 15
Calhoun Mills, com. (guar.)
*2 Jan. 1 *Holders of rec. Dec. 24
California Ink, class A & B (guar.)
•50e Jan. 2'Holders of rec. Dec. 20
Canada Bread, pref. B (guar.)
14 Jan, 2 Doe. 16 to Dee. 31
7% first preferred (guar.)
14 Jan, 2 Dec. 16 to Dec. 31
Canada Bud Breweries, Ltd., COM.(qu.) •250 Jan. 15 *Holders of rec. Dec. 31
Canada Cement preference(guar.)
14 Dec. 31 Holders of rec. Nov.30
Canada Dry Ginger Ale(guar.)
750 Jan. 15 Holders of rec. Jan. 2a
Canada Packers. Ltd., pref.(guar.)._
*134 Dec. 31 *Holders of rec. Dee. 15
Canada Permanent Mtge. Corp.(qu.)._ $3
Jan. 2 Holders of roe. Dec. 16
Canadian Brewing, cont. (guar.)
25e Jan. 2 Holders of roe. Dee. 15
Canadian Canners, Ltd.. com.(quar.). •25e. Jan. 2 *Holders of rec. Dec. 15
First preferred (guar.)
'134 Jan. 2 *Holders of rec. Dec. 15
Convertible preferred (quex.)
•25e. Jan. 2 *Holders of rec. Dec. 15
Canadian Car & Fly,, pref.(guar.)
440. Jan. 10 Holders of rec. Dec. 26
Canadian Celanese, Ltd., part. pf.(No.1) 304 Dee. 31 Holders of rec. Dec. 15
Canadian Cottons, Ltd., pref.(guar.).- '134 Jan. 5 *Holders of rec. Doe. 20
Caned Ian Fairbanks Morse Co.. pf.(qu.) 14 Jan. 15 Holders of rec. Dee. 31
Canadian General Elec.. com.(guar.)._ •700. Jan. 1 *Holders of rec. Doe. 13
Common (extra)
Jan. 1 *Holders of rec. Dec. 13
Preferred (guar.)
87340 Jan. 1 *Holders of rec Dec. 13
Canadian Industries,corn.(guar.)
.624c Jan. 3 *Holders of rec. Dec. 31
Common (extra)
*31.25 Jan. 3 *Holders of rec. Dee. 31
Preferred (guar.)
*14 Jan. 1 'Holders of rec. Dec. 31
resettle') oll Ltd.. Prof (quar.b
Jan. 1 *Holders of rec Dec. 20
Canadian Westinghouse •500.
1 *Holders of rec. Dec. 19
Common (extra)
*31 Jan. 1 *Holders of rec. Dec. 19
Canadian Wirebound Boxes, com.A(qu.) •3714e Jan. 2 *Holders of roe. Dee. 15
Canal Construction. pref. (guar.)
3714c. Jan. 1 Holders of rec. Dec. 29
Canfield 011, com.& pref.(guar.)
134 Dec. 31 Dec. 20 to Dec. 25
Cannon MIN (guar.)
40e. Jan. 1 Holders of rec. Dee. 180
Capital City Product (guar.)
•34e. Dec. 31 Holders of roe. Dec. 15
Carey (Philip) Mfg., pref.(guar.)
'104 Dec. 31 *Holders of rec. Dec. 20
Carnation Co.. corn. (guar.)
•75c. Jan. 2 *Holder, of rec. Dec. 29
Extra In stock)
Jan. 2 *Holders et reel Dee. 20
Preferred (aunt.)
'134 Jan. 2 *Holders of rec. Dec. 24/


Name of Company.

Cent. Payable

Books Closed.
Days DICIUSI041.

Miscellaneous (Cont(nued).
Feb. 13
Carman & Co., Inc., class A (guar.).- •50c. Feb. 28 *Holders of rec. Jan. 15
•25o. Jan. 26 *Holders of rec.
Class B (guar.)
1 Jan. 1 Holders of rec. Dec. 120
Case (.1. I.) Co.,corn.(guar.)
l( Jan. 1 Holders of rec. Dee. 120
Preferred (guar.)
Dee. 15
Celanese Corp. of Amer., 7% partie. pr. 3H Dec. 31 Holders of rec. Dee. 15
11( Jan. 1 Holders of rec.
preferred (guar.)
7% prior
Jan. 2 Holders of rec. Dec. 160
Central Aguirre Associates (guar.)
Central Franklin Process
1.1M Jan. 2 *Holders of rec. Deo. 31
First preferred (guar.)
*15i Jan. 2 *Holders of rec. Dec. 31
Second preferred (guar.)
P1U Jan. 2 *Holders of rec. Dec. 31
Second preferred (extra)
*131 Jan. 1 "Holders of rec. Dee. 20
Central Invest. Corp.(guar.)
Dec. 26
Central West Casualty (Detroit) (guar.) *50c. Jan. 1 "Holders of rec. Dec. 26
*12)4c Jan. 1 *Holders of rec.
1 Jan. 2 Holders of rec. Dec. lba
Century Electric Co.,coin.(guar.)
- 3734c Jan. 1 "Holders of rec. Dec. 20
Chain Store Prod.,cony.pref.(guar.)
Chamber of Commerce Bldg. (Ind.)Jan. 1 *Holders of rec. Doe. 20
Champion Coated Paper
an. I 'Holders of roe. Doe. 19
Preferred and special pref.(guar.).rest. Dec. 20
Channon (II.)& Co., let pref.(quar.)_ •10 Jan. 2 *Holders of rec. Dec. 20
Jan. 2 *Holders of
Second preferred (guar.)
114 Dec. 31 Holders of rec. Dec. 19
Chase Brass dr Copper. prof. A (sluar.)
50o. Dee. 31 Holders of rec. Dec. 16
Chatham Phenix Allied Corp
15c. Jan. 2 Holders of rec. Dec. 200
Checker Cab Mfg.(monthly)
15e. Feb. 2 Holders of roe. Jan. 200
15c. Mar. 2 Holders of rec. Feb. 200
'6214c Feb. 1 *Holders of rec. Jan. 15
Cherry-Burrell Corp.,corn.(qual.)
'1)4 Feb. I *Holders of rec. Jan. 15
Preferred (guar.)
$1 Dec. 80 Holders of recs. Dec. 100
Cheeebrough Mfg.Conaol.(guar.)
$1 Dec. 80 Holders of rec. Dec. 100
"300. Jan. 1 *Holders of rec. Doe. 20
Chicago Flexible Shaft (guar.)
Chic. Juno. Rys. dr lJn. Stock
23f Jan. 1 Holders of rect. Dos. 15
Common (guar.)
134 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
(qual.).. 87040 Jan. I Holders of roe. Dec. 200
Chicago Pneumatic Tool. pref.
25c. Dec. 31 Holders of rec. Dec. 20
Chicago Ry. Equip., corn. (guar.)
43Hc Dec. 31 Holders of rec. Dec. 20
7% Preferred (quari
•$1.25 Jan. 2 *Holders of rec. Dec. 20
Chicago Towel, corn.(qual.)
•$1.75 Jan. 2 *Holders of ree. Dec. 20
Preferred (qual.)
250. Jan. 2 Holders of roe. Dee. 190
Chicago Yellow Cab (monthly)
250. Feb. 2 Holders of tee. Jan. 202
250. Mar. 2 Holders of rec. Feb. 20
50o. Doe. 20 Holders of rue. Dee. SO
Chile Copper Co.(guar.)
25e. Jan. 2 Holders of rec. Dec. la
Chrysler Corp.(guar.)
*50o. Jan. 6 *Holders of rec. Dec. 15
Churchill House
*750. Jan. 1 *Holders of rec. Deo. 20
Cincinnati Advertising Prod.(qual.)
*50o. Feb. 1 *Holders of rec. Jan. 20
pref.(quar.)---. •56e. Dec. 31 *Holders of tee. Dee. 23
Cincinnati Dell Crank,
Cincinnati Realty, coin. dr pref.(guar.)- •114 Jan. 2 *Holders of rec. Dee. 17
Cincinnati Union Stock Yards (guar.)._ •40a. Dec. 31 *Holders of rec. Dec. 20
'1)4 Jan. 1 *Holders of rec.
Circle Theatre Corp.(guar.)
254e. Jan. 1 Holders of rec. Dec. in
Cities Service common (monthly)
154 Jan. 1 Holders of rec. Dec. 16
(payable in corn.stock)
Sc. Jan. 1 Holders of rec. Dec. 15
Preference B (monthly)
- 500. Jan. 1 Holders of roe. Dee. 16
Preference and prof. BD (monthly).
256e. Feb. 2 Holders of rec. Jan. 15a
Common (monthly)
Jan. 15a
Common(payable in common stook)-- /Si Feb. 2 Holders of ere. Jan. 150
50. Feb. 2 Holders of rec.
Preference B (monthly)
50o. Feb. 2 Holders of rec. Jan. 156
Preference and pref. BB (monthly)
Cities Service, Bankers Shares(mthly).' 24.46c Jan. 1 *Holders of rec. Dec. 15
Dee. 31 *Holders of rec.
City Housing Corp
Jan. 2 Holders of roe. Dee. 181
City Investing Co., corn
Common (payable In common stock) 13314 Feb. 2 Holders of rec. Jan. 18
104 Jan. 2 Holders of roe. Dee,
Preferred (qual.)
Jan. 2 *Holders of rec. Dec. 22
City Machine & Tool, com.(qua!).... *40e.
.31 He Jan. 1 *Holders of rec. Dee. 15
Clark(D. L.)& Co.,corn.(guar.)
Claude Noon Elec. Prod.. corn.(qual.).. •36e. Jan. 1 *Holders of roe. Dee. 20
Jan. 1 *Holders of rec.
Common (payable In corn. stock)."350 Jan. 1 *Holders of rec. Dee. 20
Preferred (guar.)•100 Dec. 31 *Holders of rec. Dec. 20
Clayton dr Lambert Mfg. (qual.)
Doe. 18
Cleveland Automatic Mach.. pref.(qu.)_ $1.75 Dec. 31 Holders of rec. Dec423
Cleveland Union Stock Yards, com.(qu.) e3}5 Dee. 31 Holders of reo. Dec. 15
2 *Holders of rec.
Clifton 011 & Gas, pref
•50c. Jan. 1 *Holders of reo. Dee. 20
Clorox Chemical, elms A & FS (qu.)
Cloverland Dairy Prod., pref.(guar.)... •1H Jan. 2 *Holders of roe. Doe. 26
Cleats. Peabody & Co., pref. (guar.).... 1% Jan. 2 Holders of roe. Dee. 20
Coats(J.P.), Ltd.
Jan. 7 *Holders of roe. Nov.21
Am.dep. rots ord. reg. 9 pence per 1111.
25e. Jan. 15 Holders of tee. Jan.
Coca Cola Bottling (quarterly)
25e. Apr. 15 Holders of rec. Apr. 4
25e.dull 16 Holders of reo. July 3
25e. Oct. 16 Holders of roe. Oct. 10
'62)4c Jan. 2 *Holders of rec. Dee. 15
Coca-Cola Bottling,(CM.)cl. A (G111.)
$$11.5050 Jan. 2 Holders of rec. Dec. 120
Coca-Cola Co., cons. (guar.)
Jan. 2 Holders of rec. Dee. 12a
Class A
(MI) $3 Jan. 2 Holders of roe. Dec. 120
Coca-Cola International Cent..oom.
•40e. Jan. 1 *Holders of rec. Dee. 15
Cohen (Daniel) Co., corn.(guar.)
Colgate-Palmolive-Peet Co.. pref.(qu.). 1)4 Jan. 1 Holders of rec. Dee. 15
•439ic Jan. 1 *Hoidens of rec. Dee.
Colonial Chair, pref.(guar.)
Colonial Financial Corp.. Pref.(guar.).- •154 Jan. 1 *Holders of rec. Deo. 27
Dec. 12
Oolt's Patent Fire Arms Mfg.(guar.)... •50o. Dec. 31 *Holders of rec. Dee. 190
3734c Jan. 2 Holders of tee.
Columbia Pictures (guar.)
Jan. 2"Holders of rec. Dec. 31
common (extra) •2
Columbian Vise & Mfg..
4351c Jan. 15 Holders of rec. Dec. 31
Commercial Bookbinding (qual.)
Dee. 116
Commercial Credit Co.. corn.(guar.).- 50e Dec. 31 Holders of rec. Doe. 110
Dee. 81 Holders of rec.
634% first preferred (guar.)
43H Dec. 31 Holders of roe. Dee. 110
7% first preferred (guar.)
50c Dee, 31 Holders of rec. Dec. 115
8% class B preferred (guar.)
750 Doe, 31 Holders of roe. Dec. lla
$3 class A cony. stock (guar.)
Commercial Credit(New On.) pr.(qu.). •50e Dee, 31 *Holders of rec. Dec. 20
40e Jan. 1 Hoklers of roe.
Commercial Invest.
1)4 Jan. 1 Holders of roe. Dee. 5a
Corn (payable in cons.stock)
1H Jan. 1 Holders of roe. Dee. 56
7% Bret preferred (gust.)
1H Jan. 1 Holders of rec. Dee. 5
634% first preferred (guar.)
s1 19 Jan. 1 Holders of roe. Dee. 50
Cone. pref.series of 1929(guar.)
25c. Dec. 31 Holders of roe. Doe. 10a
Solvents Corp.. cont.(qu.).
Commonwealth Secure., cony. pf.(qu.). •$1.50 Jan. 2 *Holders of roe. Doe. 15
Dec. 29
Community State Corp.,class (guar.). '1204c Dee. 31 'Holders of rec. Mar.26
•1214c Mar. 31 *Holders of rec.
Class B (guar.)
•1234c Dec. 31 *Holders of rec. Dee. 26
Class B (gear.)
50c. Jan. 2 Holders of rec. Dec. 200
Conde Nast Publications, corn.(goer.)_.
*154 Jan 1
Conduits Co., Ltd.. Pref.(guar.)
Den, 30 Holders of reo. Deo. 15a
Cionanail Cigar (guar.)
Dec. 31 Holders of rec. Dec. 21
Conley Tank Car. pref. (quer.)
Dec. 15
Connecticut Gas& Coke Sec..common- *700. Jan. 2 Holders of rec. Doe. 15
•75e. Jan. 2 *Holders of rec.
Preferred (guar.)
250. Jan 2 Holders of rec. Dee. 20
Consolidated Bakeries (qual.)
Consolidated Car Heat, corn. (quar.)- *156 Jan. 1 *Holders of roe. Dee. 1.1"
Coneelldated Cigar trti cum. (qual.) 81.$5 Jan. 7 Holders of
Dee. 18a
Consolidated Film Industries oom.(qu.) 50e. Jan. 2 Holders of rec. Dec. 18a
50e.Jan. 2 Holders of rec.
Preferred (guar.)
26e. Jan. 1 Holders of rec. Deo. 15
Consolidated Laundries,corn
134 Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
Congo'. Mining & Smelt. Co.of Canada- $1.25 Jan. 15 Holders of rec. Dec. 30
Jan. 15 Holders of rec. Dee. 30
Jan 3 *Holders of tee. Dee. 22
Cense'. Retail Stores. Pref.(quit.)
Jan. 2 "Holders of rec. Dec. 15
Consolidated Steel, pref.(guar.)
$1.50 Jan. 1 *Holders of rec. Dee. 15
Consumers Corp., prior pref. (qu.)
300. Jan. 1 Holders of rec. Dee. lie
Container Corp. of Amer., el. A (qu.)._
19( Jan. 1 Holders of rec. Dee. 11
Prior preferred (guar.)
Jan. 1 Holders of rec. Dec. 15
Continental Baking Corp., prof.(guar.) 2
"40e. Jan. 2 *Holders of rec. Dec. 15
Continental Casualty (qual.)
Continental Diamond Fibre, corn. (qu.) 250. Dec. 30 Holders of rec. Dec. 160
25e. Jan. 2 Holders of rec. Dec.
Continental Shares, Inc.,corn.
Dec. 18
Continental Steel Corp., pref.(guar.)._ el Jan. 1 *Holders of rec. Dec. 10
500. Jan. 1 Holders of rec.
Cooper-Bessemer Corp.. corn. tquar.)
750. Jan. 1 Holders of roe. Dee. 10
Preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 26
Coronet Phosphate
•400. Dec. 31
Corporate Trust Shares
Corroon Jr Reynolds. cony. Pref.((M.).- $1.50 Jan. 1 Holders of rec. Dec.

[Vol- 13L



Name of Company.

Cent. Payable

Books Closed
Days Inclusive.

Miscellaneous (Continued).
•500. Jan. 1 "Holders of tee. Doe. 20
Counselors Securities Trust (guar.)
154 Jan. 2 Holders of rec. Dee. 15
Courier-Post Co.,7% pref.(guar.)
•1$( Jan. 1 *Holders of re°. Deo. 15
Court Building Corp.. pref.(guar.)
•50o. Jan. 10 *Holders of roe. Jan. 1
Creamery Package Mfg., corn.(gust.)
•114 Jan. 10 *Holders of ree. Jan. 1
Preferred (guar.)
50o.Jan. 2 Holders of rec. Dec. 226
Cream of Wheat Corp.(guar.)
250.Jan. 2 Holders of rec. Dee. 22a
*3734c Jan. 10 "Holders of rec. Dee. 26
Credit UM. Banking (guar.)
*lc. Jan. 10 "Holders of rec. Dec. 31
Cresson Cons. Geld Min. dr Mill (qual.)
Dec. 20
Crook (J. W.)Stores,7% pref.(qual.).. •1H Jan. 1 *Holders of rec. Dee 10
•500. Dee. 31 *Holders of Ms.
Crowley Milner & Co.(guar.)
Jan. 2 Holders of rec. Doe. 10
Crown Cork Internat.. el. A (qual.).--31.75 Jan. 1 Holders of rec. Doe. 184
Crown Willamette Paper, lot pf.(go.)
51.50 Jan. I Holders of rec. Dec. 13
Secondpreferred (quar.)
134 Jan. 31 Holders of rec. Jan. 15a
Crucible Steel, common (quer.)
134 Dec. 31 Holders of rec. Doe. 154
Preferred (guar.)
254 Jan. 15 Holders of reo. Jan. 5
Crum & Forster. common (guar.)
Dee al liolitera of rec. Doo. 20
Preferred (guar.)
Mar. 31 Holders of reo. Mar.21
Preferred (guar.)
Jan. 1 *Holders of rec. Dec. 20
Crystal Tissue (quar.)
Crystallite Products, 7% pre/. (gum.).. *154 Dec. 31 *Holders of rec. Jan. 20
'334 Feb. 2 *Holders of rec.
Cuba Company, preferred
50e Dec. 31 Holders of roe. Dee. 15
Cuban Tobacco, common
234 Dee. 31 Holders of rec. Dec. 16
Jan. 15 Holders of rec. Jan. 5
Cudahy Packing, corn. (quer.)
50c Jan. 2 Holders of ree. Dec. 200
Curtis Publishing, corn.(monthly)
$1.76 Jan. 1 Holders of rot. Dee. 200
Preferred (guar.)
6234e Jan. 2 Holders of roe. Dec. 15
Curtis mtg.(qual.)
Jan. 1
Davenport Hosiery Mills,corn.(qual.).. 50o. Jan, 15 Holders of rec. Dee. 20
154 Jan, 1 Holders of rec.
Preferred (guar.)
•250. Jan. 2 *Holders of rec. Dec. 24
Deco Refresh., Mo., corn.(quiz'.)
•8734c Jan. 2 *Holden of rec. Doe. 24
Preferred (guar.)
$1.75 Jan. 24 Holders of rec. Dec. 31
Deep Rook 011 Corp.,$7 pref.(qu.)
30o. Jan. 2 Holders of rec. Dec. 15
Deere & Co.. new corn (guar.)
1154 Jan. 15 Holders of ree. Dee. 15
(Payable in new corn.)
New corn.
114 Jan. 2 Holders of roe. Dee. 15
Old common (guar.)
Jan. 1 Holders of roe. Dec. 20
Denver Union Stock Yards,corn.(qu.).. *51
Apr. 1 Holders of roe. Mar.20
Common (qua!,)
•850. Dec. 31 *Holders of rec. Doe. 20
Detroit Bankers CO.(qual.)
Detroit & Cleveland Navigation (guar.) 20e. Jan. 2 Holders of too. Dec. 16
•5254e Jan. 2 Holders of too. Dec. 20
Detroit Electric, pref. A (quer.)
•300. Jan. 2'Holders of roe. Doe. 20
Detroit Gasket & Mfg.(guar.)
*25e. Jan. 1 Holders of rec. Doe. 15
Iron Foundry
Detroit Gray
30c.Jan, 1 Holders of roe. Dee. 20a
Devoe& Raynolds.class A & B(guar.)._
First and second preferred (guar.).- 114 Jan. 1 Holders of rec. Dec. 206
50c. Jan. 15 Holders of roe. Jan. 2
DevonshIre Investing Corp.,
Diamond Electrical Mfg.. corn.(guar.). •500. Dec. 31 Holders of rec. Dee. 20
•11 Dee. 31 Holders of roe. Dee. 20
Preferred (guar.)
428 Deo, 29 Holders of roe. Doe. 20a
Diamond Match (special)
•500. Jan. 2 Holders of rec. Dee. 19
Diamond Shoe,coin.(qual.)
'134 Jan. 2 Holders of rec. Doe. 19
6)4 %preferred (guar.)
"30c. Jan. 2 Holders of rec. Dee. 19
6% second preferred
250. Jan, 15 Holders of rec. Jan. 1
Dlctograph Products (guar.)
Dec. 31 Holders of roe. Dec. 22
Doehler Die Casting, 7% prof.(gear.). *194 Jan. 2 Holders of reo. Dee. 20
•51.75 Jan. 2 Holders of me.
$7 preferred (guar.)
20 Holders of rec. Dec. 310
250. Jan.
Dome Mines, Ltd.(guar.)
Jan. 15 Holders of roe. Dec. 19
Dominion Engineering Works. Ltd.(go.) *31
Dominion Glass. Ltd., corn.(gust.).... 1)4 Jan. 2 Holders of rec. Dec. 15
114 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Dominion Rubber. Ltd., Prof.(quit.).. 134 Dee. 81 Holders of roe. Doe. 20
30e,Jan. 2 Holders of tee. Dee. 154
Dominion Stores, Ltd.(quer.)
$1.25 Jan. 2 Holders of roe. Dec. 15
Dominion Textile, corn.(guar.)
154 Jan. 15 Holders of rec. Dec. 81
Preferred (guar.)
Douglas(W. L.) Shoe, pref.(guar.).- 134 Jan. 1 Holders of roe. Dec. 15
•154 Dec. 81 Holders of roe. Dec. 20
Downington Paper,oora.(quiz.)
'354 Dec. 31 Holders of roe. Dec. 20
$1 Jan. 1 Holders of roe. Nov.29
Draper Corporation (guar.)
Dufferin Paving & Crushed Stone
•154 Jan. 2 *Holders of rec. Dec. 24
First preferred (quar.)
•134 Jan. 1 *Holders of rec. Dec. 20
Dunean Mills,pref.(guar.)
(gust.).... •154 Jan. 1 *Holders of roe. Dee. 18
Dunham (J. H.)& Co., COM.
*134 Jan. 1 *Holders of roe. Dee. 18
First preferred (guar.)
*134 Jan. 1 *Holders of roe Dee. 18
Second preferred (quer.)
Jan. 2 Holders of reo. Dec. 151
Duplan Silk Corp., Prof.
Du Pont(E.I.) de Nemours & Co.154 JaB. 24 Holders of rel. Jan. 106
Debenture stock (guar.)
Dutton(A.C.) Lumber Corp.,com.(1111.) '104 Deo. 31 *Holders of rec. Doe. 31
•154 Dee. 81 *Holders of rec. Dee. 31
Preferred (guar.)
Eagle Wits°. & Storage(Bklyn)(guar.)- 'i34 Jan. 1 *Holders of rec. Dee. 274
*24 Jan. 'll *Holders of rec. Doe, 27a
*50o. Doe. 31 *Holders of rec. Dec. 20
Early & Daniel, coin.(qual.)
•19( Dec. 31 *Holders of reo. Doe. 20
Preferred (guar.)
•8715c Jan. 1 *Holders of roe. Doe, 10
Eastern Mfg., Prof. (quer.)
50o. Jan. 2 Holders of roe. Dee. 20
Eastern Steamship Lines,corn.(qual.).
1% Jan. 2 Holders of rec. Dee. 20
First preferred (guar.)
8714e Jan, 2 Holders of rec. Doe. 20
No-par preferred (guar.)
Eastern Steel Products, corn. (qual.)... 50o. Jan. 2 Holders of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
Common (bonus)
Eastern Util. Investing, prior pref.(qu.) •21.25 Jan. 2 *Holders of rec. Dec. 28
51.75 Feb. 2 Holders of rec.
Partie. preferred (guar.)
$1.50 Mar. 2 Holders of rec. Jan. 30
$6 preferred (guar.)
$1.75 Mar. 2 Holders of rec. Jan. 80
$7 preferred
$1.25 Apr. 1 Holders of roe. Feb. 27
$5 prior preferred (guar.)
$1.26 Jan. 2 Holders of roe. Nov.290
Eastman Kodak, eons.(quer.)
750. Jan. 2 Holders of rec. Nov.295
Common (extra)
154 Jan. 2 Holders of rec. Nov.294
Preferred (qual.)
•154 Jan. 1
Eaton Crane & Pike, pref. A (gust.)
•250. Jan. 15 *Holders of roe. Jan. 2
Economy Grocery Stores (quer.)
Edmonton City Deity 61.4% prof. (111.) *154 Jan. 1 "Holders of rec. Dec. 10
6e. Jan. 1 Holders of tee. Doe.
Ecuadorian Corp., corn.(guar.)
314 Jan, 1 Holders of roe, Dee. In
Electric Auto-Lite, common over.) - $1.50 Jan. 1 Holders of roe. Dec. 181
134 Jan. 1 Holden, of roe. Dec. 154
Preferred (guar.)
Electric Controller & Mfg.. corn.(guar.) $1.25 Jan, 1 Holders of rec. Dec. 19
Electric Slot. Battery, cont. & pref.(gn.) $1.2.5 Jan. 2 Holders of roe. Dee. 00
25e, Jan, 2 Holders of reo. Dec. 20
Elder Manufacturing,emu.(guar.)
$1.26 Jan. 2 Holders of rec. Dee. 20
Class A (quiz.)
Jan. 2 Holders of roe. Dee. 20
Preferred (guar.)
Dec. 31 *Holders of tee. Doe. 18
Elwell-Parker Electric (qual.)
•3314 Jan, 16 *Holders of rec. Jan. 3
ElyA Walker Dry Goods, lit Prof.
*S3 Jan. 16 *Holders of rec. Jan. 3
(Wand preferred
Emerson Bromo Seltzer el. A A B(q.). *50e. Jan. 2'Holder of roe. Dee. 15
•500. Jan, 2 *Holders of rec. Deo. 15
Preferred (qual.)
154 Jan. 1 Holders of rec. Dee. 20
Emerson Elec. Mfg.. prof.(quit.)
Dec. 30 Holders of roe. Dec. 234
Empire Sate Deposit Co.(guar.)
corn.(quar.)__ $1.75 Jan, 1 Holders of rec. Dee. 180
Endleott-Johnson Corp.,
11; Jan. 1 Holders of tee Dec. lfla
Preferred (qual.)
Equitable Mtge. & Title Guarantee.... *234 Dec. 31 *Holders of rec. Dee. 1
•754 Dec. 31 *Holders of roe. Dec. 1
62503 JaIl. 2 Holders of roe. Doe, 155
Equitable Office Bldg.,corn.(guar.).114 Jan. 2 Holders of roe. Doe. 15
Preferred (gust.)
75e, Jan. 2 Holders or rec. Dee. 15
Equity Investors Corp., twet (guar.)
Jan. 1 *Holders of tee. Dee. 28
Erskine-Danforth Corp.. pref.(gear.).. *2
40e, Doe. 81 Holders of tee. Dee. 125
Fairbanks, Morse & Co.. corn.(gust.)...
of ea.
Family Loan Society, partic. pref.(qu.)_ *87li0 Jan. 1 *Holders of rec. Dee. 13
Dec. 13
*3714c Jan. 1 *Holders
Participating Preferred (extra)
Dee. 31 *Holders of ree. Doe. 19
Farr Alpaca (quar.)
Famous Players Canadian Corp.(guar.) 50c. Dec. 27 Holders of reo. Dec. 12
Fanny Farmer Candy Shops, corn.(qu.) •25c. Dec. 31 *Hoidens of rect. Dee. 15
•60e. Dec. 31 *Holders of rec. Dec. 16
Preferred (guar.)
"500. Feb.
Fashion Co.,00111
Dec. 16
62 He Jan. 1
Faultless Rubber,common (guar.)
Federal American Co.,corn.(quer.). _- •30e. Jan. 1 *Holders of roe. Dee. 19
•30o. Jan. 1 *Holders of roe. Dee. 19
Common (extra)
*$1.50 Jan. 1 *Holders of ree. Deo. 19
Preferred (qual.)
*154 Jan. 1 *Holders of rec. Dec. 8
Federal Bake Shop. Prof.(qual.)
•30e. Jan. 2 *Holders of tee. Dec. 15
Federal Mogul Corp (qua!,)
200. Jail. 2 Holders of rec. Dec. 17a
Federal Motor Truck (qual.)
25e. Jan. 2 Holders of roe. Dee. 16a
Federal Screw Works (qual.)
eltmea & curme Sege me., pf. NO
- ljd Jan. 2 Holders of reo. Dee. 1

DEC. 27 1930.]
Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Fenton United Cleaners (guar.)
Jan. 15 *Holders of roe. Jan. 10
Jan. 15 *Holders of rec. Jan. 10
Fidelity & Casualty (N. Y.)(quar.)
ii$1.25 Jan. 3 *Holders of rec. Dec. 23
Filth Avenue Bus Securities(quar.)
180. Dee. 29 Holders of rec. Dec. 15a
Filene's(Wm.)& Sons. pref.(quar.)
134 Jan. 2 Holders of roe. Dec. 19a
Filing Equipment Bureau, pref.(qu.)
13( Jan. 2 Holders of rec. Dec. 20
Finance Co.of Am., 20e. Jan. 15 Holders of rec. Jan. 5a
Preferred (guar.)
4331e. Jan. 15 Holders of rec. Jan. 50
Firestone Tire & Rubber,corn.(qu.)
25o. Jan. 20 Holders of reo. Jan. 5a
Preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 13a
First American Corp.(guar.)
Sc. Jan. 2 Holders of rec. Dec. 18
First Bank Stock Corp.(Minn.)(guar.).
25e. Jan. 1 Holders of roe. Dec. 17
First National Stores,Inc., corn.(qu.).. 6234e Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
•131 Jan. 2 *Holders of rec. Dec. 16
First Securities Corp., Ogden, Utah
Class A and B (No. 1)
*50c. Jan. 1 *Holders of rec. Dec. 20
First State Pawners Society(guar.)
*134 Dec. 30 *Holders of rec. Dec. 20
Fisher Flour Mills Co., pref.(guar.).
- •131 Dec. 31 *Holders of rec. Dec. 15
Fishman(M.II.) Co.,pref A.& B.
(qu.) $1.75 Jan. 15 Holders of rec. Jan. 2
Fisk Manufacturing (guar.)
*$1.50 Jan. 2 *Holders of rec. Dec. 15
Fitz Simons dr Connell Dredge & Dock
Preferred (guar.)
*131 Jan. 1 *Holders of rec. Dec. 20
Flatbush Invest.Corp.core.(guar.). - - '1)4 Dec. 31 *Holders of rec. Dec. 20
*331 Dee, 31 *Holders of rec. Dec. 20
Florsheirs Shoe, pref. (guar.)
134 Jan. 2 Holders of roe. Dec. 17e
Flour Mills of Amer..Inc..$8 pref.(q.) $2
Jan. 1 Holders of roe. Dec. 15
Formica Insulation, eon% (guar.)
*60o Jan. 1 *Holders of roe. Dee. lb
Foster Wheeler Corp.,corn.(guar.)
50e. Jan. 2 Holders of roe. Dee. 12a
Preferred (guar.)
81.76 Jan. 2 Holders of rec. Dec. 120
Fostoria Pressed Steel, COM
25e. Dec. 31 Holders of rec. Dec. 24
Foundation Co.of Canada corn..(guar.) 25e. Feb. 14 Holders of roe. Jan. 31
Fox Film Corp.,elan A & B (quar.)...
Jan, 15 Holders of rec. Doe. 310
Franklin Process, corn. (quar.)
*500. Jan. 2 *Holders of rec. Dee. 24
Freiman (A. J.). Ltd., pref. (quar.).
*134 Jan. 2 *Holders of rec. Dec. 15
French (Fred F.) Operators. Inc.. pref... *I
Jan. 2 *Holders of rec. Dec. 15
Freeport Texas Co.(guar.)
Feb. 1 *Holders of rec. Jan. 15
Frick Co.. Inc.. pref. (guar.)
•75e. Jan. 1 *Holders of rec. Dec. 20
Fruehauf Trailer. pref.(guar.)
*13731c Jan. 1 Holders of roc. Dec. 20
Fuller(George A.)Co., 134 Jan, 1 Holders of rec. Dec. 100
Partic.second pref.(guar)
134 Jan, 1 Holders of roe. Dec. 100
Furness, Wiley & Co.,Ltd.
lito5 Jan. 7 Holders of reo. Dec. 9
Fyr-Fyter Co., class A (guar.)
*50c. Jan. 15 *Holders of rec. Dec. 31
Gardner-Denver Co.. corn.(emu.)
*400. Jan. 1 *Holders of roe. Dec. 20
Preferred (guar.)
.134 Jan. 31 itirolders of rec. Jan. 20
Preferred (guar.)-*131 Feb. 1 *Holders of roe. Jan. 20
Garlock Packing, corn.(guar.)
80o. Jan. 2 Holders of roe. Dee. 16
Gemmer Mfg., class A (guar.)
*75e Jan. 2 *Holders of roe. Dec. 24
General Amer. Invest., 6% pref.(qu.)
134 Jan, 1 Holders of roe. Dec. 190
General Amer. Tank Car, corn.(guar.). $1
Jan. 1 Holders of roe. Dec. 130
Stock dividend (guar.)
Jan. 1 Holisere of roe. Dec. 135
General Baking corp., pref. (guar.)
750. Jan, 2 Holders of rec. Dec. 18
General Baking re.. pref. (guar.)
2 Deo, 31 Holders of roe. Dec. 20a
General Electric (guar.)
40o. Jan, 24 Holders of roe. Dee. 191
Special stock (guar.)
15o. Jan, 24 Holders of roe. Doe. 19a
General Math.Corp.,7% pref.(guar.)
•131 Jan. 1 *Holders of rec. Dec. 22
General Mills, prof. (guar.)
134 Jan. 2 Holders of roe. Dee. 15a
General Motors.$5 pref.(guar.)
$1.25 Feb. 2 Holders of rec. Jan. 50
General Printing Ink, corn.(guar.)
62330 Jan. 2 Holders of roe. Dec 160
Preferred (guar.)
$1.50 Jan. 2 Holders of roe. Dec. 16a
General Pub.Service,cum.
(In corn.stk.) 13
Des, 31 Holders of reo. Dec. 2a
$5.50 preferred (guar.)
51.375 Feb. 2 Holders of tee. Jan. 9
$6 preferred (guar.)
81.50 Feb. 2 Holden of rec. Jan. 9
General Railway Signal,corn.(guar.).-- $1.25 Jan. 1 Holders of reo. Dee. 10a
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 10a
General Realty & Utilities, pref.(guar.) (5) Jan. 15 Holders of rec. Dee. 20a
General Steel Castings, prof. (quar.)
$1110 Jan. 2 Holders of roe. Dee. 18a
GeneralTire & Rubber.pref.(guar.).--- • 1% Deo, 31 Dec. 20 to Dec. 21
Preferred (quar.)
•134 Dec. 31 *Holders of roe. Dec. 20
General Utilities Corp. 7% pr. (mthly.) •5834c Jan. 1 *Holders of reo. Dee. 25
Gibson Art Co.. common (guar.)
•65e. Jan. 1 *Holders of roe. Dee, 20
Common (quar,)
*650. Apr. 1 *Holders of reo. Mar.20
Gilbert(A.C.) Co.,corn.(guar.)
*250 Feb. 16 *Holders of roe. Feb. 5
Preferred (guar.)
•87310 Jan. 2 *Holders of reo. Dec. 20
Gillette Safety Razor.corn.(guar.)
Jan. 2 Holders of reo. Dec. 80
$5 preferred (quar.)(No.1)
51.25 Feb. 2 Holders of reel. Jan. 2a
Glidden & Co., pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 22a
Globe Grain & Milling, coin.(quar.)
•50c Jan. 2 *Holders of rec. Doe. 20
First preferred (guar.)
•4331c Jan. 2 *Holders of ree. Dee. 20
Second preferred (guar.)
*50e Jan. 2 *Holders of roe. Dec. 20
Godchaux Sugars,Inc.,el. A(guar.) -500 Jan. 1 Holders of roe. Doe, 18
Preferred (guar.)
I% Jan. 1 Holders of roe. Dee. 18
Gold Dust Corp., corn. (guar.)
6234c Feb. 2 Holders of rec. Jan. 100
Preferred (qua?)
81.50 Dec. 31 Holders of rec. Dec. 170
Goldblatt Brea.(guar.)
(k) Jan. 2 Holders of rec. Dee. 3
Goodrich(B F.) Co.. 7% pref.(eu.)-134 Jan. 2 Holders of rev. Dec. 100
Goodyear Textile Mills. pref.(guar.).- •134 Jan. 2 *Holders of roe. Dec. 20
Goodyen r 'Fire & Rubber let pf Slu
131 Jan, I Holders of roe. Dec. to
Goodyear Tire dr Rub,of Gall!.. pf.(0u.)•51.75 Jan. 2 *Holders of rec.
Goodyear Tire & Rub.of Can.,com.(qu.) *1.25 Jan. 2 *Holders of rec. Dee. 20
Dec. 15
Preferred (guar.)
134 Jan, 2 Holders of ree. Dee, 15
Gorham Mfg., common (guar.)
60e Mar. 2 Holders of rec. Feb. 16
Gorton-Pew Fisheries(guar.)
*75e Jan. 2 *Holders of roe. Dee. 22
Gotham Silk Hosiery, pref.(qu.)
131 Feb. 2 Holders of rec. Jan. 12a
Gottfried Baking, pref.(guar.)
134 Jan. 1 Holders of rec. Dee. 20
Goulds Pumps, Inc., corn.(guar.)
Jan, 2 Holders of roe. Dee. 19
Preferred (guar.)
134 Jan. 2 Holders of roe. Doe. 19
Graham-Paige Motors pref.(qu.)
*154 Doe. 31 *Holders of rec. Doe. 15
Granby Consol. Min.Smelt & Pow.
(qu.) 500 Feb. 2 Holders of reo. Jan. 160
Grand Rapids Varnish, corn. (guar.)._ •25e Dee. 81 *Holders of roe. Des.
Grand (F. W.)
-Silver Stores. Ins.
Common (in stock)
fl Dee. 30 Holders of reti. Dec. 4a
Granite City Steel (guar.)
75o Doo, 81 Holders of roe. Dec. 15a
Grant(W. T.) Co.(quar.)
250 Jan, 1 Holders of roe. Doe. 12a
Graymur Corp.(guar.)(No. 1)
•23o Jan. 2 *Holders of rec. Dee. 15
Gray & Dudley. corn.(guar.)
21*, Jan, 1 Holders of rec. Dec. 220
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 22a
Gray Processes Corn
•50e Jan. 2 *Holders of reo. Deo. 18
•500 Jan. 2 *Holders of roe. Dee. 18
Gray Telep. Pay Station (guar.)
*50e Jan. 1 *Holders of roe. Dec. 17
*75c Jan. 1 *Holders of roe. Dee. 17
Great Lakes Towing, corn. (guar.)
134 Dec. 31 Holders of rec. Des, 15
Preferred (guar.)
134 Dec. 81 Holders of rec. Dec. 15
Great Northern Iron Ore Properties
$1 Doe. 29 Holders of rec. Doe. 54
50e Dec. 29 Holders of roe. Dec. 5o
Great Western Else. Chem.. 1st pl.(qu.)•
$1.60 Jan. 1 *Holders of roe. Dee, 21,
Great Western Sugar. pref.(guar.)
134 Jan, 2 Holders of ree. Dee. 15c
(Daniel) Co.. pref. (guar.)
1% Jan, 2 Holders of rec.
Greenfield Tap & Die Corp.,6% Pt. ORO 13I Jan, 2 Holders of rec. Dec. 18
Dee. 15
8% preferred (guar.)
Jan. 2 Holders of roe. Dee. 15
Greif (L.) & Bros., class A (guar.)
•8731c Jan. 1 *Holders of roe. Dec. 20
7% preferred (guar.)
*134 Jan. 1 *Holders of roe. Dec. 20
Greif Bros. Cooperage, corn. A (qua?.)
40c. Jan. 2 Holders of roe. Dec. 15
Greyhound Corp., pref. A (quar.)
81.75 Jan. 1 *Holders of roe. Dec. 21
Green Watch, common (guar.)
*50e. Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
'134 Feb. 1 *Holders of rec. Jan. 21)
Guardian Detroit Union Group (qu.)
*50c Jan. 2 *Holders of rec. Dec. 21
*30e Jan. 2 *Holders of ree. Dec. 21
Guenther(Rudolph) Russell Law (guar.) •50c. Jan. 2 *Holders of reo.
Dec. 20
Guilford Realty Co., corn. (guar.)
*30e. Dec. 31 *Holders of rec. Dec. 20
7% preferred (guar.)
*134 Dee. 31 *Holders of rec. Dec. 20
8% preferred (guar.)
*134 Dee, 31 *Holders of roe. Dec. 20
Gulf Oil Corp.(guar.)
•3734c Jan. 1 *Holders of rec. Dec.
Gulf States Steel, 1st couv. pref.(guar.) 134 Jan. 2 Holders of rec. Dee. 20
Gurd (Chas.) & Co., corn,(guar.)
60o. Jan, 2 Holders of rec. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of ree. Dec. 15
Gypsum, Lime & Mahood's% Ltd
20e. Jan. 2 Holders of roe. Dee. 24
Habirshaw Cable & Wire(guar.)
10e. Jan. 2 Holders of rec. Doe. la
Hachmeister-Lind, pref. (guar.)
•$1.50 Jan. 2 *Holders of rec. Dec. 24
Hahn Dept Stores. 6t% ere:.(gunr.). 134 Jan. 2 Holders of rec. Doe. 220
Hamilton Cottons. Ltd.. pref.(guar.)
*50e. Jan. 2 Holders of ree. Dec. 15

Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Halold Co , corn,
*250. Jan. 2 *Holders of rec. Dee. 16
Preferred (guar.)
*134 Jan. 2 *Holders of rec. Dec. 15
Hamilton United Theatre, Ltd.(guar.). *134 Doe. 31 'Holders of roe. Nov.29
Hamilton Watch.core.
150. Dee. 81 Holders of rec. Dee. 101
Common (no par) (monthly)
15c. Jan. 31 Holden of rec. Jan. 10a
Common 525 par
*30e. Jan. 31 *Holders of recs. Jan. 10
Hammermill Paper,6% pref.(quar.) - *1% Jan. 2 *Holders of roe. Dec. 20
Hann (P. II.) Knitting pref (quar.)
•1 8 Jan. 1 *Holders of rec. Dec. 20
Harbauer Co., corn,(guar.)
45e. Jan. 1 Holders of reo. Dec. 23
Preferred (guar.)
•134 Jan. 1 *Holders of roe. Dee. 20
Harblson-Walker Refrso., prof (guar.). 1% Jan. 20 Holders of roe. Jan. 10a
Harnischfeger Corp., pref.(guar.)
el% Jan. 1 *Holders of rec. Dee. 16
Haverty Furniture, pref.(guar.)
•37340 Jan. 1 *Holders of reo. Dec. 20
Hayes Wheel & Fon., Ltd., pref.-Divi dend r eseinded
Hazel Atlas Glass(guar.)
•500. Jan. 2 ;Holders of reo. Dee. 15
•25o. Jan. 2 *Holders of reo. Doe, 16
Healy Petroleum. pref. (guar.)
*51.75 Dec. 31 *Holders of rec. Dec. 20
Heath(D.C.)& Co.,pref.(quar.)
134 Dee. 31 Holders of rev. Dec. 29
Heime (George W.) Co.. corn.(qua?.)
$1.25 Jan, 2 Holders of rec. Dee. 110
Common (extra)
Jan, 2 Holders of rec. Dec. 11e5
Preferred (guar.)
131 Jan. 2 Holders of rec. Dee. lba
Henry Furnace & Fdy., pref. (guar.)._
Jan. 2 *Holders of reo. Dee. 20
Hercules Motor Corp.(guar.)
30e. Jan. 1 Holders of rec. Doe. 190
*1,‘ Jan, 2 *Holders of rec. Doe, 20
Heyden Chemical. pref.(guar.)
Hibbard.Spencer,Bartlett & Co (mthly) 25c, Dee. 29 Holders of rec. Dee, 19
25c. Jan. 30 Holders of reo. Jan. 23
Higbee Co.(guar.)
*75e. Jan. 1
Holland Furnace,own.(guar.)
6234o Jan. 2 Holders of ree. Dee. 150
Common (extra)
25c. Jan. 2 Holders of rec. Dee, 150
Hollinger Consol. Gold Mines
Sc. Dec. 31 Holders of reo. Dec. 113
Eic. Dec. 31 Holden of reo. Dee. 18
Holly Development(guar.)
*214e Jan. 15 *Holders of rec. Dec. 31
Holly Oil (guar.)
*25e. Deo. 31 *Holders of reo. Dec. 15
Holmes(D. H.) Co., Ltd.(guar.)
2% Jan. 2 Holders of rec. Dec. 20
Holt Renfrew & Co., Ltd., pref. (guar.) *134 Jan. d2 *Holders of roe. Dec. 28
Home Dairy,class A (guar.)
*50e. Jan. 1 *Holders of rec. Dec. 20
Home Title Insurance (guar.)
*75e. Doe. 31 *Holders of roe. Dec. 24
•25e. Dee. 3 IsHolders of ree. Dec. 24
Honey Dew, pref. A (guar.)
$1.75 Jan. 2 *Holders of rec. Dec. 15
Hook Drugs, Inc.,com.(guar.)
25o, Jan. 2 Holders of roc. Dee. 20
Hoover Steel Ball(guar.)
*30o. Jan. 2 *Holders of rec. Dec. 24
Hope Engineering Corp., pref. (guar.)._ *131 Jan. 2 *Holders of rec. Dec. 15
Horn & Harden(N.Y.)corn.(guar.). _ iiie6231 Feb. 2 *Holders of rec. Jan. 12
Horn & Ilardart Baking (guar.)
81.75 Jan. 2 Dec. 21 to Jon. 15
Hoskins Manufacturing (quar.)
*75c. Dec. 81 *Holders of roe. Dec. 16
*25c. Doe. 31 *Holders of roe. Dee. 16
Hotel Strider Co., eon',(quar.)
.11.25 Dee. 31 *Holders of rec. Des. 15
7% preferred (guar.)
*134 Doe. 31 *Holders of reo. Dec. 15
6% preferred (guar.)
*3734e Dee. 31 *Holders of roe. Des. 15
Houdaille-Herahey Corp.. class A (rm.). •6231e Jan. 2 *Holders of rec. Dec. 20
Household Finance,corn. A & B.(qu.)
90e. Jan. 15 Holders of roe. Dec. 31a
Participating preferred (guar.)
51 Jan, 15 Holders of reo. Dee, 81a
Howe Sound Co.(guar.)
Jan. 15 Holders of rec. Dec. 310
Howell Elec. Motor (guar.)
*250. Dec. 31 *Holders of roe. Dee, 18
Dec. 31 *Holders of tee. Deo. 18
Howes Bros. Co., 7% 1st pref.(qua?,).. sl% D.Si *Holders of rec. Dec. 20
4.134 Dee. 31 *Holders of reo. Dee. 20
6% first preferred (qua?.).
7% second preferred (guar.)
•134 Dec. 31 *Holders of roe. Des. 20
Hudson Motor Car (guar.)
750. Jan. 2 Holders of roe. Dec. lba
Humble Oil& Refining (guar.)
50e. Jan. 1 Holders of roe. Dee. 2
50o. Jan. 1 Holders of rec. Dec. 2
Humphreys Mk.. pref.(guar.)
*50c. Dec. 31 *Holders of rec. Dee. 15
Hunts. Ltd., class A & B (guar.)
•250. Jan. 1 *Holders of roe. Dee. 15
Class A & B (extra)
•50o. Jan. 1 *Holders of reo. Dee. 15
Huron& Erie Mtge.(qua?,)
*Holders of roe. Dee. 16
Huston (Torn)Peanut Co.,Prof
jan 3 *Holders of rec. Dec. 20
Dei. 2
Huyiers of Del., Inc.. pref.(guar.)
*1% Jan. 2 *Holders of roe. Dec. 20
Hygrade Lamp, COM.(QUM.)
25e. Jan. 2 Holders of roe. Doe. 10
Common (extra)
Jan. 2 Holders of roe Doe. 10
Preferred (guar.)
1% Jan. 2 Holders of roe. Des, 10
Ideal Cement,common (guar.)
*750. an. 1 *Holders of reo. Doe. 15
•1234e Jan. 2 *Holders of rec. Dec 15
Ideal Financing Assn., A (guar.)
Jan. 2 *Holders of reo. Dec. 15
Preferred (guar.)
Convertible preferred (guar.)
*50e. Jan. 2 *Holders of ree. Doe. 15
Ideal Investments, Ltd
*5 Jan. 2 *Holders of rec. Dec. 31
•30e. Jan, 15 *Holders of rec. Jan. 3
Moots Brick (guar.)
•30e. Apr. 15 *Holders of rec. Apr. 3
*30o. July 15 *Holders of rec. July 3
*30o. Oct. 16 *Holders of rec. Oct. $
Imperial Sugar common
•$1.75 Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
*51.75 Jan. 1 *Holders of rec. Dee. 20
Imperial Tobacco of Canada,ord (qu.)- 8340 Doe, 31 Holders of rec. Doe. 3
Impervious Varnish (quar.)
•50o. Dec. 81 *Holders of rec. Sept.20
Income Shares Corp.(monthly)
*33c. Jan. 1 *Holders of rec. Doe. 25
Incorporated Investors (guar.)
•280. Jan. 15 *Holders of rec. Dec. 22
*11)o. Jan. 1 *Holders of rec. Doe, 22
Indemnity Mtge. See
*10e. Jan. 1 *Holders of rec. Dec. 15
Independent Pneumatic Tool(guar.) - *$1 Jan. 6 *Holders of roe. Dec. 26
Indiana Pipe Line (guar.)
50o. Feb. 1 Holders of rec. Jan. 23
Industrial Acceptance. lat Pref. (guar.) 1% Jan,
Holders of roe. Dee. 19
Industrial Flmoss• Corp.
Hold,of rec. Apr.18'30
Common (Payable In common stock)._ 12% Feb.
Industrial Loan & Guaranty (quar.)....,. *2 Dec. 3 *Holders of reo. Dec. 15
industrial Rayon (guar.)(No.!)
Holders of reo. Dee. 180
Ingersoll-Rand Co.. Preferred
Holders of reo. Doe. 9a
Inland Investors, common (guar.)
*Holders of no. Dee. 19
Insult Utility Investments, corn.(guar.) f1 ° j
Jan.n 1 Holders of roe. Dec. 15
$8,50 prior preferred (guar.)
Holders of rec. Dec. 15
51.38 jan.3 *Holders of rec. Dec. 20
*10e. Dta
Intercoast Trading Co. (guar.)
•26c. Jan.
*Holders of roe. Dec. 15
Intercolonial Coal, common
Holders of roe. Doe. 22
Holders of rec. Dee. 22
Interlake Steamship (guar.)
Doe. 31 Holden of rec. Dee, 18
Internat. Business Machines (qua?.)... 51.50 Jan. 10 Holden of roe. Dec. 20a
Stock dividend
10 Holders of roe. Dee, 20a
1) jJanan. 10 Holders of rec. Doe. 20s
Stock dividend (5 shares for each 100) (
Internat, Button Hole Sew. Mach.(qu.) 20o. Jan. 2 Holders of rec. Doe. 15
International Carriers
25e. Jan, 2 Holders of reo. Dec. 264
Interest. Cement, corn.(guar.)
Dec. 31 Holden of rec. Dec. Ila
International Equities. class A (guar.)._ 8734o, Jan. 2 Holders of rec. Dec. 200
International Match Corp., coni.(qu.)._ $1 Jan. 15 Holders of roe. Dec. 260
Participating preference(guar.)
81 Jan. 15 Holders of rec. Dec. 260
International Nickel of Canada(guar.)-250. Deo, 31 Holders of reo. Dee, la
Preferred (Par $100) (guar.)
Feb. 2 Holders of rec. Jan. 34
Preferred (Par $5)
831c. Feb. 2 Holders of rec. Jan. 30
International Paints. Ltd.,Cl. A & B(qu) 25e. Deo, 20 Holders of rec. Dee. 12
Internat. Paper, 7% pref.(guar.)
134 Jan. 15 Holders of reo. Dee. 260
Internatl Paper dr Power.7% pref.(qu.)
1% Jan. 15 Holders of rec. Dec. 28a
8% preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 28
International Products Corp., pref.Jan, 15 Holders of rec. Dee. 31
International Salt (qua?.)
750,Jan, 2 Holders of rec. Dee. 160
International Shoe, com.(quar.)_.
750. Jan, 1 Holders of roe. Doe. 160
Preferred (monthly)
•500. Jan. 1 *Holders of rec. Dee. 15
Preferred (monthly)
*50o. Feb. 1 Holders of roe. Jan. 15
Preferred (monthly)
*60c. Mar. 1 Holders of roe Feb. 14
Preferred (monthly)
*50c. Apr. 1 Holden of rec. Mar. 14
Preferred (monthly)
*50o. May 1 Holders of rec. Apr. 15
Preferred (monthly)
•511o. June 1 Holders of roe. May 15
Internat. Silver. Prof. (guar.)
154 Jan. 1 Holders of reo. Doe, 120
Internat. Superpower Corp.(qua?.)._
25e. Jan. 1 Holders of roe. Dec. 15
100. Jan. 1 Holders of rec. Dee. 15
International Tea Store. Ltd.
Amer. dep. rots, for ord, reg. sha -.- •to12 Jan. 12 Holders of rec. Doe. 12
International Textbook, common_
750, Jan. 2 Holders of rec. Dec. 10
interstate Bakeries, oom.(guar.)
25e. Jan. 1 Holders of no. Dee. 15
81.625 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Interstate Dept. Stores, coin. (guar.). 50c. Doe. 30 Holders of rec. Deo. 24a
*873413 Jan, 2 Holders of roe. Doe. 20
Interstate Equities, A (guar.)
Jan, 2 Holders of roe. Doe, 16
Intertype Corp.. lot pre(
Second preferred
Jan. 2 Holders of ree. Doe. 15
Irving Air Chute (guar.)
•25e. Jan. 2 Holders of reo. Dec. 16

Name of Company.

Cent. Payable.

Books Closed.
Days Inctusks.

Miscellaneous (rands:tied).
Investors Corp. of Rhode IdlandFinn,second and convert.stocks(qu.) $1.50 Jan. 2 Holders of roe. Des. 20
*81.50 Jan. 2'Holders of rm. Dec. 20
Convertible pref.(guar.)
111.50 Jan. 2'Holders of rec. Dee 20
Second preferred (guar.).
$1 Jan. 1 Holders of rec. Dec. 260
Island Creek Coal. corn. (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 260
Preferred (quar.)
.874e Jan. 2 "Holders of rec. Dee. 20
Ivanhoe Biese Inc.. pref.(guar.)
50e. Jan. 2 Holders of ree. Dec. 15
Jefferson Electric Co.(guar.)
50e. Jan. 2'Holders of rec. Dec. 16
Jenkins Bros.,corn.(guar.)
•1% Jan. 2 *Holders of rm. Dec. 16
Preferred (guar.)
75e. Jan. 15 Holders of rec. Jan. 20
Jewel Tea. corn.(guar.)
75e. Jan. 15 Holders of rec. Dec. 240
Johns-ManvIlle Corp., corn.(quar.)....
1% Jan. 1 Holders of rec. Dec. 110
Preferred (guar.)
*50e. Jan. 2 *Holders of rec. Dec. 22
Johnson Publishing, corn.(guar.)
*2 Jan. 2 *Holders of rec. Dec. 22
Preferred (guar.)
30e. Jan. 2 *Holders of roe. Dec. 24
Jones Brea. of Canada. corn.(guar.).
- •
- 15 Jan. 1 Holders of rec. Des. 120
nes A. I aughlin Steel. pref (guar.).
Joe real of Commerce Corp.. Pref.(qu.). $1.75 Jan. 1
• $1.125 Jan. 2 *Holders of roe. Dec. 20
Kalamazoo Stove (guar.)
Kalamatm Veg..Paretunent (quar.)_._. .1.5e Des. 31 •Holaern of no. DPO 22
• $1.625 Jan. 1 *Holders of tee. Dec. 15
Katz Drug,$8.50 pref.(guar.)
1% Jan. 2 Holders of rec. Dec. 20
Kaufmann (Chas. A.) Co.(guar.)
Kaufmann Dept. Storm. corn.(qua?.).. 38e. Jan. 28 Holders of roe. Jan. 10
Jan. 2 Holders of roe. Dec. 10
Preferred (quar.)
Jan. 15'Holders of rec. Dec 31
Kawneer Co.(guar.)62Me.or 2% stock.
15e. Jan. 15 Holders of rec. Jan. 2
Kaybee Stores. corn.(guar.)
43%c Jan. 2 Holders of rec. Dee. 15
Class A (quar.)
50e. Dec. 31 Holders of rec. Dec. 19
Kaynee Co.,common(guar.)
1234e Dee. 31 Holders of rm. Doe. 19
Common (extra)
1% Dec. 31 Holders of roe. Dec. 19
Preferred (guar.)
Keith (Geo. E.) Co., 1st pref. (guar.)... O1% Jan. 2 'Holders of rec. Doe. 15
Keith-A lbee-Orpheum.7% pref.(qua!'.). 1% Jan. 1 Holders of rec. Dec. 20a
Kelley Island Lime & Transport igU.) 62 He. Jan. 2 Holders of me. Des. 19
Deo, 27 'Holders of roe. Dec. 13
Kellogg Co
20e. Dee. 31 Holders of reo. Deo 15
Kellogg (Spencer) & Sons, Inc (guar.).0
Kelsey Hayes Wheel Corp., COM.(guar.) 50e. Jan. 2 Holders of rec. Dee. 19
Feb. 1 'Holders of roe. Jan. 20
Preferred (quar.)
50e. Jan. 2 Holders of rec. Dee. 50
Kennecott Copper
25e. Jan. 2 Holders of roe Dec. 26
Key Boller Equip (guar.)
Keystone Steel & Wire, pref.(guar.)_ _ _ _ "I% Jan. 15 *Holders of rec. Dec. 31
62.14 c Jan. 1 Holders of roe. Dec. 12o
Kimberly-Clark Corp..corn.
1% Jan. 1 Holders of me. Dee. 12
Preferred (guar.)
Dec. 31 Holders of rm. Dec. 15
King Royalty Co., pref. (guar.)
25e. Jan. 2 Holders of roe. Dee. 15.
Kinney (0. It.) Co.. core. (guar.)
300. Jan. 1 *Holders of rec. Dec. 16
Hirsh Company,COM.((par.)
*45e. Jan. 1 'Holders of roe. Dec. 16
Preferred (quar.)
.25e. Jan. 2 •HoMers of rec. Doc. 20
Klein (1) Emil, corn, (quar.)
"81%c Jan. 1 *Holders of rec. Dec. 15
Knapp-Monarch, pref. (quar.)
*1% Jan. 1 *Holders of roe. Dec. 15
-Campbell Music. Pref.(Quer.)
Jan. 2 Holders of rec. Dec. 15
Knott (A..1.) Tool & Mfg., corn
I% Jan. 2 Holders of roe. Dec. 15
Preferred (quar.)
*4 Jan. 2 "Holders of ere. Dec. 20
KnehrIng Co., pref
134 Jan. 1 "Holders of rec. Dec. 12
Koppers Gas & Coke Co.,6% pref.(au.) •
40e. Dec. 31 Holders of rec. Dee. 11
Kresge (S. S.) Co.. common (guar.).% Dec. 31 Holders of rec. Doe. 11
Preferred (quar.)
Kroger Grocery & Baking. 1st Pfd.(aU.) *1% Jan. 1 *Holders of rec. Doe. 20
Jan. 2 Holders of rec. Dee. 24.
Kuppenhelmer (B)& Co.. corn
75e. Jan. 1 *Holders of roe. Dec. 20
Laboratory Products (guar.)
Jan. 15 'Holders of rec. Dee. 20
Stock dividend
500. Dec. 31 Holders of rec. Dec. 22
Laclede Steel (quar.)
43%e Jan. 2 *Holders of rm. Dec. If.
Leber Auto Spring,7% pref.(quar.)
Jan. 2 Holders of roe. Dee. 17.
Lambert CO.(guar.).
•$21.50 Jan. 2 *Holders of roe. Dec. 15
Landed Bank & Loan (qua?.)
Jan. 1 *Holders of rec. Dec. 17
Larders Frary & Clark (quar.)
Land dr Royalty Corp., Cl. A (monthly) •8 1-3e Jan. 1 *Holders of rec. Dec. 25
Dec. 31 Holders of rec. Dee. 10
Land Title Bldg.Corp.(Phila.)
50e. Jan. 1 Holders of roe. Dee. 12,1
Lane Bryant. toe., corn. (guar.)
La Salle Extension University, pf. (qu ) 1% Jan. 2 Holders of roe. Dec. 20
70e. Dec. 31 Holders of rm. Dec. 17
Lawyers Mortgage Co. (guar.)
Jan. 3 Holders of rm. Dec. 20a
Lawyers Title & Guaranty (quar.)
Jan. 2 Holders of reo. Dec. 20
Lawyers Westchester Mtge.& Title(qu) 2
Jan. 2 Holders of roe. Dec. 20
87%c Jan. 1 "Holders of roe Dec. 15
Leath & Co.. pref. (guar.)
25e. Feb. 2 Holders of rec. Jan. I40
Lehigh Portland Cement,corn.(guar.).114 Jan. 2 Holders of roe. Dec. 13.
Preferred (guar-)
750. Jan. 2 Holders of ree. Dec. lla
Lehigh Valley Coal Corp., pref.(guar.).
90e. Dec. 31 Dee. 12 to Dos. 31
Lehigh Valley Coal Sales (guar.)
75e. Jan. 5 Holders of rec. Dec. 22a
Lehman Corp.(quar.)
50e. dDee.31 Holders of rec. Dee419
Leland Electric Co., common (quar.)*25e. Jan. 2 'Holders of rec. Dec. 15
Lenolt National Seeur. el. A & B
*35e. Jan. 2 'Holders of rm. Dec. 15
7% preferred (guar.)
350. Dee. 31 Holders of rec. Doe. 11
Lesstnee. lee. (guar.)
*75e. Jan. 1 *Holders of ree. Doe. 15
Ley (Fred. T.) Co.(guar.)
•25e. Dec. 31 *Holders of rec. Dec. 10
Liberty Share Corp
Jan. 1 Holders of rec. Dec. 19
Libby McNeil & Libby.$5 prof.(No.1)_ $3
$3.50 Jan. 1 Holders of me. Dec. 19
$7 preferred
1% Jan. 1 Holders of roe. Dee. 10.
Liggett & Myers Tob.pref (guar.)
'114 Dec. 31 *Holders of rec. Dec. 1
Lilly-Tulip Cup, pref.(qua?.)
•62(4e Jan. 1 *Holders of roe. Dec. 15
Limestone Products, 7% prof.
.62)4e Apr. 1 *Holders of roe. Mar.15
7% preferred (guar.)
•I Lei Jan. 1 *Holders of roe. Doe. 19
Linde Air Products, pref.(guar.)
60e. Mar. 1 Holders of roe. Feb.d14a
Link Belt Co.,corn.(guar.)
•1H Jan. 2 *Holders of rec. Dec. 16
Preferred (guar.)
Jan. 31 Holders of rec. Jan. 20
Liquid Carbonic (guar.)
Jan. 2 *Holders of rm. Dec. 20
Lit Bros.,6% preferred (guar.)
50e. Jan. 2 *fielders of rec. Dec. 18
Locomotive Firebox (guar.)
75e. Dee. 31 Holders of rec. Dec. 130
Mew's. Inc., common (guar.)
Dee. 31 Holders of roe. Dee. 131
Common (extra)
1% Jan. 1 Holders of rec. Dec. 180
Loose.Wilea Biscuit, pref.(guar.)
2% Jan. 2 Holders of rec. Dec. 170
Lord & Taylor, common (guar.)
1% Jan. 2 Holden; of rm. Deo. 150
Lorillard (P) Co pref. (guar.)
•22 Jan. 2 *Holders of re . Dec. 24
Long island Safe Deposit
O75e. Jan. 1 *Holden of roe. Dee. 15
Loudon Packing (guar.)
Feb. 2 Holders of rec. Jan. 170
Lord & Taylor,2nd pref.(guar.)
50e. Jan. 1 Holders of rec. Dee. 21
Ludlow Ty pogra ph.corn.(guar.)
1% Jan. 1 Holders of rec. Dee. 21
*4 Jan. 2 *Holders of rec. Dee. 17
Ludlow Valve Mfg., pref
•15$ Jan. 1
Lunkenheimer Co., pref.(qua?.)
•1% Jan. 1
Lupton (1).) Sons Co., pref.(guar.).Jan. 2 *Holders of rec. Dec. 26
LyeomIng Mfg..8% prof.(guar.)
65e. Jan. 15 Holders of rec. Dec. 310
MacAndrevis & Forbes.corn.(qua?.)
1% Jan. 15 Holden of rec. Dec. 310
Preferred (guar.)
1% Feb. 2 Holders of rec. Jan. 15
MacKinnon Steel, pref.(guar.)
Dec. 31 Holders of roe. Dec. 151
Mack Trends, Inc., corn.(guar.)
•1% Jan. 1 'Holders of rec. Dee. 17
MacMarr Storm, pref.(guar.)
50o. Feb. 16 Holders of roe. Jan. 230
Macy (R. H.)& Co.(guar.)
Feb. 16 Holders of rec. Jan. 234
Stock dividend
Jan. 2 'Holders of roe. Dec. 20
Madison Mortgage,8% let pref.(guar.) *2
•1% Jan. 2 •IIolders of rec. Dec. 20
7% 1st preferred
•1% Jan. 2 'Holders of roe. Dec. 20
7% 2d preferred (guar.)
15e. Jan. 15 Holders of rm. Jan. 5a
Madison Square Garden Corp.(qu.)...
75e. Jan. 15 Holders of rec. Dec. 31a
Magma Copper Co.(guar.)
•37He Jan. 15 *Holders of ere. Dec. 31
Magnin (I.)& Co.
*181 Dec. 31 *Holders of roe. Deo. 24
Mager Car corp., pref. (guar.)
1% Jan. 2 Holders of rec. Dec. 150
Manhattan shin. pref. (guar.)
4,154 Jan. 1
Manisehewitz (B.) Co.. prof.(quar.)
Jan. 30 'Holders of rec. Dee. 31
Mansfield Theatre Co.(Toronto)
43He Dec. 30 *Holders of roc. Dee. 20
Manufacturers Finance, let pf. (guar.). •
*75e Jan. 1 "Holders of rm. Dec. 15
Mapes Consol. Mfg.. Corn.(guar.)
*250. Jan. 1 "Holders of roe. Dec. 15
Common (extra)
Marcus Loew's Theatres(Can.), pref..- 354 Jan. 15 Holders of roe. Dec. 31
*45e. Jan. 1 "Holders of rec. Dee. 16
Marine Bancorporation (guar.)
30e. Doe. 31 Holders of rec. Doe. Is
Marine Midland Corp.(qua?.)
50o. Jan. 2 Holders of rec. Dee. 207
• Marlin-Rockwell Corp..corn.(guar.)
Jan. 2 Holders of rec. Doe. 200
Common(special)--*e200 Dec. 31
Martin & Schwartz(stock cilv.)
*Safe Dec. 31 'Holders of rec. Dec. 18
$10 par (qua?.)
Maryland Casualty
• $1.125 Dec. 31 *Holders of rec. Dec. 18
$25 par (guar.)
50e. Jan. 2 Holders of roe. Dee. 12.
Mathisson Alkali, eons.(qua?.)
11$ Jan. 2 Holders of rm. Dee. 120
Preferred (quar.)
Jan. 15 *Holders of rec. Dec. 30
Mayflower Associates,stock dividend

FoL. 131.

Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
•17He Jan. 1 *Holders of roe. Dec. 15
May Oil Burner, pref. B (gum.)
Jan. 1 *Holders of rec. Dec. 20
McAleer Mfg.(guar.)
62He Feb. 1 Holders of rec. Jan. 261
McCall Corp.(guar.)
MeColl-Frontenac Oil, pref.(guar.).- 1'4 Jan. 15 Holders of rec. Dec. 31
McCord Had.& Mfg.,class A (quar.).- "75c. Jan. 2 *Holders of rec. Dec. 23
McCrady-Rogers Co., pref. (guar.).- "8734c Dec. 31 *Holders of rec. Dee. 20
'1)4 Doe. 31 *Holders of rec. Dee. 20
hleGavin, Lily, pref. (quar.)
500. Jan. 2 Holders of rec. Dec. 20
McGraw Electric Corp.(guar.)
McGraw-Hill Pub. Corp., corn.(guar.). Ede. Jan. 2 Holders of rec. Dec. 200
McKee(Arthur 0)& Co.. Cl,B (guar.).- 87H c Jan. 1 Yielders of rec. Dee. 19
Jan. 2 Holders of rec. Doe. 150
McKeesport Tin Plate, corn.(guar.)
50e. Jan. 2 Holders of rec. Dec. 150
Common (extra)
1% Jan. 2 Holders of rm. Dec. 250
McLellan Storm, pre.. (guar.)
•14( Jan. 1
McLeod Bldg., Ltd.(guar.)
75e. Jan. 2 Holders of rec. Dee. 22
MeQuay Norris Mfg.(guar.)
(guar.)._ _ *75e. Jan. 1 *Holders of rec. Dec. 15
Mead Johnson & Co., core.
*50e. Jan. 1 *Holders of rec. Dee. 15
Common (extra)
7% preferred(qua?.)•350.Jan. 1 'Holders of rec. Doe. 15
Mereantlie (Miscount Corp., pt. A (guar.) •500 Jan. 2 "Holden of roe Dec. 15
'37%c Dec. 31 "Holders of rem Dm. 23
Merchants Discount (guar.)
"25e Dec. 31 'Holders of roe. Dee. 23
Merchants lee & Cold Storage'1% Dec. 31 *Holders of rec. Dec. 22
Prererreil (q-ar.)
Merchants & Mfrs. Co.,corn. A (guar.). '37%c Jan. 2 *Holders of rec. Dee. 15
'87%c Jan. 15 "Holders of roe. Jan. 2
$3.50 prior pref.(guar.)(No. 1)
Dee. 31 *Holders of roe. Doe. 15
Merchants & Miners Tramp.(pear)
Merchants Refrig. of N. Y.(quar.)--- "50e. Dec. 31 *Holders of rec. Doe. 22
Jan. 1 *Holders of rec. Dec. 22
Merchants Transfer & Storage. corn... "
•15‘ Jan. 1 *Holders of rec. Dec. 22
Preferred (qua!'.)
Jan. 2 Holders of re!' Deo. 17
Merck Corp. pref.(guar.)
$1.50 Dec. 31 Holders of roe. Doe. 34
Mergenthaler Linotype (guar.)
•50e. Jan. 1 *Holders of rec. Dec. 15
Mesta Machine (guar.)
Metal Package Corp., corn. (guar.).- $1 Jan. 2 Holders of rec. Dec. 17
*250. Jan. 15 *Holders of rec. Jan. 1
Metal Textile Corp., corn
Jan. 15 'Holders of rec. Jan. 1
Participating pref.(quar.)
*25e Jan. 15 *Holders of rec. Jan. 1
Participating pref.(extra)
•1% Jan. 2'Holders of rm. Dec. 20
Metal dr Thermlt, pref.(guar.)
•13.‘ Jan. 2 *Holders of rem Dec. 15
Metropolitan Ice. pref.(qua r.)
*30o Jan. 2 *Holders of rm. Doe. 15
Preferred (extra)
Metropolitan Industrial Bankers, corn.. 250 Jan. 1 Holders of roe. Dec. 24
134 Jan. 1 Holders of rec. Dee. 24
Preferred (guar.)
Metropolitan Paving Brick pref.(guar.) 1),( Jan. 1 Doe. 16 to Dee. 31
Jan. 20 Holders of rem Doe, 31a
Mexican Petroleum, corn.(quar)
Jan, 20 Holders of roe. Dec. 313
Preferred (guar.)
Michigan Steel Tube Products (guar.).- *3 )0 Jan. 1 *Holders of roe. Dec.. 20
Jan. 1 "Holders of rec. Dec. 20
Midland Grocery Co.. pref
75e Jan. 1 Holders of rec. Dee. 20a
Midland Steel Products. corn. (qua?.)
Jan. 1 Holders of rec. Dec. 204
8% first preferred (guar.)
*500 Jan. 1 *Holders of rec. Dec. 20
$2 preferred (guar.)
Jan. 1 Holders of rec. Dee. 18
Midvale Co.(guar.)
Milburn (Alex.) Co.,pref. A(quar.)- "184 Dec. 31
'8714c Jan. 1 *Holders of roe. Dee. 15
Miller & Hart, Inc., pref.(guar.)
05, Jan. 2 Holders of rec. Dec. 20
Miller (I.) & Bons. common (guar.).40e. Jan. 1 Holders of roe. Dee. 20
Miller Wholesale Drug (guar.)
Mills Factors Corp., el. A & B (guar.)._ •755. Jan. 2 *Holders of rec. Dec. 20
*15c. Jan. 2 *Holders of rem Dec. 20
Minnesota Mining & Mfg.(guar.)
"$1.75 Feb. 1 *Holders of roe Jan. 20
Minnesota Val. Can., Prof. Mar.)
134 Jan. 2 Holders of roe. Dec. 16
Mitchell (J. S.) & Co., pref.(guar.)._
2% Feb. 16 Holders of rm. Dm. 31
Mitten Bank Securities Corp.. cora
3% Feb. 16 Holders of rm. Dec. 31
Preferred (guar.)
Mock, Judson, VoehrInger Co., Pt.(qu.) 111 Jan. 2 Holders of roe. Doe. 15
•500. Jan. 15 *Holders of roe. Jan. 1
Mohawk Investment Trust (guar.)..45e. Jan. 1 "Holder's of rec. Dee. 20
Monighan Mfg.,class A (guar.)
171.4e Jan. 1 *Holders of rem Doe. 15
Monroe Chemical. pref. (guar.)
31 Sie Jan. 2 Holders of rm. Dee. 105
Monsanto Chemical Works (guar.)
81 94 Jan. 2 Holders of roe. Dec. 100
Stock dividend
*$1.75 Jan. 1 *Holders of ree Dee. 20
Montgomery Ward & Co., el. A (au.)
Moore corp., Ltd.. common(guar.).- *255. Jan. 2 *Holders of rm. Dec. 15
•13‘ Jan. 2 "Holders of roe. Dec. 15
Class A & B (guar.)
15e. Dec. 31 'Holders of rm. Des. 15
- •
Moreland 011 Corp., class B (guar.).
*5 . Dec. 31 *Holders of rec. Doe. 15
Class B (extra)
- •1% Dec. 31 *Holders of rec. Dec. 20
Morris Finance Co.. class A (guar.).
*27 He Dec. 31 'Holders of rm. Dec. 20
Class B (guar.)
•1% Dec. 31 *Holders of roe. Dec. 20
Preferred (guar.)
Morris (Philip) & Co., Ltd.,Inc.(guar.) 25e. Jan. 15 Holders of rm. Jan. 3
Jan. 2 *Holders of rec. Dee. 27
Morris Plan Bank of Hartford (guar.).- .12
250. Jan. 2 Holders of rm. Doe. 15
Morristown Securities, corn.(guar.).Jan. 2 Holders of ree. Dec. 15
Doe. 29 Holders of res. Dec. 19
Mortgage-Bond Co.(guar.)
150. Dec. 31 Holders of roe. Dee. 19
Mortgage-Bond & Title Corp.
234 Dee. 31 Holders of roe. Dec. 19
500. Jan. 2 Holders of rem Des. 2045
Motor Products Corp.. corn. (guar.)...
Jan. 15 *Holders of rec. Doe. 31
Mt. Vernon Woodberry Mills. Pf. (t111.)- *1
Preferred (acct. serum. dividends).- •h294 Dec. 31 *Holders of rec. Dec. 15
'1)45. Jan. 15 'Holders of rec. Dm. 31
Mountain & Gulf Oil Corp.(guar.)
40e. Jan.- 2 Holders of rec. Doe. 15a
Mountain Producers Corp.(gnarl
Jan. 2 Holders of rem Dee. 22
Murphy (G. C.) Co., pref.(guar.)
*75e. Jan. 2 *Holders of rec. Doe. 15
Muskegon Piston Ring (guar.)
50u. Dec. 31 Holders of rm. Dec. 15a
Myers(F. E.) & Bros.. corn.(quar.)____
1% Dee. 31 Holders of rm. Dee. 1545
Preferred (guar.)
Nashua Gum.& Coated Paper. pf.(qu.). '134 Jan. 2 *Holders of rec. Dec. 24
•650. Jan. 1 *Holders of roe. Dee. 17
National Battery. common (guar.)
55e. Jan. 2 Holders of rm. Doe. 170
Preferred (quar.)
70e Jan. 15 Holders - ree. Dec. 19,2
National Biscuit. corn (qua?
40e. Jan. 2 Holders of roe. Dee. 15
National Breweries, corn. (quar.)
43e. Jan. 2 Holders of rec. Doe. 15
Preferred (guar.)
50e. Jan. 1 Holders of ree. Dec. 12
National Candy. erne. (guar.)
Jan. 1 Holders of ree. Dee. 12
First and second preferred (guar.).
Feb. 2 Holders of rem Jan. 20
National Carbon, pref.(guar.)
Cash Register, class A (guar.) •75e. Jan. 15 *Holders of Tee. Dee. 30
"$1.50 Jan. 3'Holders of rec. Deo. 31
Class B
$1.75 Doe. 31 *Holden of rec. Dec. 15
National Casket. pref.(quar.)
Nat. Corn. Title & Mtge.(Newark)(gu.) *20e. Jan. 2 "Holders of roe. Dee. 15
*20e. Jan. 2 *Holders of rec. Doe. 15
65e. Jan. 2 Holders of roc. Dee. 345
National Dairy Products.corn.(quu.)_ _
'134 Jan. 2 *Holders of rm. floe.
Preferred A & B (guar.)
•400. Jan. 1 "Holders of rec. Doe. 20
National Equity Co..Inc.(guar.)
*20e. Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 15
National Grocers, Ltd., pref.(guar.).
134 Dee. 31 Holders of roe. Doe. 127:
National Lead. corn, (guar.)
1% Jan. 31 Holders of rec. Jan. 154
Preferred B (guar.)
National Licorice Co., pref.(qua?.).... 1% Dec. 31 Holders of rec. Dec. 15
*134 Jan. 2 *Holders of rec. Dec. 15
Nat Mfg & Stores, class A (quar.)
*1% Jan. 2 "Holden of Lee. Dec. 15
First preferred (quar.)
505. Jan. 2 *Holders of roe. Dec. 20
National 011 Products,corn
*50o. Jan. 2 'Holders of roe. Doe. 20
Common (extra)
*25e. Jan. 1
National Oxygen, corn. (guar.)
Class A (guar.)
*55ife Jan. 1
2 Jan. 1 Holders of rec. Dec. 15
National Refining. pref.(guar.)
60e. Jan. 1 Holders of rm. Dec. 20a
National Screen Service(guar.)
Nattonal Standard Co (guar.)
750. Jan. 2 Holders of roe. Dec. 19
Natlosutl Steel Car Corp. (guar.)
50e. Jan. 2 Holden of rem Doe. 17
National Sugar Refining (guar.)
50o. Jan. 2 Holders( of me Dec. 1
National Supply Co. of Del., pref.(qu ) 1% Dec. 31 Holders of rec. Doe. 20
$1.25 Jan. 2 Holders of rem Doe. 181
National Surety (qua?.)
250. Jan. 1 Holders of roe. Doe. 13a
National Tea, corn. (quar.)
•23.50 Jan. 2 *Holders of roe. Dee. 20
National Trust (Toronto) guar.)
40e. Jan, 3 Holders of rec. Doe. 18
Noel, Ins., cony. class A & B (guar.).Nehl Corporation, let pref.(quar.)___*$ 1.311.$ Jan. 1 *Holders of rm. Dec. 15
40e Jan. 1 Holden of roe Dec 154
Nelsnor Bros Inc common.(qua?.)
•150. Jan. 2 *Holders of rec. Dec. 20
Nelson Baker & Co.(guar.)
25e. Dee. 31 Holders of roe. Doe. 18
Nelson (Herman) Corp.)
250. Doe. 31 Holder's of me. Deo, 125
Nevada Consolidated Copper Co.(qu.).
Newberry (J. J.) Co..common (qua!'.).. '27%c Jan. 1 *Holders of rec. Dec. 16
•433(e Jan. 1 *Holders of rec. Dec. 20
Newman Mfg.(guar.)
Jan. 15 Holders of roe. Doe. 31
Newmont Mining Corp.(guar.)
"100. Jan. 1 *Holders of roe. Dec. 31
New Bradford Oil(quar.)
2 Jan.
Holders of rec. Dec. 15
New England Equity, pref. (qua?.)
*Holders of rec. Doe. 20
New England Grain Products.$7 pf.(qu) *81.75 Jan.
25e. Jan.
Holders of roe. Dee. 24
New Haven Clock, erne.(guar.)
Holders of rec. Jan.1 60
60e. Feb.
N. Y. Air Brake (guar.)


DEC. 27 1930.]
Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Ozaffnued).
N.Y.& Honduras Rosario Mhz.(special)
500. Dec. 27 Holders of rec. Dec. 18
New York Investors, Inc., 1st pref
Jan. 15 Herders of rec. Jan. 5
N. Y. Realty & Improv.(guar.)
114 Dec. 29 Holders of rec. Dec. I30
N.Y.State Holding Co., corn.(quar.)_ _
50e. Dec. 31 Holders of rec. Dec. 16
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 15
N.Y.Title & Mtge.(guar.)
•50e. Dec. 31 "Holders of rec. Dec. 19
New York Transit Co. (guar.)
40e. Jan. 15 Holders of rec. Dee. 23
New York Transportation (guar.)
•50e. Dec. 29 *Holders of ree. Doe. 15
N.Y.Trap Rock. $7 pref.(guar.)
*51.75 Jan. 2 *Holders of me. Dec. 20
Niagara Share Corp.. corn.(guar.)
10e. Jan. 15 Holders of rec. Dec. 24
Preferred (gear.)
$1.50 Jan. 2 Holders of rec. Dee. 20
Niagara Wire Weaving,corn.(guar.)- - - 37He. Jan. 2 Holders of rec. Dee. 20
Preferred (guar.)
75c. Jan. 2 Holders of rec. Dec. 20
Nichols Copper Co. (guar.)
•4351c Dec. 31 'Holders of rec. Dec. 20
Niles-Bement-Pond Co. corn.(guar.)__ _ •50e Dec. 81 'Holders of roe. Dec 20
Extra _
•250. Dec. 31 "Holders of rec. Dec. 20
NIpissing Mines (guar.)
734c Jan. 20 Holders of rec. Dec. 31
Noblitt Sparks Indus., corn.(guar.)
•75e. Jan. 1 *Holders of rec. Dec. 20
Common (pay. In corn. stock)
•014 Jan. 1 "Holders of rec. Dec. 20
Noel Securities Co., pref. (guar.)
*2 Dec. 31 'Holders of rec. Dec. 20
North Amer. Car Corp.,corn.(guar.)_ 62 He. Jan. 1 Holders of rec. Dec. 24
Preferred (guar.)
$1.50 Jan. 1 Holders of roe. Dee. 24
North American Creamery, cl. A (go.).. •35e. Jan. 1 "Holders of rec. Dee. 16
North America Provision, pref. (guar.) *144 Jan. 1 *Holders of rec. Dec. 10
North CentralTexas Oil, pref.(guar.)
81.625 Jan. 2 Holders of ree. Dec. 10
North Star 011 & Ref., pref.(quar.)..
*5)(c. Jan. 2'Holders of ree. Dec. 15
Northern Discount (guar.)
sz50c. Jan. 1 'Holders of rec. Dec. 15
Northern Paper Mills, corn. (guar.)._
*50c. Dec. 31 "Holders of reo. Dec. 23
6% preferred (guar.)
"144 Dec. 31 'Holders of rec. Dec. 23
7% preferred (guar.)
•141 Dec. 31 'Holders of rec. Dec. 23
Northern Pipe Line
Jan. 2 Holders of rec. Dec. 15
Northwest Bancorp..corn.
•45c. Jan. 1 "Holders of rec. Dee. 20
Northland Greyhound Lines, corn
•90e. Jan. 1 *Holders of rec. Dec. 20
Norwich Pharmacal Co.(guar.)
Jan. 1 Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 20
Novadel-Agene Corp.. corn.
Jan. 2 Holders of rec. Dec. 15
Common (extra)
250 Jan. 2 Holders of roe. Des. 15
Preferred (quar.)
1,1 Jan. 2 Holders of rec. Dec. 15
Ogilvie Flour Mills. corn.(guar.)
Jan. 2 *Holders of rec. Dec. 23
Ohio Brass, corn. A (guar.)
$1.25 Jan. 15 Holders of rec. Dec. 31
Common B (guar.)
051.25 Jan. 15 Holders of ree. Dec. 31
Preferred (guar.)
145 Jan. 15 Holders of rec. Dec. 31
Ohio Finance. common (guar.)
•50c Jan. 1 'Holders of ree. Dec. 10
Common (payable In common stock) -•/
Jan. 1 *Holders of ree. Dee. 10
Ohio Brainless Tube pref. (guar.)
134 Jan. 2 Dee. 16 to Jan. 1
Ohmer Fare Register. pref.(mum)
'134 Jan. 1 *Holders of rec. Dec. 28
Oliver United Filters, class B (guar.)._ '37'(c Jan. 2 *Holders of rec. Dec. 19
Omnibus Corp.. prof. (guar.)
Jan. 2 Holders of rec. Dec. 15a
Onondaga Silk Co.,corn.(guar.)
•200. Dee. 3 'Holders of rec. Dec. 20
Ontario Loan & Debenture (guar.)
•51.50 Jan. 2 "Holders of rec. Dec. 15
Ontario M fg pref.(guar.)
•134 Dec. 31 *Holders of roe. Dec. 26
Open Stair Dwellings (guar.)
'134 Dec. 30 "Holders of rec. Dec. 10
Orange Crush. Ltd., pref. A (guar.).
Jan. 1 *Holders of roe. Dec. 15
Orpheum Circuit, pref. (guar.)
Jan. 1 Holders of ree. Dec. 20n
OW Elevator, corn. (guar.)
6244c Jan. 15 Holders of rec. Dec. 310
erred (guar.)
111 Jan. 15 Holders of ree. Dec. 310
Otis Steel. preferred (gear.)
141 Jan. 1 Holders of rec. Dee. 19a
Owl Drug Co.. 8% preferred
Jan. 1 *Holders of rec. Dec. 20
Owens Illinois 01/188. pref.(qual.)
51.51 Jan. 1 Holders of rec. Dec. 18
Pacific Commercial Co
70e Dee. 31 Holders of rec. Dec. 15
Pacific Finance Corp
•33e. Jan. 2 'Holders of rec. Dec. 15
Pacific Freight Lines Corp., Ltd.
Participating preferred A (No. 1)
4340. Jan. 1 Holders of rec. Dec. 10
Pacific Indemnity (guar.)
"350. Jan. 2 *Holders of rec. Dec. 15
Packard Electric. corn. (guar.)
250. Jan. 15 Holders of tee. Dec. 31
Paepcke Corp.. $7 pref.(guar.)
$1.75 Jan. 1 Holders of rec. Dec. 24
Page-Hershey Tubes, Ltd.. corn. (qu.)- $1.25 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 2 Holders of ree. Dec. 20
ParaffIne Co.. Joe., corn.(guar.)
Dec. 27 Holders of rec. Dec. 17
Paramount Publix Corp., corn.(guar.) - $1
Dec. 27 Holders of taro. Dec. ria
Parke. Davis & Co.(guar.)
•25e. Jan. 2 'Holders of ree. Dec. 22
"350. Jan. 2 *Holders of rec. Dec. 22
Pa.sswall Corp.,$3 pref.(guar.)
"75e. Jan. 2 *Holders of Tee. Dec. 19
Peaslee-Gaulbert Co., pref. (guar.)_ - elh Jan. 2 *Holders of rec. Dec. 23
Penick & Forel, Ltd., pref.(guar.)
1% Jan. 1 Holders of rec. Dee. 111a
Penney (J. C.) Co.. corn.(guar.)
750. Dec. 31 Holders of rec. Dec. 20'
Preferred (guar.)
134 Dec. 31 Holders of ree. Dee. 20a
Penn-Federal Corp.. prof.(guar.)
•141 Jan. 2 "Holders of rec. Dec. 20
Pennsylvania Glass Sand Corp.(guar.) - •141 Jan. 1 *Holders of rec. Dec. 15
Preferred (guar.)
*51.75 Jan, 2 *Holders of rec. Dec. 15
Pennsylvania Salt Mfg.(guar.)
•$1.25 Jan, 1 *Holders of rec. Dec. 31
Pennsylvania Wire Glass, corn. (guar.). '14 Jan. '
'Holders of rec. Dec. 22
Preferred (guar.)
•134 Jan. 2 *Holders of rec. Dec. 22
Peoples Coll. Corp..common
$1.75 Dee. 31 'Holders of rec. Dec. 20
7% preferred
411.75 Dec. 31 "Holders of rec. Dec. 20
8% preferred
Dec. 31 "Holders of ree. Dec. 20
Peoples Drug Stores. Inc., cam.(guar.).
250. Jan. 2 Holders of tee. Dec. 80
Perfect Circle Co.(guar.)
*500. Jan. 1 "Holders of ree. Dec. 20
Pertnutit Co.(guar.)
*31 Dee. 31 *Holders of ree. Dec. 28
Dec. 31 "Holders of rec. Dec. 28
Pet Milk Co.. corn. (guar.)
37140 Jan. 1 Holders of rec. Dec. lln
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 11
Petroleum Landowners Corp.(mthly.)... .
125c. Jan. 15 *Holders of rec. Dee. 31
Petroleum Royalties, part. pf.(mth19)-- •10 Jan. 2 *Holders of rec. Dec. 24
Pfaudler Company,corn.(guar.)
•134 Jan. 2 "Holders of rec. Dec. 20
Phelps Dodge Corp.(guar.)500. Jan. 2 Holders of roe. Dee. 130
Philadelphia Bourse. common (No. 1)__ .
Feb. 2 *Holders of rec. Dec. 31
•$1.50 Feb. 2'Holders of rec. Dec. 31
Phila. Co. of Guar. Mtgs.(gust.)
800. Dec. 31 Holders of roe. Dec. 15
Phila, Dairy Products. prior Pfd.(qu.)-• 51.625 Jan. 2 *Holders of rec. Dec.
Philo Insulated Wire
*32.50 Feb. 2 'Holders of rec. Jan. 15
Philippe(Louis). Inc.. cony. A & B(qui
400. Jan. 3 Holders of rec. Dec. 18
Phillips Petroleum, corn.(guar.)
50e. Jan. 2 Holders of ree Dec. 163
Phoenix Financial Corp., pref. (guar.)._ *50e. Jan. 10 "Holders of rec. Dee.
Plckrel Walnut (guar.)
200. Jan. 2 Holders of roe. Dee. 20
Pickwick Corp.. 8% pref.(guar.)
•200. Jan. 20 *Holders of rec. Dec. 15
7% preferred (guar.)
•17140 Jan. 5 *Holders of rec. Dee. 15
Pie Bakeries of America, class A (qUar.).
50e. Jan. 2 Holders of roe. Dee, 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
Pittsburgh Forging (guar.)
•25e. Jan. 2 *Holders of rec. Jan. 15
Pittsburgh Plate Glass (guar.)
*50c. Dec. 31 *Holdall of ree. Dec. 10
Pittsburgh Screw & Bolt (guar.)
35e. Jan. 1 Holders of roe. Dee.
Pittsburgh Steel Foundry. pref. (guar.) '1 34 Jan. 2 *Holders of roe. Dec. 230
Pitts Thrift Corp.(guar.)
*1.744c Dec. 3 *Holders of rec. Dee, 10
Pittston Co.. common (guar.)
37 He. Jan.
Holders of rec. Dec. 20a
Plymouth Cordage (guar.)
'14 Jan 20 *Holders of rec. Dee. 81
Plymouth 011 Co
*50e. Dee. 3 "Holders of rec. Dec. 18
Port Huron Bulph. & Paper. pref. (qu.) •1)1 Jan.
*Holders of ree.
Porto Rican Amer. Tob., class A (go.)... 8734c fan. 10 Holders of rec. Dec. 15
Dec. 250
Potter Co., corn. (guar.)
•25c. Jan. 1 "Holders of rec. Dec. 27
Powdrell & Alexander. Inc.. pref.(quar.) •111 Jan. 1 *Holders of rec.
Dec. 15
Prairie 011 & Gas (guar.)
50e. Dec. 81 Holders of ree. Nov.290
Prarle Pipe Line (guar.)
75e. Dec. 81 Holders of rec. Nov. 250
50o. Dec. 31 Holders of ree. Nov. 290
Pratt & Lambert. common (quay.)
Jan. 2 'Holders of rec. Dec. 16
Premier Gold Mining (gnar.)
3c. Jan. 3 Holders of rec. Dec. 12
Premier Shares. Inc.(guar.)
18410. Jan. 15 Holders of rec. Jan. 2
Pressed Metals of Amer.(guar.)
• He Jan. 2'Holders of rec. Dec. 15
Pressed Steel Car. pref.(guar.)
111 Dec. 31 Holders of MO. Dec. 10
Price Bros., Ltd., corn.(guar.)
500. Jan. 2 Holders of rec. Dec. 15
Preferred (gust.).
144 Jan, 2 Holders of rect. Dec. 15
Procter & Gamble Co.,8% pref.(gust.). 2
Jan. 15 Holders of rec. Dee. 240
Providence Paper, pref.(guar.)
•31.75 Jan. 2 "Holders of rec.
Public Utility Holding Corp.. pref.(qu.) 75e. Jan. 2 Holders of ree. Dee. 15
Dee. 10
Publication Corp.. corn. (guar.)
*80c. Jan. 1 "Holders of reo. Dec. 20
Original preferred (guar.)
•1M Jan. 1 *Holders of rec. Dec. 20
Public Investing
$3 preferred (No. 1)(guar.)
Mo.Jan. 1 *Holders of ree. Dec. 10
Pure 011 Co.. 54$% prof. (guar.)
Jan. 2 Holders of rec. Dec. 10
8% preferred (guar.)
Jan. 2 Holders of ree. Dee. 10
8% preferred ((Mar.)
Jan. 2 Holders of ree. Dec. 105


Neese of Company.

Cent. Payable

Books Closed,
Days !selvage.

Miscellaneous (Continued).
Quaker Oats. corn. (guar.)
•51 Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
Feb. 28 *Holders of rec. Feb. 2
Radio Corp. of America, prof. A (guar.). 87440. Jan. 1 Holders of rec. Dec. la
Preferred B (guar.)
$1.25 Jan. 1 Holders of rec. DC/3. Is
Original preferred (annual)
35e. Jan. 1 Holders of ree. Dec. Is
Rath Packing (guar.)
•50e. Jan. 1 •Holdenrr, of fee. Dec. 20
75c. Jan. 2 Holders of rec. Dee. IS.
Real Silk Hosiery Mies. corn,(guar.).
Preferred (gust.)
134 Jan. 2 Holders of rec. Dec. 18a
Reece Button Hole Machine (guar.).
35e. Jan. 2 Holders of rec. Dec. 15
Reece Folding Machine(guar.)
Sc. Jan. 2 Holders of rec. Dec. 16
Regal Shoe, Pref.(guar.)
'13.4 Jan. 2 *Holders of rec. Dec. 25
Reliable Stores Corp.(stock div.)(guar.) *el 34 Jan. 1 *Holders of rec. Dec. 20
•1M Jan. 1 'Holders of rec. Dee. 22
Reliance Mfg.(1118.) pref.(guar.)
Reliance Mfg.. Ohio, corn.(guar.)
50e. Jan. 1 Holders of roe. Dec. 15
•1,4 Jan. 1 "Holders of rec. Dee. 20
Remington Arms, 1st pref. (guar.)
Remington-Rand. Inc., common (gu.)
40c. Jan: 1 Holders of rec. Dec. 86
First preferred (guar.)
13.4 Jan. 1 Holders of rec. Doe. 8s
Second preferred (guar.)
Jan. 1 Holders of rec. Dec. Sri
Reo Motor Car (guar.)
20o Jan. 2 Holders of rec. Dec. 10s
Republic Supply Co. (guar.)
75e, Jan. 15 Holders of ree. Jan. 1
The. Apr. 15 Holders of ree. Apr. 1
750. July 15 Holders of ree. July 1
75e. Oct. 15 Holders of ref. Oct. 1
Research Inv. Corp.. prof (guar.)
75e. Jan. 2 Holders of rec. Dec. 15
Retail Properties, Inc.. $3 pref. (qu.)...... •76e. Jan. 2 "Holders of rec. Dec. 20
Revere Copper & Brass. class A (guar.)_ 051
Jan. 2 "Holders of rec. Dec. 10
wit Feb. 1 *Holders of rec. Jan. 10
Preferred (guar.)
Reversible Collar (guar.)
"$1.50 Jan. 2 "Holders of rec. Dec 16
Reynolds(R.J.) Tobacco,corn.(gust.).
750. Jan. 2 Holders of rec. Dec. 186
Common B (guar.)
The. Jan. 2 Holders of rec. Doe, 186
Richman Bros.(guar.)
Holders of rec. Dec. 19
•1% Jan.D .30 "Holders of rec.
Rich's, Inc.,84% pref. (guar.)
Doe. 1
Dec. 15
Rice Stlx Dry Goods 1st at 2nd lof. 1111.)
134 Jan. 2 Holders of rec. Dec. 16
Mike Kumier Co., corn.(guar.)
*56o. Jan. 1 "Holders of rec. Dee. 13
Jan. 1 *Holders of ree. Dec. 13
Preferred (quer.)
Ritter Dental Mfg.,corn.(guar.)
62%r Jan. 1 Holders of rec. Dec. 22a
•1q Jan. 1 "Holders of
Preferred (guar.)
rec. Dec. 22
Riverside Silk Mills, class A (gust.).... •50c. Jan. 2 *Holders of rec. Dec. 15
Rockaway Point Devel..$6 pref.(guar.) *51.50 Jan. 2'Holders of rec. Dec. 15
Rockwood & Co.,pref.(guar.)
•2 Jan.
"Holders or rec. Dec. 10
Ross Gear & Tool, corn. (guar.)
•50o. Jan. 1 'Holders of rec. Dec. 20
Royal Baking Powder. corn.(qUar.)
25e. Jan. 2 Holders of fee Dec. 8a
Preferred (guar.)
Holders of rec. Dec. Ra
1)4 Jan.
Royalty Corp of Amer. Part. Pt.(41113- •30c. Ja . 7 "Holders of rec. Des. 31
Participating [met. terara)
•15e Jan. 15 "Holders of rec. Dee. 31
Ruud Mfg.(guar.)
•65c. Feb. 1 *Holders of ree. Jan. 15
Sabin Robbins Paper,7% prof.(4113-- '134 Jan. 2 *Holders of rec. Dee. 28
51.25 Jan. 1 Holders of ree. Doe. 120
Safeway Stores, corn.(guar.)
7% preferred (guar.).
13.4 Jan. 1 Holders of rec. Deo. 126
6% preferred (guar.)
r 1
114 Jan. 20 Holders of roe. Dec. 120
St. Joseph Lead CA.(guar.)
Mar. 10 to
Mar. 20
St. Lawrence Paper Mills, pref.(guar.). 114 Jan. 15 Holders of rec. Dec. 31
Jan. 1
St. Louis Bridge. lot pref
Second preferred
Jan. 1
St. Louis Nat. Stock Yards(guar.)._ *2 Jan. 1 *Holders of ree. Dec. 20
St. L., Rocky Mt.& Pac.Co.. Corn (gu.) 25e. Dec. 31 Holders of rec. Dee. 15a
Preferred (guar.)
134 Dec. 31 Holders of roe. Des. 15a
St. Maurice Valley Corp.. prof.(gust,)... 1% Jan. 2 Holders of roe. Doe 12
250. Jan. 1 Holders of ree. Doe. 10
St. Regis Paper, corn.(guar.)
1)1 Jan. 1 Holders of ree Dec. 10
Preferred (guar.)
•10o. Jan. 2 'Holders of rec. Dec. 15
Salt Creek Cense!. 011 ((war.)
Sanguine Electric Co., corn.(guar.)
50o. Jan. 1 Holders of roc Dec. 15
Preferred tquar.).
$1.75 Jan. 1 Holders of roe. DOG. 15
Sarnia Bridge, Ltd., class A (guar.)
50e. Jan.
Holders of rec. Dee. 15
Savage Arms Corp., 2ral pref (guar.)._ •51.50 Feb. 1 'Holders of rec. Fee. 2
Schlesinger(B F & Bons pref (guar.)- el% Jan. 1 "Holders of ree. Dec. 15
schoeneman (J.) Inc., pref.(guar.)
141 Jan. 2 Holders of rec. Dec. 15
Schulte Retail Stores. pref.(guar.)
Jan. 2 Holders of tee Dee. 126
Schulze Baking. pre( (guar.)
•19.4 Jan. 1 *Holders of roe. Dec. 15
Convertible preferred (gust.)...
•75o. Jan. I *Holders of ree. Dee. 15
Scott Paper. corn.(guar.)
35e. Dec. 31 Holder- of rec. Dec. 174
Common (payable In stock)
Dee. 31 Holders of rec. Doe. 17a
Scovill Manufacturing (guar.)
•50o. Jan. 1 *Holders of rec. Dec. 15
Seaboard Nat.Sec.(guar.)
"37)40 Jan. 2 *Holders of rec. Dec. 20
Seaboard Utilities Shares,coin.(guar.).- 1214c Feb. 2 Holders of rec. Jan. 2
Seagrove Corp.,corn.(guar.)
Holders of rec. Dee. 31.
Preferred (guar.)
• )1 .ma 15 *Holders of ree. Dec. 20
Sears, Roebuck & Co.,stock d1v.
Feb. 1 Holders of tee. Jan. 94
Stock dividends (guar.)
Holders of roe. Apr. 8a
Second Canada Gen'l Inv. Tr., Ltd..... •25c. Jan. 2 *Holders of roe. Deor15
SecondInternat. Sec. Corp.,com.A (qu.) 250. Jan. 2 Holders of ree. Dec. 15
6% first preferred (guar.)
750. Jan. 2 Holders of rec. Dee. 15
6% second preferred (guar.)
750. Jan. 2 Holders of rec. Dee. 116
Secord (Laura) Candy Shops. pref.(eni ) •1,./
*Holders of rec. Dec. 15
Securities Company
24 Dee 31 Holders of rec. Dec. 31
an 15
Seeman Bros., Inc., corn. (guar.)
75e. Feb. 1 Holders of roe. Jan. 15
1214c Jan. 8 Holders of rec. Nov.26
Segal Lock & Hardware (guar.)
Preferred (guar.)
*Holders of ree. Dee. 31
Selected American Shares
25e.jeo 15 Holders of rec. Dee. 31
D n. 8
a .
Selected Income Shares(No. 1)
800. Jan.
Holders of ree. Dee. 15
Service Stations, Ltd.,cl. A & B(gust.). 650. Jan. 1 Holders of rec. Dee. 15
*50e. Jan.
Shafer Co.. class A (guar.)
"Holders of roe. Dec. 20
Shattuck (Frank G.) Co.(guar.)
25e. Jan. 1
Holders of rec. Dec. 200
50c. Jan. 10 Holders of tee. Dee. 200
Shawmut Association (guar.)
200. Jan. 2 Holders of tee. Doe. 17
Sheaffer(W. A.) Pen. pref.(guar.)
Jan. 20 'Holders of rec. Doe. 31
Shell Union 011. Prof.(qUar.)
13.4 Jan. 2 Holders of ree. Dec. 94
Shenandoah Corp..6% pref.
Holders of rec. Jan. 5
Sherwin-Williams Co.of Can.,oom.(911) ( ro.M. 31 Holders of ree. Dec. 154
(quar.)-Common (extra)
50. Dec. 31 Holders of ree. Dee. 154
Preferred (guar.)
1S1 Dec. 31 Holders of ree. Dee. 154
Sleloff Packing (guar.)
30c. Jan. 2 Holders of rec. Dec. 20
30e. Jan. 2 Holders of rec. Dec. 20
Signode Steel Strapping, corn. (guar.)._ '12%c Jan. 15 •Holders of rec. Dec. 31
Preferred (guar.)
"62150 Jan. 15 'Holders of rec. Dec. 31
Silver King Coalition Mining (guar.)
150. Jan. 2 Holders of rec. Dec. 20
Sinclair Consol. 011 Corp.. corn.(gust.).
250. Jan. 15 Holders of ree. Dec. 15.4
Singer Manufacturing (guar.)
234 Doe.. 31 Dec. 11 to Jan. 1
214 Dee. 31 Dec. 11 to Jan. 1
Skelly Oil. pref.(guar.)
Holders of ree. Jan. 26
Slattery(E.T.) Co., pref.(guar.)
•lh 11
Smith (E. L.) Oil
Jan. 10 *Holders of rec. Dec. 15
Smith (L.C.)& Corona,corn.(gust.)..."250. Jan. 1 'Holders of rec. Dec. 20
•13i Jan. 1 *Holders of rec. Dec.
Preferred (guar.)
Smith (B. L.) Oil Co.
Jan. 10 "Holders of rec. Dec. 15
Smythe Mfg.(guar.)
*51.50 Jan. 2 'Holders of rec. Dec. 16
S. M. A. Corp.,coin.(guar-)
"750. Jan. 2 *Holders of rec. Dec. 20
tra Jan. 15 "Holders of rec. Dec.
Common (extra)
Southeastern Express
"Holders of rec. Dec.
Southern Bankers Security pref.(guar.) '134 Jan. 2 "Holders of me Dec. 10
Southern Bond & Share, Prof.(gnat.)... *75e. Jan. 1 "Holders of rec. Dec.
Southern Dairies, Inc., class A (gust.).. 37340 Jan. 2 Holders of rec. Dec. 15
•13i Jan. 1 *Holders of rec. Dec. 19a
Southland Ice Co...pref. A (guar.)
South Penn Oil (guar.)
•50e. Dec. 31 "Holders of rec. Dec. 15
South I'orto Rico Sugar, corn.(gust.)..
85c. Jan. 2 Holders of rec. Dee. 12a
Preferred (gust.).
Jan. 2 Holders of rte. Dec. 120
South West Pa. Pipe Lines (guar.)
Dec. 31 Holders of ree. Dec. 15
Southwestern Portl. Cement, corn.(gu.) *31.50 Jan. 1
Preferred (guar.)
Spalding(A. G.)& Bros.,corn.(guar.)._
60o. iTr1: 12 Holders of roe. Dee. 310
•1)4 Jan. 1 *Holders of
Spam. Chalfant Co., pref. (guar.)
ree. Dec. 150
Spartan Mills
Jan. 1 *Holders of ree. Dec. 20
Spencer Trask Fund (guar.)
250. Deo, 30 Holders of ree. Dee, 10
Spicer Mfg., pref.(guar.)
750. Jan, 15 Holders of rec. Jan. 2a
Square,D.Co.,corn B(gust.).
*50e. Jan. I "Holders of rec. Dec. 20
Preferred A (guar.)
*55e. Jan. 1 *Holders of rec. Dec. 20
Standard Brands. Inc., corn.(gust.)....
30e. Jan. 2 Holders of rec. Dec. 8a
Preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dec. 8a
Standard Cap & Seal (extra)
*50o. Doe. 29 *Holders of roe. Dee. 10
Standard Coosa Thatcher. corn.(qu.)--_ *500. Jan. 1 "Holders of rec. Dee. 20
•1% Jan. 15 *Holders of tee.
7% !referred (guar.)
Jan. 15

Name of Company.



Booa Closed
Days Inclusive.

Miscellaneous (Continued).
50c. Jan. 2 Holders of reo. Dec. 15
Standard Dredging, cony. pref. (guar.).
21( Dec. 31 Holders of rec. Dec. 100
Standard 011 Export Corp., prat
•40e. Dec. 31 *Fielders of rec. Dec. 16
Standard 011(Kentucky)(guar.)
*20e. Dec. 31 *Holders of rec. Dec. 15
6234c Jan. 2 'Holders of rec. Dec. 12
Standard 011(Ohio), corn.(guar.)
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
Dee. 30 *Holders of rec. Dec. 23
Standard Safe Deposit Co.(guar.)
Jan. 2 Holders of rec. Dec. 18
Standard Screw, corn. (guar.)
Jan. 2 Holders of rec. Dee. 18
75c, Jan. 1 Holders of rec. Dec. 15
Standard Steel Constr.. el. A (quar.)_
Dec. 31 'Holders of rec. Dec. 20
Standard Steel-Spring (guar.)
Standard Wholesale Phosp. & Acid (au.) *30c. Jun. 15 *Holders of rec. Dec. 31
"6234c Jan. 2 *Holders of rec. Dec. 12
Stanley Works,corn.(guar.)
50e. Dee. Si) Holders of reo. Dec. 18a
Starrett (L. S.) Co., corn.(quar.)
"134 Dee. 30 *Holders of rec. Dee. 18
Preferred (guar.)
"750. Jan. 1 *Holders of rec. Dec. 15
Starrett Co., pref.(qua:.)
*75c. Jan. 15 *Holders of rec. Jan. 1
State Street Invest. Tr.(guar.)
Jan. 2 *Holders of rec. Dec. 20
State Theatre (Boston). pref. (quar.)__ "2
'134 Jan. 2 *Holders of rec. Dec. 15
State Title & Mtge.(quar.)
Co., corn.(mthly.)_' 16 2-3c Dec. 31 'Holders of rec. Dec. 20
Stearns(Fred.) &
•$1.75 Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
Stedman Rubber Flooring, pref. (guar.) •1. Jan. 2 *Holders of rec. Dec. 26
Steel Co. of Canada, corn. & pref.(qua 43)(c Feb. 2 Holders of rec. Jan. 7
154 Jan. 2 Holders of reo. Dec. 15
Stein (A.) & Co.. preferred (guar.)
*10c Dec. 31 "Holders of rec. Dec. 15
Steneck Title & Mtge. Guaranty (qu.)
•50 Dee. 31 *Holders of rec. Dec. 15
*$1.50 Jan. 15 *Holders of rec. Jan. 1
Stetson (John B.) Co., common
Jan. 15 *Holders of rec. Jan. 1
"4334c Dec. 31 *Holders of rec. Dec. 15
Stix Baer & Fuller, pref.(guar.)
3734e Jan. 1 'Holders of roe. Dee. 15
Stock Exchange Secur., Inc., el. A (qu.) •
Jan. 15 Holders of rec. Dec. 170
Stone & Webster, Inc. (quar.)
Strawbridge & Clothier, 7% pref.(quar.) *144 Jan. 1 *Holders of rec. Dec. 15
Jan. 15 *Holders of rec. Dec. 20
corn.( stock)
Sunray Oil,
Superior Portland Cement,el. A (mthly.) "274e Jan. 1 *Holders of rec. Dec. 23
*13j Dec. 31 *Holders of rec Dec. 20
Superior Underwear. pref. (guar.
Supertest ord.(qu) 20e. Jan. 1 Holders of rec. Dec. 13
500. Jan. 1 Holders of rec. Dee. 13
Common and ordinary (extra)
134 Jan. 1 Holders of rec. Dec. 13
Preferred A (guar.)
3734o Jan. 1 Holders of roe. Dec. 13
Preferred B (guar.)
25c. Feb. 2 Holders of rec. Jan. 15
Sweets Co. of Amer.(guar.)
50c. Jan. 1 Dec. 11 to Jan. 8
Swift & Co.(quar.)
25e. Jan. 1 Holders of rec. Dec. 10
Taggart Corp., corn. (guar.)
51.75 Jan. 1 Holders of rec. Dec. 10
50c. Jan. 1 Holders of rec. Dec. 10
Class A (guar.)
Taylor Colquitt Co..corn.(guar.)
'58(4e Dec. 31 'Holders of rec. Dec. 15
•134 Jan. 1 *Holders of rec. Dec. 27
Preferred (guar.)
624c Jan. 2 Holders of rec. Dec. 10
Taylor Milling Co.,common (guar.).
"35e. Feb. 1 *Holders of rec. Jan. 15
Telautograph Corp., corn. (guar.)
Telephone Bond dr Share Co.
Jan. 15 *Holders of rec. Dec. 24
Class A (quar.) 50c. or 1-60th stir.stk.
"$1 Jan. 15 *Holders of rec, Dec. 24
Class C(quar.)
'134 Jan. 15 *Holders of rec. Dec. 24
Preferred (guar.)
Jan. 15 "Holders of rec. Dec. 24
Participating preferred (guar.)
Temple Bar Bldg. 7% pref.(guar.)_ _ _ "134 Jan. 1 'Holders of rec. Dec. Si
25e Jan. 10 *Holders of rec. Dee. 31
Tennessee Products corp.. eom.(quar.) •
•25e. Apr. 10 *Holders of roe. Mar.81
Common (guar.)
75e. Jan. 1 Holders of roe. Dee. 61
Texas Corp.(guar.)
25e. Dec. 31 Holders of rec. Dec. 10
Texon Oil & Land (guar.)
Dec. 31 Holders of ree. Dec. 10
*50c. Jan. 2 *Holders of rec. Dec. 24
Textile Banking (guar.)
40e. Jan. 2 Holders of rec. Dec. 200
Thatcher Manufacturing, corn.(quar.)
750. Jan. 2 Holders of rec. Dec. 230
Thompson (J. R.) Co.(guar.)
60c. Jan. 1 Holders of rec. Dec. 190
Thompson Product.(guar.)
Thompson's Spa,Inc.,$6 pref.(quar.)_.•51.50 Jan. 1 'Holders of rec. Dec. 10
Thompson-Starrett Co., pref.(guar.).- - 8734c Jan. 1 Holders of rec. Dec. lln
"5c. Jan. 2 *Holders of rec. Dec. 15
Third Canada Gen'l Invest. Tr., Can_
ThriftStores, Ltd..2% 1st pref.(guar.) '40)4c Jan. 2 "Holders of rec. Dee. 20
"1734c Jan. 2 'Holders of rec. Dec. 20
7% second preferred (qua:.)
Tide Water Associated Oil, pref.(guar.). 14 Jan. 2 Holders of rec. Dec. 124
20e. Dee. 31 Holders of rec. Den. 12a
Tide Water 011, corn. (guar.)
*174c Jan. 2 *Holders of rec. Dec. 20
Tile Roofing, corn.(guar.)
'30c. Jan. 2 'Holders of rec. Dec. 20
Common (extra)
*50c. Jan. 2 'Holders of rec. Dec. 20
Preferred (quar.)
O50e. Jan. 1 'Holders of rec. Dec. 20
Time-O-Stat Controls, class A (quar.)
200. Jan. 1 Holders of rec. Dec. 200
Timken-Detroit Axle,common (qua:,)
*14 Jan. 1 *Holders of rec. Dec. 20
Title Insurance (altnna ((ivar.)
Jan. 1 'Holders of rec. Dec. 31
(New Orleans)_
Title & Mortgage Guar.
*1 14 Jan. 1 •HolderS of rec. Dec. 27
Title Securities (Jo.(guar.)
20e. Feb. 16 Holders of rec. Jan. 230
Tobacco Products. class A (quar.)
15e. Feb. 16 Holders of rec. Jan. 231
Class A (extra)
la; Jan. 15 Holders of rec. Dec. 31
Tooke Bros., Ltd., pref. kquar.)
Jan. 2 "Holders of rec. Dec. 17
Toronto General Trusts (guar.)
*$1.50 Jan. 1 *Holders of rec. Dec. 15
Toronto Mortgage Co.(guar.)
750. Jan. 2 Holders of rec. Dec. 12
Torrington Co. (guar.)
25e. Jan, 2 Holders of rec. Dec. 12
250. Jan. 25 Holders of rec. Jan. 50
Transamerica Corp.(quar.)
25c. Jan. 15 Holders of rec. Dec. 310
Transue & Williams Steel Forg.(qua
Jan. 2 *Holders of rec. Dec. 26
Traylor Eng.& Mfg., pref.(guar.)
134 Jan, 1 Holders of rec. Dec. 151
Tr -Continental Corp.. 6% Pref.(qu.)
Tr -National Trading Corp.6% pf.(qu.) 134 Jan, 8 Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 15
Tri-Utilities Corp., common (quar.)
Jan. 1 Holders of rec. Dec. 15
Common(payable In common Mock)_ _ /1
76e, Jan. 1 Holders of rec. Dee. 15
$3 preferred (guar.)
624c Jan. 2 Holders of roe. Dec. 10n
Trice Product. Corp.(quar.)
134 Jan. 2 Holders of rec. Dee. 20
Trumbull-Cliffs Furnace, pref.(guar.)
300. Jan. 15 Holders of roe. Dec. 200
Truscon Steel. cons.(guar.)
/6 Mar.10 Holders of rec. Jan. aa
Corn.(payable in com.stock)
Jan. 1 "Holders of rec. Dec. 15
Trust & Guaranty (Toronto)
Trustee System Service Corp.
Dec. 31 *Holders of rec. Dec. 15
Preferred ($50 par)(quar.)
"$1.10 Dec. 31 'Holders of rec. Dec. 15
Preferred (835 par) (qua:.)
"51.20 Dec. 31 *Holders of rec. Dec. 15
Preferred ($60 par) (quar.)
(qua •134 Dec. 31 *Holders of rec. DEC. 15
Trustees Ln.& Guar.
Trustee.System Co.of Bait. pt.(quara_ •134 Dec. 31 *Holders of rec. Dee. 15
"34 Dec. 31 *Holders of rec. Dec. 15
Preferred (special)
Trustees System Co.of Chic. Pi. (qu.).. *134 Dec. 31 *Holders of rec. Dec. 15
"34 Dec. 31 *Holders of rec. Dec. 15
Trustees Syst. Co. of Indianap. pf.(qua *134 Dec. 31 *Holders of rec. Dec. 15
*4 Dec. 31 "Holders of rec. Dec. 15
Preferred (special)
'134 Dec. 31 "Holders of rec. Dec. 15
Trustees Syst. Co.of Lousy. pt.(qu.)
"4 Dec. 31 *Holders of rec. Dec. 15
Proferred (special)
Jan. 1' Jan. 1 to Jan. 15
Tudor City Fifth Unit Inc., pref
400. Jan. 15 Holders of reo. Dec. 31s
Ulen & Co., corn. (guar.)
*33E Jan. 2 *Holders of rec. Dec. 20
734,% preferred
Underwood Elliott Fisher Co..corn.(qu.) $1.25 Dec. 31 Holders of rec. Dee. 12.1
114 Dee. 31 Holders of rec. Dec. 120
Preferred (guar.)
(15e. Jan. 1 Holders of rec. Dec. 40
Union Carbide & Carbon (guar.)
*51.50 Jan. 2 *Holders of rec. Dec. 18
Union Guar. & Mtge. (quar.)
50c. Jan. 1 Holders of rec. Dec. 19
Union Metal Mfg., corn.(guar.)
'25c. Jan. 1 Holders of rec. Dec. 19
Common (extra)
Jan. 1 'Holders of rec. Dec. 19
Preferred (guar.)
*2 Jan. 2 "Holders of rec. Dec. 18
Union Mortgage Co., corn. (quar.)
2 Jan. 2 *fielders of rec. Dec. 18
Common (extra)
'134 Jan. 2 *Holders of rec. Dec. 18
Preferred (guar.)
25c. Dec. 31 Holders of ree. Dee. 20
Union Twist Drill,common (quar.)
•1$4 Dec. 31 *Holders of ree. Dec. 20
Preferred (guar.)
*50c. Jan. 1 *Holders of rec. Dec. 20
Union Utilities, Inc.,class A
500. Jan. I Holders of rec. Dee. 20
Unit Corp.of Amer., pref.(guar.)
•25e. Jan. 10 "Holders of rec. Jan. 9
United Advertising (guar.)
*25e. Jan. 10 *Holders of rec. Jan. 9
750. Jan. 1 Holders of rec. Dee. 100
United Aircraft & Tramp., pref. (quar.)
Soc. Mar. 1 Holders of rec. Feb. 16a
United Biscuit of America (guar.)
134 Feb. 1 Holders of rec. Jan. 160
Preferred (guar.)
1134 Jan. 1 *Holders of rec. Dee. 20
United Business Publishers, pref.(quar.) •
25e. Jan. 1 Holders of rec. Dec. 130
United Carbon, corn. (guar.)
.34 Jan. 1 *Holders of rec. Doe. 15
144 Jan. 2 Holders of rec. Dec. 120
United Dyewood Corp., pref.(quar.)
Jan. 5 Holders of rec. Dec. 6'
United Fruit (qua:.)
United Founders Corp.,from.(Mk.diva - 1-70 eh Jan. 2 Holders of rec. Dec. 8
(quar.)_ '14 Jan. 2 'Holders of rec. Dec. 15
United Fuel invest., 6% Pref.
•IM Jan. 1 "Holders of rec. Dec. 20
United Loan Corp.(quar.)

[VoL. 131



Name of Company.

Cent. Payable

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
United Ohio Utilities, prior pref.(qu.)_- *134 Feb. 1 *Holders of rec. Jan. 10
14 Jan. 2 Holders of rec. Dec. 203
United Piece Dye Works, pref.(guar.)._
United Porto Rican Sug., pref.(quar.)_ _ '873-4c Jan. 1 *Holders of rec. Dee. 28
United Printers & Pub.,corn.(guar.) _ •30e. Jan. 1 "Holders of rec. Dec. 20
*50e. Jan. 1 *Holders of rec. Dec. 20
Preferred (guar.)
1(4 Jan. 1 ifoldere of rec. Dec. 200
United Publishers, corn.(guar.)
14 Jan. I Holders of rec. Dec. 20s
Preferred (guar.)
6234c Jan. 5 Holders of rec. Dee. 16
United Shoe Machinery, corn.(quar.)
3734c Jan. 5 Holders of rec. Dec. 16
Preferred (guar.)
50c. Jan. 31 Holders of rec. Jan. 26
United Verde Extension Mining (guar.)_
*1% Dec. 31 *Holders of rec. Dec. 20
U.S. Bobbin & Shuttle, pref.(guar.)._ - _
Jan. 2 'Holders of rec. Dec. 22
U.S. Casualty (quar.)
United States Distributing, new pref
334 Jan, 1 Holders of rec. Dec. 230
1234c Jan. 2 Holders of rec. Dec. 154
U.S. Foil, corn. A & B (guar.)
134 Jan. 2 Holders of rec. Dec. 16a
Preferred (guar.)
'32.50 Jan. 2 *Holders of rec. Dec. 20
U.S. Gauge, corn
*51.75 Jan. 2 *Holders of rec. Dee. 20
*400. Dec. 31 *Holders of rec. Dec. 15
U. S. Gypsum,corn.(guar.)
*50e. Dec. 31 *Holders of rec. Dec. 15
Common (extra)
1 54 Dee. 31 *Holders of roe. Dec. 15
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 100
U.S. Leather, prior pref.(guar.)
*224c Jan. 2 *Holders of re*. Dec. 10
U.S.& Overseas Corp
U. EL Pipe A Foundry. corn. (guar.).
- 234 Jan. 20 Holders of rec. Dec. 310
30e Jan. 20 Holders of rec. Dec. 81e
First preferred (guar.)
Jan. 1 "Holders of res. Dee. 20
U.S. Playing Card (quar.)
U.S.Printing & Lithograph. pref.(qu.)_ *75e. Jan. 1 'Holders of rec. Dec. 20
United States Steel Corp.. coin. (quar.).. 134 Dec. 30 Holders of roe. Dec. la
Jan. 2 Holders of rec. Dec. 160
United States Tobacco, corn. (quar.),... El
1$4 Jan. 2 Holders of roe. Dec. 150
Preferred (guar.)
•1$E Dec. 31 *Holders of rec. Dec. 15
Universal Crane, pref.(quar.)
750. Feb. 1 Holders of rec. Jan. 226
Universal Leaf Tobacco,corn.(guar.) _
Jan. 2 Holders of rec. Dec. 196
Preferred (guar.)
Jan. 2 Holders of rec. Dee. 23a
Universal PICtUreS, 1st pref. (guar.)._
*50e. Jan. 2 *Holders of rec. Dec. 15
Universal Products Corp. (guar.)
*30c. Jan. 15 *Holders of rec. Dee. 30
Universal Trust Shares(No. 1)
•34e. Jan. 15 *Holders of roe. Dec. 80
Dee. 31 Holders of rec. De.c. 12a
Utah Copper Co. Mara
10c. Feb. 2 Holders of roe. Jan. 2
Utilities Hydro dt Rails Shares
•1yi Jan. I *Holders of rec. Dec. 15
Valve Bag Co., pref.(guar.)
Jan. 2 Holders of rec. Dec. 19a
Valvoline Oil, pref.(quar.)
Dec. 31 *Holders of rec. Dee. 21
Vanadium Alloys Steel (quar.)
Van de Karnes Holland Dutch Bakers
common (guar.)
•3734e Jan. 2 'Holders often. Dec. 10
*Holders of rec. Dee. 10
86.50 Preferred (guar.)
• 51 52
Holders of rec. Dec. 22
Virtu Biscuit Corp., lot pref.(quar.)_..
124c. Dec. 31 Holders of rec. Dec. 19
Vlchek Tool (guar.)
•134 Jan. 1 "Holders of reo. Dec. 20
Victor-Monaghan Co., pref. (quar.)
Feb. 2 "Holders of rec. Jan. 17.
Victor Talking Mach., corn. (quar.)._.. ill
234 Jan. 2 Fielder° of rec. Dee. 150
Virginia Iron, Coal & Coke, pref
Jan. 2 Holders of rec. Dee. 150
Prof.(dly. due Jan.&July'29&'30)
- 10
50c. Jan. 2 Holders of roe. Dee. 15
Vogt Mfg.(guar.)
Vortex Cup Co., class A (guar.)
'6234o Jan. 2 *Holders of roe. Dec. 2
50e. Jan. 2 Holders of roe. Dec. 2
Common (qua:.)
Jan. 20 Holders of roe. Jan. 5.1
Vulcan Detinning. corn. (guar.)
154 Jan. 20 Holders of rec. Jan. 60
Preferred (guar.)
Wabash Telep. Securities. pref.(gilsra-154 Jana 2 Holders of rec. Dec. 20
134 Jan. 2 Holders of roe. Dec. 20
Wagner Electric Corp., pref. (quar.)
"30c. Dec. 30 'Holders of tee. Dec. 15
Waitt de Bond, chum El (guar.)
3734c Jan. 2 Holders of rec. Doe. 2oa
Waldorf System, corn. (guar.)
Preferred (guar.)
20e Jan. 2 Holders of rec. Dec. 20
Walgreen Co..
14 Jan. 1 Holders of rec. Dec. 206
% Pref.(guar.)
Waltham Watch, pr. pref. (guar.)
134 Jan. 2 Holders of rec. Dec. 20
Walworth Co., pref.(quar.)
"750 Dec. 31 "Holders of rec. Dec. 20
Ward Baking Corp.. Prof.(guar.)
154 Jan. 2 Holders of rec. Dec. 17a
Warner Co.. common (guar.)
50e Jan. 15 Holders of reo. Dec. 31
Holders of rec. Dec. 15
First and second preferred (quar.)_
14 Ian. 2 fielders of rec. Deo. 154
5 Jan
. 1
Warren Bros. Co., corn.(guar.)
750 Jan, 2 Holders of roe. Dee. 150
Convertible pref.(guar.)
25c Jan. 2 fielders of rec. Dec. 156
First preferred (guar.)
291-tic Jan. 2 Holders of rec. Dee. 154
Second preferred (guar.)
Holders of rec. Dec. 15a
Warren Foundry & Pipe (guar.)
Washington Title Ins.,com & pid.(qu a - "35111.50 Jan. 2 *Holders of rec. Dee. 29
•75e. Jan. 2 *Holders of rec. Dec. 15
Waukesha Meter Co., corn,(qua:.)._
Wayne Knitting Mills, pref.(quara---- •31.50 Jan. 1 'Holders of rec. Dec. 15
1$4 Jan. 2 Holders of rec. Dec. 200
Webster,Inc., pref. (quar.)
*60c Dec. 31 'Holders of rec. Dec. 20
Weeden & Co.,corn.(guar.)
25c Jan. I Holders of rec. Dec. 19
Weinberger Drug Stores,
/1 Jan. 1 Holders of rec. Dec. 19
Corn,(Payable In corn,stock)
134 Dec. 31 Holders of roe. Dec. 19
Wellman Engineering, pref.(guar.)
50e Jan. 1 Holders of rec. Dec. 150
Wasson Oil & Snowdrift, core. (guar.)...
Westchester Sere. Corp.. $7 Pr. pf.(qua "51.75 Jan. I *Holders of rec. Dec. 15
Jan. 5 *fielders of rec. Dee. 26
West Coast Oil. Prof. (guar.)
West Point Mfg.(guar.)
134 Jan. 2 Holders of rec. Dee. 15
Dec. 31 'Holders of rec. Dec. 26
Western Electric Co.(guar.)
.6 Jan . 2 *Holders of rec. Dec. 15
4 Ja . 1
Western Grain Co., pref. (guar.)
•II”Irleno of rev. Dee. 20
Wester.) Grocer. preferred
334 Jan. I Holders of rec. Dec. 20
Western Grocer of Iowa, preferred
13E Jan. 15 Holders of rec. Dec. 20
Western Grocers, Ltd.(Can.), pf.(qu.)_
25e Dec. 31 *Holders of rec. Dec. 16
Western N. Y. Securities Corp.
Western Reserve Invest,6% pr. of.(qua $1.50 Jan. 2 Holders of roe. Dec. 15
50e. Feb. 1 Holders of rec. Jan. 20
Western Tablet & Stationery, corn.(qu.)
Preferred (quar.)
134 Jan. I Holders of rec. Dec. 22
500. Jan. 31 Holders of rec. Dec. 246
Westinghouse Air Brake(guar.)
Westinghouse El. dr Mfg.,corn.& pf.(gu) $1.25 Jan. 31 Holders of rec. Dec. 310
30c. Jan. 2 Holders of rec. Dec. 18
Westmoreland. Inc. (quar.)
80c. Jan. 2 Holders of rec. Dec. 18
25o Jan. 2 Holders of rec. Dec. 19
Weston Electrical Instrument, corn.(qu)
50e. Jan. 2 Holders of rec. Deo. 19
Class A (guar.)
"25c Jan. 1 *Holders of rec. Dec. 20
Weston (Geo.), Ltd., corn. (quar.)
25c Jan. 2 Holders of rec. Dec. 20
Wheatsworth, Inc.,common (quar.)___ _
25c Jan. 2 Holders of rec. Dec. 20
Common (extra)
Jan. 1 *fielders of roe. Dee. 12
Wheeling Steer Corp., class A (guar.).
- *2
Class B (guar.)
*234 Jan. 1 *Holders of rec. Dec. 12
*$1 Jan. 1 *Holders of rec. Dec. 20
Whitaker Paper, corn.(quar.)
Preferred (guar.)
"1.34 Jan. 1 *Holders of rec. Dec. 20
31 Holders of rec. Dec. 12a
White Motor Co. (quar.)
1 M Dm. 31 Holders of rec. Deo. 12
31)c Dec.
White Motor Securities, pref. (guar.)
Jan. 2 Holders of rec. Dee. 190
White Rock Mineral Springs,corn.(qu.). 51
. 2
5 % Jan . 2 Holders of roe. Dec. 195
First preferred (guar.)
Holders of rec. Dec. 190
Second preferred (quar.)
.1% Jan. 1 *Holders of rec. Dec. 12 ,
Whitten Can Co., Ltd., pref.(quar.)
'134 Jan. 1 *Polders of rec. Dec. 21
Wichita Union Stock Yards (quar.)62340 Dee. 31 Holders of rec. Dec. 20a
Wilcox-Web Corp.class A (guar.)
Jan. 2 Holders of rec. Dec. 15
Will & Baumer Candle. pref.(guar.).- 2
134 Jan, 2 Holders of rec. Dec. 260
Willys-Overland Co., pref. (guar.)
NM Jan. 2 Holders of rec. Dec. 12a
Wilson & Co., prof
50c. Jan. 1 Holders of rec. Dec. 20
Winn & Lovett Grocery, class A (quar.)_
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 20
Wisconsin Bankshares Corp.(quar.)- 'Sc. Deo. 31 *Holders of rec. Dec. 20
5c. Dec. 31 *Holders of rec. Dec. 20
Jan. I 'Holders of ree. Dec. 15
Wisconsin Holding, class A & B (In stock)
Wiser 011 Co.(guar.)
*250. Jan. 2 *Holders of rec. Dec. 12
Wizard, Inc., class A (quar.)
*124c Jan. 1 *fielders of rec. Dec. 25
Wood (Alan) Steel, pref. (guar.)
114 Jan. 1 Holders of rec. Dec. 10
Jau. 2 *fielders of rec. Dec. 20
Woodruff & Edwards, Inc., el. A (qu.)_ _
Woods Mfg., pref. (guar.)
*134 Jan. 2 'Holders of rec. Dec. 24
Dec. 31 *Holders of rec. Doe. 81
Wool Growers Gen. Storage (annual).
*Holders of rec. Dec.524
Worcester Salt Co.(guar.)
Worthington Pump.& Mach.. pf. A (qu) 54 Jan. 2 Holders of rec. Dec. 10a
Jan. 2 Holders of rec. Dee, 100
Preferred A (sect, accumulated divs.)
134 Jan. 2 Holders of rec. Dec. ioa
Preferred B (guar.)
Preferred B (acct. accumulated divs.) hl4 Jan. 2 Ilelners of rec. Dee. 100
25c Jan. 2 Holders of rec. Dec. 206
Wrigley (Wm.) Jr. Co.(monthly)
25c Feb. 2 Holders of roe, Jan. 200
50o. Mar. 2 Holders of roe. Feb. 200
250. Apr. 1 Holders of rec. Mar. 200
.1,1 Jan. 2 Holders of rec. Nov.29
Wright-Hargreaves Mines (quar.)
Jan. I *Holders of rec. Dec. 20
Wurlitzer (Rudolph), pref. (guar.)
•1M Apr. I *Holders of rec. Mar.20
Preferred (guar.)
•154 July 1 *Holders of reo. June 20
Preferred (guar.)
5oe. Jan. 2 Holders of rec. Dec. 100
Yale & Towne Mfg.(Guar.)




DEC. 27 1930.]


Name of Company.

Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
Yosemite Holding Corp., pref.(quar.)-- •8734c Dec. 31 *Holders of rec. Dec. 15
Young (J. S.) Co.. coca.(quer.)
•234 Jan. 2 *Holders of rec. Dec. 19
Preferred (guar.)
*13i Jan. 2 *Holders of rec. Dec. 19
Young (L. A.) Spring & Wire (guar.)
750. Jan. 2 Holders of rec. Dec. 155
Youngstown Sheet & Tube,corn.
$1.25 Jan. 1 Holders of rec. Dec. 13
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 13
Zink( Renewing Shoe Corp., corn.
•13 Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
•3c Jan. 2 *Holders of rec. Dec. 15


The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two
banks are therefore no longer shown below. The following
are the figures for the week ending Dec. 18:

•From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Payable 1-40th share class A stock unless stockholders notify company on or
-Average Figures.
before Dec.23 of their desire to take cash,40c.
d Correction. e Payable In stock,
OM. Cash Res. Dep.. Dep. Other
Payable In COMMOLI stock. g Payable In scrip. h On account of accumulated
Dint. and OM, Including N. F. and Banks and
dividends. .1 Payable in preferred stock.
Bk.Notes. Elesewhere. Trust. Cos. Deposits.
k Goldblatt Bros.dividend is 373ic. cash or 1% %in stock.
1Holders of General Water Works & Elec. corn. A stock have right to apply
Bryant Park Bk_ 2,570,700 64,400
dividend to purchase of corn. A stock at $20 Per share.
Grace National- 20,122,095 2,500 104,408 1,891,756 1,224,600 18,187,412
Central States Elec. cony. pref. dividends payable as follows: Series of 1928, Port Morris
2,702,600 7,800 131,200
8-32ds of one share of corn. and series of 1929, 3-64tha of one share. If holders
desire cash they must notify company on or before Dec. 15.
Brooklyn Nat'l- 10,382,400 83,300 344,300
672,700 7,546,400
n Inter. Hydro-Electric System class A dividend Is payable In class A stock at People's Nail,,, 7,000,000 20,000 207,000
66,000 7,000,000
the rate of 1-50th share, or cash at rate of 500. a share.
o Diamond Match special dividend erroneously reported in previous issues as 25c.
TRUST COMPANIES-Average Figures.
British-American Tobacco final dividend Is Is. 8d., and the interim dividend
150. Transfer received in London up to Dec.24 will be in time to enable transferees
to receive dividends.
Res. Dep., Dep. Other
Shenandoah Corp.dividend will be paid, 1-330. share corn,stock. unless holders
Disci. and
N. Y. and Banks and
notify company on or before Jan. 15 of their desire to take cash-75c. per share.
Elsewhere. Trust Cos. Deposits.
r General Gas & Elec. coca. A & B dividends are payable in class A stock at the
rate of $5 per share unless written notice is received prior to Dec.20 of the holders
desire to receive cash,
Bank of Europe & Tr 15.497,626 1,042,270
773,626 2,822,922
s Commercial Investment Trust cony. pref. dividend will be paid In common stock Bronx County
18,331,000 1,578,000 2,503,000
at rate of 1-52d sh. corn, for each share of pref. unless stockholder notifies company Chelsea
77,065,500 *4,251,300 7.591,900 3,363,700 76,356.400
on or before Dee. 1601 his desire to take cash.
245,305 3,880,727
146,389 16,063,300
Amer. Commonwealths Power class A and class B dividends are payable in Fulton
19,189,900 *2,509.300
class A stock at rate 011-40th share for each sbare
United States
67,391,065 4,266,666 11,124,035
u Addressograph International stock dividend Is 15.31%.
120,1144,000 4,600,000 24,073,000
r General Realty & Utilities dividend 19 payable In common stock at rate of Brooklyn
570,000 124,766,500
27,562,753 2,331,611 4,348,876
Kings County
75-1000 of a share or at option of holder, 51.50 In cash.
Bayonne, N. J.
to Less deduction for expenses of depositary.
305,626 8,630,848
Uniesa holders notify company of their desire to take cash, Utilities Power &
Light dividends will be paid as follows: Corn., 11-400th share coin, stock: class A.
•Includes amount with Federal Reserve Bank as follows. Empire, 52.625,400:
13-400ths share class A stock: class B. 11-400tbs share common stock.
IF Lone Star Gas dividend Is one share for each seven held.
Fulton, $2,335,500.
a Northern Discount dividend payable either 50c. cash or 40c. In common stock
aa United States Trust Co. dividend erroneously reported In previous issues as
Si. Should have been $15.
Boston Clearing House Weekly Returns.
-In the
bb Hydro-Elcctric Securities supplementary dividend is 7.2496c.
cc Payment of Associated Gas & Electric class A dividend will be made in class A following we furnish a summary of all the items in the
stock-1-40th share--unless stockholder notifies company on or before Jan. 10
Boston Clearing House weekly statement for a series of weeks:
of his desire to take cash.
dd Diversified Trustee Shares class A dividend Is 51.616c. and extra 14.9050.;
class C, 15.241c. and extra 3.8150.
ee Isfaxweld Corp. common dividend Is 10c. per share or 2% in stock.
Week Ended Changesfrom Week Ended Week Ended
Dec. 24
Dec. 17
Dec. 10

Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City _Clearing
House Association discontinued giving out allstatements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the_New_ Clearing - House Association,
having been admitted on Dec. 11 1930. See Financial
Chronicle" of Dec. 131930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add 835,750,000777G
capital, $37,682,500 to Surplus and Undivided Profits,
$141,824,000 to the Net Demand Deposits and $170,451,000
to the Time Deposits. We give it below in full:
• • -.8%**044...m...;-?.-e.olirop.-N,..---,1‘
Clearing House


•Surplus and Net Demand


Bank of N.Y.& Tr. Co_
Bk.of Manhattan Tr.Co
22,250,000 153,928,200
13k. of Amer. Nat'l Ass'n
National City Bank_ -_ 110,000,000 el14,017,100 a1,027,147,000 206,312,000
Chem. Bk.& Trust Co__
Guaranty Trust Co
90.000.000 207,391,300 1979,686,000 113,432,000
Cent. Han. 13k.& Tr. Co
Corn Exch. Bank Tr. Co.
First National Bank---10,000,000 112,282.500
Irving Trust Co
Continent'll3k.& Tr. Co.
Chase National Dank_ 148,000,000 213,397,300 c1,431,925,000
Fifth Avenue Bank
Bankers Trust Co
87,280,600 d475,575,000
Title Guar.dc Trust Co
Marine Midland Tr. Co10,000.000
Lawyers Trust Co
New York Trust Co _ _
Corn') Nat. 13k. & Tr. Co
Harriman Nat.Bk.& Tr.
Public Nat. Trust Co
o8,250,000 o14,558,400
59,562 000
Manufacturers Tent Co. 027,500,000 a23,124,100
104,237,000 110,889:0 0
Clearing Non-Members;
City Bank Farm.Tr.Co10,000,000
Mech. Tr. Co.. Bayonne

ACS itTe 'All I Ortf, nr..2 nnts


*As per official reports. National, Sept. 24 1930; State, Sept. 24
companies. Sept. 24 1930. e As of Sept. 30 1930. f As of Nov. 17 1930; trust
1930. g As
of Dec. 11 1930.
Is Includes deposits In foreign branches as follows. (15300.485,000; b 31
c$148,996,000; d $57,241,000.


94,700,000 Unchanged
Surplus and profits99,144,000 Unchanged
Loans,disc'ts &Invesets_ 1,049,327,000 -8.537,000 1.057,864,000 1,061,234,000
Individual deposits
626,955,000 -8,354,000 635.310,000 632.750.000
Due to banks
145,780,000 -8,212,000 153.992,000 159.965,000
Time deposits
290,514,000 -5,842,000 296.156,000 300,219,000
United States deposits21,704.000 +10.966.000
Exch.for Clearing House_
19,113,000 -2,892,000
Due from other banks . 105.976,000 +1,431,000 104,545,000
Resev eIn legal deposit'les_
82,596,000 -1,872,000
Cash in bank _____
Shave In excess in F.R.Bk

Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended Changesfrom
Dec. 20

Week Ended
Dec. 13

Week Ended

82,534,000 -4,876,000
Surplus and profits
269,437.000 -2,536,000 271,973,000 271,973,000
Loans,insets. and Invest_ 1,482,7513,000 -41,027,000 1,523.783,000 1.520,033,000
35.024.000 +9,087.000
Each, for Clearing House
115,492,000 -7,550,000 123,042,000 135,940.000
Due from banks
216.202,000 -7,928,000 224,130,000 230.180,000
Bank deposits
Individual deposits
745.166,000 -1,905.000 747,071.000 750,269,000
418,859,000 -21,455,000 440,314,000 442,496,000
Time deposits
1,380,227,000 -31,288,000 1,411,515,000 1,422.945.000
Total deimalts
Reserve with F.R.Bank_ 121,613,000 -5,749,000 127,362,000 124,487.000

[VOL. 131.



Weekly Return of the Federal Reserve Board.

The following Is the return issued by the Federal Reserve Board Friday afternoon, Doc.26 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 4126, being the first item in our department of "Current Events and Discussions."

Dec. 24 1930. Dec. 17 1930. Dec. 10 1930. Dec. 3 1930. Nov. 26 1930 Nov. 19 1930. Nov. 12 1930.1 Nov.5 1930. Dec. 24 1929.
1.703,400,000 1,665.310,000 1,650.870,000 1,588.506,000 1,592.506,000 1.589,056.000 1,598,251.000 1,583,416,000 1,732.160,000
0318 with Federal Reserve agents
Gold redemption fund with U.S. Trees_
Jell held exclusively &est.!. R. notes 1,738,850,000 1,699.010,000 1.684.323,000 1,625.339.000 1,627,591.000 1,624,138.000 1,632,506.000 1,617,671.000
Gold settlement fund with F. R. Board. 437,581.000 462,649.000 474,094,000 486.843.000 474,745.000 500.471.000 4112,364,000 520,541,000 489,879,000
banks_ 745,636,000 797.191.000 816,603.000 895.309.000 922.634,000 916.373.000 903,626.000 861.180,000 525,814,009
Goldand gold certificates held by
2,922,067,000 2.958.850.000 3.005,020,000 3,007.491,000 3.024,970,000 3.040.982.000 3,028,496.000 2.909.392,000 2,821,640,000
Total gold reeervea
115,499,000 132,240,000 136,457.000 137,312,000 138,832,000 150,302.000 148.764.000 146.174.000 129,106,000
Reserves other than gold
3.037,566,000 3.091,090.000 3,141.477,000 3,144,80303130 3,163.802,000 3.191,284,000 3,177.260.000 3,145.566.000 2.950,746,000
68,395,000 68.752,000
85.068,000 430,556,001
219.422.000 144,528.000
228,927.000 186.793.000 167.421.000 158.556,000 146.433.000 128.680.000 125.593,000 127.699.000 332.225,000

Total reserv ea
Non-reserve cash
Sills discounted:
Secured by U. 8. Govt. obligations
Other bills discounted
Total bills ascounted
BMA bought lu open market
U. S. Government securities:
Treasury notes
Certificates and Wile















257,037.000 '281,730,000
299,626,000 281,423,000



Total U.8. Government securities
Other necurttles Dee sole)
Foreign Mans on gold







601,290,000 601,531,000 485,043,000

1,356.395.000 1,282.797,0001 1,117.905.000 1.078.414,000 1,011,940.000 985.380.000 1.006,580.000 1,006,197,000 1,612,537,001
Total bills and securities (les note)
Gold held abreact
One from foreign banks (see note)
570.952,000 733.584.000 526,348.000 571,488.000 531.631.000 613.143,000 *619.296.000 533,003.000 744,687,000
Uncollected Items
18,839.000 *19,780,000
Federal Reserve notes of other banks_
Bank premiees
All other resourcee
5,128.693,000 5.265,727.000 4.942.237.0004.953,737.000 4,867.447.000 4, 59,012,000 4,968,122,000 4,840,483,000 5,472,278,006
Total resources
1,721,897,000 1,5911,168.000 1,475,745.000 1,450.898,000 1,421,868.000 1.383,604,000 1,371,148,000 1.366,554.000 1,989,159,001
F. R. note. In actual circulation
2,423,952,000 2,409.929.000 2.448.740.000 2,490,289,0011 2,409,700,000 2,320,118,000
Member banke-reeerve account-- 2,366,717,000 2,454.074.0002.447,517,000
Foreign banks (see note)
Other deposits
2,436,945,0002,483.548,000 2,489,749.000 2,492,267.000 2.463.413.000 2,514.195,000 2,539.681.0002,479.345.000 2,375,211,009
Total depoeits
503.448,000 720.068,000 511,002.000 544,819.000 516,493.000 595,772,000 592.135.000 529.083.000 634,746,001
Deferred availability 1161118
170,314,000 170.303,000 170,302.000 170,591,000 170,468.000 170.455.000 170,404.000 170.424.000 170,760,000
Csoltal paid I.
270,936,000 276.936.000 276,936,000 276,936.000 276,936.000 276,936,000 276.936.000 276,936.000 254,398,000
18.503.000, 18,226.000
All other liabilities
5,128,693,000 5,265,727,000 4,942,237,000 4,953,737.000 4,807.447.0004,959,012.000 4,968,122,000 4.840,483,000 5,472,278,000
Total liabilities
Ratio of gold reserves to deposits and
F. R. note !MIAMI& combined
Ratio of total reserves to depoeits and
IP. It. note liabllitlee combined
Contingent liability on bills purchased
432,327,000 434,600,000 417,422,000 425,826.000 428,938.000 428,561,000 426,541,000 431.670,000 540,863,000
for foreign correspondenti














194,549.000 188.588.000 179.269.000








73,555 000






Dtsirtbselon fry Sfainrities
1-18 day bills bought In open market_
1-15 days bills disoou led
1-16 days U. 8. certif. of Indebtedness.
1-16 days municipal warrants
1640 days bills bought In open market
16-30 days bills demounted
16-30 flays U. EL certif. of indebtedness_
16-30 days municipal warrants
31 60 days bills bought in open market_
31-60 devil bills discounted
31-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bmight In open markee__
61 90 days bills discounted
51-90 days U. 8 .certif of indebtednew
01-90 days munictpal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of ludebtedness___.
OYU'90 days municipal warrant,







F.R.notes received from (7omptroller-F. It. notes held by F. R. Agent
Issued to Federal RederVe Danko



2,121,087.000 2,047,285,000 1,961,936.000 1,874,572.000 1,851,713,000 1.814,878,000 1,313,434,000 1,788,411,000 2,505,918,000

Hon Secured
625,044,000 017.054,000 571,114,000 512,250.000 482,250,000 473,800,000 463,695.000 460,560.000 455,090,000
By gold and gold certificates
Gold redemption fund
1.076,256.000 1.110,256.000 1,115,250,000 1.134,556,000 1,122.856,000 1,277,070,000
Gold fund-Federal Reserve Board__- 1.077,756.000 1,018,250,000 1.079,756,000
631,915.000 518.669.000 437,991,000 407,749,000 358,944.000 333.844.000 337,099,000 354.528,000 1,084,535,000
By eligible paper
2,335,315,000 2,183,979,0002,088,861,000 1,996,255,000 1.951.450,000 1,922,900300 1,935,350.000 1,937.944.000 2,816,695,000
No FL,. -ifegnining with tfin statement of Oct. 7 1920, two new items wore added fu order to 2110w seliwafely 1110 ‘111...111Z of balances held abroad and eniounte due
Credit. Bank debenturee, was changed to
So former' correspondents. In addition, the caption, "All other earning assail." Prevlousle made UP of Foreign Intermediate
et the total of
-Other eecuritles," and the eavtIon. "Total earning assets" to "Total Mlle and securities.- The latter Item was adopted as a more accurate description
13 and 14 of the Federal Reserve Act, which. It was stated, are the only Items included
She dlecounts, acceptances and securities acquired under the provision of Sections
Two Cipkos (00) ovaitten.
Federal Reserve Bank of--



New York.


Cleveland. Rkhmond Atlanta. (Thiene°. St. UULD. Moneta) Iran.City. Dallas. Sas Erns,

Gold with Federal Reserve Agents 1.703,400,0 149,917,0
35.450,0 1,502,0
Gold rens fund with U.8. Treas.

431,355,0 160,000,0 180,550.0 79,150,0 123,900,0 173,000,0 74,435,0 49,325,0 65,000,0 25,005,0185,703,0
806,0 1,450,0 1,104,0 4,545,0
1,113,0 1.601,0
14,092,0 1,012,0 2,033,0 2,122,0 2,264,0

Gold held excl agel.F.16.[Mee 1,738,850,0 151,419,0
Gold settle't fund with F.R.Iloard 437,581,0 23,295,0
Dold and gold ctfe.beld by bankis_ 745,636,0 29,499,0

448,447,0 161,612,0 183,483,0 81,572.0 126,164,0 174,113,0 76,036,0 50,131,0 66,456,0 29,109,0 190,303,0
93,858.0 57,359.0 53,174,0 22,099,0 11,318,0 56,711,0 25,110,0 15,080,0 24,531,0 12,638,0 42,378,0
445,677.0 11,653,0 57,169,0 8,233,0 7,254,0 124.052,0 8,271,0 4,402,0 7.496,0 9,124,0 32,805,0

2,922,067,0 204.213.0
115,499,0 8,567,0

987.982.0 230,624,0 293,826,0 111,904,0 144,766,0 354,876,0 109,417,0 69,613,0 98,483,0 50,871,0 265,492,0
34.674.0 6,153.0 6,391,0 5,396,0 7,193.0 15,544,0 8,201,0 3.067,0 5,925,0 6,357,0 7,728,0

Total gold reserves
Reserve other than gold

3,037.566,0 212,780,0 1,022,656,0 237,077,0 300,217,0 117,300,0 151,959,0 370,420,0 117,691,0 72,680,0 104,408,0 57,228.0 273,220,0
Total rotary%
16,634,0 3,375,0 2,481,0 2,957,0 3,517,0 9.475,0 3,721,0 1,756,0 1,898,0 3,090,0 4,629,0
59,750,0 6,217,0
Bills discounted:
795,0 2,186,0 1,442,0 42,783,0
978,0 18,307,0 5,863,0
77.292,0 18,780,0 29,555,0 7,548,0
See. by U. S. Govt. obligations 219,422,0 13,893.0
64,194,0 21,979,0 18,001,0 30,911,0 27,836,0 13,367,0 8,489,0 3,367,0 13,194,0 5,240.0 11,357,0
228,027,0 10,976,0
Other bills discounted
448,349,0 24,869,0 141,486,0 40,759.0 47,556,0 38.459.0 23,814,0 31,674,0 14,352,0 4,162,0 15,380,0 6,688,0 54,150,0
Total Ms discounted
98,797.0 3,495.0 20.336,0 10,324,0 13,430,0 31,595,0 8,651,0 6,621,0 9,507,0 7,090,0 30,334,0
259,837.0 19,657,0
MIL bought in open market
U. S. Government securities'
384,0 23,905,0 1,025,0 5.737,0 1,858,0 11,233,0 1.935.0
69,431,0 3,002,0 3,253,0 1,862,0
127.324,0 3,609,0
34,728,0 21,098,0 27,528.0 3,991,0 4,352,0 22.569.0 14,191,0 9,794,0 10,554,0 7,078,0 20.530.0
193,090, 16,038,0
Treasury notes
26,899,0 28,112,0 6,408,0 3,006,0 36,160,0 9,202,0 10,728,0 16,925,0 11,351,0 17,490,0
321,352,0 26,679,0 128,392,0
Dertlficates and bills
641,676,0 46,920,0 232.551.0 50,999.0 58,893,0 12,261,0 7,772,0 82.634,0 24,418,0 26,259.0 29,337,0 29,662,0
rotal u.s. Gov't eecurftiee

DEC. 27 1930.]


RESOURCES (Concluded)
Two eiphera (00) omitted.




Riser securities
'orders loans on gold
Total bills and securities
Me from foreign banks
I monocled items
r, R. notes of other banks
lank premises
111 other resources

bine York





Cleveland (Winona Atlanta. Chicago St. Louis Ifinneap Kan.City Dallas San Pron.
----- --- --- ----- ---- ---- ---5


1,356,395,0 92,302,0
570,952,0 57,176,0
59.783,0 3,580,0

476,284,0 95,2530 1277850 61 044 0 50 016 0 146 903 0 47 421 0 37 275 0 54.224,0
43,440.0 124,448,0
71 0
30 0
25 0
16 0
158,383.0 52,9880 53,2680 40 713 0 17 710 0 68 361 0 24 96 ; 0 10 72,1 0 33 21.0
747 0 19 312 0 35509.0
513 0 1.2400 1 203 0
11690 3 373 0 1 5000 1 182 0 1 851 0
476 0 1 830 0
15,664,0 2.6140 7.1090 3,378,0 2 658 0 8 295 0 3 811 0 2 018 0 3 972 0
1 877 0 4810.0
232 0 1,1980 1,370.0 4.179,0 1,409.0 2 703 0
629 0
555 0 1251.0
Total resources
5,128,693,0 372,942,0 1,702,238,0 392,121,0 493,366,0227,995.0 231,033,0 608,331,0 210,828,0
126,214.0 200,750,0 125,999,0 445,876,0
?. R. notes in actual circulation_ 1,721,897,0 138,842,0 399.542,0 161,293,0 203,650,0
105,279,0 135,983,0 141,453,0 85.925,0 53.925,0 70,887.0 33,411,0 188,704,0
Member bank-reserve &col 2,366.717,0 143.950,0 991,317,0 138,150,0 187,674,0
59,755,0 58,461,0 340,513,0 69,739,0 49,530,0 85,482,0 57,641,0 184,505,0
46,180,0 2,946.0
10,747,0 3,318,0
3,167,0 4,549,0 3.163,0 6,261.0 2,685,0 2,162,0 2,134,0 1,862,0 3,146,0
Foreign bank
Other deposits
188,0 2,524,0
40,0 5.655,0
Total deposits
2,436,949.0 147,381,0 1,012,178,0 142,194,0 193,920,0 64,693.0 61,926,0 348,327.0 73,088,0
Deferred availability items
503,448,0 52,677,0 137,663,0 44,311.0 49.416,0 35,676,0 14,716,0 55,778,0 25,498,0 51,966,0 87,877.0 59,710.0 193,689,0
Dapital paid In
170,314,0 11,877,0
66,238,0 16,793,0 15,814,0 5,801,0 5,346,0 20,147,0 5,069,0 3,063,0 27,989,0 18.886.0 31,557,0
4,307.0 4,355,0
276,936.0 21.751,0
80,001,0 26.965,0 29,141.0 12,496.0 10,857.0 40.094,0 10,877.0 7,143.0 9,162,0 8,935.0 11,504,0
MI other liabilities
565,0 1,425,0 1,050,0 2,205,0
2,532,0 1,368,0
Total nobilities
5,128,693,0 372,942,0 1,702,238,0 392,121,0 493,366,0 227.995,0 231,033,0 608,331,0 201,828,0
126,214.0 200,750,0 125,999,0 445,876,0
if emoranda.
Coerve ratio (Per cent)
ntIn4eut liability on bills pur71.5
chased for foreign oarrespondle 432,327,0 31,851,0 143,513,0 41,751,0 43,042,0 18,078,0
15,495.0 57,677,0 15,495.0 9,900.0 12,913,0 12,913.0 29,699.0
federal Reserve Acent at-



New York.




Two Ciphers (00) omitted$
deral Reserve notes:
Issued to FA.bk. by F.R.Agt_ 2,121.087,0 170,360,0
Held by Federal Reserve bank_ 399,190,0 31,518,0







Dallas. San Fran.

522,977,0 181,804,0 234.830,0 122,417,0 162,713,0 188,737,0 93,916,0 58,268,0 82,795,0
38,905,0 263,362,0
123,435,0 20,511,0 31,180,0 14.138,0 28,730,0 47,284,0 7,988,0 4,343,0 11,911,0
5,494,0 74,658.0
399,542,0 101,293,0 203.650,0 108,279,0 135,983,0 141,453,0 85,928,0 53,925,0 70,887,0
33,411,0 188,704,0

In actua 'circulation
1,721.897.0 138,842,0
illateral held by Agt. as security
for notes Issued to hank;
Gold and gold sertificated
625,844,0 35,300,0
Gold fund-F.It. Board
1,077,756,0 114,617,0
DUglble paper
631,915,0 41,863,0
Total collatera