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The
0111ilitaiat
VOL. 129.
•financial
iirtitude
SATURDAY,DECEMBER 7 1929.
finantial Tiarmidt
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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William D. Riggs;
Treas., William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all, Office of Co
The Financial Situation.
Both the President, in his annual message to
Congress, and the Secretary of the Treasury, in his
annual report, make references to the working of
the Federal Reserve System. This, of course, was
to be expected, and is pertinent and proper. The
allusion of the President is simply an incidental one
and is found in Mr. Hoover's excellent review of the
General Economic Situation where the President
permits himself the following observation: "Fortunately, the Federal Reserve System had taken
measures to strengthen the position against the day
when speculation would break, which, together with
a strong position of the banks, has carried the whole
credit system through the crisis without impairment." This need not be looked upon as anything
more than indulging in overpraise, influenced doubtless by the views expressed by Secretary Mellon.
Mr. Mellon's observations call for a closer analysis. Mr. Mellon undertakes to set out the things
done by the Reserve System during the past two
years, and by an ingenious juxtaposition of facts
and figures presents the situation in such a way
as to give a decided air of plausibility to the conclusion at which he arrives. This conclusion is that "a
review of the policy of the Federal Reserve Board
during the past year shows that it has endeavored
to guard against an undue extension of credit
through speculative channels and to conserve the
country's credit resources for the purpose of meeting future requirements of industry and trade." A
declaration of this kind is calculated to convey the
impression that Federal Reserve policy has no
responsibility for the stock market excesses of the
last two years, which have now resulted so disastrously, and the ill effects of which on trade and
Industry are giving the President and his advisors
such serious anxiety. But it is precisely Federal
Reserve policy that is to blame for what happened.
NO.3363.
This is said not out of any desire to find fault, but
because it is very important that there should be no
mistake or misunderstanding as to real cause and
origin of the performances on the Stock Exchange,
since it is plainly the duty of Congress and the
Government that measures should be taken to guard
against a repetition of the series of events that have
marked the course of the unparalleled speculation of
the last two years, in which not alone the United
States but the whole world became involved.
In the last analysis it is credit inflation on an
unprecedented scale which made possible the speculation which has now collapsed. And in this credit
inflation the Federal Reserve System has been the
main factor. Federal Reserve credit is ever on tap.
There are no limits to which the Reserve Banks may
not go under the war amendments of 1917. The
Reserve Banks have the right to issue Federal Reserve notes against every dollar of gold in the country, and through their open market operations they
can flood the country with any amount of Reserve
credit, whether there is any real need for it or not—
even when the member banks cannot be cajoled into
borrowing. That is precisely what the Reserve
Banks did in 1927 when they inaugurated their easy
money policy which was the source of the whole
speculative debauch that followed.
11r. Mellon recites the events of the last two years,
but begins his recital in such a way as to make it
appear that the Federal Reserve Board has been
constantly engaged in attempts to repress the speculation, Whereas for a long time it assumed an attitude of absolute indifference to it, Governor Young
actually saying in an address before the Indiana
Bankers' Association on Sept. 20 1928 that "many
people in America seem to be more concerned
about the present situation than the Federal Reser:e
System is." If in 1927 Federal Reserve discount
rates had not been reduced to the inordinately low
figure of 31/
2%,and if, at the same time, the Reserve
Banks had not thrust out Reserve credit by the
hundreds of millions, through the purchase of
United States Government securities and bankers'
acceptances, the basis would never have been laid for
the gigantic speculation which so quickly arose and
so quickly got out of hand.
Mr. Mellon commences by saying that "Toward
the end of the calendar year 1927 the Federal Reserve System began to exert its influence in the
direction of firmer money market conditions. This
policy," he tells us,"was adopted primarily because
of continued growth in the volume of member bank
credit at a time when credit requirements of industry and trade were not expanding and when the
demand for credit from the security market was
increasing." Let the reader well note the fact that
Mr. Mellon admits that then "credit requirements of
3512
FINANCIAL CHRONICLE
industry and trade were not expanding." He goes
on to say that "in pursuance of the System's firm
money policy, a large outflow of gold to foreign
countries during the first half of 1928 was permitted
to have its full effect on member bank reserves, and
in addition the Reserve Banks sold several hundreds
of millions of securities."
It will be seen that Mr. Mellon makes a virtue of
the fact that half a billion dollars of gold left the
country and that the Reserve Banks sold hundreds
of millions of securities, but refrains from saying
that the sale of Government securities referred to
represented only a portion of the hundreds of millions of Government securities which the Reserve
Banks had purchased in 1927 as a part of their easy
money policy and with the express idea of expelling
gold from the United States. As it happens, in his
annual report just a year ago Mr. Mellon made a
virtue of these latter and prior things and admitted
that expulsion of the gold was the object in view in
the easy policy and also admitted that the effect had
been that speculation had followed as a result. Here
are some of his remarks on the subject a year ago,
which now in his present report he entirely omits
and apparently wants to keep out of sight:
"It was the policy of the Federal Reserve System
in the summer and early fall of 1927 to favor easier
money conditions. The principal reasons were:
First, the European exchanges were weak, and unless money rates were eased in the United States
there might be a movement of funds into this country and a consequent necessity of raising rates
abroad, to the disadvantage of world trade and particularly to the disadvantage of American agriculture; and, second, business in the United States
• was in a period of decline and it was possible to foresee at that time that industrial unemployment might
• occur in the winter months.
"It was believed that easier money would ameli• orate such conditions. Thereupon the Federal Reserve banks purchased securities in the open mar. ket, • Money rates reached a low point in August.
Gold exports began in the following month and the
Federal Reserve banks continued to purchase securities to offset the unfavorable effects of such exports
• upon our money market.
"As it became apparent, first, that the objects of
• the policy originally adopted were being accom• plished, and, second, that speculation was growing,
the policy was reversed. From the middle of De' cember onward the Reserve banks stopped offsetting
gold exports by the purchase of securities, and allowed gold exports to work their usual effects on
the credit situation. In January the system went
further. More than $100,000,000 of securities were
sold.
"Between the latter part of the month and March
1 the discount rates of all of the Federal Reserve
2 to 4%. The loss of gold
banks were raised from 31/
securities
forced the banks
of
sale
the
and
export
•by
to increase their borrowings. However, the action
taken early in the year unquestionably was not effective with reference to speculation, partly due to
the activities of powerful groups of speculators, and
partly to the fact that the public in general believed
'and acted as if the price of securities would indefinitely advance.
"When it became apparent in March that repeated
increases in credit were again taking place for speculative purposes, the Federal Reserve System resumed its sale of securities and discount rates were
still further increased in April, May, June, July
and August."
In the foregoing, taken from his report of last
year, Mr. Mellon diagnosed the situation correctly.
[VoL. 129.
In what he now says, in the attempt to absolve the
Reserve Board from all blame, he omits the most
essential part of the whole story. Note that Mr.
Mellon said last year: "It was believed that easier
money would ameliorate such conditions, that thereupon the Federal Reserve Banks purchased securities in the open market." It is desirable to recall
what huge amounts the Reserve Banks actually did
purchase so we may make a note here of the fact that
between May 11 1927 and Jan. 4 1928 the Reserve
Banks increased their holdings of United States Government securities from $253,896,000 to $627,403,000,
and at one time in 1927 (Nov. 16), during the period
of Government financing, these holdings stood as
high as $704,794,000, while, at the same time, the
Reserve Banks ran up their holdings of acceptances
from $183,217,000 June 22 1927 to $387,131,000
Jan. 4 1928—all of which was done with a view to
keeping money easy in this country and sending
gold away from American shores.
Mr. Mellon also admits in the latter part of the
above extract that when the Reserve Banks attempted to control the gigantic speculation to which
their acts had given rise, their efforts proved ineffective, "partly due to the activities of powerful
groups of speculators, partly to the fact that the
public in general believed and acted as if the price
of securities would indefinitely advance." Why Mr.
Mellon should in his present report omit all reference to the antecedent action in forcing Reserve
credit out is difficult to understand, and yet it was
this reckless use of reserve credit by the Reserve
Banks that brought about the whole speculative
trouble.
Mr. Mellon, in his summary of the acts of the
Reserve Board, makes reference to the advances in
rediscount rate which occurred during 1928, but
does not point out that at the end of 1928 there was
Reserve credit outstanding to an aggregate of nearly
$1,900,000,000, the bill and security holdings of the
12 Reserve institutions on Dec. 26 1928 standing at
$1,899,312,000. Nor does he criticize the Federal
Reserve Board, of which he is a member,for having
withheld approval of thendvance in the rediscount
rate of the Federal Reserve Bank of New York to
6% until Aug. 9 1929, though brokers' loans all the
time were advancing in giant strides. The Federal
Reserve Banks have heavy responsibility to bear in
having started the speculation and then having taken
no effective measures to bring it under control.
What is needed is corrective legislation to prevent a repetition of anything of the kind in the
future.
One of the heartening events of the week has been
the offering by the United States Secretary of the
Treasury of $325,000,000 of Treasury certificates of
indebtedness at the very low interest rate of 31/8%.
This low rate has not perhaps quite the significance
generally given to it, since these certificates now
have a tax exemption feature not carried by any
other obligation of the United States except the
First Liberty 31/
2s. These certificates are now
exempt from the surtaxes, as well as the normal
taxes, which makes them a highly desirable form
of investment. But the September offering of certificates also enjoyed (for the first time) the distinction of full tax exemption, and yet the rate of
/8%, and obviously
interest in that offering was 47
8% means a great
a reduction now of the rate to 31/
Dm,7 1929.]
FINANCIAL CHRONICLE
3513
The feature of the Federal Reserve statements is
change for the better. In the Secretary's June
increase during the week in the holdings of
further
a
financing, when the offering was of certificates
Government securities in amount of
States
norUnited
or
enjoying exemption only from the ordinary
holdings stand now at $355,These
high
$29,046,000.
as
rate
a
mal taxes, the Secretary had to pay
with only $135,704,000 on
compares
which
144,000,
2%.
1
as 5/
panic on the Stock
This last reflected one of the serious ill effects of Oct. 23, the week before the
show very little
the absorption of bank credit in the stock market. Exchange. Holdings of acceptances
institutions
Reserve
12
the
This speculation had as its attendant, as is known, change, the amount for
$257,315,000
against
as
a great rise in money rates, and from these high this week being $256,518,000
borrowing has been remoney rates the Treasury suffered quite as severely last week. Member bank
the discount
$40,039,000,
week
the
as States and municipalities, and, in fact, borrowers duced during
$872,210,000
at
reported
being
week
of every character and description. One and all had holdings this
increase in
The
week.
last
$912,349,000
to pay, as one of the penalties of the speculation, against
securities
Government
States
United
of
holdings
Fedhuge advances in interest rates. Yet when the
in the
reduction
this
offset
to
made
evidently
was
money
easy
eral Reserve Board embarked upon its
is that total
policy back in 1927 and reduced rediscount rates discount holdings. The final result
further
2%, we were told that one of the beneficial bill and security holdings have been slightly
1
to 3/
$1,502,670,000
results besides the expulsion of gold for the benefit reduced during the week, and are now
of Europe would be to ease the path of the United against $1,514,460,000 last week.
States Government in carrying through its financial
Insolvencies in the United States during Novemoperations. At that time the Government was able
to float Treasury certificates bearing only 3% in- ber continue the relatively favorable comparison
terest, and this, too, before the certificates had been with the corresponding period of 1928, which has
made exempt from the surtaxes. But as the specula- now characterized this return for the greater part
tion developed which the Federal Reserve Banks of the current year. Commercial defaults in Nohad set in motion and continued to nourish by vember were not only fewer than they were in
thrusting out unneeded Reserve credit, the Treasury October, as well as in November a year ago, but were
found itself obliged to pay steadily rising rates of also less than for November 1927. The liabilities
interest until in June 1929, as we have seen, it had last month, however, were particularly heavy, being
8%, which was the highest rate on any very much larger than for any preceding month since
to pay 51/
issue of certificates put out in eight years, or January. The heavy increase in the indebtedness
shown for the month just closed was mainly due to
since 1921.
With the stock market excesses a thing of the past, the large sum reported for a comparatively few
there ought to be no difficulty in disposing of the failures in the class embracing agents and brokerage
8%. In addition concerns. Commercial defaults in November numnew offering of certificates at 31/
to the $325,000,000 of new certificates that are now bered 1,796, with total liabilities of $52,045,863, as
offered, the Treasury is also trying out the experi- compiled from the records of R. G. Dun & Co. They
ment of selling $100,000,000 of non-interest bearing include only mercantile concerns and are exclusive
Treasury bills which are to be offered on a discount of all banking failures, which in these records are
basis the same as has been done in Great Britain tabulated separately. For October these returns
for generations past. These, too, there can be no showed 1,822 insolvencies involving $31,313,581 of
question, will find a ready market upon favorable indebtedness.
That a decrease appears in the number of defaults
terms.
for November in comparison with the preceding
Brokers' loans show further contraction the month is noteworthy inasmuch as ordinarily the
present week, though only in a moderate amount. reverse is the case, the monthly record for the last
The further contraction is no more than $58,000,000. three months of the year usually showing a proLoaning by out-of-town banks increased from $638,- gressive gain. For November last year there were
000,000 to $680,000,000, but loans made by the re- 1,838 mercantile failures, with $40,601,435 of liaporting member banks for their own account were bilities, and for November 1926 the number was
reduced from $831,000,000 to $792,000,000, and those 1,864, involving $32,693,993. The number last month
"for account of others" from $1,982,000,000 to $1,- was 2.3% under that of a year ago, and 3.8% below
921,000,000. The grand total of these loans is now the figures for the corresponding month of 1926.
down to $3,392,000,000, which compares with $6,- For the eleven months of the current year 20,872
801,000,000 on Oct. 16 and with $6,804,000,000 the mercantile failures have been reported, with total
maximum in all time, on Oct. 2. The total is also liabilities of $415,785,080, whereas for the same
$2,000,000,000 lower than a year ago, the aggregate period of 1928 there were 21,899 similar defaults
on Dec. 5 1928 having been $5,395,000,000, as involving $448,785,464 of indebtedness, a decrease
against the present total of $3,392,000,000. The in number for the current year to date of 4.7%.
Stock Exchange's own figures have also appeared
The unfortunate feature of the insolvency record
this week, and as they deal with much larger figures for last month appears in the heavy indebtedness
than the Federal Reserve returns, being much more reported for that period, and an analysis of the
comprehensive and inclusive, the shrinkage is corre- returns indicates the occasion for the large increase.
spondingly greater. It seems only necessary to say There were in November this year 481 failures in
that these Stock Exchange figures show a shrinkage manufacturing lines with liabilities of $14,179,628;
of $2,092,226,099 during the month of November, in 1,166 defaults among trading concerns involving
addition to $2,440,559,111 during October, making $16,122,076 indebtedness, and 149 insolvencies in
the contraction for the two months combined $4,- the brokerage class owing a total of $21,744,863.
532,785,210, and bringing the grand total down from For the third division, the one last mentioned, the
number of failures was somewhat larger than last
$8,549,383,979 Sept. 30 to $4,016,598,769 Nov. 30.
3514
FINANCIAL CHRONICLE
[you 129.
year, while the indebtedness reported was extremely acquired holdings, and likewise also of stocks
which
heavy; in fact, unusually so. In number, the de- the banking pool had to take over
at the time of
faults among brokerage concerns constituted only the panic and had not yet disposed of.
8.3% of all mercantile insolvencies in that month,
On Thursday a reactionary tendency appeared,
but the total indebtedness shown for that class was but on Friday the market began to take
on its oldin excess of 41% of all liabilities reported. In No- time vigor, and prices shot up with
great rapidity
vember of last year there were 519 manufacturing on a number of favorable developments. In
the
failures involving $15,445,845 of liabilities; 1.202 first place, the U. S. Treasury, in making
a new
trading defaults owing $17,223,965, and 117 insolv- offering of Treasury certificates, fixed the rate
of
encies in the class embracing agents and brokers for 'interest at only 31/
8%;the directors of the General
$7,931,625.
Electric voted to split up the stock on a basis of
An improvement appears this year in both the four to one; the Allis Chalmers Co. increased
its
manufacturing and trading divisions, compared dividend rate from $2 per share to $3 per share;
with a year ago. In five of the leading classes of General Electric showed a net advance for the
day
the manufacturing section, an increase in the num- of 2134, and United States Steel of 7.
ber of failures for November this year is shown but
The volume of trading has increased as the tone
the increase is unimportant except possibly for iron of the market improved and activity
broadened.
and chemicals. The decrease in liabilities last It should also be noted that full-day sessions
are now
month compared with a year ago in the manufac- again being held for the first time since
the panic.
turing division is practically all of it distributed On Saturday last the Exchange was closed,
the
quite generally throughout the entire list. A marked same as on the three previous Saturdays
. On Monimprovement appears for last month in such im- day the sales on the New York Stock
Exchange were
postant manufacturing divisions as machinery and 2,513,240 shares; on Tuesday, 3,809,150
shares; on
tools, lumber lines, clothing manufacturing, hats, Wednesday,4,437,460 shares;
on Thursday,4,377,110
gloves and furs, and leather goods, the latter includ- shares, and
on Friday 4,714,800 shares. On the New
ing shoes. As to the trading section, the improve- York Curb Exchange
the sales on Monday were
ment shown for November this year applies to many 1,070,300
shares; on Tuesday, 1,398,600 shares; on
important classes, such as grocers, general stores, Wednesday,
1,449,700 shares; on Thursday,1,432,100
shoes, drugs, and books and stationery. Most of shares,
and on Friday, 1,523,100 shares.
these lines also show a smaller amount of indebtedPrices are higher all around. United Aircraft
ness for the month just closed. In the jewelry trade closed
yesterday at 451/
8 against 401/
4 on Wednesday
there was a decrease in the number of defaults in of last week;
American Can at 122% against 113;
November this year, but owing to some large fail- United States
Industrial Alcohol at 147 against
ures in that division the liabilities reported last 1361/
2; Commercial Solvents at 321/
4 against 27%;
month were considerably higher than a year Corn Products
at 98 against 88%; Shattuck & Co.
ago. Trading failures last month in the cloth- at 407
/8 against 38; Columbia Graphophone at 381/
2
ing line, in the dry goods and furniture divisions against 28/
1
4; Brooklyn Union Gas at 153% against
were somewhat more numerous than they were a 131; North American at 1023
/
4 against 89½; Ameryear ago.
ican Water Works at 1051/
4 against 797
/8; Electric
Of the larger failures in November this year, that Power & Light at 47 against 42; Pacific Gas & Elec.
is, those where the indebtedness in each instance at 567
/8 against 531/4; Standard Gas & Elec. at 130/
1
4
was $100,000 or more,75 were reported owing a total against 109Y8; Consolidated Gas of N. Y. at 1033
/
4
of $33,631,683. In November 1928 there were 71 against 97; Columbia Gas & Elec. at 801/
4 against
similar defaults involving a total of $20,732,936. 69½; Public Service of N. J. at 84 against 781/
8;
There was an increase last month, both in the num- International Harvester at 87% against 81; Sears,
ber and the liabilities, for two of the three classes, Roebuck & Co. at 104% against 947
/8; Montgomery
but the division embracing agents and brokers makes Ward & Co. at 587
1
2; Woolworth at 79/
8 against 56/
/
1
4
the most unfavorable return, 19 of the larger de- against 76½; Safeway Stores at 126 against 120¼;
faults for that class alone accounting for $19,594,464 Western Union Telegraph at 2013
4 against 185;
of indebtedness, the latter being nearly 60% of the Amer. Tel. & Tel. at 230% against 223, and Int. Tel.
total indebtedness involved in all the larger failures & Tel. at 77% against 701/
2.
for last month. The liabilities reported for these
Allied Chemical & Dye closed yesterday at 279
larger defaults among trading concerns in November against 2431/
2 on Wednesday of last week; Davison
this year were less than the sum reported a year Chemical at 321/
2 against 28%; E. I. du Pont de
ago for the same division, but in manufacturing lines Nemours at 1221/
2 against 111; Radio Corp. at 43
there was a small increase.
against 33%; General Electric at 254 against 215/
1
2;
National Cash Register at 847
/
8 against 78; InterThe stock market this week has shown a greatly national Nickel at 331/
8 against 30%; A. M. Byers
improved tone, and the tendency of prices has been at 911/
2 against 683
/
4; Timken Roller Bearing at 791/
8
strongly upward, with very few exceptions to the against 71/
1
2; Warner Bros. Pictures at 427
/8 against
rule. Though it cannot be said that the public has 42%; Mack Trucks at 741/
2 against 70; Yellow Truck
been present in the market to any extent, room trad- & Coach at 117
/8; Johns-Manville at
/8 against 107
ers were very much impressed by the optimistic 135 against 117; National Dairy Products at 53%
character of the President's message, and they evi- against 5134; National Bellas Hess at 141/2 against
dently used the message as a basis for a drive against 15; Associated Dry Goods at 337
/8 against 35; Lamthe limited amount of short commitments outstand- bert Co. at 104 against 100%; Texas Gulf Sulphur
ing. Beginning with Tuesday, when the message at 58% against 567
/8, and Kolster Radio at 61/
2
appeared, the tendency of prices has been upward, against 6.
though evidently advantage was taken of the new
A few stocks have dropped to new low levels for
strength to unload a considerable volume of recently the year. These are shown in the following:
DEc. 7 1929.1
FINANCIAL CHRONICLE
STOCKS MAKING NEW LOWS FOR THE YEAR.
Industrial & Mine11.(Cond.)
Railroads—
Gulf States Steel, pref.
Colorado ck Southern.
Inland Steel.
Seaboard Air Line.
Kaufman Department Stores.
Twin City Rapid Transit pref.
Kelly-Springfield Tire,8% pref.
Industrial & Miscellaneous—
Manati Sugar.
American Beet Sugar.
Maracaibo Oil.
American Beet Sugar pref.
Miller Rubber.
Anaconda Wire & Cable.
Minneapolis-Honeywell Regulator.
Associated 011.
National Radiator, pref.
Autosales Corp.
Nunnally.
Autosales Corp., pref.
Oil Well Supply.
Blumenthal dc Co., pref.
Well Supply, pref.
Oil
Booth Fisheries.
Pierce-Arrow, pref.
Booth Fisheries, 1st pref.
Punta Alegre Sugar.
Bucyrus-Erie, pref.
Schulte Retail Stores.
Butterick Co.
Southern Dairies, class A.
Collins & Aikman, pref.
Spiegel-May-Stern.
Crex Carpet.
Tobacco Products, div. eds. C.
Cuba Cane Sugar, pref.
United Cigar Stores, pref.
Cuban-American Sugar, pref.
Universal Pictures, 1st pref.
Curtiss Aeroplane & Motor.
Universal Pipe & Radiator, pref.
Devoe & Reynolds, 1st pref.
U. S. Hoffman Machinery.
Eitingon Schlid.
U. S. Leather, prior pref.
General Mills, pref.
White Sewing Machine, pref.
Grant(W.T.).
'3515
4;
/
4; Calumet & Hecla at 33 against 333
1
against 57/
Andes Copper at 35 against 34; Inspiration Copper
at 31 against 28%; Calumet & Arizona at 91 ex-div.
against 89%; Granby Consolidated Copper at 57
4
1
against 53%; American Smelting & Refining at 76/
39
at
Ref.
&
Smelting
S.
/8, and U.
against 707
against 36%.
Stock exchanges in the larger European financial
centers were quiet this week, but sentiment showed
great improvement over previous sessions and price
changes, while still irregular, were mostly toward
higher levels. These conditions represented a pronounced change compared with last week when
prices crashed at Paris and heavy selling also took
place on the Berlin Boerse. The uncertainty was
carried over into the current week to a degree, but
The steel shares did not respond to the improve- after the initial hesitation a better tone developed.
ment in sentiment until yesterday, owing to the The volume of trading diminished in all the imporgreat dwindling in the steel business, but yesterday tant markets and remained at very low levels, but the
moved sharply upward under the leadership of U. S. most severe liquidation appeared to have been accom4 plished and stocks made slight gains when the
/
Steel. United States Steel closed yesterday at 1713
pressure was released. A further unfortunate proYoungsweek;
last
of
against 162% on Wednesday
nouncement by a Labor Minister in London upset
Bethbid;
100%
against
107%
at
town Sheet & Tube
lehem Steel at 95 against 89%, and Republic Iron & the British market for a time Tuesday, but it was
Steel at 80 against 70%. The motor stocks were quickly realized that the statement, which appeared
again apathetic. General Motors closed yesterday to favor socialization of London's transit services,
4 on Wednesday of last week; had no immediate significance and prices recovered.
4 against 391/
at 401/
4 The most spectacular of the incidents on European
/
8 against 51%; Chrysler at 333
/
Nash Motors at 523
4 against 15%; markets this week was a crash of prices on the
/
against 33; Packard Motors at 143
Hudson Motor Car at 49% against 47, and Hupp Constantinople Bourse.
The London Stock Exchange opened the week in a
Motors at 19% against 20. In the rubber group
mood with business showing no signs of im4
1
/
72
at
quiet
yesterday
closed
Tire
&
Goodyear Rubber
against 66% on Wednesday of last week; B.F. Good- provement and few outstanding movements. The
/8 against 451/4; United States Rubber at gilt-edged section was slightly easier, but otherwise
rich at 467
8,and the preferred at 54% against 50. prices were irregular. At Tuesday's opening a gen/
29 against 263
Railroad stocks were slow to move upward be- eral decline of home rail stocks was occasioned by
cause of the generally poor returns of railroad earn- a declaration of the Labor Minister of Transport,
ings which have been coming in for the month of Herbert Morrison, in the House of Commons, that
October, but yesterday became features at rising the Government favored "a single and simple form
prices. Pennsylvania RR. has continued weak on of public ownership" for the London transit services.
the large prospective new issue of stock. It closed No further explanation of his statement was
4 on Wednesday of vouchsafed by Mr. Morrison, and prices gradually
yesterday at 83% against 823
last week; New York Central closed at 178% against recovered as the impression gained ground that no
4 against 54%; Delaware & immediate steps toward socialization are contem1
174%; Erie RR. at 65/
166%; Baltimore & Ohio at plated. After reviewing earlier statements by Mr.
against
173
Hudson at
4; New Haven at 113% against Morrison, it was assumed that he had in mind a
118 against 1171/
110%; Union Pacific at 227 against 225; Southern combination which would not affect shareholders
Pacific at 123 against 119; Missouri Pacific at 85 beyond having their scrip changed and transferred
/8 against to a new central board. Trading otherwise was dull
against 69; Kansas City Southern at 847
4; St. Louis Southwestern at 66% against 60%; Tuesday and price changes were unimportant. A
/
783
St. Louis-San Francisco at 112% against 111%; more cheerful tone in New York was reflected in
4 against 37%; Rock improved sentiment in London Wednesday, and
1
Missouri-Kansas-Texas at 43/
Island at 122 against 117%; Great Northern at 101 some small gains were made. Gilt-edged securities,
against 97%, and Northern Pacific at 94 against after opening lower,recovered their losses and moved
8.
/
up a bit from previous levels. Anglo-American issues
913
The oil shares have been quite generally strong. were the feature of the London Exchange Thursday,
4 prices moving upward on better reports from AmerStandard Oil of N. J. closed yesterday at 673
against 64 on Wednesday of last week; Simms Petro- ica. British funds were dull but fairly steady, while
8; Skelly Oil at 337
/8 against other departments of the market were irregular.
leum at 27 against 231/
4 against 41; Pan Yesterday's session at London was again quiet, but
8; Atlantic Refining at 421/
/
337
American B at 62 against 61; Phillips Petroleum at prices declined slightly.
8 against 38; Texas Corp. at 58% ex-div. against
/
393
A heavy wave of liquidation developed on the
8 against 29; Standard Oil Paris Bourse in the opening session of the week,
/
56; Richfield Oil at 293
8, and Pure Oil at 24/
4 and prices melted under the flood of offerings that
1
of N. Y. at 35% against 351/
/8.
against 227
found no buyers. This secondary downward moveThe copper group were laggards in the rise until ment was short-lived, however, and the tendency was
yesterday, when they were taken in hand and ad- completely reversed Tuesday. Large orders for
vanced. Anaconda closed at 78% against 77% on shares of the Bank of France and Rio Tinto came
4 into the market shortly after the Bourse opened and
Wednesday of last week; Kennecott Copper at 603
3516
FINANCIAL CHRONICLE
[Vol,. 129.
the improvement thus started quickly spread to the ted. Government purchases abroad
were immerest of the list. It was intimated in Paris reports diately stopped and employes were
instructed to
that several important banks had agreed to buy buy all supplies in the local market.
Banks were
French issues and some international stocks in an forbidden to buy foreign currency without
the pereffort to stem the liquidation. Short sellers quickly mission of the Ministry of Finance, and
other steps
ran to cover when these statements were circulated to allay fears also were taken. The
Bourse in Conand this aided the recovery. Further progress was stantinople was the scene of high
excitement
made on the Bourse Wednesday as all offerings were throughout the crisis, the Finance Ministe
r promisreadily absorbed. Shares of the Bank of France, ing to apply "radical measures" to the
institution.
leading industrial and chemical issues and some important foreign stocks all advanced. Bank buying
Statements on several points of American foreign
was still an important factor, it was said. Buying policy on which official word has long been
awaited
developed on a larger scale Thursday with the public were made by President Hoover Tuesday
in the
taking more interest, and the list advanced steadily course of the customary message to the newly
assemwithout any further pressure to sell. The better bled Congress. The portion of the speech
devoted
reports from New York and London were an impor- to foreign relations was notable for
its references
tant factor in the improvement.
to the World Court. The Root Protocol, designed
The Berlin Boerse was dull and irregular at the to make American adherence to the
Court possible
opening Monday, but prices soon began to rise under under the Senate reservations, was
adopted by the
the leadership of Reichsbank shares. Foreign orders League of Nations Assembly last
September and
were responsible for much of the buying according member States of the League have
since been awaitto Berlin dispatches. Electrical issues and dye trust ing signature and ratification
of this Government
shares also were favored. After a confident opening before proceeding with their
several Parliamentary
Tuesday, the Boerse reversed its trend and most ratifications. President Hoover
reiterated Tuesday
stocks declined. Artificial silk stocks and shipping his intention to sign the Root
Protocol and submit
shares were especially weak. Turning about once it for the approval of the
Senate "at some time when
again on Wednesday, the German market began to it is convenient to deal
with it." The Protocol not
improve and the slow recovery developed into a only meets the Senate
reservations but goes beyond
steady and pronounced upswing in the course of the them, he declared,
to make clear that the Court is
day. The optimistic statements regarding American a true international
court of justice. "I believe it
business in President Hoover's message to Congress will be clear to
everyone," the President said, "that
stimulated the German market, and more favorable no controversy
or question in which this country has
developments in the home political situation also or claims an
interest can be passed on by the Court
were a factor. Although orders from foreign buyers without our
consent at the time the question arises."
were fairly numerous Thursday, the market turned
Not only is the country at peace with all the world,
irregular. Uneasiness was apparent in the artificial but the foundat
ions for future peace are being subsilk sections, but changes otherwise were not great. stantially strengt
hened, the message indicated. The
Some of the mining stocks were steadily bought and Kellogg-Briand
Treaty has raised a great moral
registered improvement. Pronounced weakness de- standard in the
world, and by it fifty-four nations
veloped on the Boerse yesterday in consequence of have covenanted to renounc
e war and settle all dissharp criticisms by Dr. Hjalmar Schacht, President putes by pacific means,
Mr. Hoover remarked. The
of the Reichsbank, of the dilatoriness of the German pact was said to have inaugur
ated a new world outGovernment in effecting financial reforms. Dr. look which has profoundly
affected the foreign
Schacht also inveighed against changes in the Young policies of nations. High
hopes for the success of
plan, which, he said were contemplated by the the January naval parley,
which was undertaken
interested governments. Share prices on the Berlin with the hope of reducin
g international friction,
market reacted sharply to these statements, losses also were voiced by the Preside
nt. Maintenance of
ranging as high as 10 points.
forces of marines on foreign soil was deprecated by
A financial crisis developed in Constantinople the President, who said "we
do not wish to be repWednesday, bringing prompt intervention by the resented abroad in such
manner." About 1,600
Turkish Government in an effort to remedy the situ- marines remain in Nicarag
ua at the urgent request
ation. With Turkish currency much depreciated of that Government, he explain
ed, while 2,605 reand showing further weakness early in the week, main in China. The most difficult
problem in this
the population became frightened and scrambled to regard is presented by Haiti, Mr.
Hoover said, where
exchange offices to change their money into pounds there are 700 marines. "If Congres
s approves, I
or dollars. The Minister of Finance, Saradjoglou shall dispatch a commission to Haiti to
review and
Chukri Bey, announced that the Government was study the matter in an endeavor to
arrive at some
taking measures to cope with the situation. Banks more definite policy than at present,
" he added. In
were forbidden to sell pounds sterling unless a mer- relation to foreign debts, the President
touched on
chant had a bill to pay. "The crisis was precipi- the current negotiations between Germany
and the
tated," the Finance Minister said, "because mer- United States for a separate agreement
on war
chants ordered beyond their needs due to the new reparations and claims, remarking that a
draft of
tariffs, which unfortunately came into coincidence the proposed agreement will shortly be
submitted
with the season when accounts are usually paid to for the consideration of the Congress.
foreign creditors. Because of the increased demand
for foreign currency a specie crisis exists, certain
Under the leadership of the United States Governpeople buying sterling without need, which we re- ment, many of the signatories of the
Kellogg-Briand
gard as speculation and as an offense against the treaty for the renunciation of war as an
instrument
State." The excessive importations also were par- of national policy joined last Saturday in
reminding
ticipated in by the Government the Minister admit- the Russian and Chinese Governments
of their
Mac. 7 1929.]
FINANCIAL CHRONICLE
3517
Manchuria
gations under that pact in regard to the dispute in the covenant. If the recent events in
by any
protest
or
over the Chinese Eastern Railway through Man- are allowed to pass without notice
of the
strength
intelligent
churia. Announcement of this action was made in of these governments the
canpeace
of
support
in
world
Washington Monday. Secretary Stimson employed public opinion of the
intervention
of
suggestion
No
the device of an unsigned statement to the two Gov- not but be impaired."
governments, Mr.
ernments in bringing to their attention the interest of any kind was entertained by the
were merely diexchanges
and
explained,
taken by all other signatories to the treaty. The Stimso
way of remonbest
the
ascertaining
statement was delivered to Moscow through the rected toward
controversy.
the
in
force
of
use
the
against
strating
French Ambassador,and to China through the Amermade public
Russia,
and
China
to
statement
The
ican Legation in Peiping. The most recent and most
of
governments
those
reminded
time,
same
the
at
Manthrough
extensive raid of Russian troops
conthe
after
churian territory, which brought organized Russian the similar step taken July 18, shortly
and Chinese forces into conflict and therefore into troversy developed. It was recalled that both govassurances
obvious violation of the treaty, furnished the direct ernments then made formal and public
attacked.
unless
war
incentive for the statement. The raid was begun that neither would resort to
was ingovernments
two
Nov. 18, and it was apparently concluded Nov. 28, Specific attention of the
for
treaty
the
of
provisions
two days before the statement was dispatched from vited once again to the
national
of
instrument
an
as
Washington. The Russian action brought a prompt the renunciation of war
Amerresponse from the Mukden Government in the form policy and Article II was quoted in full. "The
"feels
concluded,
statement
the
of negotiations for adjustment of the dispute which ican Government,"
will
Russia
and
China
which
with
respect
began July 10, when Chinese officials seized the that the
world
the
of
opinion
good
the
in
held
be
hereafter
1,000 mile railway line and arrested Russian officials. Taking advantage of the circumstance that will necessarily in great measure depend upon the
negotiations had already been instituted, the Soviet way in which they carry out these most sacred promGovernment made an exceedingly tart response to ises." Great Britain, France and Italy joined with
the United States Government in this reminder to
the American statement Tuesday.
It was intimated in Washington Nov. 28 that the the Russian and Chinese regimes. It was also deworld powers were in communication on the Man- clared at the time that Germany and Japan joined
churian developments with the possibility under con- in the "community of view with regard to the fundasideration of joint action to prevent further hostili- mental principles."
It appeared subsequently, however, that the two
ties. The likelihood of such action appeared to
dwindle, however, as reports from China indicated Governments in closest touch with the Russo-Chinese
on the two following days that Mukden authorities imbroglio—Japan and Germany—declined to join
had agreed in principle to demands made by Moscow. the other signatories in this reminder. The German
A Washington dispatch of Nov. 29 to the New York Government has acted as mediator in the dispute
"Times" said: "Unofficial reports from the Far and also accepted joint protectorate of Chinese and
East of efforts at direct negotiations between the Russian interests when diplomatic negotiations were
Russians and the Chinese for adjustment of the Man- severed last July. The Berlin Foreign Office issued
churian situation coincided to-day with the receipt a statement Tuesday expressing sympathy with the
here of the first authoritative reports from the dis- American undertaking but declining to join it in
turbed zone of events of the past few days, which view of the direct negotiations between the disdisclosed that the situation was not as serious as putants. Tokio, with extremely important interests
had first been feared from the information which in Manchuria and undoubtedly best informed of all
had come exclusively from Chinese sources. governments on the developments, maintained an
Actuated by a desire for peace by whatever agency attitude of entire aloofness toward the American
it may be accomplished, the disposition of the Amer- undertaking. Japan, according to a Tokio report
ican Government now is to await further develop- of Tuesday to the New York "Times," considered the
ments and do nothing that might disrupt the step superfluous and also as involving the risk of
attempts being made by the Russians and Chinese impeding the negotiations in progress. "Official
to settle their difficulty by direct negotiations." In dispatches from Mukden indicate," this report said,
view of these developments, much surprise was "that Nanking has been informing Marshal Chang
Hsueh-liang, Governor of Manchuria, of America's
caused by the American statement.
In announcing Monday that a statement had been mediation, the evident object being to stiffen Muksent to Moscow and Peiping, Secretary Stimson dis- den's attitude in its conversations with Russia."
In reply to the American statement to China and
closed that discussions had taken place among sevtreaty.
"Although Russia, Acting Commissar of Russian Foreign
eral of the powers signatory to the
and the Affairs, Maxim Litvinoff, handed a sharp rejoinder
in
dispute
the causes of the conflict are
he
"
said,
"it to M. Herbette, the French Ambassador, on Tuesaccounts are somewhat contradictory,
is clear that serious encounters between military day. The note emphasized the fact that the appeal
forces of China and Russia have occurred. It is also had been made when negotiations were already in
clear that during the months since this controversy progress and Moscow therefore considered it an
began, no effective steps have been taken by the unjustified attempt to influence the negotiations.
Chinese and Russian Governments looking toward The American action, for this reason, could not be
an arbitration of the dispute or its settlement considered by the Soviet Government as a friendly
through neutral conciliation or other pacific means. act, the memorandum said. The Soviet Government
The efficacy of the Pact of Paris depends upon the has consistently pursued a policy of peace, the note
sincerity of the governments which are party to it. said, and intends to pursue it independently of the
Its sole sanction lies in the power of public opinion Paris pact. The Nanking Government was accused
of the countries, constituting substantially the en- in the rejoinder of having carried on a policy toward
tire civilized world, whose governments have joined the Soviet Union of violation of the customary rules
3518
FINANCIAL CHRONICLE
[Vol.. 129.
and treaties, and this policy was said to have reached meats to M. Litvinoff,
being satisfied that the latter
its climax in seizure of the Chinese Eastern Rail- would receive
the text through the press. Mr. Stimway, without any warning or preliminary presenta- son also expressed
the hope that the whole Mantion of claims, in violation of existing agreements churian situation
was a closed incident.
regarding the joint administration of the railway.
The Nanking Government replied Wednesday to
"The Soviet Government believes," the note con- the American and British
notes urging peaceful settinued, "that if action such as that of the Nanking tlement of the Manchuri
an conflict. The identic
Government were taken toward the United States, notes dispatched to London
and Washington were
Great Britain or France, it would be considered short and conciliatory, reiteratin
g previous Chinese
by their governments sufficient cause for putting statements that a peaceful attitude
had been maininto force reservations they made when signing the tained. Subseque
nt oports from Mukden indicated
pact." Units of the Chinese army, together with that the Manchurian Governme
nt was taking a
counter-revolutionary Russian bands included there- stiffer attitude than at first toward the
preliminary
in, were declared to have made systematic attacks on agreement for restoration of Russian
rights over
Russian soil and these attacks did not cease even the Chinese Eastern Railway.
A protocol had
though repeated warnings were given by Russia already been signed between
the disputants, but a
through the German Government. The actions of decided revision of the terms was
said to be desired
the Red army were, therefore, counter measures by the Manchurian rulers.
This was followed yeswhich, the statement said, "had due considerations terday by formal statement
s thatthe matter had been
of self-defense and were in no wise violations of the adjusted. Purely Chinese troubles,
meanwhile,show
Paris pact." An incidental reminder was given at little sign of abating.
Although the movement
this point by the Soviet Government that the three against the Nanking regime in
the central provinces
powers which applied to the Soviet Union all main- was stopped—by the customar
y financial transactained armed forces on Chinese soil. In view of the tions—the rebellion in the
South began to spread this
direct negotiations already in progress, the declara- week and assumed serious
proportions. Here also,
tion, according to the Soviet note, "cannot but be the Nanking regime
was reported to have adopted a
considered unjustifiable pressure on the negotia- "silver bullet" policy,
offering a financial reward
tions, and can not therefore be taken as a friendly to all soldiers
who refused to oppose the Nanking
act." The right of any State or group of States to Government.
act as protector of the Paris pact was denied, and
the emphatic statement was added that the ManRapid progress was made this week in plans for
churian difficulty can only be settled by direct nego- the naval
limitation conference which is to meet in
tiations. "In conclusion," the note said,"the Soviet London
Jan. 21 with representatives present from
Government cannot forbear expressing amazement the United
States, Britain, Japan, France and Italy.
that the Government of the United States, which by Prime
Minister MacDonald of Britain informed Parits own will has no official relations with the Soviet, liament Monday
that the conference would open
deems it possible to apply to it with advice and in the Royal Gallery
of the House of Lords, while
counsel."
subsequent sessions will be held at St. James's PalSecretary Stimson in turn issued a statement ace on the invitation
of King George. The delegaWednesday, in which he denied emphatically that tion selected by the Prime
Minister also was anthe American appeal to China and Russia was nounced. The personnel
of the delegation will inprompted by "unfriendly motives." The response of clude the Prime Minister, Foreign
Secretary Arthur
the Secretary was made in the form of a statement Henderson, First Lord of the
Admiralty A. V. Alexwhich he read to newspaper correspondents in Wash- ander, and Wedgwood Benn,
the Secretary of State
ington. "Between co-signatories of the Pact of for India. Mr. MacDonal
d added that he was not
Paris," Mr. Stimson said, "it can never be rightly yet in a position to announce
the full list of British
thought unfriendly that one nation calls to the atten- naval experts who will attend
the gathering, but
tion of another its obligations or the dangers to peace he stated that it would include Admiral
Charles
which from time to time arise. As far back as The Madden and Admiral W. W. Fisher. All the
doHague convention of 1899, the nations of the world minions of the British Empire had been invited to
agreed that strangers to a dispute, on their own send delegates, it was said. In reply to a question
initiative, could make suggestions looking for peace put in the House of Commons as to what the agenda
between the States which were at variance and that of the conference would be, the Prime Minister said:
the exercise of that right is not to be regarded by "There will be only one subject on the agenda, and
the parties in conflict as an unfriendly act. This that will be how the powers represented can best
was reaffirmed in 1907 and has been the recognized agree upon the reduction and limitation of war
vesrule ever since." The message was sent, it was sels and upon mutually accepted naval strength.
indicated, because this Government regards the Within that one subject there is no limit to the
treaty "as a covenant which has profoundly modified length to which the conference may go. The prothe attitude of the world toward peace and because cedure is a matter for discussion between the govthis Government intends to shape its own policy ernments concerned and for decision by the conaccordingly." The Russian declaration that direct ference itself."
negotiations are in progress was considered by Mr.
The Japanese delegation to the conference, headed
Stimson "not the least significant evidence to show by former Premier Reijiro Wakatsuki, sailed from
that the public opinion of the world is a live factor Yokohama for Seattle last Saturday. A series of
which can be promptly mobilized and which has be- direct preliminary conversations between Japanese
come a factor of prime importance in the solution of representatives and officials of the United States
the problems and controversies which may arise be- Government will be held in Washington on disputed
tween nations." In less formal vein, Mr. Stimson points in the latter part of this month. Just before
later stated that he would not transmit his corn- sailing Mr. Wakatsuki voiced high hopes that the
DEC. 7 1929.]
FINANCIAL CHRONICLE
3519
preliminary visit to Washington will promote a said. "There is perfect confidence here that if the
sympathetic understanding between the American issue between the two countries is to be judged on
and Japanese peoples and governments. The Japa- that basis it will be easily obvious to everyone that
nese party, numbering thirty-seven, includes Ad- a country with such widely separated coasts as
miral Takarabe, who goes to the conference, how- France and such a widespread colonial empire, has
ever, as a statesman and not as a naval officer. greater justification for a strong defense navy than
Efforts were continued to clear up the difficulties has the Mediterranean peninsula." The dispatch
raised by the official Japanese demand for a 70% also reported active conversations in progress with
ratio of American and British strength in 10,000-ton British and American naval experts with a view to
cruisers armed with 8-inch guns. In London this proper preparations for the conference.
matter was discussed in conversations among AmConsideration was given this week in almost all
bassador Dawes, Prime Minister MacDonald and
Tsuneo Matsudaira, the Japanese Ambassador to important European capitals to the intricate naBritain. Tokio dispatches of Monday stated, on of- tional and international concerns involved in the
ficial authority, that the United States and Great program for ratifying the Young plan of German
Britain have asked the Japanese Government to reparations payments and placing the new scheme
indicate the total number of auxiliary cruisers they in actual operation. German payments to the interwill demand for purposes of national defense, in- ested Governments have been based on the new
schedule provided in the plan since Sept. I last, but
stead of making the number a matter of ratio.
The problem of sea strength in the Mediterranean the operating sections of the plan are still far from
will prove the most difficult for the forthcoming complete notwithstanding the numerous conferences
conference to solve, according to a London report that have been held in recent months to elaborate
of last Sunday to the New York "Times." This issue formal documents to govern operation of the Bank
involves not only the problem of naval parity be- for International Settlements, control deliveries in
tween France and Italy, but it also brings in the kind, regulate the payments by non-German defe tted
position of Britain, the dispatch said. While no States, and other purposes. In almost every case the
public statement of the British Mediterranean policy sub-committees charged with these tasks have had
for the conference has yet been made,it was declared to leave unfinished parts of the work which require
that the Admiralty and the Foreign Office wish political adjustment. Many problems have thus
Britain to have a two-power fleet with regard to all been referred back to the conference of governments
nations other than America. This matter assumes at The Hague for settlement, indicating that the
especial importance in view of the Italian demand second Hague meeting will be occupied with many
for parity with France, and the French intention to delicate and important points. Some question exmaintain a sizeable fleet of auxiliary vessels for isted for a time regarding the date of the second
protection of her large colonial domains. A British conference, Germany desiring early action in order
fleet equal to the combined French and Italian fleets to expedite thereby the promised liberation of the
would,it is pointed out,far exceed the force England third Rhineland zone, while France favored a delay.
has planned in conversations with the United States. The understanding has prevailed in recent weeks,
In Paris, late last week, conditions on which the however, that the second meeting would begin Jan. 3,
French Government should take part in the naval and this impression was given a measure of official
conference were outlined by Louis Dumesnil, re- confirmation this week. M. Henri Jaspar of Belporter of the naval budget in the Chamber of Depu- gium, permanent President of The Hague conferties. These conditions are: First, that France ence, advised the Netherlands Government Wednesshould maintain the principle of the interdependence day that he proposes to convene the meeting Jan. 3,
of armaments and that the final decision should be and steps were promptly taken to prepare proper
left to an international conference,on armaments accommodations.
in Geneva; second, that France should in no case
Direct conversations between the interested govaccept the abolition of the submarine; third, that ernments preliminary to the second conference at
France should demand that account be taken of the The Hague have been going on in an attempt to settle
obligations imposed by the lengths of her coasts, the some of the more thorny questions that are scheduled
wide separation and distance of her colonies from for discussion at the meeting. In a Paris report
each other and from France, and the necessity of of Monday to the New York "Herald Tribune" it was
remarked that these negotiations have been brought
being able to preserve free communication.
France
attitude
to a standstill because of new objections raised by
proposes
to
A note outlining the
was
conference
the British Government to certain features of the
presented
forthcoming
adopt at the
in Paris', Wednesday, to Count Manzoni, the Italian Young plan. French circles characterized the deAmbassador. This step by Foreign Minister Briand velopment as the "second offensive of Philip Snowwas described in dispatches as the first real move den, Chancellor of the British Exchequer." At the
toward reaching some preliminary agreement be- first conference in August Mr. Snowden took a very
tween France and Italy before the conference begins. positive stand for greater concessions to his country
The French Government was believed to have ex- and secured them in principle, but details of the
plained in the note that Paris considered it inad- adjustment he required have still to be worked out.
visable and dangerous to begin discussion on the A further important point that the sub-committees
question of parity. France took the position, more- have been unable to settle, according to a Paris
over, that each government should have the right to dispatch of last Sunday to the New York "Times,"
build according to its needs, but that each should relates to the amounts Hungary and Bulgaria must
make public its intentions and justify its claims. pay. Both these governments have assumed hostile
"The French note, it is understood, is somewhat in attitudes to the proposals so far made, and it is now
the nature of an inquiry as to the extent of Italy's considered likely that this question will be carried
needs," a Paris report to the New York "Times" to the second conference.
3520
FINANCIAL CHRONICLE
[voL. 129.
The difficulties involved in the whole question Sarre which were given to France at the Versailles
have again been illustrated by postponement of the conference, and (2) continuation of the
present admeeting of international jurists that is to frame vantageous relationship between the Sarre
and
treaties for application of the Young plan. This France, both as to the delivery of coal for the
French
body was to meet after the other sub-committees steel industry and as to the present favorable
tariff
had finished their work, so that all necessary docu- arrangements between the district and
France. In
ments and information wOuld be available. Agree- reply to the French demands the German
delegates
ment was finally made for the jurists to meet in were reported to have made reservations which
do
Brussels last Monday, but the gathering has been not indicate smooth going for the conference.
put off until next week. The jurists, according to a
Dr. Hjalmar Schacht, President of the Reichsbank
Paris report to the New York "Times," will be and head of the German experts at the Paris
conconfronted with grave difficulties by reason of the ference and at the later bankers' meeting in
Badennumber of questions left unsettled in the trust agree- Baden, issued a detailed statement Thursday
in
ment for the International Bank framed by the ex- which strong protest is made against measures
which
perts at Baden-Baden. The two unofficial Amer- he considers likely to change the intentions
of the
ican delegates to the Bankers' Committee, Jackson plan and eventually endanger its success.
His own
E. Reynolds, President of the First National Bank signature was affixed to the Young plan, Dr.
Schacht
of New York, and Melvin A. Traylor, President of said, under the stipulation that the
recommendathe First National Bank of Chicago, returned to tions and provisions of the plan would be
accepted
New York Tuesday, but both were uncommunicative and respected by the powers concerned
. "Although
on the meeting and declined to discuss the pro- six months have elapsed since the signing
of the
ceedings.
Young plan," he added, "I do not see that either
The German Government, in addition to carrying the Reich Government or the foreign
Governments
on the necessary international conversations on the have considered these stipulations, and I
am most
new plan, has been beset with internal political agi- seriously apprehensive regarding
what has haptation against the reparations payments scheduled. pened and what seems likely to be
striven for." Dr.
The new "Liberty Law" sponsored by Dr. Alfred Schacht declared that if nearly
every creditor GovHugenberg of the Nationalist Party, and Adolph ernment now tries to squeeze
out of Germany furHitler of the Fascist Party, was presented to the ther financial payments
and deliveries in excess of
Reichstag last week in accordance with the mandate the Young plan schedule,
they violate the co-operaimplied in the successful agitation for the signatures tion made obligatory by
the plan. Chief among
of 10% of German voters. A national referendum these demands, he explained
, is the request that
is to be held in Germany on the proposed legislation Germany give up her claim
to the 400,000,000 marks
on Dec. 22, when its defeat is considered certain. difference caused by German
payments under the
Dr. Julius Curtius, the new Foreign Minister of Dawes plan to Sept. 1, whereas
the lesser Young
the Reich, appealed to the Reichstag on Nov. 29 to plan payments were to have dated
much further back.
reject the measure on the broad ground that its The British demand for additional
unconditional
purpose was incompatible with the domestic and payments and Chancellor Snowden's refusal
to reforeign interests of the Reich. The "political turn German sequestrated property also
are mensophistry" of the reactionary sponsors of the bill tioned. The German Government,in turn,is accused
was assailed by Dr. Curtius, who declared that it is by the Reichsbank head of neglecting to
take steps
absurd to try to find out through popular vote for budgetary and financial reforms. "It would
be
whether the nation is willing to pay. "Most natu- self-deception," the statement concludes, "for the
rally it does not want to pay," he said. "It is all a world to believe we are able to pay further millions
matter of whether it must pay or whether it does or billions above the young plan payments, or to
not need to pay. If Dr. Hugenberg will explain how renounce our justified claims. It also would be
Germany can be relieved of reparations tributes, he self-deception for the German people to believe that
would be hailed as the father of his country." The with an increase of the burdens it will be able to pay
bill was rejected by the Reichstag last Saturday by the Young plan annuities and the probable addithe overwhelming vote of 312 to 80. The incident tional amounts. I will not help in the creation of
resulted in a split in the Nationalist Party, fourteen such deception."
Reichstag Deputies severing their connections with
the Hugenberg'group.
Evacuation of the second zone of Allied occupaAlso closely connected with the plans for plac- tion on 1 he Rhine was formally completed last Sating the Young plan in operation are the current urday with the retirement of French troops from
negotiations for return of the Sarre area to Ger- Coblenz, where American troops Were maintained
many before the expiration of the stipulated period until 1923. American forces were withdrawn in that
that was to culminate in a plebiscite. An agreement year after the Senate failed to ratify the Versailles
for conversations on this matter was made between Treaty, but they were replaced by French troops.
French and German representatives at the confer- All Allied forces, under the terms of the treaty, were
ence at The Hague in August. German negotiators to be out of the second zone 10 years after the treaty
reached Paris for the promised parley several weeks came into effect, and as this period does not expire
ago, and three subcommittees were promptly ap- until the close of the current year, evacuation of
pointed to carry on the discussions on mines, com- the second zone has been completed one month before
mercial relations and tariffs, and juridical ques- the scheduled time. The treaty provided for evacuations. The French delegates placed very definite tion of the first zone at the end of five years, but a
demands before the German representatives last Sat- delay of more than a year was occasioned by the
urday, a Paris report to the New York "Times" said. Ruhr occupation and the subsequent negotiations.
These demands were said to consist of (1) the uncon- The third and final zone, under the treaty, was to be
ditional purchase by Germany of the mines of the evacuated within 15 years provided Germany had
DEC. 7 1929.1
FINANCIAL CHRONICLE
3521
The Bank of England, in its statement for the
fulfilled her obligations. It is now apparent, howloss in bullion of £1,112,ever, that final evacuation will be anticipated by week ended Dec. 4, shows a
stand at £134,269four years or more, as an agreement was made at 696. The Bank's holdings now
766 a year ago.
The Hague last August under which withdrawal of 209 in comparison with £158,544,
0 and this to-.
£6,529,00
troops from the third zone will begin immediately Note circulation expanded
about a debrought
bullion,
in
after ratification of the Young plan and will be gether with the loss
and
deposits
Public
reserves.
in
0
completed by June 30 1930. All British and Belgian crease of £7,642,00
res£301,557
and
0
£9,430,00
off
fell
troops have already been withdrawn,so that France other deposits
accounts
bankers
includes
latter
The
pectively.
continues the occupation alone.
other accounts which
The end of the occupation of the second zone was which increased £401,015 and
proportion of reserves to
signalized last Saturday by the lowering of the decreased £702,572. The
last week to 31.86%
French tricolor at the fortress of Ehrenbreitstein, liabilities dropped from 35.85%
was 38.09%. Loans
at Coblenz. At the following midnight, dispatches this week. A year ago the ratio
£2,725,000 while those
said, the flag of the German Republic was unfurled on Government securities rose
a contraction of £4,for the first time in history over the lofty citadel on other securities underwent
of "discounts and
consist
which through the centuries was the guardhouse at 790,886. Other securities
former decreased
The
the famous "corner of the empire," where the Moselle advances" and "securities."
£850,329. • The
increased
joins the Rhine. "Bonfires were lighted on all the £5,641,215, the latter
Below we
remains
surrounding hills," a Coblenz dispatch to the New Bank's rate of discount
for five
items
various
the
of
n
York "Times" said, "and from one end of the Rhine- furnish a compariso
land to the other church bells are pealing, orchestras years:
STATEMENT.
BANK OF ENGLAND'S COMPARATIVE
1925.
1926.
are playing in every restaurant and cafe, and there
1927.
1928.
1929.
Dec.9,
Dec. 8.
Dec. 7.
Dec. 5.
Dec.4.
is dancing in the halls and homes." The "freedom"
361,086,000 371,455,000 136.805,220 139.634,485 143,319,315
demonstration continued until long after dawn, the Circulation a
8,003,000 8,690.000 7.433,678 8,805,503 8.780.798
deposits
Public
evireport said, and it "seemed to offer complete
96,118,216 114,933,000 109,827,922 111.585,201 120,225.541
Other deposits
dence that the 10-year occupation, instead of crush- Bankers' accounts 58,620,463
37,497,753
Other accounts
ing the Rhineland spirit, merely caused patriotism Gov't securities
60,428.855 63.870,000 47,386,600 36.152.539 54,367.526
71,081,114
28.353,341 30,504,000 55.069,422 68.725,121
securities
Other
brightly."
more
to
glow
in the area
Disct. & advances 9,622,606
Securities
18,730,735
32,654,540 33.349,220 21,438,555
notes & coin_ 33,181,000 47,687,000
There have been no changes in European Central Res've
134,269,209 158,544,766 149,709,760 153,233.705 145,007,870
Coin and bullon
of reserve
Bank rates this week. Rates continue at 7% in Proportion
16K%
27.70%
27.85%
38.09%
31.85%
to 'abilities
5%
5%
434%
2% in England, Denmark, Bank rate
1
435%
5J%
Germany and Italy; at 5/
England
of
Bank
with
amalgamated
2% in Holland a On Nov.29 1928 the fiduciary currency was
1
Sweden, Norway and Spain; at 4/
of Bank of England
issues, adding at that time £234.199,000 to the amount
2% in France and Switzer- note
1
and Belgium, and at 3/
notes outstanding.
land. In the London open market discounts for
The German bank statement for the fourth week
short bills yesterday were 4 13/16% against 434%
4@
/
43
bills
of November, shows a gain in gold and bullion of
on Friday of last week, and for long
Frithe
previous
4,129,000 marks, raising the total of the item to
4 13/16% against 4%@)4 25/32%
4
/
1
%.
4
was
yesterday
2,240,362,000 marks. The amount of gold in the
day. Money on call in London
%,
2
1
/
3
at
remain
corresponding week last year was 2,623,494,000
At Paris open market discounts
4
/
1
%.
marks and for the year before 1,856,990,000 marks.
and in Switzerland at 3
A large increase appears in bills of exchange and
the item
The Bank of France statement for the week ended checks, namely 482,008,000 marks, while
increase
An
d.
Nov. 30, shows a further gain in gold holdings, this of deposits abroad remains unchange
marks,
00
753,998,0
time of 190,007,376 francs. The total of gold now also appears in note circulation of
5,591,to
up
ng
outstandi
stands at 40,808,253,851 francs, which compares bringing the total of notes
4,724,024,000
with 31,599,991,312 francs in the corresponding 023,000 marks, as compared with
Reserve in
year.
last
week
week last year. Bills bought abroad increased 27,- marks the corresponding
7,554,000
of
gains
show
advances
000,000 francs while credit balances abroad declined foreign currency and
ts reinvestmen
while
marks,
00
20,000,000 francs. Note circulation expanded 1,916,- marks and 114,809,0
and
silver
in
shown
is
decrease
the
A
of
item to 68,- main unchanged.
000,000 francs, raising the total
other
an
notes
in
marks,
0
26,604,00
with
of
62,659,006,435 other coin
158,947,680 francs, as compared
francs the corresponding week last year. A large German banks of 22,442,000 marks and in other
increase appears in French commercial bills dis- liabilities of 5,799,000 marks. Other assets recorded
counted, namely 1,058,000,000 francs. Advances an increase of 74,992,000 marks while other daily
against securities and creditor current accounts record maturing obligations dropped 113,753,000 marks.
decreases of 27,000,000 francs and 555,000,000 francs Below we furnish a comparison of the Bank's return
respectively. A comparison of the various items of for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
the Bank's return for the past two weeks as well as
Changesfor
Nog. 30 1929. Nev. 30 1928. Nov. 30 1927.
Week.
with the corresponding week last year is shown
Reichsmarks. Reichtmarks. Reichsmark*.
Reichsmark:,
Assets—
2,623.494,000 1,856,990.000
below:
2,240,362,000
Inn. 4.129,000
Gold and bullion
73,044,000
85,826,000
Unchanged 149.788.000
Of which depoa.abed.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
7,554,000 397,468,000 172,054,000 282.440.000
Res've In torn curr-Status as of
Changes
2,482.821,000
Bills of each.& checks.Inc. 482,008,000 2,986,678,000 2,268.790.000
Noe.80 1929. Nov. 23 1929. Dec. 1 1928,
for Week.
54.556.000
89,737.000
95,031.000
Silver and other coin_ _Dec. 26,604.000
Francs.
Francs.
Francs.
Francs.
7.687.000
8,821.000
3,215.000
Notes on oth.Ger.bks_Dec. 22,442,000
40,618.246,475
40,808,253,851
31.589.991.312
100,007,378
Gold holdings._ _ Inc.
88,301,000
Inc. 114,809,000 164.729,000 113,133.000
Advances
Credit bals. abr'd_Dec. 20.000.000 7,106,846,540 7,126,846,540 13,385,896,801
92.080,000
92,330.000
92,582,000
Unchanged
Investments
French commercial
Inc. 74,992.000 686,820,000 513.454,000 512,216,000
Other assets
bills discounted _Inc.1,058,000,000 10,610,754,270 9,552,754.270 1,238.292,173
Mt/Mies—
Bilis bought abed_Inc. 27.000,000 18.716,509,993 18,689.509,993 18.816.143.621
circulatIon—Inc. 753,998,000 5,591,023,000 4,724.024,000 4,181.252,000
Adv. agst.securs_Dec. 27,000,000 2,471,651,838 2,498.651.838 2,283,901.773 Notts in
o. 113,753,000 445,174,000 434,061.000 484,618,000
Note circulation. Inc.1,916,000,000 68,158,947,680 66,242.947.680 62.659,066,435 Oth.daily matur.oblig.De
Dec. 5,799,000 326.254,000 268,206,000 343,150,000
Cred. cur?. accla_Dec. 555,000,000 20,975,902,216 21,530.902.216 18.695.855.169 Other liabilities
3522
FINANCIAL CHRONICLE
[vol.. 129.
Easy conditions prevailed in the New York money
SPOT DELIVERY.
—180 Days—
market this week, with huge sums recently released
—150 Days—
—120 Days—
Bid. Asked.
Rid. Asked.
B(d. Asked.
4M
414
from the call loan market still seeking employment. Edina eligible bills
4)4
434
434
4
—90Days—
—60 Days—
--30Days-Brokers' loans continued to decline, although on a
Md. Asked
did. Asked.
Bid. Asked
4
3%
414
4
434
4
much smaller scale than in recent weeks. The com- Prime ellglble Ms
FOR DELIVERY WITHIN THIRTY DAYS.
pilation of the New York Federal Reserve Bank for Eligible member banks
43( bid
the week ended Wednesday night showed a drop of Eligible nub-member banks
4M bid
$58,000,000. More indicative of the vast change that
On Dec. 5 the Federal Reserve Bank of San Franhas taken place in the markets is the tabulation for
cisco reduced its rediscount rate on all classes of
all November, completed by the Stock Exchange
paper of all maturities from 5% to 41/
2%, effective
early this week. The decline in loans to brokers
Dec. 6. There have been no other changes this week
registered in this tabulation is $2,092,226,099, makin the rediscount rates of the Federal Reserve Banks.
ing a total drop in two months of $4,532,785,210.
The following is the schedule of rates now in effect
Only a part of the credit thus released has since
for
the various classes of paper at the different Rebeen employed otherwise, and all avenues of profitserve Banks:
able use are being actively explored. Some authoriDISCOUNT RATES OF FEDERAL RESERVE BANKS
ON ALL CLASSUS
ties were of the opinion that American funds are
AND MATURITIES OF ELIGIBLE PAPER.
beginning to flow to European markets for the sake
Rate in
Pecterat Reserve Bank.
of the higher returns there available. Call loans on
Effea an
Dale
Dec. 8.
Established.
Rate.
the Stock Exchange were quoted this week at 4/
1
2% Boston
434
Nov. 21 1929
5
:law
York
434
for all transactions. A considerable overflow into Philadelphia
Nov. 15 1929
5
a
July 26 1928
43,1
Cleveland
5
the unofficial "outside" market took place every Richmond
Aug. 11928
444
a
July 13 1928
434
nts
5
July
14 1928
day, and loans were made in the Street at 3/
434
1
2% hleago
414
Nov.23 1929
5
Louis
a
July 19 1928
Monday, Tuesday and Wednesday, and at 4% Thurs- It.
434
Minneapolis
6
May 14 1929
434
Kansas My
5
May 6 1929
day and yesterday. Time loans were lowered early Dallas
434
5
Mar. 2 1929
434
San Francisco_. .
434
Dec. 01929
in the week to 4/
5
1
2@43
4% for all maturities. The
San Francisco Reserve Bank reduced its discount
Sterling exchange, although extremely dull, moved
rate Thursday to 4/
1
2%,which is the level previously
up
sharply this week to points which increase the
established by the New York, Chicago and Boston
probabi
lity of early gold shipments from New York
institutions. An indication of continued ease
in to London. The high was
touched in Thursday's
the money market was seen this week in the
Treas- trading, when cable transfe
rs sold at 4.881
/
ury offering of $325,000,000 nine months'
1, the
certifi- highest since June 16 1928.
The
range
week
this
cates of indebtedness with a 3/
1
2% coupon. This has been from
4.87 5-16 to 4.873/i for bankers' sight,
figure compares with a rate of 47
/
8% offered on compared with
4.873/i to 4.87 9-16 last week. The
similar certificates in September. Gold
movements range for cable transfers
has been from 4.87 29-32
through the port of New York for the week
ended to 4.883, compared with 4.87 29-32
to 4.87 31-32
Wednesday, as reported by the Federal
Reserve a week ago. The sharp advance is attribu
ted chiefly
Bank, consisted of exports of $5,019,000,
and im- to the sale of dollars in Europe, rather
than to deports of $1,788,000. The stock of ear-marked
gold mand for sterling in New York. Bankers
say that
was decreased by $4,001,000.
that most of the selling of dollars abroad was on
Dealing in detail with the call loan rates on the Swiss account owing to repatriation of funds which
Stock Exchange from day to day, all loans on every had been loaned in the New York money market.
This would also account for the unusual firmness in
day of the week have been at 4/
1
2%, this including Swiss francs. The Bank
of England continues to
renewals. Time money has again been dull and
lose gold heavily to France. However, the sterlingwithout noteworthy feature. Quotations the first
franc rate has moved against Paris this week to a
three days of the week were 4/
1
2@43
/
4% for all dates, point where the outwar
d gold movement from
and on Thursday and Friday were 43
/
4% for all London should be effectively checke
d. Despite the
dates. Commercial paper in the open market has
gold
loss,
howeve
Londo
dispat
r,
ches
n
state that
remained dull, with rates unchanged. Rates for
the
market
looks
there
furthe
for
a
r
reduct
ion in the
names of choice character maturing in four to six
redisc
ount
Bank
the
rate
of
of
Englan
d
from the
months have ruled all week at 5%, while names less
present 532%. The present rate is regarded as
well known have commanded 51/
4%, with New Eng- ineffec
tive in view of the fact that discount rates
land mill paper also quoted at 5Y4%.
are well under 5% in London. Gold shipments
Prime bank acceptances have been in excessive have been made to England from New York on
supply, and while the demand for bills has con- previous occasions when the level of 4.883 I was
tinued good, it has not been sufficient to absorb the reached, although this price was not conceded to
offerings. On Friday rates for 30 days, as also for yield a profit of any consequence. Bankers are
rather confident, however, that gold will surely
60 days, have been advanced /
1
2% in both the bid move
from New York after the turn of the year.
and the asked columns. The posted rates of the
Normal
ly, soon after Jan. 15 exchange turns in
American Acceptance Council are now 4/
1
2% bid and favor of Londo as agains New York.
t
n
4% asked for bills running 30 days, and also for 60
This
week
Bank
England shows a loss in
the
of
days; 4% bid and 3'/
78% asked for 90 days; 41/
8% gold holdings of £1,112,696, the total bullion
as of
bid and 4% asked for 120 days, and 41/
4% bid and Dec. 5 standing at £134,269,209 agains
t
,
L135,3
81,41/
8% asked for 150 and 180 days. The Acceptance
905 on Nov. 28. Present holdings compare with
Council no longer gives the rates for call loans
£158,544,766 on Dec. 5 1928 and with the minimum
secured by acceptances, the rates varying widely.
of £150,000,000 recommended by the Cunliffe comOpen market rates for acceptances have also been
mittee. On Saturday the Bank of England sold
reduced for the shorter maturities.
£5,074, bought £152 in gold bars, and exported
P7tTIOUI
DEC. 7 1929.]
FINANCIAL CHRONICLE
3523
upward movement of sterling. French francs have
been especially irregular, though ruling at prices
which would indicate the probability of a movement
of gold from New York to Paris. As noted above,
France again took large quantities of gold from
London, particularly on Tuesday, but the sterlingfranc rate has since moved more in favor of London,
with the result that British bankers are hopeful that
the outward gold flow to France may beil halted.
This week the Bank of France shows a further increase of 190,007,000 francs in gold holdings, bringing
the total to 40,808,000,000, the highest in the history of the bank, which compares with 31,599,000,000
francs a year ago. The Bank's ratio, however, is
down'to 45.78% from 46.28% on Nov. 22. The decrease in the ratio is due to an increase in circulation
Made necessary by the approach of month-end settlements. In fact, much of the firmness in foreign
exchange this week is incident to month-end requirements in Europe. Foreign exchange traders are inclined to look for a further firming up in the franc
rate at the approach of the year end. An indication
of the anomalous position of the franc in exchange
is given by the latest foreign trade figures from
Paris.
While statistics show some decrease in the
import balance for October, which amounts to only
.
INCLUSIVE
4,
26-DEC.
NOV.
YORK,
NEW
T
AT
129,000,000 francs for the month, the import balance
MOVEMEN
GOLD
Exports.
Imports.
the first ten months of this year amounts to 7,for
$5,005,000 to Switzerland
$1,674,000 from Argentina
14,000 to Mexico
114,000 from other Latin Amer067,000,000 francs, compared with 1,402,000,000
lean countries
francs during the corresponding period of 1928. At
total
$5,010,000
total
$1,788,000
the present rate of exchange this amounts to apNet Change in Gold Earmarked for Foreign Account.
proximately $269,000,000 and is sufficiently large
Decrease $4,001,000.
in exchange. The franc is,
Canadian exchange continues at a discount, but to be reflected strongly
record high levels and French balances
the rate has moved more in favor of Montreal this however, at
repatriated to Paris in gold from both
week. On Friday of last week the rate for Montreal are being
London. But for this adverse infunds was 1% discount. This rate continued on New York and
francs would apparently have
Saturday; on Monday the rate moved further against fluence on exchange
would have drawn gold in
which
Montreal to 1 3 64%. On Tuesday Canadian funds reached levels
If the improved trend in
s.
quantitie
were at 1 1 16%, but with an improvement on enormous
October continues, export
in
apparent
trade
of 1% foreign
Wednesday, when Montreal was quoted at
large proportions.
assume
may
Paris
to
discount and again on Thursday when the rate was of metal
to continue
exports
gold
expects
market
Paris
3 of 1% discount. On Friday the rate was 15-16 The
%
York for some time, but bankNew
and
London
from
of 1%.
expect the movement to cease
Referring to day-to-day rates, sterling exchange on ers there also seem to
the year.
Saturday last was firm in the usual half-holiday soon after the end of
firm at rates indicating the
are
marks
German
2
market. Bankers' sight was 4.87%@4.873/; cable
shipments from New York.
transfers 4.87 29-32@4.87 15-16. On Monday the probability of gold
frequently quoted during
market was dull and rates steady. The range was Mark cable transfers were
to 23.953, which compares with
4.87 5-16@4.873/
2 for bankers' sight and 4.87 29-32 the week at 23.94
Money is still high in the
@4.87 31-32 for cable transfers. On Tuesday sterling dollar parity of 23.82.
complaint because
advanced sharply. The range was 4.873/2@4.87 11-16 Berlin market and there is much
its rate of redisreduced
not
has
for bankers' sight and 4.87 15-16@4.883/ for cable the Reichsbank
that the circulafact
the
that
transfers. On Wednesday firmness continued. The count. It is believed
a month ago
than
higher
slightly
range was 4.87 9-16@4.87 13-16 for bankers' sight tion still remains
reducing the
from
Schacht
Governor
d
has
prevente
and 4.88 1-16@4.88 3-16 for cable transfers. On
by their
advised
are
traders
exchange
rate.
Foreign
Thursday sterling moved still higher. The range was
is likely this
4.87%@4.87% for bankers' sight and 4.88 3-16@ Berlin correspondents that a reduction
4.884 for cable transfers. On Friday the range was month.
Italian lire have been dull but relatively steady
4.87%@4.873/ for bankers' sight and 4.88 3-16@
conspicu4.88% for cable transfers. Closing quotations on and seem not to have shared the firmness so
This is
s.
currencie
Friday were 4.87 13-16 for demand and 4.883. for ous in most of the European
on on
-depressi
to
semi
the
quarters
cable transfers. Commercial sight bills finished at ascribed in some
since
apparent
been
has
which
Bourse
4.87%, sixty-day bills at 4.83 5-16, ninety-day bills the Milan
markets,
the
Italian
in
dear
still
is
Money
at 4.81 7 16, documents for payment (60 days) at October.
the fact that the discount rate is still
4.83 5 16, and seven day grain bills at 4.86 15-16. due partly to
7% notwithstanding the reductions
at
ed
maintain
Cotton and grain for payment closed at 4.87%.
at almost all European state banks. The firmness
bring
The Continental exchanges have been irregular and is also due to the efforts of the authorities to
cirnote
ing
in
outstand
reduction
a
gradual
about
the
in
y
with
sympath
dull, but generally firmer
£3,000 in sovereigns. On Monday the Bank sold
£12,073 in gold bars. On Tuesday the Bank bought
£368,900 of open market gold and sold £202,518
in gold bars. The total gold available in the open
market was £900,000, of which £440,000 was taken
for shipment to Paris. Next week £375,000 in gold
bars and £500,000 in sovereigns will be available
and the following week £544,000 in gold bars and
£500,000 in sovereigns. On Wednesday the Bank
sold £205,998 in gold bars and on Thursday sold
£1,720 and bought £47 in foreign gold coin. On
Friday the Bank received £1,156,261 in sovereigns
from abroad; exported £2,000 in sovereigns; sold
£10,327 in gold bars and bought £2,481 in gold bars.
At the Port of New York the gold movement for
the week Nov. 26-Dec. 4 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $1,788,000, of which $1,674,000 came
from Argentina and $114,000 chiefly from other
Latin American countries. The exports were $5,019,000, of which $5,005,000 were shipped to Switzerland and $14,000 to Mexico. There was a decrease
of $4,001,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended Dec. 4, as reported
by the Federal Reserve Bank of New York, was as
follows:
3524
FINANCIAL CHRONICLE
[VOL. 129.
culation along with the rebuilding of the Bank of and at
13.93 for cable transfers. which compares
Italy's gold reserve. The Italian foreign trade with 13.90
and 13.91 a week earlier.
balance for the year to date shows an improvement
over last year of approximately 600,000,000 lire.
The South American exchanges are unchanged in
This was due chiefly to reduced importations of all important
respects from the past few weeks. Excereals in consequence of excellent Italian wheat change on
Buenos Aires has been dull, with rates
harvests.
relatively firm, although fractionally easier'on balance
The London check rate on Paris closed at 123.98 than last week.
The comparative steadiness in the
on Frilay of this week, against 123.85 on Friday of peso is attribut
ed largely to continued shipments of
last week. In New York sight bills on the French gold from
Buenos Aires to London and New York.
5 against 3.93% on Friday a This
center finished at 3.93/s,
week the Federal Reserve Bank of New York
7s, against 3.94; reports a further
week ago; cable transfers at 3.93/
receipt of $1,674,000 in gold from
3 against 3.9332. Argentina. Busines
and commercial sight bills at 3.93%,
s in Argentina seems inclined to
Antwerp belgas finished at 13.993/ for checks and at slow down, as
long continued labor troubles and
14.003/i for cable transfers, against 13.983/ and heavy losses in
some of the agricultural districts have
13.993/
2. Final quotations for Berlin marks were had paralyzing effect.
The newspaper "La Nacion"
23.943'4 for checks and 23.953.1 for cable transfers, recently complai
ned that the outstanding features of
in comparison with, 23.93 and 23.94 a week earlier. the present situatio
n are a scarcity of money in cirItalian lire closed at 5.233
% for bankers' sight bills culation, restriction of credit, slow commercial moveand at 5.23% for cable transfers, against 5.239'g and ment, the retirem
ent of capital, and the curtailment
5.23% on Friday of last week. Austrian schillings of industrial activity
. There is nevertheless some
closed at 141
4 on Friday of this week, against 143 improvement, as bank
clearings so far this year show
on Friday of last week. Exchange on Czechoslovakia an increase
of 2%, but this must be contrasted with
finished at 2.96%, against 2.965
%; on Bucharest at an increase of 7% last year and with
a 6% increase
0.603.4, against 0.6034; on Poland at 11.25, against in 1927. Argentine paper
pesos
closed
on Friday
11.25; and on Finland at 2.52, against 2.52. Greek at 41 3-16
for checks as compared with 41 9-16 on
exchange closed at 1.293
4 for checks and at 1.303. Friday of last week, and at
413's for cable transfers,
for cable transfers, against 1.30 and 1.30X.
against 415
%. Brazilian milreis finished at 11.72 for
checks and at 11.75 for cable transfers, against 11.75
The exchanges on the countries neutral during and 11.78.
Chilean exchange closed at 12.15 for
the war have been firm, led by Swiss francs, which checks and
at 12.20 for cable transfers, against 123'i
moved up sharply. As noted above, the firmness and 12
3-16; while Peru at 3.94 for checks and at
in sterling exchange is attributed in many quarters 3.95
for cable transfers, against 3.99 and 4.00.
to the selling of dollars in London for Swiss account
and to the repatriation of Swiss balances from the
The Far Eastern exchanges have been dull. JapNew York money market. During the past few anese
yen continue firm. Although Japanese busiweeks Swiss francs have been quoted at the highest ness
with China is steadily improving, factional
levels since 1925. Closing quotations for the Swiss disturba
nces in China are affecting a considerable
franc this week, 19.44 for cable transfers, compares trade region extendi
ng *from Hankow to the north
with dollar parity of 19.30. It has been calculated and west.
At the present time any retardation of
that the gold shipment point is around 19.47. Never- trade between
Japan and China would have the effect
less gold has gone out at the firm if lower level
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
quoted this week. As noted above, the Federal FOREIGN
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
NOV. 30 1929 TO DEC.6 1929, INCLUSIVE.
Reserve Bank of New York accounts for a shipment of
$5,005,000 gold to Switzerland and bankers expect
Noon Buying Rate for Cable Transfers to Nino York
Monetary
Value to Untied States Money.
more to follow. Holland guilders have been ruling Country and
Unit.
Nov. 30. Dec. 2. Dec. 3. Dec. 4. Dec. 6. Dee: O.
firm although little changed from a week ago. The
EUROPEScandinavian currencies are exceptionally firm, due Austria,
satiating
140579 .140592 .140605 .140617 .140655 .140579
Belgium. belga
.139867 .139865 .139900 .139943 .139947 .139988
largely to sympathetic relation to sterling exchange Bulgaria.
lev
.007235 .007225 .007257 .007240 .007237 .007236
kia, krone .029647 .029648 .029646 .029655 .029654 .029661
and probably also to some recall of Scandinavian Czechoslova
Denmark, krone
268027 .268051 .268098 .268181 .268353 .268329
England. pound sterfunds from abroad, owing to the changed conditions ling
4.878720 4.878775 4.880258 4.881168 4.881766 4.882159
markka,
025154 .025161 .025160 .025163 .025172 .025173
in international money markets, also to month-end !Island,
France, franc
039388 .039387 .039395 .039394 .039377 .039376
Germany, rolchstnark .239331 .239353 .239414 .239481 .239453 .239476
settlements, and in preparation for year-end re- Greece. drachma
012980 .012988 .012993 .012987 .012996 .012996
Holland, guilder
403486 .403482 .403621 .403703 .403654 .403557
EigegiuT. Pengo
quirements. Spanish pesetas have been irregular Italy,
174816 .174879 .174886 .175001 .175028 .175042
lira
052357 .052357 .052356 .052361 .052362 .052358
Norway, krone
.267966 .267989 .268019 .268110 .268177 .268186
but firmer throughout the week, due partly to specu- Poland,
aloty
111983 .111988 .111983 .112005 .112083 .111981
escudo
045050 .045133 .045200 .045183 .044933 .045083
lative transactions, as the peseta is now the only Portugal,
Rumania,leu
005965 .005972 .005970 .005974 .005970 .005971
'bath. peseta
133329 .138036 .138734 .139688 .141104 .139735
major unit not anchored to gold.
Sweden, krona
269027 .269098 .269206 .269442 .269517 .269568
Switzerland
.194175 .194234 .194334 .194388 .194361
,
.194140
francBankers' sight on Amsterdam finished on Friday Yugoslavia, dinar-- .017670 .017680
.017681 .017694 .017708 .017706
ASIA40.333/
at 40.333/2, against
on Friday of last week; ColnaLae!
568541 .566250 .565825 .565000 .586041 .566458
cable transfers at 40.353/2, against 40.3532, and Chefoo
Hanknw tael
560625 .558906 .558125 .557968 .559062 .559843
Shanghai. tael
546428 .544464 .543750 .543214 .544642 .545803
commercial sight bills at 40.29, against 40.293/
tael
.576250 .574583 .574375 .572708 .574791 .575833
2. Tientsin
Hong Kong dollar_ _ .425000 .425535 .425892 .425208 .425982 .425535
Swiss francs closed at 19.43 for bankers' sight and Mexican
dollar- - -- .393437 .392500 .392500 .392187 .392812 .393437
Tientsin or Pelyang
dollar
19.44 for cable transfers, in comparison with 19.403
.395416 .394583 .395000 .394583 .395416 .395833
4 Yuan
dollar
.392083 .391250 .391686 .391250 .392083 .392500
India,
rdpee
362800 .362885 .363057 .363246 .363567 .363379
and 19.413
4 a week earlier. Copenhagen checks Japan, yen
487750 .489059 .489109 .489021 .488890 .488925
(9.5.1 dollar .561250 .561250 .561666 .561666 561666 .562083
finished at 26.82 and cable transfers at 26.84, against Singapore
NORTH AMER.Canada, dollar
989770 .989442 .989340 .990451 .992673 .991856
26.78 and 26.80. Checks on Sweden closed at 26.943/
2 Cuba,
peso
999515 .999545 .999500 .999437 .999427 .999237
Mexico, peso
481566 .481675 .482062 .471000 .480850 .480800
and cable transfers at 26.963/2, against 26.89 and Newfoundla
nd, dollar .987189 .988588 .986812 .987781 .990437 .988937
SOUTH A M ER.26.91; while checks on Norway finished at 26.803/2 smoothie.
peso (gold) .939900 .939796 .939520 .940519 .939882 .938657
Bras% mUrels
.117470 .117272 .117418 .117480 .117440 .117430
and cable transfers at 26.823/
Peso
2, against 26.79 and Chile.
.120826 .120826 .120773 .120863 .120877 .120880
Uruguay. peso
.982864 .963497 .963873 .963873 .962545 .961920
26.81. Spanish pesetas closed at 13.92 for checks Colombia, peep
.963900 .963900 .963900 .963600 .963900 .963900
DEC. 7 1929.]
FINANCIAL CHRONICLE
3525
would be an advantage if the portions of the regular
message that are merely summaries of departmental
operations or recommendations could be separated
from those which deal with larger questions of national policy.
There is little that is novel, but much that is important and suggestive, in what Mr. Hoover has to
say to Congress and the country. The signature of
the United States is to be affixed to the protocol of
adherence to the World Court, now that the protocol
has been amended so that "no controversy or queswhich this country has or claims an interest
Owing to a marked disinclination on the part of tion in
on by the Court without our consent
two or three leading institutions among the New can be passed
the question arises," and ratification by
York Clearing House banks to keep up compiling at the time
will in due time be asked. Advocates of
the figures for us, we find ourselves obliged to dis- the Senate
n membership in the League of Nations will
continue the publication of the table we have been America
be disappointed at Mr. Hoover's statement
giving for so many years showing the shipments and doubtless
that "our adherence to the International Court is,
receipts of currency to and from the interior.
constituted, not the slightest step toward
As the Sub-Treasury was taken over by the Fed- as now
the League, but the country will be gratieral Reserve Bank on Dec. 6 1920, it is also no longer entry into"
emphatic reassertion of American policy.
possible to show the effect of Government operations fied at this
Mr. Hoover speaks hopefully of our foreign relain the Clearing House institutions. The Federal
general and of the outlook for peace. RelaReserve Bank of New York was creditor at the Clear- tions in
tions with Mexico have greatly improved; the Tacnaing House each day as follows:
Arica dispute between Chile and Peru has been
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
settled with American aid; inquiry and conciliation,
Assresdas
in which the United States participated, have adSaturday, Monday. Tuesday. Wednesd'y Thursday. Irrtday,
for Week.
Dec. 6.
Dec. 5.
Dec. 4.
Dec. 3.
Nos. 30. Dec. 2.
justed the boundary controversy between Bolivia and
Cr.
902,000.000
154.000.000
106,000,000 137.000.000 184.000,000 153.000,000 158,000,000
Paraguay, and regular air mail service with Central
come
which
checks
of
huge
mass
the
reflect
credits
heavy
foregoing
Caribbean has been inNote.—The
of and South America and the
to the New York Reserve Bank from all parts of the country In the operation
balances,
the Federal Reserve System's par collection scheme. These large credit
augurated. American marines are still maintained
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable in New York City are represented
but "in the large
located outside of in Nicaragua, Haiti and China,
the daily balances. The large volume of checks on institutions as
such checks do
New York are not accounted for In arriving at these balances,
not wish to be
do
"we
,
declares
Mr. Hoover
not Pass through the Clearing House but are deposited with the Federal Reserve sense,"
Bank for collection for the account of the local Clearing House banks.
and he hopes
"
manner,
such
in
abroad
represented
still in
marines
1600
the
reduce
to
to be able
The following table indicates the amount of buland
in
China,
kept
still
men
2605
the
and
ua
Nicarag
lion in the principal European banks:
commisa
send
to
,
approves
s
Congres
if
,
proposes
Dec. 5 1928.
Dec.4 1929.
sion to Haiti to "review and study" the situation
Banks of
Total.
Mires.
I
Gold.
Total.
Saver.
Gold.
there "in an endeavor to arrive at some more definite
" Changes which were fore158,544,766 policy than at present.
134,269,209 168,544,766
England 134,269.209
52,799.930
252,799,930
326,466,031
representation in Latin
France a_ _ 326.466,031
994,600 127.888.000 cast in our diplomatic
Germany b 104,528,700 c904,800 105,823,300 126,893,400
Spain ____ 102.592.000 28,359,000 130.050.000102,357,000 17,934.000 130,291.000 America, with the important provision that the
54.530.000
56,025,000 54,530.000
56,025,000
Italy
36,876.000 36,231.000 1,832,000 38,063,000
e
Nethlands 36,876,000
24.929.000 American representatives shall speak the languag
1,266,000
23,663,000
32,235,000
1,286,000
Nat. Belg_ 30,049,000
in
Switsland. 21,835,000 1,118,000 22,953.000 18.764,000 1,918,000 20,682.000
were
ed,
accredit
are
they
13,153,000 of the country to which
13.376.000 13,153,000
Sweden.-- 13.378,000
519.000 10.121,000
379.000 9,061,000 9,602.000
Denmark _ 9,582.000
8,162.000 part announced on Thursday.
8,151,000 8,162,000
Norway .- 8.151.000
9,163.696
34,463,60083
804,700,096
The forthcoming naval conference at London gives
Total week 844,649.940 32,136.600876.786.540
4,733.876
Prey. week,843.524.626 31.985,600 875,510,226 800.507,276 34,266,60083
references to the army
reported in the new form special point to Mr. Hoover's
a These are the gold holdings of the Bank of France as are
exclusive of gold held
of the country for
of statement. b Gold holdings of the Bank ofisGermany
ness
prepared
the
and
c As of Oct. 7 1924. and navy
abroad, the amount of which the present year £7,489,400.
d," he deU Sliver is now reported at only a trifling sum.
concerne
deeply
be
well
can
"We
war.
for naincurred
"
expense
growing
the
"at
clares,
tional defense. From a low point of $612,000,000 in
Mr. Hoover on the State of the Nation.
Mr. Hoover's message to Congress, submitted in 1924, the total expenditure for national defense
$730,conformity with the Constitutional requirement that purposes has risen in the current year to
DeNavy
the President "shall from time to time give to the 000,000, civilian services of the War and
aunow
Congress information of the state of the Union, and partments not included, while "programs
future
in
recommend to their consideration such measures as thorized will carry it to still larger figures
he shall judge necessary and expedient," is a com- years." "While the remuneration paid to our solprehensive and business-like review of the operations diers and sailors," Mr. Hoover remarks, "is justly at
of the Government, accompanied by a variety of sug- a higher rate than that of any other country in the
gestions regarding legislation which he would like world, and while the cost of subsistence is higher,
to have Congress enact. As has been usual since the yet the total of our expenditures is in excess of the
budget message came into use, the regular message most highly militarized nations of the world." Upon
contains only general references to financial matters, the outcome of the London Conference depends the
so that the two messages have to be read together if ability of the United States to moderate its naval
a complete view of the financial aspects of Govern- expenditures, but "if we shall be compelled to underment business is to be obtained. If presidential mes- take the naval construction implied in the Washingsages are not getting any longer, they are not getting ton arms treaty, as well as other construction which
much shorter, and documents which occupy several would appear to be necessary if no international
pages of a newspaper are not likely, we fear, to be agreement can be completed, we shall be committed
read as carefully and widely as they should be. It during the next six years to a construction expen-
of softening quotations for exchange on Tokio.
The silver units of China are lower owing almost
entirely to the lower ruling rates for silver. Closing
quotations for yen checks yesterday were 483'@
49%, against 48%@4938. Hongkong closed at
42%@43 1-16,.against 42%(4)43; Shanghai at 54/(4)
55 1-16, against 54%; Manila at 50, against 50;
Singapore at 56 7-16@56%, against 563/2@,56%;
Bombay at 362, against 36 7-16, and Calcutta at
36M, against 36 7-16.
3526
FINANCIAL CHRONICLE
[Vol,. 129.
diture of upward of $1,200,000,000 besides the neces- the Civil Service
Law of third class postmasters is
sary further increase in costs for annual upkeep." also recomm
ended, and extensive changes that are
The budget message shows estimated direct appro- deemed necessa
ry in the prohibition enforcement
priations for the War and Navy Departments for service
are outlined.
1931 of $719,089,000, not including non-military
On the whole the message is devoid of novelty.
items, with provisions for further development of It records
no very striking accomplishments and
the air service program, the army housing program, intimat
es no marked departures in general policy.
the modernization of old battleships, and the con- The convers
ations with Prime Minister MacDonald
struction of new ships authorized by the act of Feb. are not mentioned,
and the London Conference is
13 1929, and of light cruisers and submarines au- dispose
d of in a few lines. There is no criticism of
thorized by previous laws.
Congress for the lamentable shortcomings of the preWe comment elsewhere in this issue upon Mr. vious session, and the various
recommendations of
Hoover's recommendation of changes in the banking legislation are put forwar
d without special emphasis.
laws. As to the general business outlook, Mr. As far
as can be gathered from the message, Mr.
Hoover finds that the measures which he has insti- Hoover's genera
l attitude has not changed. He is
tuted have re-established confidence, with the out- still dispose
d to leave the task of legislation to Conlook for the farmers much improved. He quotes gress, conten
ting himself with statements of what
from his message at the opening of the first session he
would like to see done, but without attempting
of the present Cogress his recommendations about
to assert leadership. He is a business President,
tariff revision, reasserts his belief that their appli- intent
upon an effective organization of governcation to the pending tariff revision "will give the
ment administration, economy of operation and a
country the kind of tariff law it both needs and compet
ent personnel. He has no wish to see the
wants," and urges early action to this end. He
still Federal Government engaging in business, while in
favors, however,"the broad principle of the flexibl
e the matter of power control he especially emphasizes
tariff," and reiterates his arguments in suppor
t of the need of respecting the authority of the States.
that method of dealing with the rates. We can
only His references to China and Nicaragua will give
repeat what we have said on other occasions,
that comfort to those who think that the United States
the power to alter tariff rates is one which
should has no mission to mix in the affairs of other nations,
not be entrusted to the President. The fact
that the and while he is prepared to go ahead with naval conflexible provision of the present tariff has been
used, struction, he is hopeful that the London Conference
six times out of seven, to raise duties rather
than will relieve him from that necessity. The message
to lower them, is a conclusive argument
against leaves the impression that Mr. Hoover intends to
such a transfer of legislative power to the
President, do his part toward keeping the country prosperous,
when it is clear that what industry and
business and that if there be any failure the responsibility
need is lower rather than higher rates.
For the will rest with the people and with Congress, not
advance and welfare of the country,and for the
main- with him.
tenance of business activity, which Mr. Hoover
is
so seriously engaged in promoting, the best
thing
Proposed Regional Branch Banking.
that could happen would be to let the
tariff
In his annual message to Congress President
bill die.
Hoover speaks guardedly and with due reserve reThere should be general approval, on the other
garding the subject of branch banking. After sayhand, for Mr. Hoover's frank declaration, in
con- ing that "it is desirable that Congress should connection with his remarks about Muscle Shoals and
sider the revision of some portions of the banking
Boulder Dam, that "I do not favor the operation
by law," and declaring that "the development of
the government of either power or manufacturin
g 'group' and 'chain' banking presents many new
business except as an unavoidable by-product of some
problems," he winds up with the following stateother major public purpose." His suggestion regard- ment:
"It has been proposed that permission should
ing the two plants in question is that such parts of be
granted to National banks to engage in branch
them "as would be useful and the revenues from the
banking of a nature that would preserve within
remainder should be dedicated for all time to the limited
regions the local responsibility and the confarmers of the United States for investigation and trol
of such credit institutions. All these subjects,
experimentation on a commercial scale in agriculhowever, require careful investigation, and it might
tural chemistry." The completion of a 9-foot be
found advantageous to create a joint commission
channel in the Ohio River is noted as giving a new embrac
ing members of the Congress and other approimpulse to the development of inland waterways, but priate
Federal officials for subsequent report."
flood control on the Mississippi has been impeded
This allusion to regional branch banking seems
by "conflict of opinion" over the proposed floodway to have
been prompted by a suggestion to that effect
from the Arkansas River to the Gulf, and further contain
ed in a recent address of the Comptroller
recommendations by the engineers to Congress must of the Curren
cy, J. W.Pole. It appears incumbent,
be awaited. Legislation to "simplify and expedite" therefore,
to examine the proposition. In his adthe consolidation of the railways is asked for, as are dress before the American Banker
sm Association
larger appropriations for public buildings, Federal Mr. Pole,
after advocating an extension of branch
aid to State highways, the merchant marine, and banking
for National banks, continued in the folFederal prisons. In place of the present Federal lowing vein: "That it should not
be nation-wide
Power Commission, composed of three members of will be generally admitted.
It has been suggested
the Cabinet who are overcrowded with other duties, that, branch bankin
g be limited to the confines of
Mr. Hoover recommends provision for the appoint- each Federal Reserv Distric
t. This may not be
e
ment of full-time commissioners, and suggests the feasible to the same extent
in all Federal Reserve
working out of a method for dealing with the inter- Districts. Restric
ting it to State boundaries, which
state distribution of power. The appointment under are political, rather than econom
ic, presents diffi-
DEC. 7 1929.]
FINANCIAL CHRONICLE
3527
culties, as does the suggestion that a radius of 50 And is not such control of banking the very essence
or 100 miles from the parent bank be fixed, but there of paternalism in government?
As far as "boundaries" are concerned, are we to
is an economic area to which the extension of branch
at the hands of Congress by reason of the
have
the
meet
size
to
in
varying
banking can be applied,
of the Committee of Experts, a crazy quilt of
advice
counvast
this
in
exist
that
diversified conditions
try." . . . "It is for Congress ultimately to fix "districts," no two alike, conforming neither to State
the boundaries of these districts; but Congress, of nor Federal Reserve regional lines? Upon what fact
branch banking
course, would not and could not attempt to do so or principle in economics are these
Federal Rethe
even
Not
founded?
prior to careful consideration and study of all the districts to be
of
economics
the
to
conform
divisions
regional
factors, which could only be carried on by a com- serve
the
at
was
broached
problem
The
service.
mittee of qualified experts. Would we not be mak- trade
ing real progress if, at the coming session, the Con- time but could not be solved and arbitrary "regions"
in passing,
gress were to instruct, let us say, the Secretary of were established. And let it be remarked
nt and
corresponde
ied
time-tr
the
that
point,
this
at
the Treasury, the Governor of the Federal Reserve
by
districts
own
its
establishes
system
free-bank
study
to
Board, and the Comptroller of the Currency
or
law
the banking situation and to report the boundaries following the course of trade itself without
strategic
the
which they would recommend that the Congress set suggestion, and reserves are placed at
cities that best serve this trade. This being true,
up, establishing such definite areas?"
a branch
But why seek to establish boundaries until Con- it becomes an argument for strength in
best
serving
nation-wide,
gress has first determined it will impose branch banking system to make it
arytime-v
all
industries,
banking on the people before they have asked for it? all sections, all diversified
universal
a
for
providing
and
loans,
This plea seems to us to be taking too much for ing demands for
manigranted; it begs the question. Before branch bank- clearing house for checks. But to do this is
the
as
System
Reserve
Federal
the
destroy
ing is provided for and established in running order, festly to
United
the
in
banking
of
business
the
of
eaf
the big banks must be taken into account as neces- cap-sh
sary factors that cannot be forced to provide the States. Forced consolidations in banking are like
branches; and the little banks threatened with anni- forced consolidations in the railroad world.
Again, it is pertinent to say that State and Nahilation by this startling and dangerous innovation
may be expected to make a concerted fight for their tional unit banks, following economic laws of trade,
lives. Nor, on behalf of the people, the party most under the correspondent system, perform like servinterested, can approval be given to Mr. Pole's ad- ices without conflict. But if National regional
visory board, of the Secretary, Governor, and Comp- branch banking districts are formed for National
troller. This Big Three are Government officials— banks they need not and will not conform to State
and free banking, even by the devious and doubtful lines—at once giving a quasi advantage to National
route of branch banking, must in no sense be sur- branch banking as against State branch banking.
rendered to the Government at Washington. To In such a conflict the power of the Nation will be
recommend that Congress follow the advice of a arrayed against that of the State—and in the end
committee that is probably already in favor of this one or the other must prevail. So that in this
revolutionary action is to prejudge the case—and method of preserving the National banks (it does
there are practical banker experts,in large and small not mean preserving the units of the present free
institutions now operating, who are entirely capable independent system by any means) the preservation
of guiding advice that will not be tainted with must ultimately work the extinction of the State
bureaucracy. The people ought somewhere in the banks.
Do we want this conflict? Do we want, through
study to have free representation.
The Comptroller continues to buttress his recom- the imposition of National branch banking, to estabmendation for extension of branch banking with the lish a controlled consolidated banking system, at
following suggestions: "In order that this develop- war with the Federal Reserve System, bureaucratic
ment, within whatever economic areas may be deter- in its nature and parental in its structure? There
mined by Congress, may be sound and orderly, it are so many questions to answer in relation to this
should be protected by three safeguards: First, proposal that the people must think deeply on it
that governmental supervision be further extended from an economic and non-political standpoint or
and intensified; second, that each parent bank be free banking will be disrupted and destroyed.
Comptroller Pole would have Congress establish
capitalized adequately to meet the responsibility of
that
third,
discretion
over
the
boundaries of these National branch banking
and
operating branches;
of
removal
the
every
but a Congress advised by a committee of
over
districts,
and
t
the establishmen
branch be vested in the Comptroller of the Cur- officials of the National Government. Has Congress
rency." If this does not inevitably compel the set-up the acumen to do this, even under expert advice?
of a huge governmental Bureau of National Bank- And in the doing what of the banking lines estabing we fail to understand the nature of banking. lished between correspondent and customer banks?
Note that Congress has no power to forbid branch Is it not plain that the old natural correspondent
banking in the States. Note that National regional system must go on even as it has continued despite
branch banking, whatever the area boundaries, will the establishment of the Federal Reserve? Attemptcome immediately into conflict with branch banking ing to route reserves and the interchange of checks
in State boundaries wherever States permit would be like attempting to route freight shipments
branches. Note that the assumed reason for this in a huge interwoven railroad system. It is useless
radical change is the preservation of the alleged to talk of branch banking "areas" unless we can
disintegrating National Banking System. Must not define them. City central banks are too firmly inCongress offer advantages to National Banks in trenched in the service of business to give way
such a competition? Must it not select the parent before a headless district simply because defined by
banks as well as to define and limit the branches? Congress. If such a district is established it will
3528
FINANCIAL CHRONICLE
only divert reserves of some banks to others, unless
the head bank is designated by Congress and also
its branches at the start.
For example, take the central banks in the cities
of Chicago, St. Louis and Kansas City. Probably
no one of them in its country bank relations is
restricted to its own Federal Reserve District. Nor
should it be. Shipments of grain and live stock
from this Midwest "area" may go to either of these
cities at the will of the shipper. Now if we can
suppose each of these banks becoming the center
of a network of branches, districts will interfere
with established banking relations or will limit the
amount of business done. In either case the whole
scheme of free banking now operating will be disrupted if not destroyed. Congress fortified with
expert advice will be no more capable of harmonious
action than a bull in a china shop. Any law to be
helpful must conform to the commerce already existent. It may not be difficult to map out branch
banking districts on paper by statutes, but a serviceable branch must be the fruit of the tree, and the
tree comes first.
"Consuming Power" of Labor.
Not long ago Charles M. Schwab, Chairman of
the Bethlehem Steel Corporation, gave out 10 rules
for keeping our "prosperity," which he firmly believed we possess. The first rule is stated as follows: "Pay labor the highest possible wages. Prosperity is intimately related to a liberal wage scale."
Now this is by no means the modern creed that it is
the "consuming power" of labor that makes prosperity, but it may be interpreted as closely related
thereto. Standing alone, the saving grace of the
rule lies in the word "possible." Wages are not
necessarily to supplant dividends. It is not "possible" that capital shall receive no remuneration or
a skimped return in order that wages may be inordinately high, at least in a capitalistic country. The
second rule follows the first in thought: "Treat
labor as a business partner. Successful industry
depends more on human relations than upon the
organization of money and machines." We may interpret this as meaning the making of a fair division
of the profits between labor and capital. But surely
it does not mean that labor shall make the scale
independent of the rights of "money" or that capital
shall surrender its priority rights to labor, as
employer.
Nor are we bound to believe, in interpreting this
rule, that the payment of war wages in time of peace
is the chief necessity to a continuation of our present
so-called prosperity. But the emphasis is clearly
laid on the maintenance of right relations between
the two factors in production, that harmonious
effort may further industrial progress. There is,
however, a claim, become almost a slogan, that high
wages increase the consuming power of labor and
thus establish and continue prosperity, and it is to
this claim we wish to devote our present consideration. At the outset we may remark that economic
slogans are of doubtful utility. It is impossible to
write an economic constitution of rights and liberties in 10 points, just as it was impossible to write
the rights of man and the rules of right relations
between nations in fourteen points. There is too
much undiscovered country. The map falls short
of covering the ground. Relations constantly
change. Rights are modified by relations. And
[VOL. 129.
since the last rule quoted introduces machines, these
alter relations and are ineradicable factors in production—which is the object of capital and labor.
We cannot measure prosperity by manufacture
alone. It is only part of the equation. Agriculture
and transportation are just as important to the
final result, which we may name "consumption,".
in the sense of life-sustenance and utility or use.
As far as agriculture is concerned, consumption
cannot be indefinitely increased. In this it is opposed to manufacture. A man can have two cars
where one sufficed before. He cannot eat two loaves
of bread where one was sufficient for his sustenance. Limitations of health estop him even if mere
appetite urges him on. There is a great difference
between normal need and abnormal pleasure.
Therefore it is that "prosperity" must include all
workers and all relations. Capital, "money," call
it what you will, has a right to live, and to live it
must have the means of subsistence, namely, that
increment which alone will keep it from wasting
away—dividends, or a share in the combined earnings. Never can labor be accorded the right to set
its own wages independent of the owners of capital
employed in production. Never can it be predicated
that the "consuming power of labor," its "buying
power," in the joint production of capital and labor,
is the key to prosperity.
Yet, insidiously, there is creeping into all our
economic discussions the idea that high wages are
the chief reason for our present prosperity, and high
wages must continue if prosperity is to remain.
Who get the "high wages"? Manifestly the organized trades! In addition, there are a numerical few
who are high salaried officials in corporations, a
moderate number of skilled mechanics. Common
labor, by comparison, in shop, in store, in the professions (with a few exceptions), on the roadways,
and in the ditches, on the farm and on the seas, does
not receive high wages or salaries. Thus, if we were
to admit that increased "consuming power," by reason of high wages, is an element in prosperity, that
prosperity must confine itself largely, though not
wholly, to organized labor as the recipient of high
wages. Or, to state the proposition in another way,
the receipt of high wages by the few, increasing their
consuming or buying power (though at the expense
of increased price to the many) enabling them, let
us say, to pay more for goods bought for sustenance
and use cannot be the chief cause of "prosperity,"
unless this fraction of labor can consume the total
production of all other labor. The fallacy of this
slogan reveals itself at once on analysis.
Suppose there are four out of forty million workers affected as to buying power by high wages. As
we have seen, they cannot pay high prices (as an
index of profits) to all the others unless they can
consume their work; but they can compel 36 millions
to pay high prices for the work-products of the four
millions. And this is exactly what happens. In
proportion as the four millions consume the products
of the 36 millions they tend to increase price of the
products of these millions, but the net result of this
reciprocity is only an uneven distribution of such
prosperity as results therefrom. But it is not 40
millions alone that pay high prices for the products
of the four, it is one hundred and ten millions, or
the total population, thus enabling the high wages
to be paid at the expense of this total the prices and
profits of which are augmented only by the increased
DEC. 7 1929.1
FINANCIAL CHRONICLE
3529
"touted," so to speak,
facilities (buying or consuming power) of the four. fication principle was too much
it. One of the best
from
reaction
a
now
is
that
there
and
Suppose, again, that the four millions do not buy managed trusts with which I am acquainted finds it has
but bank their high wages. Savings bank returns enough units to deal with and watch over in forty. Others
suggest that they do in part. What, then, becomes have 100 to 200. It is possible to spread the risk very thin
of the prosperity they are alleged to engender? in dollars but to have so many and diverse conditions to
and international, that the whole
There is very little in this clgim. Prosperity cannot consider, both national
be neglected.
may
securities
of
body
the
be created or maintained by such means. On
The trading corporation is largely an American product.
contrary, an uneven buying power is created which It is the youngest member of the finance group. It is
destroys true prosperity—which may be defined as scarcely a year old—at least the terminology associated
last January.
the even distribution of the returns of all labor— with it has been mostly developed since
corporations" before then but they
"trading
were
There
is
entitled.
capital
which
to
share
not forgetting the
were called "investment trusts" and their securities were
The fact is, and it has often been pointed out, sold and dealt in under the general heading of "trusts" and
the present static scale of high wages begotten of their securities were sold and dealt in under the general headwar and in war times is inimical to true prosperity. ing of trusts. We have made considerable progress in the
companies but there
Agriculture and common labor have had to meet matter of frankly ticketing the trading
terms concerning them in the
of
confusion
same
the
still
is
peace-time conditions. Machinery and mass promind of the public and its representatives in Congress and
duction have lowered the price of commodities they State legislatures and also in newspaper offices, that existed
create. And if it were not for the fantastic con- nine months ago.
A trading corporation may have some of the attributes of
sumption (use) of new-found luxuries even the
investment trust. Some of the earlier ones did possess
an
semblance of "prosperity" would be dispelled. We
to a considerable degree. The chief difference between
are living in the midst of a huge delusion. War this
the two that one gathers from a reading of their charters or
wages ought to come down to the level of peace- articles of incorporation is that the newer organization has
production. It may be that the capital invested in greater independence of action in the security markets than
these new-found luxuries can continue to pay "high the older one and can move freely over the entire list of
secure control of
wages" and still reap extraordinary profits. But stocks or bonds, trade with its principals,
the matter of diversification to the
throw
and
properties
the entire condition is uneconomic. Normal supply
winds.
and demand in ordinary needs is out of joint. New
Most Vital Difference.
forms of machinery are playing havoc with hardThe greatest and most vital difference from the standpoint
won transportation. Credit inflation is rampant. of public safety, however, is in the transient character of
and the temptation to
Paper profits by reason of consolidations and merg- the trading corporations' portfolio
swings in the market rather than to inshort
the
on
speculate
ers are not yet realized. Talk of high consuming
vest in the future growth of a property or a country. Along
power by reason of high wages to a small fraction with this is the difficulty which the investor in a simon
of our workers as a basic cause of prosperity and pure trading corporation stock has of ever knowing what is
its continuance is chimerical. It is indisputable that back of his trading company shares. The collateral on Sepof wholly changed character on
farm prices and profits are not seriously affected tember 18 may have been
Furthermore, the trading corporation rarely
30.
Oct.
by the normal buying-power of the Eastern manu- buys bonds or foreign securities. Its portfolio is, therefore,
facturing population. Politics is at its wits' end to unbalanced though not necessarily highly speculative. It
suggest a remedy. Speculation, based on a false cry, may be claimed that the present day trading corporations
more clever and
must sometime come to an end. Such prosperity are under the guidance of men who are
those who sit in authority
than
sense
market
a
in
shrewd
as we have is devouring itself. The levelling process
in the investment trusts and that they will make the most
must come somehow, sometime.
money while stocks are in a period of wide fluctuations.
There is no doubt in my mind, however, which of the two
will outlast the other and prove the more profitable investInvestment Trusts and Others.
Assodation
Bankers
for
"American
over a period of normal stock movements.
Journal"
ment
the
in
Speare
F.
Charles
November 1929.
The divergence of policies of the two types of finance
Perhaps it had been better to have reversed the order of company should be remembered so that the errors of the
this title for the emphasis of the present article is to be placed trading corporations are not charged to the investment trusts
on the "others," namely the trading corporations and the at a later day when the inevitable break-up in values occurs
so-called finance companies,for it is they that have taken the and investigations and legislative restrictions follow.
lead during the past 9 months both in the number inGuard the Name.
corporated and in the amount of capital represented; also
of the Investment Bankers
convention
October
the
At
the
in
and
problems
public
which
in the popularity with the
on investment comcommittee
the
Quebec
in
Association
they have created in the investment and speculative fields.
nomenclature surrounding
the
of
up
clearing
a
urged
panies
of
the
character
the
define
trading
First of all it is well to
finance companies and the necessity of "classifying this
or finance corporation and put it in its proper place as an
heterogeneous group having in mind that the term 'invest.agency for the buying and selling of securities. Otherwise,
companies which
investment
trust and ment trust' should be applied only to those
the tendency to merge it with the
and with
investor
the
of
benefit
the
for
primarily
are
operated
classify both together when their good and bad features are
intelligent diversithrough
safety
him
of
giving
the
purpose
and
may
do
chronic
come
much
being considered will be
holdings." Then it said "it should distinctly
harm eventually to one of the most modern and most scien- fication of their
companies formed with the idea of acquiring
be
to
applied
not
permanent
the
for
placing
of
available
tific instruments
other companies nor to companies formed primarily
of
control
capital.
for the purpose of taking advantage of possibilities for
The Investment Trust Buys to Keep.
as
it
trust,
quick trading profits in the stock market."
investment
has
come
an
that
say
to
It is fair
It may be argued that the capital structure of the trading
to be known in the United States may, in a degree, have
typithe attributes of a trading corporation. It shifts a portion corporation is essentially more sound than that of the
former
the
instances
of
majority
a
In
trust.
investment
cal
as
market
time
conditions
to
time
make
of its portfolio from
stock. Where
this necessary or profitable. Essentially, however, such has one class of security, namely common
into comconvertible
it
is
usually
stock
preferred
a
is
to
there
supposed
out
ferret
situais
It
keep."
to
a trust "buys
whose
preferred,
a
of
feature
modern
very
the
or
mon
or
under
undeveloped
priced and
tions in securities that are
been attached
stay with them until they have reached their fruition and dividend is in cash or in common stock, has has no fixed
then go on to others. Along with this is the insurance to it. If common alone the trading corporation as earned.
only
against capital losses resulting from a wide diversification of liability to the stockholder and pays dividends
the investment
of
many
of
up"
"set
the
hand
other
the
On
or
not
judgment
sound
may
be
argued
is
this
risk. Whether
preferred and common
both ways. My impression is that in order to establish the trusts consists of debenture bonds,
the fixed liability
investment trust firmly in the American mind the diversi- stocks. In a number of these trusts
3530
FINANCIAL CHRONICLE
[vol. 129.
security is in a rather large proportion to all capital. Most prices. In spite of the high average range of
these stocks
of this was created when bonds were still salable, invest- there were many holders of them who preferred
to "bear
ment trusts were little known and the rate of interest or the ills they had than fly to others that they knew
not of,"
income yield the main selling argument for the bond plus and so kept their Atchison, General Electric, American
the diversification feature. A survey made last March Telephone and Telegraph, International Harvester,
New
Indicated that there were then in this country about 160 in- York Central, Union Pacific, United States Steel, &c.
Those
vestment trust companies or funds with an aggregate capital who thought they knew a good thing when they
saw it,
of $1,034,000,000. Of this about 20% was in debenture and had made quick and substantial profits with
no risk
bonds and 42% in preferred stocks. The practice, in general, before, exchanged their old shares for new and if the
prices
was to sell a 5 or a 53z% bond and a 6% preferred stock. of that day and those of two months later of the stocks abanFor the past year both have been quoted at heavy discounts doned and those purchased are compared it will be
found
from the offering price and no attempt has been made by that the trade was not as good as it seemed. As a bit
of
their sponsors to protect their markets. Neither could market strategy on the part of the principals it was not a
be sold to-day in any quantity without a convertible priv- success.
ilege attachment. They stand as a rather heavy liability
The blind nature of the trading corporations' operations,
to the trusts that were financed in the period between 1925 in so far as the investor in their stocks is concerned, is
a
and 1928.
feature that removes them from the investment field and
These same trusts had common stock outstanding of ap- often gives them the character of a speculative pool. Anproximately 33% of the whole capitalization and beneficiary other is that their portfolios frequently contain too high a
certificates of about 5%.
proportion of shares of companies with which their principals
Not much change in these ratios has occurred since March, are identified and for which they are the "market" in
all
for comparatively few strictly investment trust securities emergencies. There is also an overlapping and pyramiding
of
have been issued in the past six months. The flair has been holdings and there has been obvious inflation of the
prices
for trading corporation common stocks or for their convertible of a group or groups of securities on the eve of taking them
preferred issues. Where bonds have been sold they have been into and making of them a foundation for the values of
some
disposed of primarily on the speculative chance that a con- new trading corporation venture. With the
unfortunate
version opportunity might subsequently be profitable.
market experiences recently it is quite likely that this phase
of the situation has run out and that the authors of it have
Trading Corporation Product of "New Age."
Whenever there is a period of intense and prolonged been sufficiently chastened not to repeat it.
speculative excitement some new type of security generally
Interior City Pools.
develops and to it the public rushes as to a freshly opened
A phase of the trading corporation situation that is not so
gold field in the quest of fortune. The trading corporation conspicuous as
that dealing with their stocks quoted in the
stock is the vehicle on which the present generation has New York
markets, but fraught with great responsibility
started out on a ride to riches. Never in the history of this on the part of
their sponsors, concerns the creating of stock
or any other country has one kind of stock been so abund- companies in
interior cities which specialize either in local
antly supplied or so completely overshadowed every other securities or
are, frankly speaking, of the nature of "blind
type as has this one.
pools" for buying and selling the general run of stocks.
Owing to the significance of this movement of capital The Buffalo
development is an exaggerated form, for it has
in one direction the "Financial Chronicle" has separated the gone to
great
new issues of investment trusts and trading and holding smaller scale lengths in that city. It is duplicated on a
companies in the first nine months of 1929 from all others. stock mad in other parts of the country that have gone
this year. The outcome is difficult to predict,
The figures show that of a total of domestic corporation but that
it will involve a prolonged nursing of securities
bonds, notes and stocksfrom Jan.1 to Sept.30of $8,661,228,- purchased
when "double and triple pars" were daily re272, no less than $2,239,783,064, or over 25%, were in the corded and
"blue chips" were the things to buy, I have
interest of the companies which we are discussiong. The absolutely no
doubt.
nine months' exhibit, however, does not tell the real story
As Chain Banking Spreads.
as in the last quarter the momentum of these new capital
Just as there has been a permanent shift from bonds to
issues greatly increased with over 60% of the entire year's
output crowded into this period. The figures for July, common stocks, affecting the proportions of an investAugust and September were respectively, $222,011,290; ment portfolio only as bonds will always be bought by wise
$485,735,612 and $643,147,100. A close analysis of the investors, so there has developed a permanent demand
character of the corporations that have emitted this vast among investors for guidance and also for a higher return
sum of new capital recently will clearly reveal that a large than they have received in the past. This establishes the
percentage of it was not for investment trusts, as the public investment trust firmly as a factor in the business of buying
came to know this term up to the end of 1928, but for the and selling securities and it has brought into being among
trading corporation which has since come on the scene and the large banks an agency for the same purpose but primarily
whose future is one of the most serious of the problems for their own depositors, in the form of the "uniform trust."
And as "chain banking" spreads there is likely to be a steady
growing out of the speculative craze of 1929.
concentratio
n of the functions of the investment trust in
doing
an
injustice to trading or finance corpora-.
I may be
tions as a class, but seeing the constant birth of them— the hands of the banks and with existing trusts in all probalmost a daily litter one might say—it has seemed as though ability forming alliances with, and acting as, the skilled
they were conceived to meet a demand for personally con- advisors of the institutions whose chief funotionjs that of
ducted tour of the small investor through the broad avenues lending money.
and the bypaths of Wall Street. I doubt if they have a
permanent place in the business of investing in securities Thomas Hale, Secretary of New York Cotton
Exchange
or that they will survive the next prolonged period of declinReceives Watch from Associates.
ing prices. Consequently, I do not see how damaging
Thomas Hale retired as Sec. of the N. Y. Cotton Exchange
deflation of their common stocks can be avoided.
on Nov. 30 after an association of more than a quarter of a
What the First Test Showed.
century with that institution. His associates presented him
Already there are signs of this and the first test has been with a handsome watch, appropriately inscribed, as a
testia severe one. Several of the most conspicuous of the trading monial of their regard. The presentation was made by
corporation stocks were quite vulnerable to attack in the Frederick F.Kuhlmann, who succeeds Mr. Hale as Secretary
early and late October declines. They continued groggy of the Cotton Exchange. Mr. Kuhlmann is also a veteran
throughout the extensive rally that followed this collapse of of many years service with the Exchange, having
entered
prices and then one after the other went to new low records. its employ as office boy in 1900, and having been for
the
Numbers of them sold at a discount from the initial offering past 11 years Assistant Secretary. Mr. Hale, who lives
in
figure of a few weeks before. In one instance this was as Yonkers, entered the Exchange in 1902 as Assistant Supermuch as 80% with a 50% deflation from the quotation intendent and in 1915 became Superintendent, which
title
during the "free-riding" period of this stock. Others were later was changed to Secretary. He served under ten
different
down from 40 to 50% from prices paid by the public. There administrations. Owing to the illness of an immediate
memwas more to this situation even than the shrinkage of the ber of his family, now in the west, Mr. Hale will
make his
new trading company shares for in connection with their is- residence in Tucson, Arizona, for the next few
years. Alsuance one corporation offered to exchange its stocks for though severing all official connections with the
New
those of a list of about 20 prominent "equities" at fixed Cotton Exchange he will still retain his membership. York
DEC. 7 1929.]
FINANCIAL CHRONICLE
3531
Message of President Hoover to Congress—Finances of Government in Sound
Condition—Surplus Justifies Tax Reduction—Early Action Toward Revision of
Tariff Urged—Commission Suggested to Consider Subject of Branch Banking
Privileges to National Banks Within Limited Regions—Legislation to Expedite
RR. Consolidation Urged—Recommendations for Prohibition Enforcement.
methods and better to
Following the convening on Monday, Dec. 2 of the second simplify and expedite consolidation
interest."
public
protect
3
Dec.
on
session of the 71st Congress President Hoover
The banking system is likewise dealt with by the President
communicated to both houses of Congress his first annual
his annual message, as to which he says, "it is desirable
in
Governthe
of
finances
"the
that
message. Declaring therein
of some portions
ment are in sound condition" and that, according to the that Congress should consider the revision
"the development of
that
observes
He
law."
banking
of
the
of
Director
and
Treasury
the
of
Secretary
the
of
estimates
new problems."
the Budget, the Government will close the fiscal years 1930 'group' and 'chain' banking presents many
"as to whether
and 1931 with surpluses of about $225,000,000 and $123,- "The question naturally arises," he continues
would
methods
these
restraint
without
expand
to
allowed
if
that
belief
his
as
it
000,000 respectively, he expressed
they
whether
and
credit
of
control
concentrate
"Congress will be fully justified in giving the benefits of the dangerously
one of the fundathreaten
seriously
event
any
in
not
would
President
The
tax-payers."
the
to
surpluses
prospective
"To some degree,
recommended that the normal income tax rates applicable to mentals of the American credit system."
movement of chain or
individuals be reduced for the calendar year 1929 from 5, however" the President says, "this
and that the tax on incomes of group banking is a groping for stronger support to the banks
3 and 1%% to 4,2 and
In his comcorporations be reduced from 12 to 11%. "It is estimated" and a more secure basis for these institutions."
charters of
of
nt
relinquishme
"the
that
says
of
he
ments
reduction
a
in
result
will
this
said the President, "that
favor of
in
centers
commercial
in
great
$160,000,000 in income taxes to be collected during the National banks
the
surround
conditions
some
that
indicates
charters
revenue
in
loss
State
"the
that
added
He
1930."
year
calendar
with
compete
to
unable
them
render
which
fiscal
banks
the
National
between
will be divided approximately equally
years 1930 and 1931." Discussing the "General Economic State banks." "It has been proposed" says the President
situation" the President alludes to "the long upward trend "that permission should be granted to National banks to
of fundamental progress" which "gave rise to over-optimism engage in branch banking of a nature that would preserve
as to profits" and "translated itself into a wave of uncon- within limited regions the local responsibility and the control
trolled speculation in securities, resulting in the diversion of of such credit institutions." Adding that all these subjects
capital from business to the stock market and the inevitable require careful investigation the President suggests that "it
crash." "The Natural result" said the President "was the might be found advantageous to create a joint commission
tendency of business agencies throughout the country to embracing members of the Congress and other appropriate
pause in their plans and proposals for continuation and Federal officials for subsequent report."
The situation respecting foreign debts is commented upon
extension of their businesses." The recent inauguration by
the President of "voluntary measures of co-operation with by the President, who states that "the past year has brought
of
the business institutions and with State and municipal us near to.completion of settlements of the indebtedness
authorities to make certain that fundamental businesses of foreign Governments to the United States." He notes that
United
the country shall continue as usual" has brought, said the "the only undebtedness of foreign Governments to the
Armenia."
and
Russia
of
that
is
unsettled
now
States
President a response which has been "remarkable and
In the view of the President it is most desirable that the
satisfactory." "I am convinced that through these measures"
..question should be disposed of. "I do not,"
Muscle„Shoals
confidence."
d
the President stated, "we have re-establishe
the Government of either
"The measures taken" he added, "must be vigorously pur- he says, "favor the operation by
except as an unavoidable
business,
g
manufacturin
or
power
President
The
restored."
sued until normal conditions are
major public purpose" and he
reported improving agricultural conditions, but stated that by-product of some other
of this question will
"not all sections of agriculture have fared equally," some indicates.that "any form of settlement
for the lease of
contracts
or
contract
a
n
entering.upo
areas having suffered from drought. The creation of the imply
parts and the reservation of
Federal Farm Board under the Agricultural Marketing Act the plants either as a whole or in
agricultural purposes."
which became a law in June is referred to by the President facilities, products or income for
"that Congress
who says that "the Board is moving rapidly along the lines The suggestionlis made by the President
and report
investigate
to
not
,commission,
specialk
a
create
by
creation
farmers
the
facilitating
act,
the
laid out for it in
and
complete
negotiate
to
authority
with
but
past,
the
in
as
of farmer-owned and farmer-controlled organizations and
on behalf of the Governcontracts
or
contract
of
sort
some
with
a
view
to
institutions
central
into
them
federating
as
increasing the bargaining power of agriculture, preventing ment, subject, of course, to such general requirements
and controlling surpluses and mobilizing the economic power Congress may stipulate."
The President in discussing prohibition acknowledges that
of agriculture."
to the
The President reminds Congress of his recommendations "the enforcement of the laws enacted to give effect
this,"
and
satisfactory,
from
far
is
Amendment
into
called
Eighteenth
was
special
it
session
when
tariff
the
respecting
the
of
organization
the
inadequate
to
due
part
in
"is
that
"no
feels,
he
states
condition
has
by him in April last, and he
"
arisen in my view to change these principles stated at the administrative agencies of the Federal Government.
appoint
Congress
that
last
6
June
on
request
his
to
of
the
firmly
Referring
am
"I
opinion
session."
opening of the special
in
that their application to the pending revision will give the a joint committee to collaborate with executive agencies
part:
in
says
President
and
the
needs
of
wants."
legislation,
both
"It
preparation
it
tariff
a
of
kind
country the
would be most helpful" he went on to say, "if action should
It would be helpful if it could be so appointed. The subject has been
be taken at an early moment, more especially at a time when earnestly considered by the Law Enforcement Commission and the adofficials of the Government. Our joint conclusions are that
business and agriculture are both co-operating to minimize ministrative
certain steps should be taken at once.
future uncertainties." The President expressed himself as
First, there should be an immediate concentration of responsibility and
"most anxious that the broad principles of the flexible tariff strengthening of enforcement agencies of the Federal Government by
to the Department of Justice of the Federal functions of detection
as provided in the existing law should be preserved, and its transfer
and to a considerable degree of prosecution, which are now lodged in the
delays in action avoided by more expeditious methods of Prohibition Bureau in the Treasury; and at the same time the control of
determining the costs of production at home and abroad, the distribution of industrial alcohol and legalized beverages should remain
the Treasury.
with executive authority to promulgate such changes upon in Second,
provision should be made for relief of congestion in the Federal
after
Commission
Tariff
the
exhaustive
of
recommendation
courts by modifying and simplifying the procedure for dealing with the large
prosecutions under various Federal acts.
petty
volume of
investigation."
there should be a codification of the laws relating to prohibition
Turning to the railways and legislation in their behalf the toThird.
avoid the necessity which now exists of resorting to more than 25 statutes
President notes that "as a whole the railroads never were in enacted at various times over 40 years.
The District of Columbia should be the model of city law enforcement in
such good physical and financial condition and the country
the nation. While conditions here are much better than in many other
by
them."
He
served
out,
well
so
points
has never been
cities, they are far from perfect, and this is due in part to the congestion of
of the district, resulting in long
however that we have "not yet assured for the future that criminal cases in the Supreme Court
Furthermore, there is need for legislation in the District suppledelays.
n
through
s
transportatio
of
consolidation
system
adequate
menting the National Prohibition Act, more sharply defining and enlarging
which was the objective of Congress in the Transportation the duties and powers of the District commissioners and the police of the
Act." The President urges the enactment of "legislation to District, and opening the way for better co-operation in the enforcement of
3532
FINANCIAL CHRONICLE
prohibition between the District officials and the prohibition officers of the
Federal Government.
Our foreign relations, National defense, waterways and
flood control, the merchant marine, electrical power regulation, Boulder dam, the conservation of the National resources, immigration, the policies respecting veterans, &c.,
are also among the subjects treated in the message, in which
"Law Enforcement and Observance" served as the concluding matter to which 'he President gave attention; as to this
he said in part:
The orderly administration of the law involves more than the mere
machinery of law enforcement. The efficient use of that machinery and
a spirit in our people in support of law are alike essential. We have need for
Improvement in both. However much we may perfect the mechanism,still
if the citizen who is himself dependent upon some laws for the protection
of all that he has and all that he holds dear, shall insist on selecting the
particular laws which he will obey, he undermines his own safety and that
of his country. His attitude may obscure, but it can not conceal, the
ugly truth that the lawbreaker, whoever he may be,Is the enemy of society.
We can no longer gloss over the unpleasant reality which should be made
vital in the consciousness of every citizen, that he who condones or traffics
with crime, who is indifferent to it and to the punishment of the criminal,
or to lax performance of official duty, is himself the most effective agency
for the breakdown of society.
Law can not rise above its source in good citizenship—in what rightminded men most earnestly believe and desire. If the law is upheld only
by Government officials, then all law is at an end. Our laws are made by
the people themselves; theirs is the right to work for their repeal; but until
repeal it is an equal duty to onserve them and demand their enforcement.
[VOL. 129.
It is my desire to establish more firmly our understanding and relationships with the Latin American countries by strengthening the diplomatic
MiSSIODS to those countries. It is my hope to secure men long
experienced
In our Diplomatic Service, who speak the languages of the peoples to
whom they are accredited, as chiefs of our diplomatic missions in these
States. I shall send to the Senate at an early date the nominations of
several such men.
The Congress has by numerous wise and foresighted acts in the past
few years greatly strengthened the character of our representation abroad.
It has made liberal provision for the establishment of suitable quarters
for our foreign staffs in the different countries. In order, however,
that
*we may further develop the most effective force in this, one of the most
responsible functions ofour Government,I shall recommend to the Congress
more liberal appropriations for the work of the State Department.
I
know of no expenditure of public money from which a greater economic
and moral return can come to us than by assuring the most
effective
conduct of our foreign relations.
National Defense.
To preserve internal order and freedom from encroachment is the first
purpose of government. Our Army and Navy are being main ained
in a
most efficient state under officers of high intelligence and zeal.
The
extent and expansion of their numbers and equipment as at present authorized are ample for this purpose.
We can well be deeply concerned, however, at the growing expense.
From a total expenditure for National defense purposes in 1914 of
$287,000,000, it naturally rose with the Great War, but receded again to $612,000,000 in 1924, when again it began to rise until during the current fiscal
Year the expenditures' will reach to over $730,000,000, excluding all civilian
services of those departments. Programs now authorized will carry it
to still larger figures in future years.While the remuneration paid to
our
soldiers and sailors is justly at a higher rate than that of any other country
In the world,and while the cost ofsubsistence is higher, yet the total of our
message in full follows:
expenditures is in excess of those of the most highly militarized nations of
the world.
To the Senate and House of Representatives:—
Upon the conference shortly to be held in London will depend such moderThe Constitution requires that the President "shall, from time to time,
ation as we can make in naval expenditure. If we shall be compelled to
give to the Congress information of the state of the Union, and recomundertake the naval construction implied in the Washington arms treaty
mend to their consideration such measures as he shall judge necessary
as well as other construction which would appear to be necessary if no
and expendient." In complying with that requirement I wish to emphasize that during the past year the Nation has continued to grow in International agreement can be completed, we shall be committed during
the next six yaws to a construction expenditure of upward of
strength;our people have advanced in comfort,we have gained in knowledge,
31,200,000,000
the education of youth has been more widely spread moral and spiritual besides the necessary further increase in costs for annual upkeep.
After
1914
the
various
Army
contingents
necessarily expanded to the
forces have been maintained; peace has become more assured. The
problems with which we are confronted are the problems of growth and end of the Great War and then receded to the low point in 1924, when
of progress. In their solution we have to determine the facts, to develop expansion again began. In 1914 the officers and men in our regular forces,
the relative importance to be assigned to such facts, to formulate a common both Army and Navy, were about 164,000,in 1924 there were about 256,000
and in 1929 there were about 250,000. Our citizens'army, however,includjudgment upon them,and to realize solutions in a spirit of conciliation.
ing the National Guard and other forms of reserves, increase these totals
Foreign Relations.
up to about 299,000 in 1914, about 672,000 in 1924 and about 728,000 in
We are not only at peace with all the world, but the foundations for 1929.
future peace are being substantially strengthened. To promote peace is
Under the Kellogg pact we have undertaken never to use war as an inour long-established policy. Through the Kellogg-]lriand pact a great strument of National policy. We have, therefore, undertaken by covenant
moral standard has been raised in the world. By it 54 Nations have to use these equipments solely for defensive purposes. From a defense point
covenanted to renounce war and to settle all disputes by pacific means. of view our forces should be proportioned to National need and should,
Through It a new world outlook has been inaugurated which has pro- therefore, to some extent be modified by the prospects of peace, which were
foundly affected the foreign policies of Nations. Since its inauguration never brighter than to-day.
It should be borne in mind that the improvement in the National Guard
we have initiated new efforts not only in the organization of the machinery
of peace but also to eliminate dangerous forces which produce controversies by Federal support begun in 1920 has definitely strengthened our National
amongst Nations.
security by rendering them far more effective than ever heretofore The
In January 1926 the Senate gave its consent to adherence to the Court advance of aviation has also greatly increased our effectiveness in defense
of International Justice with certain reservations. In September of this In addition to the very large program of air forces which we are maintaining
year the statute establishing the Court has, by the action of the Nations In the Army and Navy, there has been an enormous growth of commercial
signatory, been amended to meet the Senate's reservations and to go aviation. This has provided unanticipated reserves in manufacturing
even beyond those reservations to make clear that the Court is a true capacity and in industrial and air personnel, which again adds to our
International court of justice. I believe it will be clear to everyone that security.
no controversy or question in which this country has or claims an interest
I recommend that Congress give earnest consideration to the possibilities
can be passed on by the Court without our consent at the time the question of prudent action which will give relief from our continuously mounting
arises. The doubt about advisory opinions has been completely safe- expenditures.
guarded. Our adherence to the International Court is, as now constituted,
Finances of the Government.
not the slightest step toward entry into the League of Nations. As I
The finances of the Government are in sound condition. I shall submit
have before indicated, I shall direct that our signature be affixed to the the detailed evidences and the usual recommendations in the special
protocol of adherence and shall submit it for the approval of the Senate budget message. I may, however, summarize our position. The public
with a special message at some time when it is convenient to deal with it.
debt on June 30 this year stood at S16.931,000.000, compared to the maxiIn the hope of reducing friction in the world, and with the desire that mum in August, 1919, of $26,596,000,000. Since June 30 it has been rewe may reduce the great economic burdens of naval armament, we have duced by a further $238,000,000. In the budget to be submitted the total
joined in conference with Great Britain, France, Italy, and Japan to be appropriations recommended for the fiscal year 1931 are $3,830,445,231,
held in London in January to consider the further limitation and reduction as compared to $3,976,141,851 for the present fiscal year. The present
of naval arms. We hold high hopes that success may attend this effort.
fiscal year, however, includes $150,000,000 for the Federal Farm Board,
At the beginning of the present administration the neighboring State as to which no estimate can as yet be determined for 1931.
of Mexico was beset with domestic insurrection. We maintained the
Owing to the many necessary burdens assumed by Congress in previous
embargo upon the shipment of arms to Mexico but permitted the duly Years which now require large outlays, it is with extreme difficulty that we
constituted Government to procure supplies from our surplus war stocks. shall be able to keep the expenditures for the next fiscal year within the
Fortunately, the Mexican Government by its own strength successfully bounds of the present year. Economies in many directions have permitted
withstood the insurrection with but slight damage. Opportunity of further some accommodation of pressing needs, the net result being an increase,
Peaceful development is given to that country. At the request of the as shown above, of about one-tenth of 1% above the present fiscal year.
Mexican Government, we have since lifted the embargo on shipment of We can not fail to recognize the obligations of the Government in support
arms altogether. The two Governments have taken further steps to of the public welfare but we must coincidentally bear in mind the burden
promote friendly relationships and so solve our differences. Conventions of taxes and strive to find relief through some tax reduction. Every dollar
prolonging for a period of two years the life of the general and special so returned fertilizes the soil of prosperity.
claims commissions have been concluded.
Tax Reduction.
In South America we are proud to have had part in the settlement of
'The estimate submitted to me by the Secretary of the Treasury and the
and
the
Peru
disposal
Chile
in
of the
the long-standing dispute between
budget director indicates that the Government will close the fiscal year
question of Tacna-Arica.
1930 with a surplus of about $225,000,000 and the fiscal year 1931 with a
The work of the commission of inquiry and conciliation between Bolivia surplus
of about $123,000.000. Owing to unusual circumstances, it has
and Paraguay, in which a representative of this Government participated, been
extremely difficult to estimate future revenues with accuracy.
has successfully terminated an incident which seemed to threaten war.
I believe, however, that the Congress will be fully justified In giving
The proposed plan for final settlement as suggested by the neutral Govern- the
benefits of the prospective surpluses to the taxpayers, particularly as
ments is still under consideration.
ample provision for debt reduction has been made in both years through the
This Government has continued its efforts to act as a mediator in form of
debt retirement from ordinary revenues. In view of the uncertainty
boundary difficulties between Guatemala and Honduras.
In respect of future revenues and the comparatively small else of the inA further instance of profound importance in establishing good-will dicated
surplus in 1931, relief should take the form of a provincial revision
was the inauguration of regular air mall service between the United States of
tax rates.
and Caribbean, Central American, and South American countries.
I recommend that the normal income tax rates applicable to the incomes
We still have marines on foreign soil—in Nicaragua, Haiti, and China. of
individuals for the calendar year 1929 be reduced from 5, 3 and 114%,
In the large sense we do not wish to be represented abroad in such manner. to 4, 2 and
% and that the tax on the income of corporations' for the
About 1,600 marines remain in Nicaragua at the urgent request of that calendar
year 1929 be reduced from 12 to 11%. It is estimated that this
Government and the leaders of all parties pending the training of a domestic will result in a
reduction of $160,000,000 in income taxes to ee collected durconstabulary capable of insuring tranquility. We have already reduced ing the calendar
year 1930. The loss in revenue will be divined approxithese forces; materially and we are anxious to withdraw them further as mately equally
between the fiscal years 1930 and 1931. Such a program
the situation warrants. In Haiti we have about 700 marines, but it Is will give a
measure of tax relief to the maximum number of taxpayers,
a much more difficult problem, the solution of which is still obscrue. If with relatively
larger benefits to taxpayers with small or moderate incomes.
Congress approves, I shall dispatch a commission to Haiti to review and
Foreign Debts.
study the matter in an endeavor to arrive at some more definite policy
The past year has brought us near to completion of settlements of the
than at present. Our forces in China constitute 2,805 men, which we
indebtedness of foreign governments to the United States.
hope also further to reduce to the normal legation guard.
The
DEC. 7 1929.]
FINANCIAL CHRONICLE
3533
of men long and widely experienced in agriThe Act of Congress approved Feb. 4 1929, authorized the settlement been established, comprised
and sponsored by the farm organizations of the country. During
with the Government of Austria along lines similar to the terms of settle- culture
existence the board has taken definite steps toward a more
ment offered by that Government to its other relief creditors. No agree- Its short period of
of agriculture, toward the elimination of waste in
ment has yet been concluded with that government, but the form of agree- efficient organization
and toward the npbuilding of farmers' marketing organizations
ment has been settled and its execution only awaits the Government of marketing,
lines. Substantial headway has been made in
efficient
and more
Austria securing the assent by all the other relief creditors of the terms on sounder
the organization of four of the basic commodities—grain, cotton, livestock,
offered. The Act of Congress approved Feb. 14 1929, authorized the settleand wool. Support by the board to co-operative marketing organizations
ment with the Government of Greece, and an agreement was concluded
and other board activities undoubtedly have served to steady the farmers'
on May 10 1929.
market during the recent crisis and have operated also as a great stimulus
The Government of France ratified the agreement with us on July 27
to the co-operative organization of agriculture. The problems of the
1929. This agreement will shortly be before the Congress and I recommend
industry are most complex, and the need for sound organization is imperaIts approval.
tive. Yet the board is moving rapidly along the lines laid out for it in the
The only indebtedness of foreign governments to the United States not
act, facilitating the creation by farmers of farmer-owned and farmerArmenia.
and
Russia
of
that
unsettled is
controlled organizations and federating them into central institutions, with
During the past year a committee of distinguished experts under American
a view to increasing the bargaining power of agriculture, preventing and
leadership submitted a plan looking to a revision of claims against Germany
'controlling surpluses, and mobilizing the economic power of agriculture.
by the various governments. The United States denied itself any parThe Tariff.
ticipation in the war settlement of general reparations and our claims are
comparatively small in amount. They arise from costs of the army of
The special session of Congress was called to expedite the fulfillment of
occupation and claims of our private citizens for losses under awardsfrom the party pledges of agricultural relief and the tariff. The pledge of farm relief
Mixed Claims Commission established under agreement with the German has been carried out. At that time I stated the principles upon which I
Government. In finding a basis for settlement it was necessary for the believed action should be taken in respect to the tariff:
"An effective tariff upon agricultural products, that will compensate the
committee of experts to request all the governments concerned to make some
higher standards of living, has a dual purpose.
contribution to the adjustment and we have felt that we should share a farmer's higher costs and
a tariff not only protects the farmer in our domestic market but it also
Such
proportion of the concessions made.
stimulates him to diversify his crops and to grow products that he could not
The State and Treasury Departments will be in position shortly to submit otherwise produce, and thus lessens his dependence upon exports to foreign
the
between
be
to
executed
agreement
an
of
draft
a
markets. The great expansion of production abroad under the conditions
consideration
for your
markets
I have mentioned renders foreign competition in our exportAmerican
United States and Germany providing for the payments of these revised Increasingly
serious. It seems but natural, therefore, that the
such
by
market
amounts. A more extensive statement will be submitted at that time.
foreign
his
in
greatly
handicapped
farmer, having been
The total amount of indebtedness of the various countries to the United competition from the younger expanding countries, should ask that foreign
account
into
txking
by
regulated
by
should
be
provided
market
effect
in
was
domestic
our
sum
to
This
access
States now funded is $11.579.465,885.
differences in our costs of production. . . .
the issue of United States Government bonds to our own people. The the
"In considering the tariff for other industries than agriculture, we find
payments of the various governments to us on account of principal and that there have been economic shifts necessitating a readjustment of some
tariff bill
interest for 1930 are estimated at a total of about $239.000.000, for 1931 at of the tariff schedules. Seven years of experience under the the
enactthe wisdom of Congress in
about $236,000,000. for 1932 at about $246,000.000. The measure of enacted in 1922 have demonstrated
main our
the
In
well.
ment of that measure. On the whole it has worked
American compromise in these settlements may be appreciated from the wages have been maintained at high levels; our exports and imports have
fact that our taxpayers are called upon to find annually about $475,000,000 steadily increased; with some exceptions our manufacturing industries have
place during
in interest and in addition to redeem the principal of sums borrowed by the been prosperous. Nevertheless, economic changes have takendisadvantage
that time which have placed certain domestic products at a
United States Government for these purposes.
necessity
the
create
and new industries have come into being, all of which
for some limited changes in the schedules and in the administrative clauses
Alien Enemy Property.
written
in
1922.
as
of the laws
The wise determination that this property seized in war should be re"It would seem to me that the test of necessity for revision is. in the main,
slackening of activity in an industry
turned to its owners has proceeded with considerable rapidity. Ofthe original whether there has been a substantial
during the past few years. and a consequent decrease of employment due to
seized cash and property (valued at a total of about $625,000,000), all but Insurmountable
competition in the products of that industry. It is not as
$111.586.700 has been returned. Most of the remainder should be disposed if we were setting up a new basis of protective duties. We did that seven
years ago. What we need to remedy now is whatever substantial loss of
of during the next year.
employment may have resulted from shifts since that time. . . .
General Economic Situation.
'in determining changes in our tariff we must not fail to take into account
interests of the country as a whole, and such interests include our
The country has enjoyed a large degree of prosperity and sound progress the broad
relations with other countries."
trade
during the past year with a steady improvement in methods of production
has arisen in my view to change these principles stated at
condition
No
and distribution and consequent advancement in standards of living.
special session. I am firmly of the opinion that their
Progress has, of course, been unequal among industries, and some,such as the opening of the
the pending revision will give the country the kind of a tariff
coal, lumber, leather, and textiles, still lag behind. The long upward trend application to
needs and wants. It would be most helpful if action should be
of fundamental progress, however, gave rise to over-optimism as to profits, law it both
an early moment, more especially at a time when business and
which translated itself into a wave of uncontrolled speculation in securities, taken at
are both co-operating to minimize future uncertainties. It Is
resulting in the diversion of capital from business to the stock market and agriculture
they should know what the rates are to be.
the inevitable crash. The natural consequences have been a reduction in the just that
Even a limited revision requires the consideration and readjustment of
consumption of luxuries and semi-necessities by those who have met with
The exhaustive inquiries and valuable debate from men
losses, and a number of persons thrown temporarily out of employment. many items.
representative of all parts of the country which is needed to determine the
Prices of agricultural products dealt in upon the great markets have been
detailed rates must necessarily be accomplished in the Congress. However
affected in sympathy with the stock crash.
rate structure may be framed at any given time, the shifting
Fortunately,the Federal Reserve System had taken measures to strengthen perfectly this
forces which inevitably occurs will render changes in some
economic
of
would
break,
which
together
speculation
when
day
the
against
the position
Items desirable between the necessarily long intervals of congressional
with the strong position of the banks has carried the whole credit system
revision. Injustices are bound to develop, such as were experienced by the
through the crisis without impairment. The capital which has been hitherto
dairymen, the flaxseed producers, the glass industry, and others, under the
absorbed in stock market leans for speculative purposes is now returning
1922 rates. For this reason, I have been most anxious that the broad
no
in
inflation
been
has
There
the
business.
of
channels
to the normal
principle of the flexible tariff as provided in the existing law should be
prices of commodities: there has been no undue accumulation of goods, and
preserved and its delays in action avoided by more expeditious methods of
foreign trade has expanded to a magnitude which exerts a steadying indetermining the costs of production at home and abroad, with executive
fluence upon activity in Industry and employment.
authority to promulgate such changes upon recommendation of the Tariff
The sudden threat of unemployment and especially the recollection of the
Commission after exhaustive investigation. Changes by the Congress in
much
less
a
under
secured
crashes
previous
of
consequences
economic
the isolated items such as those to which I have referred would have been
financial system created unwarranted pessimism and fear. It was recalled
most unlikely both because of the concentrations of oppositions in the
that past storms of similar character had resulted in retrenchment of concountry, who could see no advantage to their own industry or State and
struction,reduction of wages,and laying off of workers. The natural result
because of the difficulty of limiting consideration by the Congress to such
was the tendency of business agencies throughout the country to pause in
isolated cases.
of
their
extension
and
businesses,
continuation
for
proposals
and
plans
their
There is no fundamental conflict between the interests of the farmer and
and this hesitation unchecked could in itself intensify Into a depression with
the worker. Lowering of the standards of living of either tends to destroy
widespread unemployment and suffering.
the other. The prosperity of one rests upon the well-being of the other.
I have, therefore, instituted systematic, voluntary measures of coNor is there any real conflict between the East and the West or the North
with
State
and
and
municipal
institutions
business
the
whit
operation
and the South in the United States. The complete interlocking of economic
authorities to make certain that fundamental businesses of the country
dependence, the common striving for social and spiritual progress, our
shall continue as usual, that wages and therefore consuming power shall
made to expand con- common heritage as Americans, and the infinite web of National sentiment
not be reduced, and that a special effort shall be
have created a solidarity in a great people unparalleled in all human history.
struction work in order to assist in equalizing other deficits in employment.
These invisible bonds should not and can not be shattered by differences of
Due to the enlarged sense of co-operation and responsibility which has
few years the response has opinion growing out of discussion of a tariff.
grown in the business world during the past
Public Buildings.
been remarkable and satisfactory. We have canvassed the Federal
in such work
Under the provisions of various Acts of Congress $300,000,000 has be
Government and instituted measures of prudent expansion
the different departments will authorized for public buildings and the land upon which to construct them,
that should be helpful, and upon which
being $75,000.000 for the District of Columbia and $225,000.000 for the
make some early recommendations to Congress.
we have re-established country at large. Excluding $25,000,000 which Is for the acquisition of
measures
these
I am convinced that through
very
large
A
instable.
degree
of
remain
land in the so-called "triangle" in this city, this public building legislation
confidence. Wages should
dustrial unemployment and suffering which would otherwise have occurred provides for a 5-year program for the District of Columbia and between
have reflected the returning an eight and nine year program for the country at large. Of this sum
has been prevented. Agricultural prices
confidence. The measures taken must be vigorously pursued until normal
approximately $27,400,000 was expended up to June 30 last, of which $11
Even this generous provision for both the District of Columbia and the
conditions are restored.
Agriculture.
country is insufficient for most pressing Governmental needs. Expensive
gross farm income as esti- rents and inadequate facilities are extravagance and not economy. In
The agricultural situation is improving. The
the crop season 1926-27 was the District even after the completion of these projects we shall have fully
mated by the Department of Agriculture for
buildings which can last
$12,100,000,000; for 1927-28 It was $12,300,000,000; for 1928-29 it was 20,000 clerks housed in rented and temporary war
$12.500,000,000; and estimated on the basis of prices since the last harvest but a little longer.
that
be
recommend
therefore
given to the extension
should
consideration
The
I
slight
the value of the 1929-30 crop would be over $12,650,000,000.
few years naturally of authorizations both for the country at large and for the District of
decline in general commodity prices during the past
Columbia again distributed over a term of years. A survey of the need in
assists the farmers' buying power.
materially decreased below both categories has been made by the Secretary of the Treasury and the
The number of farmer bankruptcies is very
seems
to be arrested and Postmaster General. It would be helpful in the present economic situation
previous years. The decline in land values now
has been reduced. Not all if such steps were taken as would enable early construction work.
rate of movement from the farm to the city
An expedition and enlargement of the program in the District would
sections of agriculture, of course, have fared equally, and some areas have
the erection of
suffered from drought. Responsible farm leaders have assured me that a bring about direct economies in construction by enabling
in regular sequence. By maintaining a stable labor force in the
large measure of confidence Is returning to agriculture and that a feeling of buildings
city, contracts can be made on more advantageous terms.
optimism pervades that industry.
The earlier completion of this program which is an acknowledged need
The most extensive action for strengthening the agricultural industry
dignity to the celebration in 1932 of the two hundredth anniever taken by any Government was inaugurated through the Farm Market- would add
of the birth of President Washington.
ing Act of June 15 last. Under its provisions the Federal Farm Board has versary
3534
FINANCIAL CHRONICLE
In consideration of these projects which contribute
so much to dignify
the National Capital I should like to renew
the suggestion that the Fine
Arts Commission should be required to pass upon private buildings
which are
proposed for sites facing upon public buildings and parks.
Without such
control much of the effort of the Congress in beautification
of the Capital
will be mlirmized.
[VOL. 129.
committed to them for solution. As to many of these minor matters, the
function of the Commission might well be made revisory, and the primary
responsibility delegated to subordinate officials after the practice long in
vogue in the executive departments.
Merchant Marine.
Under the impulse of the Merchant Marino Act of 1928 the transfer
The Waterways and Flood Control.
government-owned steamship lines is going
The development of inland waterways has received new impulse from to private enterprise of the
the completion during this year of the canalization of the Ohio to a uniform forward with increasing success. The Shipping Board now operates about
less than half the number originally established, and the
is
18
which
lines,
depth. The development of the other segments of the Mississippi system
should be expedited and with this in view I am recommending an increase estimate of expenditures for the coming fiscal year is based upon reduction
In losses on government lines by approximately one-half. Construction
in appropriations for rivers and harbors from $50.000,000
to $55,000,000 loans have been made to the amount of approximately $75.000,000 out of
Per annum which, together with about $4,000.000 per annum released by
the revolving fund authorized by Congress and have furnished an adcompletion of the Ohio, should make available after providing for other
ditional aid to American shipping and further stimulated the building
river and harbor works a sum of from $25.000,000 to $30.000,000 per anvessels in American yards.
num for the Mississippi system and thus bring it to early completion.
Desirous of securing the full values to the Nation of the great effort to
Conflict of opinion which has arisen over the proposed floodway from develop
our merchant marine by the Merchant Marine Act soon after the
the Arkansas River to the Gulf of Mexico via the Atchafalaya River has
inauguration of the present administration. I appointed an interdepartled me to withhold construction upon this portion of the Mississippi flood
mental committee, consisting of the Secretary of Commerce, as Chairman,
control plan until it could be again reviewed by the engineers for any further
the Secretary of the Navy, the Postmaster General, and the Chairman of
recommendation to Congress. The other portions of the project are being the Shipping Board, to make a survey
of the policies being pursued under
vigorously prosecuted and I have recommended an increase in appropriathe Act of 1928 in respect of mail contracts; to inquire into its workings and
tions for this from $30,000,000 of the present year to $35,000,000 during
to advise the Postmaster General in the administration of the Act.
the next fiscal year.
In particular it seemed to me necessary to determine if the result of the
Expansion f our Intracoastal waterways to effective bar e depths is contracts already let would
assure the purpose expressed in the Act, "to
well warran'ed. We are awaiting the action of Canada upon the St. Lawfurther develop an American merchant marine, to assure its permanence
rence waterway project.
the transportation of the foreign trade of the United States, and for other
Highways.
purposes," and to develop a co-ordinated policy by which these purposes
Tr ere are over 3,000,000 miles of legally established highways in the may be translated into actualities.
United States, of which about 10% are included in the State highway sysIn review of the mall contracts already awarded it was found that they
tems, the remainder being county and other local roads. About 626.000 aggregated 25 separate awards imposing a governmental obligation of a
miles have been improved with some type of surfacing, comprising some little over $12,000,000 per annum. Provision had been imposed in five of
83% of the State highway systems and 16% of the local roads. Of the the contracts for construction of new vessels with which to replace and eximproved roaes about 102,000 miles are hard surfaced, comprising about pand services. These requirements come to a total of 12 vessels in the
22% of the State highway systems and about 8% of the local roads.
10-year period, aggregating 122,000 tons. Some other conditions in the
While proper planning should materially reduce the listed mileage of contracts had not worked out satisfactorily.
public roads, particularly in the agricultural districts, and turn these
That study has now been substantially completed and the committee has
roads back to useful purpcses, It is evident that road construction must be advised the desirability and the necessity of securing much larger under
a long-continued program. Progress in improvement is about 50,000 miles takings as to service and new construction in future contracts. The comof all types per annum, of which some 12,000 miles are of the more durable mittee at this time is recommending the advertising of 14 additional routes,
types. The total expenditures of Federal. State and local governments making substantial requirements for the construction of new vessels during
last year for construction and maintenance assumed the huge total of 31,- the life of each contract recommended. A total of 40 new vessels will
be
660,000,000.
"equired under the contracts proposed, about half of which will be required
Federal aid in the construction of the highway systems In conjunction to be built during the next three years. The capital cost of this new
conwith the States has proved to be beneficial and stimulating. We must
ruction will be approximately $250,000,000, involving approximately
ultimately give consideration to the increase of our contribution of these 't30.000 gross tons. Should bidders be found who will make
these undersystems, particularly with a view to stimulating the improvement of farm- takings, it will be necessary to recommend to Congress an increase
in the
to-market roads.
authorized expenditure by the Post Office of about $5,500,000 annually.
Post Office.
It will be most advantageous to grant such an authority.
Our Post Office deficit has now increased to over $80,000,000 a year,
A conflict as to the administration of the act has arisen in the contention
of which perhaps $14,000,000 is due to losses on ocean mall and air mail of persons who have purchased Shipping Board vessels that they are entitled
contracts. The department is making an exhaustive study of the sources to mail contracts irrespective of whether they are the lowest bidder the
of the deficit with view to later recommendation to Congress in respect to it. Post Office, on the other hand, being required by law to let contracts in
The Post Office quarters are provided in part by the Federal construction, that manner. It is urgent that Congress should clarify this situation.
in part by various forms of rent and lease arrangements. The practice has
The Banking System.
grown up in recent years of contracting long term leases under which both
It is desirable that Congress should consider the revision ofsome portions
rent and amortization principal cost of buildings is included. I am advised
of
the banking law.
that fully 40% could be saved from many such rent and lease agreements
The development of "group" and "chain" banking presents many new
even after allowing interest on the capital required at the normal government rate. There are also many objectionable features to some of these problems. The question naturally arises as to whether if allowed to expand
practices. The provision of adequate quarters for the Post Office should without restraint these methods would dangerously concentrate control of
credit, and whether they would not in any event seriously threaten one of
be put on a sound basis.
A revision of air mail rates upon a more systematic and permanent footing the fundamentals of the American credit system—which is that credit which
Is necessary. The subject is under study, and if legislation should prove Is based upon banking deposits should be controlled by persons within those
necessary the subject will be presented to the Congress. In the meantime areas which furnish these deposits and thus be subject to the restraints of
I recommend that the Congress should consider the desirability of authoriz- local interest and public opinion in those areas. To some degree, however,
this movement of chain or group banking Is a groping for stronger supoprt
ing further expansion of the South American services.
to the banks and a more secure basis for these institutions.
Commercial Aviation.
The growth in size and stability of the metropolitan banks is in marked
During the past year progress in civil aeronautics has been remarkable. contrast to
the trend in the country districts, with its many failures and the
This is to a considerable degree due to the wise assistance of the Federal losses these failures have
imposed upon the agricultural community.
government through the establishment and maintenance of airways by the
The relinquishment of charters of National banks in great commercial
Department of Commerce and the mail contracts from the Post Office centers in favor
of State charters indicates that some conditionssurround the
Department. The government-improved airways now exceed 25.000 miles— National banks
which render them unable to compete with State banks;
more than 14,000 miles of which will be lighted and equipped for night- and their
withdrawal results in weakening our National banking system.
flying operations by the close of the current year. Airport construction
It has been proposed that permission should be granted to National banks
through all the States is extremely active. There are now 1,000 commercial to engage in branch
banking of a nature that would preserve within limited
and municipal airports in operation with an additional 1,200 proposed for regions the local
responsibility and the control of such credit institutions.
early development.
All these subjects, however, require careful investigation, and it might
Through this assistance the Nation is building a sound aviation system, be found advantageous
to create a joint commission embracing Members
operated by private enterprise. Over 6,400 planes are in commercial use, of the Congress and
other appropriate Federal officials for subsequent report.
and 9,400 pilots are licensed by the government. Our manufacturing
Electrical Power Regulation.
capacity has risen to 7,500 planes per annum. The aviation companies
The Federal Power Commission is now comprised of three Cabinet
have increased regular air transportation until it now totals 90,000 miles
per day—one-fourth of which is flown by night. Mail and express services officers, and the duties involved in the competent conduct of the growing
now connect our principal cities, and extensive services for passenger trans- responsibilities of this commission far exceed the time and attention which
portation have been inaugurated, and others of importance are imminent. these officials can properly afford from other important duties. I recomAmerican air lines now reach into Canada and Mexico, to Cuba, Porto mend that authority be given for the appointment offull-time commissioners
Rico, Central America, and most of the important countries of South to replace them.
It is also desirable that the authority of the commission should be extended
America.
to certain phases of power regulation. The nature of the electric utilities
Railways.
es
Industry
is such that about 90% of all power generation and distribution
As a whole, the railroads never were in such good physical and financial
is
intrastate
States
in
developed
their
have
the
own
character, and most of
condition, and the country has never been so well served by them. The
greatest volume of freight traffic over tendered is being carried at a speed regulatory systems as to certificates of convenience, rates, and profits of
never before attained and with satisfaction to the shippers. Efficiencies such utilities. To encroach upon their authorities and responsibilities would
and new methods have resulted in reduction in the cost of providing freight be an encroachment upon the rights of the States. There are cases, howtransportation, and freight rates show a continuous descending line from ever, of inter-State character beyond the jurisdiction of the States. To
meet these cases it would be most desirable if a method could be worked
the level enforced by the World War.
We have, however, not yet assured for the future that adequate system out by which initial action may be taken between the COMMiSSIOILS of the
of transportation through consolidations which was the objective of the States whose joint action should be made effective by the Federal l'ower
Congress in the Transportation Act. The chief purpose of consolidation is Commission with a reserve to act on its own motion in case of disagreeto secure well-balanced systems with more uniform and satisfactory rate mentor nonaction by the States.
structure, a more stable financial structure, more equitable distribution of
The Radio Commission.
traffic, greater efficiency, and single-line instead of multiple-line hauls.
I recommend the reorganization of the Radio Commission into a perIn this way the country will have the assurance of better service and
manent body
temporary status. The requirement of the
ultimately at lower and more even rates than would otherwise be attained. present law from its present
that the commissioners shall be appointed from specified zones
Legislation to simplify and expedite consolidation methods and better to should be
abolished and a general provision made for their equitable selection
protect public interest should be enacted.
from different parts of the country. Despite the effort of the commissioners,
Consideration should also be given to relief of the members of the Com- the present
method develops a public insistence that the commissioners are
mission from the necessity of detailed attention to comparatively incon- specially
charged with supervision of radio affairs in the zone from which
sequential matters which, under the existing law, must receive their direct each is appointed.
As a result there Is danger that the system will degenerate
and personal consideration. It is in the public interest that the members of from a
National
the Commission should not be so pressed by minor matters that they have varying policies,system into five regional agencies with varying practices,
tendencies, and consequent failure to attain
competitive
Inadequate time for investigation and consideration of the larger questions
Its utmost capacity for service to the people as a whole.
FINANCIAL CHRONICLE
Dm. 71929.]
Muscle Shoals.
It is most desirable that this question should be disposed of. Under
present conditions the income from these plants is less than could otherwise
be secured for its use, and more especially the public is not securing the
full benefits which could be obtained from them.
It is my belief that such parts of these plants as would be useful and the
revenues from the remainder should be dedicated for all time to the farmers
of the United States for investigation and experimentation on a commercial
scale in agricultural chemistry. By such means advancing discoveries of
science can be systematically applied to agricultural need, and development
of the chemical industry of the Tennessee Valley can be assured.
I do not favor the operation by the Government of either power or
manufacturing business except as an unavoidable by-product of some other
major public purpose.
Any form of settlement of this question will imply entering upon a contract or contracts for the lease of the plants either as a whole or in parts
and the reservation of facilities, products, or income for agricultural purposes. The extremely technical and involved nature of such contracts
dealing with chemical and electrical enterprises, added to the unusual
difficulties surrounding these special plants, and the rapid commercial
changes now in progress in power and synthetic nitrogen manufacture,
lead me to suggest that Congress create a special commission, not to investigate and report as in the past, but with authority to negotiate and complete
some sort of contract or contracts on behalf of the Government, subject,
of course, to such general requirements as Congress may stipulate.
Boulder Dam.
3535
In the practical working out of organization, exhaustive experiment
and trial have demonstrated that the base should be competent organization of the municipality, county, or other local unit. Most of our municipalities and some 400 rural counties out of 3,000 now have some such unit
organization. Where highly developed, a health unit comprises at least
a physician, sanitary engineer and community nurse with the addition,
in some cases, of another nurse devoted to the problems of maternity and
chlldre . Such organizatio gives at once a fundamental control of preventive measures and assists in community instruction. The Federal
Government, through its interest in control of contagion, acting through
the United States Public Health Service and the State Agencies, has in the
past and should in the future concern itself with this development, particularly in the many rural sections which are unfortunately far behind in
progress. Some parts of the funds contributed under the Sheppard-Towner
Act through the Children's Bureau of the Department of Labor have also
found their way into these channel
I recommend to the Congress that the purpose of the Sheppard-Towner
Act should be continued through the Children's Bureau for a limited period
of years; and that the Congress should consider the desirability of confining
the use of Federal funds by the States to the building up of such county or
other local units, and that such outlay should be positively co-ordinated
with the funds expended through the United Sttaes Public Health Service
directed to other phases of the same county or other local unit organization.
All funds appropriated should of course be applied through the States, so
that the public health program of the county or local unit will be efficiently
co-ordinated with that of the whole State.
Federal Prisons.
Closely related to crime conditions is the administration of the Federal
Prison system. Our Federal penal institutions are overcrowded, and this
condition is daily becoming worse. The parole and probation systems are
inadequate. These conditions make it impossible to perform the work of
personal reconstruction of prisoners so as to prepare them for return to the
duties of citizenship. In order to relieve the pressing evils I have directed
the temporary transfer of the Army Disciplinary Barracks at Leavenworth
only is this
Conservation of National resources is a fixed policy of the Government to the Department of Justice for use as a Federal prison. Not
Three important questions bearing upon conservation of the public lands temporary, but it is inadequate for present needs.
of our probation
reorganization
We
a
and
new
some
prisons
need
Federal
have become urgent.
of
Conservation of our oil and gas resources against future need is a National and parole systems; and there should be established in the Department
adequately with
necessity. The working of the oil permit system in development of oil Justice a Bureau of Prisons with a sufficient force to deal
the
for
Authorization
institutions.
the
growing activities of our prison
and gas resources on the public domain has been subject to great abuse.
I considered it necessary to suspend the issuance of such permits and to improvements should be given speedily, with initial appropriations to allow
the
construction
of the new institutions to be undertaken at once.
the
of
holders
direct the review of all outstanding permits as to compliance
with the law. The purpose was not only to end such abuse but to place the
Immigration.
Government in position to review the entire subject.
Restriction of immigration has from every aspect proved a sound National
We are also confronted with a major problem in conservation due to the policy. Our pressing problem is to formulate a method by which the limited
overgrazing on public lands. The effect of overgrazing (which has now be- number ofimmigrants whom we do welcome shall be adapted to our National
come general) is not only to destroy the ranges but by impairing the ground setting and our National needs.
coverage seriously to menace the water supply in many parts of the West
I have been opposed to the basis of the quotas now in force and I have
through quick run-off, spring floods and autumn drought.
hoped that we could find some practical method to secure what I believe
We have third problem of major dimensions in the reconsideration of should be our real National objective; that is, fitness of the immigrant as to
our reclamation policy. The inclusion of most of the available lands of the physique, character, training, and our need of service. Perhaps some
public domain in existing or planned reclamation projects largely com- system of priorities within the quotas could produce these results and at
pletes the original purpose of the Reclamation Service. There still re- the same time enable some hardships in the present system to be cleared up.
mains the necessity for extensive storage of water in the arid States which I recommend that the Congress should give the subject further study, in
renders it desirable that we should give a wider vision and purpose to this which the executive departments will gladly co-operate with the hope of
service.
discovering such method as will more fully secure our national necessities.
To provide for careful consideration of these questions and also of better
Veterans.
division of responsobillties in them as between the State and Federal
It has been the policy of our government almost from its inception to
Governments, including the possible transfer to the States for school purposes of the lands unreserved for forests, parks, power, minerals, &c., I make provision for the men who have been disabled in defense of our country.
have appointed a Commission on Conservation of the Public Domain, with a This policy should be maintained. Originally it took the form of land grants
membership representing the major public land States and at the same time and pensions. This system continued until our entry into the World War.
the public at large. I recommend that Congress should authorize a moderate The Congress at that time inaugurated a new plan of compensation, rehabilitation, hospitalization, medical care and treatment, and insurance,
sum to defray their expenses.
whereby benefits were awarded to those veterans and their immediate deSocial Service.
pendents whose disabilities were attributable to their war service. The
The Federal Government provides for an extensive and valuable program
basic principle in this legislation is sound.
of constructive social service, in education, home building, protection to
In a desire to eliminate all possibilities of injustice due to difficulties in
women and children, employment, public health, recreation, and many
establishing service connection of disabilities, these principles have been to
Other directions.
some degree extended. Veterans whose diseases or injuries have become
In a broad sense Federal activity In these directions has been confined to
apparent within a brief period after the war are now receiving compensation;
research and dissemination of information and experience, and at most
insurance benefits have been liberalized. Emergency officers are now reto temporary subsidiaries to the States in order to secure uniform advance- ceiving
additional benefits. The doors of the government's hospitals have
ment in practice and methods. Any other attitude by the Federal Governbeen opened to all veterans, even though their diseases or injuries were not
ment will undermine one of the most precious possessions of the American the
result of their war service. In addition adjusted service certificates
people; that is, local and individual responsibility. We should adhere to
have been issued to 3,433,300 veterans. This in itself will mean an exthis policy.
of nearly $3,500,000,000 before 1945, in addition to the $600.penditure
Federal officials can, however, make a further and most important con000,000 which we are now appropriating annually for our veterans' relief.
tribution by leadership in stimulation of the community and voluntary
The administration of all laws concerning the veterans and their deagencies, and by extending Federal assistance in organization oft hese
pendents has been upon the basis of dealing generously, humanely, and
forces and bringing about co-operation among them.
Justly.
While some inequalities have arisen, substantial and adequate care
As an instance of this character, I have recently, in co-operation with the has
been given and justice administered. Further improvement in adminisSecretaries of Interior and Labor, laid the foundations of an exhaustive
tration may require some amendment from time to time to the law, but
inquiry into the facts precedent to a nation-wide White House conference care
should be taken to see that such changes conform to the basic principles
on child health and protection. This co-operative movement among inter- of
the legislation.
ested agencies will impose no expense upon the Government. Similar
am convinced that we will gain in efficiency, economy, and more
I
nation-wide conferences will be called in connection with better housing
uniform administration and better definition of National policies if the
and recreation at a later date.
Pension Bureau, the National Home for Volunteer Soldiers, and the
In view of the considerable difference of opinion as to the policies which
brought together under a single agency. The total
should be pursued by the Federal Government with respect to education, Veterans' Bureau are
agencies now exceed $800,000,000 per annum.
I have appointed a committee representative of the important educational appropriations to these
Civil Service.
associations and others to investigate and present recommendations. In
Approximately four-fifths of all the employees in the executive civil
co-operation with the Secretary of the Interior. I have also appointed a
a
in
assist
nationto
membership
service now occupy positions subject to competitive examination under the
voluntary committee of distinguished
civil service law.
wide movement for abolition of illiteracy.
There are, however, still commanding opportunities for extending the
I have recommended additional appropriations for the Federal employment service in order that it may more fully cover its co-operative work with system. These opportunities He within the province of Congress and not the
appropriaadditional
President. I recommend that a further step be taken by authorization that
State and local services. I have also recommended
tions for the Women's and Children's Bureaus for much-needed research appointments of third-class postmasters be made under the civil service law.
as to facts which I feel will prove most helpful.
Departmental Reorganization.
Public Health.
This subject has been under consideration for over 20 Years. It was
The advance in scientific discovery as to disease and health imposes Promised by both political parties in the recent campaign. It has been
commissions—congressional,
new considerations upon us. The nation as a whole is vitally interested repeatedly examined by committees and
conclusions of these investigations have been
in the health of all the people; in protection from spread of contageous executive and voluntary. The
of sound administration; of
necessity
a
is
disease; in the relation of physical and mental disabilities to criminality; unanimous that reorganization
effective governmental policies and of relief to the
and in the economic and moral advancement which is fundamentally a economy; of more
harassment in his relations with a multitude of
sociated with sound body and mind. The organization of preventive meas- citizen from unnecessary
presentation of any specific plan
ures and health education in its personal application is the province of scattered governmental agencies. But the
official whose authority may be
public health service. Such organization should be as universal as public at once enlivens opposition from every
by such a result; of bureaus
imperiled
is
position
his
fears
education. Its support is a proper burden upon the taxpayer. It can not curtailed or who
which wish to maintain their authority and activities;
be organized with success, either in its sanitary or educational phases, and departments
organizations who are selfishly 1”terested, or who are
except under public authority. It should be based upon local and State of citizens and their
may, in a new setting, be less
responsibility, but I consider that the Federal Government has an obliga- inspired by fear that their favorite bureau
'
subject to their influence or more subject to some other influence.
tion of contribution to the establishment of such agencies.
The Secretary of the Interior is making satisfactory progress in negotgation of the very complex contracts required for the sale of the power to be
generated at this project. These contracts must assure the return of all
Government outlays upon the project. I recommend that the necessary
funds be appropriated for the initiation of this work as soon as the contracts
are in the hands of Congress
Conservation.
3536
FINANCIAL CHRONICLE
[VoL. 129.
It seems to me that the essential principles of reorganization are two in truth that the lawbreakerlwhoeverrhe may be, is the enemy
of society.
number. First, all administrative activities of the same major purpose We can no longer gloss over the unpleasant reality which
should be made
should be placed in groups under single-headed responsibility; second. all vital in the consciousness of every citizen, that he who condones
or traffics
executive and administrative functions should be separated from boards and with crime, who is Indifferent to it and to the punishment of the criminal, or
commissions and placed under individual responsibility, while quasilegislative to the lax performance of official duty, is himself the most effective agency
and quasijudicial and broadly advisory functions should be removed from for the breakdown of society.
individual authority and assigned to boards and commissions. Indeed,
Law can not rise above its source in good citizenship—in what rightthese are the fundamental principles upon which our Government was minded men most earnestly believe and desire. If the law is upheld only
founded, and they are the principles which have been adhered to in the by Government officials, then all law is at an end. Our laws are made by
whole development of our business structure, and they are the distillation the people themselves; theirs is the right to work for their repeal; but until
of the common sense of generations.
repeal it is an equal duty to observe them and demand their enforcement.
For instance, the conservation of National resources is spread among
I have been gratified at the awakening sense of this responsibility in our
eight agencies in five departments. They suffer from conflict and overlap. citizens during the past few months, and gratified that many instances have
There is no proper development and adherence to broad National policies occurred which refuted the cynicism which has asserted that our system
and no central point where the searchlight of public opinion may con- could not convict those who had defied the law and possessed the means to
centrate itself. These functions should be grouped under the direction of resist its execution. These things reveal a moral awakening both in the
some such official as an assistant secretary of conservation. The particular people and in officials which lies at the very foundation of the rule of law.
department or cabinet officer under which such a group should be placed is
Conclusion.
of secondary importance to the need of concentration. The same may be
The test of the rightfulness of our decisions must be whether we have
said of educational services, of merchant marine aids, of public works, of
public health, of veterans' services, and many others, the component parts sustained and advanced the ideals of the American people; self-Government
In its foundations of local government: justice whether to the individual or
of which are widely scattered in the various departments and independent
to the group; ordered liberty; freedom from domination; open opportunity
agencies. It is desirable that we first have experience with these different
groups in action before we create new departments. These may be neces- and equality of opportunity; the initiative and individuality of our people;
prosperity and the lessening of poverty; freedom of public opinion; educasary later on.
With this background of all previous experience I can see no hope for tion; advancement of knowledge; the growth of religious spirit; the tolerance
of
all faiths; the foundations of the home and the advancement of peace.
the development of a sound reorganization of the Government unless ConHERBERT HOOVER.
gress be willing to delegate its authority over the problem (subject to
The White House, December 3, 1929.
defined principles) to the Executive, who should act upon approval of a
joint committee of Congress or with the reservation of power of revision by
Congress within some limited period adequate for its consideration.
Budget Message of President Hoover—Congress Asked
Prohibition.
to Appropriate 83,830,445,231 for 1931—Present
The first duty of the President under his oath of office is to secure the
Year's Surplus $225,581,534—Tax Reduction Apenforcement of the laws. The enforcement of the laws enacted to give effect
to the eighteenth amendment is far from satisfactory and this is in part
proved.
due to the inadequate organization of the administrative agencies of the
The first budget message of President Hoover was transFederal Government. With the hope of expediting such reorganization. I
requested on June 6 last that Congress should appoint a joint committee to mitted to Congress on Dec. 4. Appropriations which Concollaborate with executive agencies in preparation of legislation. It would gress in the message
is asked to provide for the fiscal year
be helpful if it could be so appointed. The subject has been earnestly
considered by the Law Enforcement Commission and the administrative June 30 1931 are estimated at $3,830,445,232 compared with
officials of the Government. Our joint conclusions are that certain steps appropriations for 1930 of $3,976,141,651. The
President
should be taken at once. First, there should be an immediate consentrapoints out that the total in the 1931 budget is $145,696,000
tion of responsibility and strengthening of enforcement agencies of the
Federal Government by transfer to the Department of Justice of the less than the appropriations for 1930. He states, however,
Federal functions of detection and to a considerable degree of prosecution, that the estimates in
the budget, "contain no amount for
which are now lodged in the Prohibition Bureau in the Treasury;and at the
same time the control of the distribution of industrial alcohol and legalized the revolving loan fund for the Federal Farm Board, for
beverages should remain in the Treasury. Second, provision should be which $150,000,000 is included in the appropriations for 1930.
made for relief of congestion in the Federal courts by modifying and simplifyTherefore, for purposes of comparison, $150,000,000 should
ing the procedure for dealing with the large volume of petty prosecutions
under various Federal acts. Third, there should be a codification of the be deducted from the amount of the appropriations for 1930.
laws relating to prohibition to avoid the necessity which now exists ofresort- Eliminating this item from
the 1930 total, the estimates
ing to more than 25 statutes enacted at various times ove 40 years. Technical defects in these statutes that have been disclosed should be cured. I of appropriations in the budget for 1931 exceed the appropriawould add to these reoommendations the desirability of reorganizing the tions for 1930 by $4,304,000." The President explained
various services engaged in the prevention of smuggling into one border that he is delaying
"the presentation to the Congress of an
patrol under the Coast Guard. Further recommendations upon the subject
as a whole will be developed after further examination by the Law Enforce- estimate for an additional amount for the revolving loan
ment Commission, but it is not to be expected that any criminal law will fund until it is known more definitely what further amount
ever be fully enforced so long as criminals exist.
will be needed." In summarizing the estimated receipts and
The District of Columbia should be the model of city law enforcement in
the Nation. While conditions here are much better than in many other expenditures for 1930 and 1931 (exclusive of postal revenues
cities, they are far from perfect, and this is due in part to the congestion of and postal expenditures from postal revenues) the estimated
criminal cases in the Supreme Court of the District, resulting in long delays.
excess of receipts over expenditures in 1931 is placed at
Furthermore, there is need for legislation in the District supplementing the
National Prohibition Act, more sharply defining and enlarging the duties $122,788,966, for 1930 at $225,581,534 and for 1929 (actual)
and powers of the District Commissioners and the police of the District, $184,787,035. For 1931 the receipts are estimated at $4,and opening the way for better co-operation in the enforcement of prohibition between the District officials and the prohibition officers of the Federal 225,727,666 and expenditures at $4,102,938,700; the 1930
receipts are placed at $4,249,263,434 and the expenditures
Government. It is urgent that these conditions be remedied.
$4,023,681,900, while for 1929 the receipts and expenditures
Law Enforcement and Observance.
No one will look with satisfaction upon the volume of crime of all kinds were respectively $4,033,250,225 and $3,848,463,189. Reand the growth of organized crime in our country. We have pressing need garding the budget for 1930 the President says:
so to organize our system of administering criminal justice as to establish
For the current fiscal year 1930, there is a marked improvement over
vigor and effectiveness. We need to reestablish faith that the highest
the financial situation as estimated in the budget for 1930 transmitted
interests of our country are served by insistence upon the swift and evento the Congress in December 1928 Compared with the estimate of one
handed administration of justice to all offenders, whether they be rich or
ago, the receipts show an increase of about $408,000,000 and the
poor. That we shall effect improvement is vital to the preservation of our Year
expenditures
about $243,000,000.
institutions. It is the most serious issue before our people.
On the receipts side the increase In the estimate is reflected generally
Under the authority of Congress I have appointed a National Commission
In the income tax, $305,000,000, due to an abnormal Increase in the incomes
on Law Observance and Enforcement,for an exhaustive study of the entire
reported by individuals for 1928 and to this exceedingly prosperous busiproblem of the enforcement of our laws and the improvement of our judicial
ness year; miscellaneous internal revenue, $76,000,000, derived in the
system, including the special problems and abuses growing out of the
main from a steady expansion of the tobacco tax and increased stamp-tax
prohibition laws. The commission has been invited to make the widest
receipts; customs,$20,000,000; and miscellaneous receipts, about $7,000,000.
inquiry into the short-comings of the administration of justice and into the
On the expenditure side the principal items making up the increase
causes and remedies for them. It has organized its work under subcom- in
the estimate are $75,000,000 for the net expenditures from the revolving
mittees dealing with the many contributory causes of our situation and has loan
fund of the Federal Farm Board, $77,000,000 for public debt retireenlisted the aid of investigators in fields requiring special consideration. I ments,
$12,790,000 for the postal deficiency, $23.000,000 for the construeam confident that as a result of its studies now being carried forward it will tion and modernization of naval ships. $42,000,000 for the
Treasury Demake a notable contribution to the solution of our pressing problems.
Partment, pertaining mainly to the construction and modernization of
Pending further legislation, the Department of Justice has been striving naval
for the Treasury Department, pertaining mainly
$42,000,000
ships,
to weed out inefficiency Wherever it exists, to atiumlate activity on the part to
the settlement of war claims and the public building program, and
of its prosecuting officers, and to use increasing care in examining into the $11,800,000
for the Veterans' Bureau.
qualifications of those appointed to serve as prosecutors. The department
In his budget message the President recommends that
Is seeking systematically to strengthen the law enforcement agencies week
by week and month by month, not by dramatic displays but by steady taxes upon incomes for the calendar year 1929 be reduced
Pressure; by removal of negligent officials and by encouragement and assist- in the approximate sum of $160,000,000. He
suggests that
ance to the vigilant. During the course of these efforts it has been revealed
that in some districts causes contributing to the congestion of criminal this be effected, as recommended by the Secretary of the
dockets. and to delays and Inefficiency in prosecutions, have been lack of Treasury, by reducing by 1% the rate of the normal tax on
sufficient forces In the offices of United States attorneys, clerks of courts, the
incomes of individuals and corporations, applicable to
and marshals. These conditions tend to clog the machinery of justice. The
last conference of senior circuit judges has taken note of them and indorsed 1929 incomes and payable in the calendar year 1930. The
the department's proposals for improvement. Increases in appropriations President says:
are necessary and will be asked for in order to reenforce these offices.
Our effort will be to conduct our financial requirements so as to conThe orderly administration of the law involves more than the mere matinue the benefits of reduced taxation for succeeding calendar years. It
chinery of law enforcement. The efficient use of that machinery and a would not,
however, at this time be safe to extend the period of the respirit in our people in support of law are alike essential. We have need for duction. A
year hence we will know more definitely whether the condition
improvement in both. However much we may perfect the mechanism,still of our
finances
Justifies a continuation of extension of the redu,tion.
If the citizen who is himself dependent upon some laws for the protection
The President also states:
of all that he has and all that he holds dear. shall Insist on selecting the
Our finances are in sound condition. The public debt, which at its
particular laws which he will obey, he undermines his own safety and that
of his country. His attitude may obscure, but it can not conceal, the ugly peak in August 1919, amounted to $26,596,000,000, stood at $16,931.-
3537
FINANCIAL CHRONICLE
DEC. 7 1929.]
000,000 on June 30 1929. We are wisely comitted to a policy which insures the further progressive reduction of the debt. We will reach in 1931
for the first time the period when the annual reduction required by law
in the principal of the debt will be greater than the annual interest charges
on the debt. We are also committed to the annual amortization of our
other long term commitments, such as the adjusted service certificate of
the veterans of the World War and our liability under the retirement laws
affecting civilian personnel.
The budget message follows in full:
To the Congress of the United States:
I have the honor to transmit herewith the budget of the United States
for the fiscal year ending June 30 1931.
A comparison between the estimates of appropriations for 1931 and the
appropriations for 1930 is set forth in the following table:
AppropriaEstimates of ApproHons. 1930.
priations. 1931.
Legislative Establishment—
32,951,651.60
83,232.784.00
Senate
7,580,381.00
8,153,394.00
House of Representatives
2,508,800.40
11,084,346.98
Architect of the Capitol
173,080.00
173,790.00
Botanic Garden
2,068,612.00
2,248.722.00
Library of Congress
3,419,000.00
3,270,000.00
Government Printing Office
166,960.00
182,050.00
Miscellaneous
Total,legislative establishment
Executive Office
Independent Establishments—
Alaska relief funds
American Battle Monuments Commission _
Arlington Memorial Bridge Commission
Board of Mediation
Board ot Tax Appeals
Bureau of Efficiency
Civil Service Commission
Commission of Fine Arts
Employes' Compensation Commission
Federal Board for Vocational Education
Federal Farm Board*
Federal 011 Conservation Board
Federal Power Commission
Federal Radio Commission
Federal Reserve Board
Federal Trade Commission
General Accounting Office
Housing Corp
Interstate Commerce Commission
Mount Rushmore Nat'l Memorial Commission
National Advisory Committee for Aeronautics
Porto Rican Hurricane Relief Commission.__
Protecting interest of the United States in oil
leases and oil lands
Public bldgs.& public parks of national capital
Public Buildings Commission
Smithsonian Institution
Tariff Commission
United States Geographic Board
U.S.Shipping Board & Merchant Fleet Corp_
United States Veterans'Bureau
$28,345,066.98
422,320.00
$18,868,445.00
447,220.00
15,000.00
1,000,000.00
1,000,000.00
328,380.00
690,000.00
224,330.00
1,362,952.00
9,080.00
4,210,000.00
8.420,400.00
1,900,000.00
22,220.00
187,250.00
168,610.00
2,580,338.00
1,437,460.00
4,181,000.00
298,950.00
10,329,963.00
60,000.00
1,321,000.00
1,000,000.00
15,000.00
600,000.00
2,000,000.00
302,270.00
663,863.00
224.330.00
1,226,862.00
9,080.00
4,073,328.00
8,799.520.00
151,790,000.00
179.500.00
164,440.00
2,605,741.00
1,277.760.00
4,092,000.00
243.450.00
7,548,825.00
hearses'. Decreases
Department of Constnerce—
$2,50S
Aeronautics branch
$10500000
Bureau of the Census
Department of the Interior—
3.100.000
Indian Service
4,500,000
Indian trust funds
7,000,000
Army and navy pensions
Justice—
of
Department
1,100,000
Expenses,&c., United States Courts
2,250,000
Penal and correctional institutions
1,150,000
Department of Labor:Immigration and naturalization
Navy Department—
3,100,000
Pay,subsistence and transportation
6.950,000
Alterations to naval vessels
3,250,000
Increase of the navy
2,300.000
Public works
5,500,000
Postoffice Department:Postal deficiency
1,800,000
State Department:Foreign service
Treasury Department—
10,000,000
Refunding taxes illegally collected
1,275,000
Bureau of Prohibition
2,450,000
Coast Guard
9,025,000
Construction of public buildings
War Department—
1,600,000
Buildings at military posts
2,650.000
Other Quartermaster Corps Items
1,100.000
Air Corps
1,700,000
Ordnance items
1,500,000
Citizens' military training
5,000,000
Maintenance and improvement of rivers and harbors
5,000,000
Flood control
4,370,001)
Return of funds contributed for flood control
10.030,000
Inland waterways corporation
(transStates
various
Restoration of roads and bridges in
3,6i3,000
ferred to Department of Agriculture)
1,100.000
Soldiers' homes
1.850,000
Panama Canal
3,300,000
District of Columbia
Public Debt—
11,500,000
Reduction In the principal of the public debt
37,000,000
Interest on the public debt
With regard to the increases for 1931, there are certain activities which
I desire to bring especially to the attention of the Congress.
Rivers and Harbors. Flood Relief and Boulder Dam.
for flood conThe estimates herewith contain an increase of
trol and $5,000.000 for rivers and harbors over the appropriations for these
this year
completion
the
purposes for the current fiscal year. Moreover,
for other river
of the work on the Ohio River will release about
and harbor work so that, in effect, the increase in the estimates for rivers
$5,000,000
$5,000,000
and harbors is $10,000,000.
With regard to the Boulder Dam project authorized by the Act of ConDec.21 1928, the details have not been completed in time
100,000.00 'gress approved
in this
2,888,061.00 to permit of this project being included in the estimates contained
3,591.640.00
100,000.00
budject. It is contemplated to present to the Congress at an early date
1,106,183.00 an estimate to cover the initiation of this work.
1,189,683.00
789,000.00
825,000.00
9,200.00
14,660.00
Departments of State and Justice.
11,494,000.00
6,398.000.00
I am asking for considerable increases in the appropriations for these
597,375.000.00
589,755,000.00
two departments for the fiscal year 1931 as compared with appropriations
$801,316,831.00 for the fiscal year 1930. I feel that the importance of the functions deTotal,Eexeutive Office & indep'cll'estab'hle $643,021.234.00
155,729,990.00
185,088,506.00
Department of Agriculture
these two departments in the conduct of our foreign affairs
58.795,609.00 volving upon
52,382,270.00
Department of Commerce
penal system are
311,346,075.78 and in law enforcement and the administration of our
304,302,347.74
Department of the Interior
27.937,370.00 of vital concern to the nation and that both departments require more
32,017,292.00
Department of Justice
10,774,430.00 generous appropriations. The increase requested for the Department of
12,219,770.00
Department of Labor
362,061,247.00
380,392,526.00
Navy Department
State is more than $2,443,000, or about 163%. and that for the DepartPostoffice Department—
than $4,079,000, or about 1434%. I am satisfied
734,235,725.00 ment of Justice is more
760,470,577.00
Postal Service payable from postal revenues_
greater than can be
84.000,000.00 that these increases will reflect benefits to the nation
78,500.000.00
Postal deficiency payable from Treasury
14.794.945.68 measured in terms of the increased cost.
17,238,659.14
State Department
342,631,715.80
348.107,000.00
Treasury Department
indtans.
463,452,777.00
War Department,including Panama Canal _ 466,626,332.00
44,540,115.00
the Indians
47,880,228.00
District of Columbia
As wards of the nation the Government has an obligation to
alone their present but their future welfare. To raise
Total, ordinary,including Postal Service..-.$3,336,591.808.86 $3,430,483,276.26 which concerns not
health and
their
for
provide
the standard of their living, to adequately
Reduction in Principal of the Public Debt—
382,720,000.00 education, and to advance their opportunity for profitable employment
395,624,000.00
Sinking fund
241,174,100.00 are the concern of the Government. In order that we may meet more
239,700,000.00
Other redemptions of the debt
obligations to the Indians, I am asking for an increase of some$623,894,100.00 fully our
$635,324,000.00
Principal of the public debt
appropriations for the current year.
656,000,000.00 thing more than $3.100,000 over the
619,000,000.00
Interest on the public debt
the need
This increase Is requested so that we may more adequately meet
Total, incl. Poatoffice Dept. & Postal Serv_$4,590,915,808.86 $4,710,377,376.28 for educational and health work among the Indians and for their industrial
734,235,725.00
760,470,577.00
should wait
Deduct Postal Service pay'le from postal revs
assistance and advancement. I do not feel, however, that we
improvement in our Indian
$3,830,445,231.86 *83,976,141,651.26 until the next fiscal year to make a general
Total payable from the Treasury
This will
now.
this
commence
do I feel that we should
•$150,000,000 included in appropriations for 1930 for Federal Farm Board affairs. Rather
estimate
require additional funds for the current fiscal year for which an
revolving loan fund. No corresponding figure included for 1931.
will be presented to the Congress.
The foregoing table shows that the total of the estimates of appropriaForest Protection.
tions payable from the Treasury in this budget is $145.896,000 less than
For the protection of our forests I am asking for a substantial increase
the appropriations for 1930. The estimates in the budget, however, conWe have been
tain no amount for the revolving loan fund for the Federal Farm Board, In appropriations, amounting to more than $2,000,000.
fires. In the
for which $150,000,000 is included in the appropriations for 1930. There- spending in past years large amounts on the suppression of
should be deducted from last five years these expenditures have amounted to more than $8,000,000.
fore, for purposes of comparison.
this current fiscal
the amount of the appropriations for 1930. Eliminating this item from and the best estimate is that 83,500.000 will be required
spending
the 1930 total, the estimates of appropriations in the budget for 1931 ex- year. We cannot hope to eliminate entirely the necessity for
be to minimize
should
money in the suppression of fires, but our efforts
ceed the appropriations for 1930 by $4,304,000.
This is
measures.
protection
adequate
Concerning the Federal Farm Board, I am simply delaying the presenta- this necessity by More and more
but
tion to the Congress of an estimate for an additional amount for the re- essential, not merely to effect a saving in the cost of suppressing fires,
volving loan fund until it is known more definitely what further amount to prevent the incalculable loss which results from the destruction of our
will be needed. This will not in any way hamper the board, as it has forests. Such loss involves not only the timber itself, but the protection
sufficient funds at present, and an estimate will be presented to the Con- which it affords against soil erosion and floods.
gress in ample time In advance of any requirements for more money.
As the custodian of the national forests, national parks and other public
Through non-recurring items and justified reductions in other items, lands, the Federal Government is responsible for their protection. The
funds have been found to make increases in certain of our activities without obligations of this stewardship cannot be met within the limits of the
enlarging to any appreciable extent the total of the estimates for 1931 present appropriation and it is for this reason that I am asking for an inover the appropriations for 1930. I am indicating below, in round figures, crease to commence a program of more adequate protection of our forests.
the larger items of increase and decrease:
The protection of our present holdings certainly outweighs In importance
requiring
Decreases. the acquisition of further lands which would add to the areas
Increases.
Legislative Establishment—
$3,600,000
protection. For this reason lam not submitting in this budget an estimate
Enlarging and improving the Capitol grounds
lands for
1,500,000
of
acquisition
the
for
1931
New House Office Building
for the full $3,000,000 authorized for
2,700,000
Completion of Senate Office Building
the protection of watersheds. The amount requested for such acquisition
1,000,000
Building for Supreme Court
is $2,000,000.
Independent Establishments—
Buildings.
81,000.000
Arlington Memorial Bridge Commission
150,000,000
Federal Farm Board revolving loan fund
The public-building program authorized by the Act of May 25 1926.
(Note.—An estimate for 1931 will be submitted later when
at
and enlarged by amendments to the original act, is now proceeding
the amount required can be more definitely determined.)
2,800,000
Interstate Commerce Coral-ink:on
a satisfactory rate of progress. At the outset, unavoidable delays were
1,000,000
Porto Rican hurricane Relief Commission
because of difficulties encountered in acquiring sites, it being
5,100,000 experienced
Shipping Board Merchant Fleet Corp
necessary in some cases to resort to condemnation proceedings in the courts.
Veterans' Bureau—
2,000,000
Many of these difficulties have been overcome and it is expected that the
Babuies and expenses
4.550,000
Military and naval compensation
work will now proceed expeditiously, resulting in the completion of 34 new
3,950,000
Medical and hospital services
or enlarged buildings in the fiscal year 1930 and 40 in the fiscal year 1931.
4,750.000
Insurance
naval
and
Military
The program calls for a total expenditure of approximately $300,000,000
4,000,000
Construction of hospital facilities
18,870,000 in addition to the proceeds of sale of abandoned property. Individual
Government life insurance fund
Department of Agriculture—
projects have already been authorized by the Congress at limits of cost
3,300,000
Forest Service
in excess of $260,000,000. There were brought forward into the fiscal
1,100.000
control
and
quarantine
Plant
This is inyear 1930 appropriation balances aggregating $41,481,089.
2,500,000
Public roads
$150,000,000
1,292,200.00
3538
FINANCIAL CHRONICLE
[VOL. 129.
creased by appropriations made at the last session of the Congress,amount- approval
of the President, be authorized to enter into an agreement with
ing to $39.475,500, making the total amount available for expenditure France providing
for the postponement of the date of the maturity of the
$80,956,599. Of this amount the Treasury Department contemplates obligations in the principal
amount of$400,000,000 from Aug.1 1929.to such
spending about $59,500,000 in the fiscal year 1930.
time as the Congress should approve or disapprove the funding agreement,
The budget for 1931 carries estimates for public buildings, Including but
in no event beyond May 11930. provided, however, that France should
the purchase of additional land in Washington, amounting to $30,000,000. agree
to pay interest on such obligations, the interest so paid to be credited
Supplemental thereto, an estimate of about $5,000,000 will be submitted against
the annuities first due under the funding agreement. After conat a later date when the Treasury Department has concluded its survey of sideration,
House joint resolution 80, embodying these provisions, was
new projects which it is desirable to undertake at this time. The appro- passed
by both Houses of Congress, but failed to receive the formal approval
prioation of these amounts will provide the Treasury with ample funds to of the Speaker
of the House and the President of the Senate before adjourncontinue the work during the fiscal year 1931.
ment, consequently failing to be enacted into law by Aug. 1 1929.
The War Department is also carrying forward a building program, inThe French Government ratified the funding agreement under date
of
volving an ultimate expenditure of about $118,000,000, for the housing of
July 27 1929, Relying upon the expression of the sentiment of the Conmilitary personnel, made necessary by the need for the replacement of
gress on the matter, as continued in the joint resolution, the Secretary of
World War temporary construction and to provide for the increase in the the Treasury,
with the approval of the President, in an exchange of correpre-war strength of the regular army. There has already been appropriated spondence
agreed with France to extend the maturity date of the obligation
for this purpose $37,193,899, and $16,062,860 is carried in the estimates in question
upon the terms and conditions set out in the resolution. The
for 1931, with authority to make constracts for $3,000,000 additional. House
joint resolution was subsequently enacted into law being approved
The estimates for 1931 also carry $3,311,000 for technical buildings for the by the
President on Oct. 17 1929.
air services of the army and navy, and $3,176,000 for other buildings
The question, therefore, of the maturity of these obligations is temfor various purposes for the army, navy and Panama Canal.
porarily disposed of. The French debt agreement will be submitted
to
For completing the $15,000,000 program for additional hospital fa- the
Congress in the early part of December. If it receives the approval of
cilities for the Veterans' Bureau $2,000,000 is provided for liquidating con- the
Congress, all of the obligations of France representing the purchase of
tracts previously authorized by the Congress.
surplus war material on credit will be merged, under that agreement, in
New building construction for the Indian Service has been allowed for the general
debt of France to the United States. The payments thereafter
a total of $2,303,000, including reservation and non-reservation schools, made
will conform to the annuities specified in that agreement.
hospitals and administration buildings.
Provision is made for construction projects at several Federal peniReceipts and Expenditures
tentiaries. For Leavenworth $22,000 is provided; for Atlanta, $79,000;
The receipts and expenditures shown in detail in the budget are
for McNeil Island, $139,000, and $450,000 is included for continuing the
summarized in the following statement:
construction of the industrial reformatory at Chillecothe.
Summary
(excl.
of
postal
revenues & postal expenditures paid from postal revenues.)
In furtherance of the $10,000,000 program for houses and offices for
Receipts—
Estimated '31. Estimated '30.
our foreign representatives, $1,700,000 is included in these estimates. Customers
Actual, 1929.
$602,000,000 $602,000,000 $602,262,786.17
The annual appropriations under this program are limited to $2,000,000, Income tax
2,460,000,000 2,480,000,000 2,330,711,822.66
but the lesser amount has been included in the budget because of the
635,000,000
607,307,548.98
fact Miscellaneous Internal revenue --- 640,000,000
523,727,666
that the amount of the current estimate, added to unexpended balances Miscellaneous receipts
532,263,434
492,968,087.24
from prior appropriations, will be sufficient to carry on the program during
Total receipts
$4,225,727,666
$4,249,263,434 $4,033,250,225.05
the fiscal year 1931.
Total expenditures (Includ. reduction of the public debt required
Altogether this budget carries estimates of more than $59,240,000 for
by law tote made from ordinary
the construction of buildings, including the procurement
of sites, with a
receipts)
4,102,938,700 4,023,681,900 3,848,463,189.63
contract authorization for a further expenditure of $3,000,000.
To the
sum of these two amounts there should be added the additional
Excess of receipts
$122,788,966 $225,581,534 8184,787,035.42
$5,000,000
for the public-building program for which, as stated,
an estimate will be
These figures include net expenditures from the revolving loan
fund of
submitted later in the year.
the Federal Farm Board to the amount of $200,000,000 in 1931, as comNational Defense.
pared with an estimated net expenditure of $75,000,000 for the same
purThe estimates for direct appropriations for the War
and Navy Depart- pose in the current fiscal year 1930. Eliminating these figures, for the purmanta for 1931 provide a total of $719,089,000 for
national defense. This pose of comparison, from the estimated expenditures of both years shows
is exclusive of all items of a non-military character. In
addition to the the estimated expenditures for all other purposes for the fiscal year 1931
normal maintenance and operation requirements of these
two departments, to be about $46,000,000 less than those for the fiscal year 1930.
provision is made for carrying forward the Air Service
The amounts which are shown in this budget as representing the reprograms of the two
services, the housing program of the army and the
requirements of the ceipts, expenditures and surplus for the fiscal years 1929 and 1930 differ
navy with regard to the modernization of old battleships
and the construc- materially from those contained in the budget for 1930, as shown by the
tion of new ships authorized by the act of Feb. 13 1929,
as well as the light following table:
cruisers and submarines authorized by prior law.
1930.
1929
With regard to the 15 new cruisers authorized by the act
Estimated
Estimated
of last February,
In This Budget. /n 1930 Budget.
provision is made for continuing work on the two cruisers
Actual.
In 1930 Budget.
already laid Receipts
$4,249,263,434
$3,841,295,829 $4,033,250,225.05 $3,831,735,661
down and on the aircraft carrier and three cruisers to
be laid down late Expenditures_ _ _ _ 4,023,681,900 3,780,719,647 3,848,463,189.63 3,794,745,469
in the fiscal year 1930 and for the commencement of the
construction of
the second and third blocks of five cruisers each in
8225,581,534
Surplus
$60,576,182 8184.787,035.42
$36,990,192
the fiscal year 1931.
The increase in actual receipts for 1929 over the estimate can be atAir Service.
tributed mainly to an unforeseen increase in receipts from the individual
Under the Air Service programs for the army and
navy,
for a total of $33,000,000 for the procurement of airplanes, I am asking income tax. On the expenditure side, while there were a number of intheir engines, creases
and decreases in particular items, the total excess of actual exspare parts and accessories. In addition to this, I am asking
for the same
penditures over the estimate, $54,000,000, is but slightly in excess of the
purposes for the Coast Guard, Department of Commerce,
and the National amount
paid to the railroads on account of back mall pay, an expenditure
Advisory Committee for Aeronautics a total of $460,000.
which could not have been anticipated in the estimate
With regard to the army, provision is made for the
procurement of the
For the current fiscal year 1930, there is a marked improvement over
443 airplanes pertaining to the fourth increment of the five-year
program the financial situation
authorized by the Congress. This program calls for
as estimated in the budget for 1930 transmitted to
1,515 planes to be on the
Congress in December 1928. Compared with the estimate of one year
hand and on order on June 30 1931, and it is believed that this
goal will be ago, the
receipts show an increase of about $408,000,000 and the expendireached or closely approached by the funds already appropriated
and the tures
about $243,000,000.
amounts estimated in this budget. The present shortage
In the program
On the receipt side the increase in the estimate is reflected generally
Is about 40 planes pertaining to prior increments. No amount
has been in the
income tax, 8305,000.000 due to an abnormal increase in the incomes
specifically included in the 1931 estimates to make up this
shortage, in view reported
by individuals for 1928 and to this exceedingly prosperous busiof the possibility of its reduction or complete elimination before
the final ness year;
miscellaneous internal revenue, $76,000,000, derived in the main
Increment is reached.
from
a steady expansion of the tobacco tax and increased stamp tax receipts;
Concerning the Navy Air Service, the last, or fifth, increment of the five
customs, $20.000,000: and miscellaneous receipts, about $7,000.000.
year program authorized by the Congress will be reached in
1931. This
On the expenditure side the principal items making up the increase
program contemplates about 1,000 planes and two lighter-than
air ships in the estimate
are 875.000,000 for the net expenditures from the revolving
to be on hand and in order at the close of that fiscal year. To
accomplish loan fund
of the Federal Farm Board, $77.000,000 for public debt retirethis, provision is made for the procurement of 269 airplanes,
including their
ments, $12,790,000 for the postal deficiency. $23,000,000 for the conequipment and for continuing the work on the two lighter-than-air
ship- struction and
modernization of naval ships, 842,000.000 for the Treasury
now under contract.
In addition to the amounts which we are spending for the acquisition Department, pertaining mainly to the construction and modernization
of naval ships, $42,000,000 for the Treasury Department, pertaining
of aircraft, we are also spending large sums for lighting and
equipping air- mainly to
the settlement of war claims and the public building program,
ways, the inspection and licensing of commercial planes and
pilots and and
$11,800,000 for the Veterans' Bureau.
furnishing weather reports necessary to the carrying on of aerial
tion. For these purposes there is inlcuded in the estimates of the navigaDepartTax Reduction.
ment of Commerce $8,925,830 and in those for the Weather Bureau of
the
With an estimated surplus of over 8225,000.000 this year and $122,Department of Agriculture $1,400,000. It is estimated that by the
end of 000.000
next year, it is felt that some measure of reduction in taxes is
the fiscal year 1931 there will be about 18,400 miles of airways lighted
and Justified.
Since the fiscal year 1921 four reductions in taxes have been
equipped.
made.
Experience
has shown that each reduction in taxes has resulted in
The French Debt.
revenue
in
excess of the mathematically computed return under the reIn the message transmitting the 1930 budget to the Congress, the French
debt was discussed. A portion of the indebtedness of France, representing duced rates. Undoubtedly an increase in the prosperity of business brought
forth by tax reduction is partly responsible for this experience. Such
surplus war materials purchased on credit, was due to mature during the
reduction gives the taxpayer correspondingly more for his own use and thus
fiscal year 1930, unless the agreement of Apr. 29 1928, providing for the
funding of the entire indebtedness of France to the United States, should increases the capital available for general business.
Under the present circumstances I am in favor of a reduction in i come
be ratified by both France and the United States, in which case this intaxes to be effective on returns for the calendar year 1929. which will be
debtedness would be merged in the general indebtedness of that governdue March 15 1930. Payment under these returns will be made during
ment to the United States.
the last half of the current fiscal year 1930 and the first half of the coming
In the Spring of this year, it seemed clear to the treasury that the Govern- fiscal
year 1931, so that the reduction will be reflected in the two years for
ment of France would ratify the French debt agreement prior to Aug. 11929,
which we now anticipate a surplus.
the maturity date of $400,000,000 face amount of these obligations menI therefore recommend that taxes upon incomes for the calendar year
tioned in last year's budget message. The Congress of the United States
1929 be reduced in the approximate sum of $160,600,000. I would sugwas considering the question of recessing for two or three months and the
gest to the Congress that this be effected, as recommended by the Secretreasury was faced with the situation that the debt agreement would be tary of
the Treasury, by reducing by 1% the rate of the norma, tax on the
ratified by France, that certain obligations of that government would incomes
of individuals and corporations, applicable to 1929 incomes and
mature on Aug. 1, that the Congress would not be in session, and that
Payable in the calendar year 1930. This will afford either directly or
there was no authority on the part of the executive branch of the governindirectly relief to the maximum number of taxpayers.
ment other than to submit the obligations on their maturity date for payOur effort will be to conduct our financial requirements so as
to conment.
tinue the benefits of reduced taxation for succeeding calendar
years. It
The matter was submitted to the Congress with a recommendation that, would not,
however, at this time be safe to extend the period of the reduction.
In the event the funding agreement was ratified by France. In accordance A year
hence we will know more definitely whether the condition of our
with its terms, prior to Aug. 1 1929, the Secretary of the Treasury, with
the finances justifies a continuation of extension of the reduction.
DEC. 7 1929.]
FINANCIAL CHRONICLE
3539
Credit Conditions.
Toward the end of the calendar year 1927 the Federal Reserve System
began to exert its influence in the direction of firmer money market conditions. This policy was adopted primarily because of continued growth
in the volume of member bank credit at a time when credit requirements
of industry and trade were not expanding and when the demand for credit
from the security market was increasing. In pursuance of the System's
firm money policy, a large outflow of gold to foreign countries during the
first half of 1928 was permitted to have its full effect on member bank
reserves, and in addition the Reserve banks sold several hundreds of millions
of securities. By the middle of 1928, the beginning of the fiscal year ending
June 30 1929, the country's stock of monetary gold had declined by about
$500,000,000 from the level of the preceding June, and Reserve bank
holdings of securities had been reduced by about 5170,000.000. This
outflow of gold and the sale of securities by the Reserve banks tended to
deplete member bank reserve balances, and led to increased borrowing
at the Reserve banks to restore these balances to the level required by law.
The volume of discounts for member banks averaged somewhat in excess
of $1,000,000,000 in June and was larger than at any time since the beginning of 1922. Furthermore, the rates of discount charged by the Reserve
banks on member bank borrowing, which in the early autumn of 1927 had
Dec. 2 1929.
been 3M % at all Reserve banks, were increased by the 7th of June to 4;4%
throughout the System. Discount rates were further advanced to 5% in
July at the New York bank and soon thereafter at all other Reserve banks,
except four western banks, which did not increase their rates until the
of 1929.
Annual Report of Secretary of Treasury Mellon— spring
In August, 1928, the Reserve banks, with 'a view to accommodating
Flexibility in Tax System Proposed in Recommend- the seasonal demand for credit to finance the harvesting and marketing
agricultural products, increased their purchases of acceptances, and
ing Reduced Taxes Applying to 1929 Incomes— of
by the middle of November the banks' holdings of bills had grown by
member banks by the
Study of Branch Banking Tendencies Favored— $300,000,000. The reserve funds made available toincrease
in the demand
purchase of acceptances enabled them to meet the
Reorganization of Federal Farm Loan Bureau for currency, which is usual at this period of the year, particularly in agriand at the same time to liquidate a part
Completed—Treasury Bill and Tax Exemption of cultural sections of the country,
of their indebtedness at the Reserve banks. The System's purchases of
Federal Securities—Credit Conditions.
acceptances also had the effect of producing somewhat easier conditions
in the money market, and of facilitating the financing of the seasonally
In his annual report to Congress on Dec. 4, Secretary of heavy movement of commodities to foreign markets.
the Treasury Andrew W. Mellon, states that "the outstandDuring 1928, accompanying the Reserve System's firm money policy,
and
ing financial events of the fiscal year, affecting either Federal there was a slowing down in the growth of bank .credit. Total loans
investments of member banks in leading cities, following rapid growth
revenues or expenditures were the continuance of an active in
the early part of the year, declined somewhat between May and Novemand rising stock market, declining bond prices, a change in ber, notwithstanding the growth in the requirements for financing commerand agricultural operations. The volume of loans on securities remained
cial
the character of security floatations, and the emergence of
constant during this period, while investment holdings were
relatively high interest rates. Interest in the report, which relatively
reduced. In the latter part of the year, however, easier conditions in the
the
money market were accompanied by renewed increase in the demand for
is for the fiscal year ended June 30 1929, centers in what
in the security market, which was reflected at the end of the year in
Secretary has to say regarding tax reduction. In stating that credit
marked firmness in rates for open market collateral loans. There was a
taxpayers
"the
believes
that
Department
the Treasury
further growth of member bank loans to brokers and dealers in securities
should receive the benefit of any prospective surplus in the as well as continued increase in the volume of such loans made by corporaform of tax reduction" it is pointed out that "a surplus may tions and individuals, both foreign and domestic.
Conditions after the turn of the year indicated the persistence of inflube recurring or temporary," and since "it is impossible to ences
tending toward the excessive flow of credit through speculative
assure the permanency of the reduced rates," Mr. Mellon channels and the continuance of firm money conditions. In February
to the Reserve banks and
considers it "highly desirable to introduce some element of the Federal Reserve Board, in communications
in published statements, took the position that individual member banks
flexibility in our tax system in order to take advantage of a were
Reserve Act if they were
Federal
not acting within the spirit of the
surplus whose permanency is not assured." According to the continuously borrowing from the Reserve banks and at the same time expanding their loans on securities or even maintaining a large volume of
report the estimates of receipts and expenditures indicate a such
loans. In April and May security loans for member banks declined,
surplus of $226,000,000 in the fiscal year 1930, and of and during May total loans and investments of member banks were in
out
in
pointed
the about the same volume as a year earlier, indicating that an entire year had
$123,000,000 in the fiscal year 1931. It is
without any growth in bank credit. In June, however, there was a
report that in the matter of estimating future revenue "we elapsed
rapid rise in loans on securities, and in July, August, and September a
determining
of
the
problem
usual
are not only faced with the
large growth of loans, chiefly for commercial and agricultural purposes.
part by a decline in investments,
business trend during the current calendar year and of Although these increases were offset inmember
banks in leading cities avertotal loans and investments, which for
forecasting the business trend during the coming calendar aged
S22,646,000,000 during September, were about $330,000,000 larger
of
year, but we are confronted with the difficult problem
than in January and $780,000,000 above the level of September, 1928.
Money rates, which had advanced throughout the larger part of 1928
determining what effect the precipitous decline of security
and the first half of 1929, were at the end ot that period at the highest
values recently witnessed will have on the profits from levels
in more than seven years. The development of firm money conditions
security transactions, which unquestionably yielded a very had its most pronounced effect on open-market rates, particularly rates
rates on
large income in 1928, and for the first eight months of the Paid on loans collateraled with stocks and bonds. Open-market
time loans on securities, at 8-85i% in June, were about 23(% higher than
calendar year 1929." The report goes on to say:
about
were
a year earlier, while rates on bankers' acceptances, at 5Ji%
The immediate problem is how to give to the taxpayers the benefit of the
% above the level of the year before, and rates on commercial paper,
surplus which seems reasonably certain in the fiscal year 1930 without at 6%, were 1 3 % higher. During the same period rates on loans to cusrunning the risk of incurring a deficit during the fiscal year 1931. The fact tomers increased on the average by about ;i of 1% for the country as a
that the income tax year does not coincide with tho fiscal year increases the while. Although rates on commercial loans, both in the open market
difficulties of finding a solution. A flexible normal tax rate seems to furnish and to customers, increased during the year ample credit was available to
the key.
accommodate the large volume of industry and trade. While there was
The Treasury Department believes that the following program will pro- some recession in the construction industry, there was no evidence that
vide a maximum tax reduction without incurring an unwarranted risk of business activity in general was unfavorably affected. There was, however,
a deficit in 1931.
a marked falling off in the volume of bond issues brought out during the
The enactment by the Congress of a joint resolution declaring:
Period. This was particularly true of offerings of foreign corporate and Gov1. That the normal tax rate on the income of individuals for the calendar ernmental issues. Notwithstanding this sharp decline in long-term foreign
Year 1929, payable 1930, shall be %%,2%,and 4%,instead of the existing financing in this country, foreign countries were able to continue the importation of American commodities in large volume and also to place funds•
rates of 13 %,3%, and 5%.
and in short2. That the tax rate on the income of corporations for the calendar year in the United States to be used in the purchase of securities
time loans to the security market.
1929, payable 1930, shall be 11% instead of the existing 12%.
The movement of funds to the United States from abroad caused by
This should result in a decrease of income tax collections during the
of security investcalendar year 1930 of approximately S160,000.000, about equally divided the high level of money rates and the attractiveness
ments resulted in the early part of 1929 in a considerable importation
between tho fiscal years 1930 and 1931.
June the total stock of monetary
A year from now, depending upon the revenue propects at that time, the of gold by this country. By the end of
gold in the country was more than $200,000.000 above the low point
Congress may pursue one of three courses:
which represented nearly one-half
increase
an
1928,
of
middle
the
at
reached
1. It may make the proposed rates for 1929 income permanent.
of the gold exported in 1927 and 1928. This increase in gold stock was the
fixing
the
resolution
normal
concurrent
rates
at
2. It may pass another
chief factor accounting for a decline in the demand for Reserve bank credit
this or some other point for 1930 income; or
in the early part of 1929. It was not, however, reflected in a decline of
rates
would
be
existing
action,
automatically
any
take
3. By failure to
member bank indebtedness, but was taken up in the liquidation of Reserve
restored.
bank holdings of acceptances which proceeded rapidly during this period.
Member bank indebtedness at Reserve banks during June, at about
In his comments on credit conditions Secretary Mellon $1,000,000,000.
was in about the same volume as a year earlier. The
says, "a review of the policy of the Federal Reserve Board decline in acceptance holdings in the first half of the year reflected in part
that the System's buying rates for acceptances were above the
during the past year shows that it has endeavored to guard the fact rate,
a situation which was less favorable to the sale of acceptances
discount
against an undue extension of credit through speculative to the Reserve banks. In July and August, buying rates on acceptances
ehannels and to conserve the country's credit resources for were reduced, while on Aug. 9 the discount rate was advanced from 5 to
at the New York Reserve bank. As a consequence, bill holdings of
the purpose of meeting future requirements of industry and 6%
the Reserve banks increased and conditions in the money market became
what
the
this
on
herewith
report
says
trade." We quote
somewhat easier at the time of year when agricultural activities give rise
to seasonal increase in credit requirements.
subject.
Conclusion.
Our finances are in sound condition. The public debt, which at its
Peak in August 1919, amounted to $26,596,000,000, stood at $16,931,000,000 on June 30 1929. We are wisely committed to a policy which
insures the further progressive reduction of the debt. We will reach
in 1931 for the first time the period when the annual reduction required
by law in the principal of the debt will be greater than the annual interest
charges on the debt. We are also committed to the annual amortization
of our other long term commitments,such as the adjusted service certificate
of the veterans of the World War and our liability under the retirement
laws affecting civilian personnel.
Our estimated expenditures for this and the next year are well within
our expected receipts. With the recommended reduction in taxes the
margin between the two will be considerably lessened, but to what extent
we do not definitely know to-day. This situation emphasizes the necessity for a careful scrutiny of any proposed additional activities which
would involve a material increase in expenditures in order that we may not
Jeopardize either the balanced condition of the budget or the continuation
of the benefits of reduced taxation.
HERBERT HOOVER.
3540
FINANCIAL CHRONICLE
A review of the policy of the Federal Reserve Board during the past
year shows that it has endeavored to guard against an undue extension
of credit through speculative channels and to conserve the country's credit
resources for the purpose of meeting future requirements of industry and
trade. The gold that came into the country during the year ending June
30 1929, was not added to member bank reserves and did not constitute
the basis of expansion of the country's credit structure, but was used to
liquidate Reserve bank credit. Chiefly as a result of the inflow of gold,
total reserves of all Reserve banks increased by more than $300,000,000
during the year. Since the banks' total note and deposit liabilities showed
relatively little growth, the reserve ratio for all banks combined increased
from 68% to 74.5% and the volume of reserves in excess of legal requirements increased by about $300,000,000. At the nod of the period, therefore,
the Reserve banks were in a stronger position than a year earlier, and were
better prepared to meet any emergency demands that might arise, as well
as to provide the basis for meeting the increase in the country's credit
requirements growing out of year-to-year growth in the volume of industrial
commercial and financial activity.
Branch and group banking are discussed in the report, and
it is noted under this heading that "in banking, as in other
enterprises of this country, there is increasing evidence of a
movement toward larger operating units." It is stated in
the report that "in view of the fundamental economic situation which has given impetus to the organization of group
banking systems and to the growth in branch banking, it is
desirable that these developments be carefully studied. In
the meantime it is hoped that any further extension of group
and branch banking organizations will proceed with moderation, and that hasty legislation, either to liberalize or to
constrict limitations now in effect will be avoided." "The
time has come," the report adds,"when it would seem to be
wise to undertake a thorough study of the situation with a
view to determining the present-day tendencies, and more
particularly the limits of the economic units within which
branch banking may be advantageously permitted."
Below we give some portions of the report, including those
bearing on tax reduction and branch banking, as well as
references to the gold Reserve fund, Treasury bills tax
exemption of Federal securities, issue of new small size
currency, obligations of foreign Governments, receipts from
Germany and the Young plan, the reorganization of the Farm
Loan Bureau, the estimates of receipts and expenditures, &c.:
During the fiscal year 1929 the Federal revenues reflected the prosperity
prevailing in the calendar year 1928, which not only increased the
incomes
of corporations taxable as such, but also increased the taxable income
distributed to individuals. This prosperity was reflected in increased
wages
and profits from industry and commerce and in the rising prices ofsecurities,
particularly stocks, realized gains on the sales of which increased individual
incomes and, to an even greater extent, the tax collections. The active
and prosperous business conditions prevailing in the calendar year 1928
Continued into the calendar year 1929.
Variations in business and financial conditions are an important factor in
determining Federal Budget results. The formulation of future budgets,
as well as plans for handling the Federal debt, must be based upon a careful
study of current and prospective business and financial conditions.
BUSINESS AND FINANCIAL CONDITIONS DURING THE FISCAL
YEAR 1929.
Business Conditions.
Business conditions during the fiscal year were highly satisfactory, the
changes revealed by various index numbers showing distinct advancement
in production and distribution.
Volume of Business.—The physical volume of industrial production for
both manufactures and minerals was slightly higher at the beginning of the
fiscal year than at any time during the preceding year, and each succeeding
month showed substantial gains over the corresponding month a year earlier.
The usual seasonal decline expected during the late fall and early winter
months was not realized. The total increase during the year wassomewhat
over 10%. This increase more than offset a decline of 3% between 1927
and 1928. but the net increase of 7% over the 2-year period represented an
average annual increase which approximated the customary long time rate
of growth.
Automobile production during the year set a new high record with an
increase of approximately 53%. Production during the early winter months
declined leas than usual, and the increase during the spring and summer of
1929 was far in excess of last year. Part of this increase was due to the
resumption by the Ford factories after a period of greatly retarded activit
The production of steel ingots, for which the manufacture of automobiles
constitutes one of the major sources of demand, increased. However, the
demand for steel in other lines did not parallel that for automobiles and
therefore the net increase was only 22%, or less than half the increase for
automobiles.
The increased volume of manufacture has been accomplished partly
through increased labor efficiency and the use of more machinery. During
the fiscal year, however, there was a 2.6% increase in factory employment
and a 5.7% increase in payrolls, in contrast to the downward trend noticeable in earlier years.
Freight-car loadings increased 4.3% during the year. The reduction in
loadings of livestock and forest products was more than offset by increases
in grains, coal, coke, ore, less-than-carload merchandise, and miscellaneous
products.
Building construction was one of the few lines of industrial activity showing decreases. The net decrease as measured by contracts awardel was
5.2%. This decline may be attributed in part to the higher interest rates
prevailing. The construction of industrial building apparently was not
hampered by a lack of funds since building of this character showed a 28.7%
increase. Residential construction, on the other hand, decreased 15.3%.
Commodity Prices.—There was no important change in the price situation.
Although the wholesale prices of all commodities at the end of the year
according to the index numbers of the Bureau of Labor Statistics were
nearly 2% lower than at the beginning, the average of such prices for the
whole of the fiscal year was 0.88% higher than for the preceding year.
Trade.—Distribution of goods to consumers by chain stores, department
stores, and mall order houses showed a continuation of the trends of recent
years. The continued rapid increase In chain store sales must be discounted
[VOL. 129.
somewhat because a large proportion of the growth is due to the change in.
the number of stores operated. The large mail order houses have also
entered this field by establishing numerous branch stores of the department
store type in various cities.
The foreign trade of the United States approached $10.000,000,000.
Exports were 5.4 billions and general imports 4.3 billions. This was an
increase of 10.2% in exports and 3.5% in imports over the preceding fiscal
year.
Business Profits.—These changes in the physical volume of production,
trade, and price level, together with changes in interest rates, all have an
effect on profits, but there are other determining factors, such as efficiency
of management and labor, and inventions and improvements. The business developments of the year are reflected in the revenues primarily through
changes in the net income and tax returned by corporations and individuals.
Since income tax returns are largely made on the calendar year basis, the
changes in profits will be considered by calendar rather than by Government
fiscal year periods.
Complete data from income tax returns for the calendar year 1928 are
not now available, but the data on hand indicate that the net income of
corporations to be reported for tax purposes will have increased about
11% over 1927. For individual Incomes, extraordinary profits from sales
of assets and the continued increase in income from other sources account
for greater tax receipts during the latter half of the fiscal year. The effect
of part of this increase will be carried over into the first half of the fiscal
year 1930, that is, to collections from July to Dec. 1929; and the collections
for the last half of the fiscal year 1930 will depend largely on the business
conditions of the calendar year 1929.
Agriculture.—Only a very minor part of Federal taxes are collected
directly from those engaged In agriculture. Corporation taxes very seldom
apply and many individuals engaged in this industry are exempt from
individual income taxes. Indirectly the changes in agriculture play an
important role both as cause and as effect of changes in net income in other
industries. Developments in agriculture also have an important interrelationship with receipts from customs and with the expenditures of the
Department of Agriculture and of the new Federal Farm Board. According
to figures published by the Department of Agriculture, the gross income of
agriculture increased during the fiscal year from 12.3 billions to 12.5 billions,
or less than 2%. The income from cotton production remained constant.
that from meat animals and from dairy and poultry products showed some
gains which were in part offset by decreases from grains, fruits, and vegetables. The net income available for the total capital invested in agricultural
production, including rewards for management, increased from 2.72 billion
to 2.75 billion. Of these amounts 1.17 and 1.19 billion represented returns
to the operators as rewards for management and returns on their net capital
Invested. The average prices received by farmers and those paid by farmers
for commodities bought were practically the same in the fiscal year 1929 as
in 1928, although the month to month changes during the years were not
identical.
Financial Conditions.
The outstanding financial events of the fiscal year affecting either Federa
revenues or expenditures were the continuance of an active and rising stock
market, declining bond prices, a change in the character of security flotations, and the emergence of relatively high interest rates.
Stock Market Activity.—Stock market activity was characterized by rising
prices, increased turnover or sales, and increased brokers' loans. The
number of shares of stock sold on the New York Stock Exchange alone
Increased from 720,000,000 during the fiscal year 1928 to 1.042,000.000 in
1929, an increase of 44.6%. The total value of domestic capital stock issues
increased from $2,343,000,000 to $5,259,000.000, or 124.5%. The increase
in the turnover of all stocks and in the issuance of new domestic capital
stock accounts for a large increase in the collections from the stamp tax on
capital stock transfers and issues. The gains realized from such turnover
aaccount for a large part of the increased revenue from individual income
taxes.
New Financing and Refunding.—There were significant changes in the
character and amount of new securities offered, in the securities Issued for
refunding purposes, and in the offerings of new foreign securities. Securities
offered solely by domestic business corporations amounted to $7,011,600,000, exclusive of refunding issues, an increase of $2,486,200,000, or
54.9% over the preceding year. Of the amount offered $3,224,200,000 was
in the form of common stock, an increase of 280%, and $1,418,400,000 in
the form of preferred stock, an increase of 46.8%. The balance, representing bonds and notes, decreased 12.6%. Issues of securities by domestic
corporations for refunding purposes in the form of bonds, notes, and preferred stock decreased from $2,039,400,000 to $603,500,000, while refunding through the issue of common stock increased from $154,400.000 to
$605,400,000. Foreign securities offered in the United States, exclusive
of refunding issues and consisting chiefly of bonds, decreased from $1,505.600,000 to $871,000,000, or over 42%•
Future Federal tax receipts should not be materially affected by the
change in corporate financing, from bonds to stock, although the source of
some tax receipts is shifted. Losses from taxes formerly collected from
individuals upon their receipts of interest from corporations will probably
be more than recouped from corporations because an equivalent amount of
t nwill
et inn
co
omlonger
be deducted by corporations in computing their
lo
en
.
taxable
Interest Rates.—Under the pressure of demand for funds arising out of
the extraordinary situation prevailing in the stock market, interest rates
rose
edn
during
ur
min
egt
.he fiscal year and increased the interest cost to the Federal
Interest rates were rising at the beginning of the year, declined somewhat during the fall months, and rose again, beginning in January. The
discount rate was increased at seven Federal Reserve banks from 4% to
5% in July 1928, followed by advances at other banks, the 5% rate preveiling by May 20 1929. The New York Bank raised its rate to 6% on
Aug. 9 1929. Interest rates, measured by the yields of 60 high-grade
bonds, rose from 4.50% in June 1928 to 4.73% in June 1929, and commercial paper rates during the same period rose from 43-5 to 6%.
Federal Government borrowing was effected at much higher costs than
during the preceding fiscal year. The Federal Government floated issues
of certificates of indebtedness with 3% and 4% coupon rates in June, 1928,
but had to offer 4%% in September, 1928, 4%% in October, 1928, and
March 1929, and 5%% in June 1929. there being but one recession in the
advance in rates, that of a 4% issue in December 1928. These rates
were distinctly higher than in the preceding fiscal year when the coupon
rates varied from 3 to 4%, so that the average rate paid upon the entire
Federal interest-bearing debt at the end of the year was 3.95% as compared with 3.88% one year earlier.
BUDGET RESULTS.
The Surplus.
The fiscal year 1929 closed with a surplus of $184,787,035 of ordinary
receipts over expenditures chargeable against ordinary receipts, according
to the daily Treasury statement, unrevised. Of this surplus $123,701,014
FINANCIAL CHRONICLE
DEC. 7 1929.]
had been applied to retire the public debt during the year and the balance
was carried forward as an increase in the net balance in the general fund.
to be applied to debt retirement shortly after the beginning of the fiscal
year 1930.
Measured in terms of total receipts, the surplus amounted to 4.58%•
A small margin of safety in the form of a surplus is far more desirable
than a deficit: especially since there is a large public debt outstanding to
which small surpluses can be applied, thereby permanently reducing
interest charges.
The surplus this year was the smallest since 1921. The annual surpluses
since 1921 are shown in the following table:
Ordinary Receipts, Expenditures Chargeable Against Ordinary Receipts,and
Surplus, 1922 to 1929.
Kin basis of daily Treasury statements (unrevised)l.
Fiscal Year.
1922
1923
1924
1925
1926
1927
1928
•
MA
Total Ordinary
Receipts.
Expenditures
Chargeable Against
Receipts.
Surplus
$4,109,104.151
4,007,135.480
4,012,044,701
3.780,148,684
3,962.755.690
4.129,394.441
4,042,348,156
4 oss 2AA 22A
$3,795.302,500
3.697,478,020
3,506,677,715
3,529.643.446
3.584,987,873
3,493,584,519
3,643,519.875
$313,801,651
309,657.460
505,368,986
250.505.238
377.767.817
6$5,809,922
398,828,281
R R4R 4AR 1011
154 7R7 055
3541
The effect of the Act of 1928 on miscellaneous internal revenue is very
evident. The repeal of the excise tax on manufacturers'sales of automobile;
caused a reduction in taxes from this source of $46,000,000. The changes
In the tax on admissions reduced taxes 312,000.000.
These decreases from tax reductions were nearly offset by the increase
stock.
in tobacco taxes and the stamp tax on sales or transfers of capital
The latter increased from $24,200,000 to almost $37,600,000, or over 55%,
Tobacco
due to the enormous turnover of securities on the stock market.
taxes increased faster than the average rate of growth In recent years.
Collections from all tobacco taxes increased from 3396.000,000 in 1928
to $434,000,000 in 1929. The tax on small cigarettes showed an increase
of 340,200,000, while the tax on all other tobacco decreased $2,200.000.
rate
Collections on tobacco in recent years have been increasing at a
varying from about 5 to 7% each year but increased slightly more than
misthe
of
64%
9.6% during the last fiscal year. These collections yielded
cellaneous internal revenues in the fiscal year 1928 and over 71% in 1929.
revenue
The tobacco taxes constitute not only the major source of internal affected
other than income taxes, but also the source which has been least
by changing business conditions.
Miscellaneous receipts from nontax items decreased from 3678,400,000
Considerably
in 1928 to $4493,000,000 in 1929, or about $185,000,000.
which
more than half of these receipts are derived from Government assets
payments
are in the process of liquidation, such as interest and principal
Small
property.
surplus
on Government-owened securities, and sales of
more
amounts are derived from a wide variety of minor sources. The
-owned
important changes during 1929 were in the receipts from Government
securities. Proceeds from Government-owned securities, other than foreign
in the preceding
obligations, were $22.500,000, or $151,000,000 smaller than
Expenditures chargeable against ordinary receipts declined sharply during the fiscal years 1920 to 1923, from $6,482,000,000 to 33,697.000,000, year.
from the
and reached their lowest point, 33,494,000.000. during the fiscal year 1927.
The Treasury's estimates for the fiscal year 1929 of receipts
Receipts declined from $6,695.000,000 in 1920 to 33,780.000.000 in 1925, corporation tax and from back taxes were reasonably accurate but owing
except for a slight increase in 1924, increased in 1926 and 1927, and re- to the unprecedented conditions, which it was impossible to forecast with
considerably
mained above $4,000,000,000 in 1928 and 1929.
certainty, the receipts from individual income taxes were
Prior to 1929 the surpluses are not to be considered as due primarily to underestimated. Customs duties, including the tonnage tax, were estithe taxes collected during the various years, but to unusual receipts, ac- mated at $582,000,000 an underestimation of $20,000,000. This increase
companied by annual savings due to the observance of strict economy in Is accounted for in large measure by the larger imports of sugar following
expenditures under decreased appropriations. In the fiscal year 1927, the removal of Cuban control and by the imports anticipatory of the imreceipts derived from sources of a temporary nature amounted to $414.- pending changes in our tariff rates, experience having shown that imports
000,000. In 1928 such receipts amounted to $318,000.000, while in 1929 tend to increase prior to tariff legislation. Miscellaneous internal revenue
they fell to approximately $80.000,000. Of this decrease, $149,000.000 receipts exceeded the Treasury estimates by 330,000.000. This difference
occurred in the receipts from railroad securities. Receipts of back taxes between the actual miscellaneous internal revenue receipts and the receipts
on incomes decreased $41,000,000 and refunds of internal revenue increased as estimated by the Treasury is accounted for principally by two items$42,000,000, resulting in a decrease of about $83.000.000 in net receipts 312.000,000 excess of estate tax receipts over estimates and the 313,000,000
in
from back taxes.
increase in transfer stamp tax collections due to the unusual activity
The chief characteristic of these unusual sources of receipts, with the security markets.
exception of back taxes, is that they will yield little or no revenue in future
Expenditures.
years. The surplus in 1929 probably should be viewed as fortuitous.
Total expenditures chargeable against ordinary receipts amounted to
The extraordinary increase of $230,320,000 In the current income taxes
$3,643,519,875 in 1928, or an increase
from individuals is largely responsible for the excess of receipts over expen- 33.848,463.190 as compared with
items of increase consisted of increased
ditures. The total of all receipts was practically the same as in 1928. of $204,943,315. The principal
payable from the Treasury, of which
while expenditures increased nearly $205,000,000. Without the increase postal expenditures of 3105,000,000 Post Office Department,$9,000,000
with
In individual income taxes the surplus in 1929 would have been converted $52.000.000($43,000,000 included
transwith postal deficiency) were for compensation to railroads for mail
Into a deficit.
decision, of Increased in1 portation as a result of a recent Supreme Court
Receipts.
expenditures
$42,440,000. of increased naval
l ternal revenue refunds of
The total ordinary receipts of the Federal Government during the fisca of $33,230,000, of flood control, and other expenditures connected with
over
from
of
the
decline
$9,000,000
fisca flood relief of 327,900.000. of the first Governmental contributions to the
Year 1929 were $4,033,250,225. a
year of 1928.
civil service retirement fund of $19,950,000, of 315.960,000 increased
Increales totaling $176,324,747 in receipts from taxation as compared Veterans' Bureau expenditures, of increased public building expenditures,
with the preceding year were more than offset by decreases in miscellaneous and of increased compensation to Government employees. The principal
receipts. Receieta from taxation, strictly speaking represent that portion items offsetting these increases are 350,000,000 for war claims paid in
of the Government revenue which is derived from authorized levies upon 1928 and a decrease in interest paid of $53,430,000.
increase
the people primarily to secure funds for the conduct of Governmental acExpenditures as compared with the budget estimate show an
tivities. Nontax receipts are composed of amounts received by the Govern- of $53,720,000. Though there are a number of decreases and increases in
offset
extent
large
a
to
which
ment incidental to the performance of its various functions. Among these In the expenditures of the various departments
are receipts of interest and principal payments from Government-owned each other, this is accounted for principally by threeltems-352.000.000 paid
obligations; receipts from Panama Canal tolls: receipts from sales of surplus to the railroads, as mentioned above, an increase of some 338,770.000 in
Property, which represent the liquidation of property purchased by the internal revenue refunds, and a $12.167,000 loan to the Greek Government,
Government in preceding years; and receipts from trust funds, which are or a total of 3102,937,000. This amount of increase was partially offset
invested as specified for the particular trust. The increase in tax receipts by reduced expenditures in various directions totaling some $49.217,000
of about $176,000,000 represents an apparent Increase in the amount taken
THE PUBLIC DEBT.
directly from the people for the running of the Government. However, the
actual increase In current tax collections was nearly $217,000,000 due to
General Review of Operations.
years
due
prior
in
decreased
the fact that collections of taxes on incomes
The retirement of the war debt proceeded during the fiscal year 1929 in
$41.000,000. This increase in current tax collections was due largely to the
Exclusive of one-day special
changes in productivity of specific sources of taxes considered in detail in accordance with the established program.
certificates of indebtedness, public debt issues aggregated 32,815,341,the following paragraphs.
and the gross debt was
Receipts from customs, which had reached high levels during the fiscal 732.37, retirements aggregated $3,488,434.547.70.
316,931,197.747.60. The reduction of
Years 1926 and 1927, amounting in the latter year to $605,000,000, declined reduced from 317,604.290,562.93 to
expenditures aggregating
to $569,000,000 in 1928. and rose again in 1929 to $602,000,000, an increase $673.092,815.33 was brought about through
chargeable to ordinary
of $33,000.000, which represents primarly a revival from the business re- $549,603,703.75 for sinking fund and other accounts
surplus receipts.*
cession in 1927, affecting collections in the fiscal year 1928, and possibly receipts and through the application of 3123,489.111.58
The refunding of the third Liberty loan, which matured on Sept. 15
anticipation of tariff revision.
through an Issue on
Income tax receipts were larger than those of the preceding fiscal year, 1928, was completed in the early part of the fiscal year
1940-1943, in amount $359,Yielding $2,331,000.000 as compared with $2,174,000,000 in 1928, or an July 16 1928, of 3H% Treasury bonds of certificates of indebtedness,
increase of $157,000,000. The collections from taxes due in prior years, 042,950, and through two issues of Treasury
3549,310,700, and
or back taxes, decreased from 3278,000,000 In 1928 to $237,000.000 in 1929, 434%, Series TJ-1929, on Sept. 15 1928, in amount
%, Series TS-1929, on Oct. 15 1928. In amount $308,806,000 A full
or about $41,000,000. Smaller collections from back taxes have been
On Oct. 311929.
anticipated by the Treasury, due to the reduced volume of unaudited re- account of these issues was given in my report for 1928.
not been presented
turns of the war years, which were a major source of back taxes in preceding a balance of $14,757,450 third Liberty loan bonds had
for payment.
years.
Other financing during the year was restricted to the usual quarterly
Current income tax collections from individuals increased from $788,an
1929,
in
$1,019,002,000
of
Issues of Treasury certificates of indebtedness at the maturities of other
increase
to
1928
year
the
fiscal
682,000 in
due, in
$230,320,000, or nearly one-third, without any change in the rates of tax. certificates. On Dec. 15 1928. three series of certificates became
that date
Most of this increase occurred during the last half of the fiscal year and was total amount about $530,000,000, and the Treasury offered forin amount
% Treasury certificates of indebtedness, one
due to the abnormally large increase in individual incomes in the calendar two series of
other in amount
year 1928. The taxes collected on individual incomes filed for the calendar $209,981,000, with nine months' maturity, and the
In the latter half of the fiscal
year 1928 will show an increase of about 40% over the collections for the $310,245,500, with maturity of one year.
15 1929, In
on
March
series
calendar year 1927. Some of this increase is due to the normal growth of Year three series of certificates matured—two
1929, in amount
individual incomes, the prevailing prosperity, and the cumulative effects total amount $506,000,000, and one series on June 15
in such respects, two
of lower and more reasonable rates. A minor amount is due to the effect $470,000.000. To meet the Treasury's requirements
on March
on individual incomes of reduced taxes on corporations, but the bulk of the series of Treasury certificates of indebtedness were issued—one
in
3475.998,500,
amount
increase is due to the unusual profits realized in the calendar year 1928 on the 15 1929. at 434 %, with nine months' maturity,
mamonths'
nine
likewise
with
at
1929,
534%,
15
June
on
and the other
exceedingly active and constantly rising stock market.
the circulars governing these
Current income taxes from corporations decreased from $1,108,054,000 turity, in amount $404,209,500. Copies of
concerning them, will be found
In the fiscal year 1928, to $1,075,348,000 in 1929, a decrease of $32,706,000. issues, together with public announcements
This decrease is due primarily to the reduction in the tax rate from 13% to with the appended exhibits.
there was offered for sub1930
fiscal
year
the
of
quarter
first
In the
12% on corporation incomes earned after Dec. 311927. Since the percentissue of 4%% Treasury certificates of indebtedness.
age reduction in taxes collected was not as great as the relative reduction scription on Sept. 6 an
maturity, to meet the Treasury requireIn the tax rate, it is apparent that the increase in incomes in 1928 was almost dated Sept. 16, with a nine months'
to provide for about $510,000,000 maturing
large enough to offset the effect of the decline in business in 1927 and of ments, and in particular
with this issue the Treasury
connection
In
1929.
15
Sept.
certificates on
the reduction in tax rates in 1928.
face amount 334% Treasury notes
Receipts from miscellaneous internal revenue taxes declined from $621,- offered to purchase up to $100,000.000
and C-1930-1932, through the optional
000,000 to $607,000,000. or $14,000,000. Increased collections from to- of Series A-1930-1932, B-1930-1932, payment of subscriptions for the new
part
bacco products and from documentary stamps were more than offset tender of such notes at 98, in
$1,480,696,500 were
by decreases due to tax.reductions applying to admissions and automobiles. certificates. For this issue subscriptions aggregating
3542
FINANCIAL CHRONICLE
received, and a total of $549,707,500 was allotted and issued. The official
circular and the public announcements pertaining to this issue will be found
appended to this report.
This issue of 47i% Treasury certificate; of indebtedness Is the first under
the act of June 17 1929, which authorized issues exempt, both as to principal
and interest, from all taxation except estate and inheritance taxes. The
exceptionally large oversubscription for the offering is attributed in part
to the tax-exempt feature, as it constitutes an inducement to purchase for
Individual investors desirous of obtaining more complete exemption from
the surtaxes as well as from the normal rates levied on incomes. There was
no additional inducement given for corporations to subscribe, as they have
enjoyed exemption from income tax on such issues under earlier statutes.
Postwar Debt Reduction.
The war debt reached its highest point on Aug. 31 1919. In the full
decade thereafter ending on Aug. 311929. the gross debt outstanding had
been reduced from $26,594.267,878.45 to $16,805,433,171.38. a decrease of
$9,788,834,707.07, which was accomplished (1) through expenditures
aggregating $4,451,698,144.15 chargeable to ordinary receipts under the
established program for the liquidation of the debt;(2) through the application of $4,367,624,774.93 surplus of ordinary receipts; and (3) through net
reduction of $969,511,787.99 in the general fund balance. The annual
Interest charge on the interest-bearing debt outstanding on Aug. 31 1919,
was $1,105,690,254, and on Aug. 31 1929, $652,471,596. The gross debt
outstanding was reduced 36.8% during this 10-year period and the interestbearing debt was reduced 37.3%, the larger per cent reduction in interestbearing debt being occasioned through slight increases as between the two
dates in matured debt on which interest had ceased and in debt bearing no
interest. During this 10-year period the annual interest charge was reduced
41%. The effect of the reduction in interest charge is offset in part by the
appropriation for the sinking fund each year of the amount of interest
which would have been paid during the year on the bonds and notes retired
through the sinking fund, as provided by law.
It is of interest to compare the relative rapidity of debt reduction since
the World War with other postwar periods. The gross public debt outstanding, relative to war peaks, is shown graphically in diagram 6 (Treasurer's Report]for periods from the year preceding each declaration of war
to the year after the debt reached its subsequent low point. The curves are
drawn so that peaks of gross debt, calculated in each case as 100%,coincide.
The curves for each war show the relative liquidation of the gross debt in
each postwar period. According to this graphic comparison, the debt
reduction since 1919 has been quite similar to that of other postwar periods.
[VOL. 129.
The particular issues retired during this period follow:
Liberty bonds:
First 34s
First 46
First 44s
Second 48
Second 41$5
Third 43(s
Fourth 4
Victory notes:
3345
4345
Treasury notes:
5 A%, Series 13-1924
%,Series A-1925
434%. Serues 13-1925
434%, Series C-1925
44%,Series A-1926
434%, Series B-1926
434%, Series A-I927
434%. Series B-1927
3%%. Series A-1930-1932
Par Amount.
Principal Cost.
$11,000.00
1,000.00
24.850.00
670,900.00
374,735,400.00
1,261.876,000.00
13,943,650.00
$11,000.00
1,000.63
24,855.00
671,196.27
374,988,667.88
1,268,640,946.97
13,867,063.25
106,186,900.00
610,584,150.00
104,542,256.28
604,769,347.07
103.000,000.00
101,000.000.00
11,315,900.00
113.199.900.00
1,018,300.00
9,554.200.00
26,798,000.00
60,217,900.00
4,951,300.00
103,028,635.62
101.004,123.53
11,279,715.38
113,196,011.61
1,018,300.00
9,485,492.59
26.880,711.16
60,217,900.00
4.839,926.78
Total
$2,790,099,350.00 32.798,467,150.02
•Figures are on the basis of daily Treasury statements (revised).
The Currency Trust Fund and the Gold Reserve Fund.
The respective amounts of gold coin and bullion and silver dollars held
In the Treasury on June 30 1929 against equal amounts of outstanding gold
certificates, silver certificates and Treasury notes of 1890 were as follows:
Gold coin and bullion
$1,384,335,199
Silver dollars
468,753,942
Silver dollars, 1890
1,283.450
Total
$1,854,372.591
On June 30 1929 the gold reserve against United States notes and
Treasury notes of 1890 was 8156,039.088. The United States notes, for which
this reserve is held, are outstanding in the amount of $346,681,016, a
sum
which is fixed by law. When such notes are received they aro
reissued.
The Treasury notes of 1890, for which this gold reserve is also
held, were
outstanding on June 30 1929 in the amount of $1,283,450. When
such
notes are received they are not reissued.
Gold Held for the Federal Reserve Board.
The Treasury also holds in trust a large amount of gold for
the account
of the Federal Reserve Board. This Is known on the books
of the Treasury
as "Gold Fund, Federal Reserve Board," and amounted
on June 30 1929
to $1,562,425,579, an increase of $174,775,166 in
the fiscal year. The
fund is an aggregate of net deposits of gold made by the
Federal Reserve
banks, principally for the purpose of effecting clearance settlements
among
themselves, and by the Federal Reserve agents of gold received
by them
88 Part of the security against outstanding
Federal Reserve notes.
ESTIMATES OF RECEIPTS AND EXPENDITURES.
The following table summarizes cash receipts and expenditures
during
the fiscal year 1929 and the estimated receipts and
expenditures for the
fiscal years 1930 and 1931 on the basis of the latest information
received
from the Bureau of the Budget:
Summary of Receipts and Expenditures for the Fiscal Year 1920 on the Basis
of Doily
Treasury Statements (Unrerised), and Estimated Receipts and Expenditures
for the Fiscal Years 1930 and 1931.
•
Treasury War-Savings Certificates.
On July 15 1929, one of the most interesting features of the war financing
was brought to a close, when a small amount of the series of 1924 Treasury
scvings certificates matured. It will be recalled that two forms of obligations were issued: (1) war-savings certificates, payments on account of
which were evidenced by war-savings stamps, each having a maturity value
of $5, and (2) Treasury savings certificates, in amounts $25,
$100 and
$1,000 maturity value. Thrift stamps at 25 cents and Treasury savings
stamps at $1 each also were sold for the purpose ofaccumulating amounts
to
purchase the principal securities Both war-savings stamps and Treasury
savings certificates were sold on a discount basis, the principal amount being
payaole on a fixed date five years or less from date of issue, but
were
redeemable on demand at lesser amounts. Through the sale of these securities, which extended from Dec. 3 1917. to July 15 1924. cash aggregating
$1.623.126.446.89 was received into the Treasury. To June 30 1929,
accrued discount aggregating $227,488,696.87 had been paid or placed to
1929.
1930.
1931.
the credit of outstanding certificates, making the total redemption value
to that date $1,850,615,143.76, all of which has been paid except $25,- Net balance in the general fund at the,
$
$
$
beginning of fiscal year
809,656.33 outstanding on that date, including a balance of $13,028,019.3
265,526,981 326,713,003 265,520,981
5
maturing on July 15 1929. The sale of Treasury war-savings certificates Receipts:
Ordinary
4 033,250,225 4.249,263,434 4,225,727,066
was conducted through a country-wide organization, and sales agents
Public debt
a 2,209,293,135 1,318,468,844 1,424,187,034
Included all post officers, banks, and thousands of other agents specially
Total
6,508,070,341 5,894,443,281 5,915,441,681
designated. For the conduct of the sale and exchanges of one form of
security for another, 829.905,193 pieces were issued, having a maturity Expenditures:
Ordinary
3,298,859,486 3,393,316,300 3,467,614,700
value of $2,098,733,317.75.
Public debt chargeable against ordinary receipts
549,603,704 630,365,600 635,324,000
Other
public debt
a 2,332,894,148 1,605,234,400 1,540,976,000
Cumulative Sinking Fund.
Net balance in the general fund at close
of fiscal year
For the fiscal year 1929 an appropriation of $370,241,327.02 was avail326,713,003 265,526,981 265,526,981
able for debt retirement through the cumulative sinking fund. This approTotal
6,508.070,341 5,894,443,281 5,915,441,681
priation, in accordance with the provisions of Section 6 of the Victory
Postal Service—
Liberty Loan Act approved March 3 1919, as amended, was derived as
Postal receipts
696,947,578 725,400,000 754,400,000
follows:
Postal expenditures
791,647,322 809,400,000 832,000,000
Unexpended balance from 1928
$838.07
Appropriation for 1929:
Deficiency in nostal recelots.b
94.699.744
84.000,000
78,500.000
Initial credit
253,404,864.87
a Other public debt expenditures and public debt receipts, as shown in this state234% of the aggregate amount of Liberty bonds and Victory
ment, are exclusive of $2,984,941,500 Treasury certificates issued and retired
notes outstanding on July 1 1920, less an amount equal to
within
the same fiscal year.
par amount of any obligations of foreign governments held
b The postal deficiency for 1929 and the estimated postal deficiencies for 1030 and
by the United States on July 11920.
1931
are
Secondary credit
included
in the ordinary expenditures shown above and in the general
116,835,624.08
classification of ordinary expenditures and estimated ordinary expenditures on
The interest which would have been payable during the fiscal
Pages 20 and 21 [Treasurer's report].
year for which the appropriation Is made on the bonds and
* • •
notes pnrchased, redeemed, or paid out of the sinking fund
during such year or in previous years.
REDUCTION RECOMMENDATION.
TAX
Total
$370.241,327.02
As above stated, the estimates of receipts and expenditures
indicate a
Debt aggregating $370,277,100 face amount was retired during the year surplus of $226,000,000 in the fiscal year 1930, and of $123,000,000 in
the
at a total principal cost of $370,241,297.84, as follows:
fiscal year 1931.
The estimated expenditures for 1030 and 1931 include, respectively,
Par Amount.
$630,000,000 and $635,000,000 for debt retirement chargeable against
Principal Cost.
ordinary receipts. These amounts will increase from year to year and are
Third 4%s
$365,325,800.00
3365.401.371.06 adequate to retire
our public debt at a reasonably rapid rate and in accord331% Treasury notes, A-1930-1932
4,951,300.00
4,839,025.78
ance with our well-established national policy. The Treasury Department
Total
$370,277,100.00
$370,241,297.84 believes, therefore, that the taxpayers should receive tho benefit of any
prospective surplus in the form of tax reduction.
An unexpended balance of $29.18 has been carried over to the fiscal
A surplus may be recurring or temporary. In the one case, either
year 1930.
through expanding revenue or reduced expenditures, assured receipts may
The cumulative sinking fund was established on July 1 1920. The have reached the point where they so exceed normal
expenditures as to
following shows the operations by fiscal years to the end of 1929:
create recurring surpluses. Such a situation justifies a revision, more or
less Permanently, of our tax laws with a view to modifying tax
rates
Appropriation
Expended (PrinDebt Retired
downward.
Available.x
Fiscal Year.
cipal Cost).
(Par Amount).
In the second case, the surplus may be of temporary character, arising
1921
$256,230,010.66 $254,844,576.50 $261,250,250 from an unusual increase in receipts or decrease in exepnditures, or the con1922
274,516.965.89
274,481,902.16
275.896.000 ditions while not extraordinary may not have existed for a sufficient period
284,156,439.19
1923
284,149,754.16
284,018,800 of time to permit a definite conclusion as to their permanency. Such
1924
294,927,023.26
294,927,019.57
205,987,350 surplus obviously calls for different treatment. This is
particularly true
1925
306,666,759.52
306,666,736.01
356,308,400 of a revenue
system which places its chief reliance on one form of taxation,
1926
321,184,577.22
321,184,468.20
317,091,750
1927
336,890,916.27
336,890,832.47
333,528,400 as we do on the income tax, which is subject to sweeping variations de1928
355.081,401.18
355.080.563.11
354,741,300 pending on a variety of circumstances but principally on the upward and
1929
370,241,327.02
370,241,297.84
370,277,100 downward fluctuations of business. Under these circumstances
, while a
Total
32.798.467.179.20 32,798,467,150.02 $2,799,099.350 surplus justifies some measure of tax relief and while the taxpayer should
receive the fullest possible benefits from the prosperous condition
of the
x Unexpended balance each year excluded from total, and Included In appropria- Treasury during the given fiscal year,
it is impossible to assure the pertion available for next year. Unexpended balance $29.18 at end of 1919.
manency of the reduced rates.
DEC. 7 1929.]
It is highly desirable, therefore, to introduce some element of flexibility
in our tax system in order to take advantage of a surplus whose permanency
is not assured. The alternative is to wait until a sufficient period of
time has elapsed to demonstrate that the surplus is of a permanent character, and this necessarily implies that in the interim the taxpayer will
not receive the benefits of tax reduction.
The estimated surpluses for the fiscal years 1930 and 1931 seem to fall
into the second class, as clearly indicated by the 1931 estimates, where
the margin of estimated receipts over estimated expenditures is but $123,000,000, as contrasted with a fluctuation of over $300,000,000 in individual
Income tax receipts in a single calendar year.
Moreover, the problem of estimating future revenue is attended by
extraordinary difficulties at the present time due to the existence of a
number of factors the effect of which it is almost impossible to foresee.
The surplus of the fiscal year ended June 30 last and the current year's
probable surplus was and will be due to a very large extent to the unusual
increase in taxable incomes reported by individuals, although corporations
enjoyed a very prosperous year in 1928, and all reports indicate that their
1929 income will exceed that of 1928. The income tax retured by individuals for the calendar year 1927 was $830,000,000, and for the calendar
year 1928 approximately $1,150,000,000. While wages,salaries, dividends,
&c., showed a substantial increase, the outstanding item in the increased
income returned was a gain of approximately $2.000.000,000 in profits
from the sale of capital assets, both within and without the 2-year period.
It is the unusual increase in this one item and the impossibility of determining under existing circumstances what income will be returned from
this source for the calendar years 1929 and 1930 that makes estimating at
this time so uncertain a proposition.
We are not only faced with the usual problem of determining the business trend during the current calendar year and of forecasting the business
trend during the coming calendar year, but we are confronted with the
difficult problem of determining what effect the precipitous decline of
security values recently witnessed will have on the profits from security
transactions, which unquestionably yielded a very large income in 1928
and for the first eight months of the calendar year 1929.
The immediate problem is how to give to the taxpayers the benefit of
the surplus which seems reasonably certain in the fiscal year 1930 without
running the risk of incurring a deficit during the fiscal year 1931. The
fact that the income tax year does not coincide with the fiscal year increases
the difficulties of finding a solution. A flexible normal tax rate seems to
furnish the key. Excise and customs rates do not for business and administrative reasons lend themselves to yearly changes. A fihitting schedule
of surtax rates would be altogether too complicated. But the normal
income tax rate is adapted to give us flexibility. It can be moved up or
down without giving rise to administrative difficulties or in any way complicating income tax returns. The effect of the change on the revenues
can be calculated with reasonable accuracy. It would affect all taxpayers
without discrimination.
The Treasury Department believes that the following program will
provide a maximum tax reduction without incurring an unwarranted risk
of a deficit in 1931.
The enactment by the Congress of a joint resolution declaring:
(1) That the normal tax rate on the income of individuals for the calendar
year 1929, payable in 1930 shall be 3 %,2%,and 4%,instead of the existing
rates of 1;i%,3% and 5%.
(2) That the tax rate on the income of corporations for the calendar
year 1929, payable in 1930, shall be 11% instead of the existing 12%.
This should result in a decrease of income tax collections during the
calendar year 1930 of approximately $160,000,000. about equally divided
between the fiscal years 1930 and 1931.
A year from now, depending upon the revenue prospects at that time,
the Congress may pursue one of three courses:
(1) It may make the proposed rates for 1929 income permanent;
(2) It may pass another concurrent resolution fixing the normal rates
at this or some other point for 1930 income; or
(3) By failure to take any action, existing rates would be automatically
restored.
Aside from introducing into our revenue system the principle of a flexible
rate which Congress after further experience and consideration may well
decide to adopt permanently, the proposed program applies the major
Part of the reduction along the very lines that the Congress would probably
follow in a permanent revenue revision. It distributes the benefits as
widely as possible and while giving all income taxpayers some measure of
relief favors those of moderate incomes. As pointed out in the 1927 Report
of the Secretary of the Treasury, corporations are, relatively speaking,
overtaxed, and whichever theory be adopted as to the incidence of the corporation income tax, it can hardly be denied that the way to give the greatest Federal tax relief to the greatest numbers is through a reduction of the
corporation rate. The number of individuals contributing directly to the
support of the Federal Government through the Federal income tax has
been strictly limited, and, of those contributing, the vast majority pay
but an insignificant amount and at a very low rate. Of 2.434,000 individuals
returning taxable income, 2,059,000 returned but $32,861,000 of income
tax, while 375,000 individuals returned a tax of $1,109,000,000. The average rate of tax on the net incomes of the 2,059.000 individuals was 0.42%,
whereas the millions of individuals who owned stock in corporations were
that year paying through the corporations 12% on the profits of the business
enterprises in which they were shareholders.
For the calendar year 1927 all corporations reporting net income reported
a net income (including tax-exempt interest) before all taxes, of $10,934,031,563. They paid, in taxes other than income tax, $1,543,516,930,
and reported income tax of $1,131,000,000, making a total of $2,674,000,000.
In other words, 24.46% of their net income was taken by taxes. In the
same year these corporations paid about $5,786,000,000 in cash dividends,
which was 52.92% of their net income. For every dollar paid in dividends,
46 cents were paid in taxes. If all corporations be included—that is to
say, corporations reporting a deficit as well as those reporting net income_
the percentage of net income paid in taxes is 34.84%.
In so far as the reduction of the income tax on the incotnes of individuals
Is concerned, under our system of graduated surtaxes the reduction of the
normal rate Is relatively of greater benefit to those with small or moderate
Incomes than to those with larger incomes. Income from dividends would
receive no benefit, since dividends are not subject to the normal tax, but
those who receive dividends would of course benefit from the reduction of
the corporation tax rate.
The fact that the calendar year basis of taxing incomes does not coincide
with the fiscal year of the Government increases the difficulties of adjusting
Income tax receipts to budget requirements. A flexible income tax rate is
adapted to this situation. The income tax receipts may be readily adjusted
up or down, either by increasing or reducing the normal rate or by applying
a percentage of surcharge or discount to the amount of tax payable as.computed under the present law. Either method offlexibility may be introduced
without giving rise to administrative difficulties or in any way complicating
the income tax return. The percentage adjustment, however, involves
the taxpayer in an additional computation, and to avoid this, in the present
3543
FINANCIAL CHRONICLE
juncture, the method of reducing the normal tax rate has been preferred.
If flexibility is to be adopted as a permanent policy, however, it is possible
that the percentage adjustment may be found to be not only more equitable
but more wholesome in its general effect, and this alternative method of
obtaining flexibility should have the careful consideration of the Congress
in any future adjustments. * • •
TREASURY BILLS.
On June 17 1929, the President approved H. R. 1648, an amendment to
the second Liberty bond act, authorizing the Secretary of the Treasury
to issue from time to time Treasury bills on a discount basis with maturities
not exceeding 12 months, to be sold for cash under competitive conditions
at the lowest rates or highest prices bid by prospective purchasers. This
provides a new type of short-term Government security. Previously the
second Liberty Bond Act had authorized a short-term security in the form
of the Treasury certificate of indebtedness to be issued at not less than par,
with maturities not exceeding one year, at coupon rates fixed by the
Treasury.
The method of short-term financing through the issue of certificates of
indebtedness, which also includes a Government depositary system, was a
war-time development. Certificates of indebtedness were not a new form
of security, but in order to obtain the sums needed during the war it was
necessary to issue these securities in large quantities in anticipation of loans
and of tax receipts and to devise a plan which would encourage a widespread
participation of banks in all new issues. The Treasury, with the aid of the
Federal Reserve System, therefore inaugurated a program whereby a large
number of banks throughout the country were able to qualify as Government depositaries, and such banks, in subscribing to new issues, could make
payments for the securities allotted to them not in cash but in book credits—
deposits established to the credit of the Government.
Although adopted as a war measure, the plan has continued to function
successfully during the postwar period of debt reduction. The largest
payments ofincome taxes, the backbone of our Federal revenue, are received
on the 15th of March, June, September, and December of each year.
Maturities of certificates are made to fall on these dates in an amount
approximately equal to anticipated tax receipts. New certificates are issued
to cover the needs of the Treasury during the ensuing quarter and to
refund part of the maturing debt if desired. The system of Treasury
certificate maturities and sales on quarterly dates, and payment by deposit
credit, serves the following purposes: First, it maintains a part of the outstanding war debt in the form of short-term securities, which, on the whole,
has been advantageous from the standpoint of reducing interest charges:
second,it provides the necessary funds to meet the current obligations of the
Government;third, since the maturities of the certificates coincide with the
Period during which heavy tax payments are received, and since new certificates are paid for by deposit credit and not cash, an effective system has
been provided for preventing heavy withdrawal of funds from the money
market with consequent serious disturbance; fourth, it makes the selection
of the depositary,and the amount of Government deposits in any one bank
depend not upon the discretion of the Secretary of the Treasury but upon
the amounts of the several subscriptiors of the qualifying banks; fifth, it
furnishes the Government with a first-class primary market for its securities
and with the machinery through which a secondary distribution can be
effected.
The system just described is excellent so far as it goes, but it dces not
cover the situation in the most economical and effective way under all
circumstances. It falls short in the following particulars:
1. The practice of the Treasury of borrowing, on quarterly tax dates,
amounts sufficient to provide for the excess of the ordinary expenditures
over the receipts of the Government during the following quarter, naturally
results in the carrying of large deposits over considerable periods of time.
This means that until the Government has actual use for the funds borrowed
it loses the difference between the coupon rate of the securities issued and
the 2% which it receives from the banks on its deposits.
2. While the maturing of certificates synchronizes in general with the
collection of income taxes, as a matter of fact these certificates are for the
most part presented for redemption on the due date, whereas the collection
of income tax checks is spread over a period of some days. As a result,
Treasury disbursements exceed receipts during every income tax payment
period, and the Treasury is obliged to borrow temporarily from the Federal
Reserve banks and to pay interest on this temporary borrowing in addition
to the interest on the newly issued securities.
3. Since certificates are issued bearing a fixed coupon rate, the Treasury
Department is confonted with the difficult task of accurately adjusting the
interest rate to current market conditions.
4. The issue of securities on certain fixed dates lacks that flexibility
which is desirable to enable the Treasury to take advantage of favorable
money conditions.
5. Banks subscribe for Treasury certificates mainly because of the
deposit privilege. A bank can generally afford to subscribe for these
certificates and sell them immediately after or even previous to their
issue at a discount, to the detriment of the Government credit.
In view of these deficiencies in the certificate-deposit system, it seemed
desirable to the Treasury that, in certain circumstances, a more economical
and more flexible type of short-term security should be available which
could be adjusted more exactly to the requirements of the Treasury and to
current money market conditions. Accordingly, steps were taken by the
Treasury to secure legislation supplementing the authority to issue certificates of indebtedness. The act approved June 17 1929, authorizing the sale
of Treasury bills for cash on a discount basis was the result.
Treasury-bill financing differs from certificate-deposit financing in the
following particulars:
1. The fixing of the price and of the discount rate through competitive
bidding rather than sale at par with the interest rate fixed by the Treasury.
2. Discount paid in advance rather than interest paid in intervals during
the life of the security.
3. The proceeds to be received in cash rather than mainly in deposit
credit at depositary banks.
Several important advantages may be expected to follow the use of the
new form of short-term financing: First, competitive bidding for these bills
should enable the Treasury to realize the lowest discount rates conestent
with market conditions: second, the sale of these securities can be timed
to coincide almost exactly with the need for funds, thus saving the interest
on money borrowed ahead of requirements; third, maturities can be timed
to correspond closely to the actual collection of income taxes instead of all
falling on the nominal date of tax payments; fourth, the Treasury will be
able to take advantage of periods of seasonal ease for short-term borrowing
Instead of being compelled, as has sometimes occurred in the past, to
offer a large issue of securities during a period of temporary stringency
and high money rates; fifth, since the discount rate is fixed by the market,
and the bills are bought for cash by those who mean either to hold them as
investments or for secondary distribution, they will not tend immediately
to fall below issue price to the detriment of Government credit; sixth, the
banks and the investing public will be furnished with a new instrument
3544
FINANCIAL CHRONICLE
for the investing of temporary surplus funds with frequent and convenient
maturities.
It should be pointed out that while this is a new type of security to the
United States Government, there is nothing novel in the form, since it
corresponds closely to one of the oldest and best established types of commercial paper, the bankers' bill. The Treasury bill has been used for many
years by the British Treasury as a most convenient and economical medium
to obtain funds to meet current needs. The British Treasury has so developed the system of financing by means of treasury bills that with
weekly offerings, daily issues, and daily maturities it has obtained a degree
of flexibility that enables it to adjust its cash position practically from day
to day.
It is not the purpose of the United States Treasury to replace the old
system but rather to continue the issue of certificates of indebtedness for
its regular short-term financing, supplementing with the issue of small
amounts of Treasury bills when the need for funds between quarterly dates
arises and the condition of the money market is propitious. No use has yet
been made of the new authorization.
TAX EXEMPTION OF FEDERAL SECURITIES.
In the Act of June 17 1929, Congress also modified the second Liberty
bond Act, as amended, by providing that all certificates of indebtedness
and Treasury bills issued thereafter and thereunder should be exempt
both as to principal and interest from all taxation except estate and inheritance taxes. As applied to the Treasury bills, interest is to be considered as the amount of discount for which the bills were originally Issued.
Any gain in excess of this is taxable income and any loss may be taken as a
deduction from taxable income. Previous to the passage of this Act certificates of indebtedness had been exempt from normal income taxes and
only to a limited extent from surtaxes. This exemption from surtaxes does
not change the tax status of these securities to banks and other corporations,
since surtaxes apply only to individuals. The change is important for
individuals, whose incomes are subject to surtaxes, and the altered attitude
of this class toward the certificates as an investment seems to have been
indicated by the large subscription to the September 16th issue ofcertificates,
the first issue to come under the tax-free provision of the Act of June 17
1929. While the effort to secure the allotments desired may have led some
oversubscription to this issue, the unusual size of the subscriptions, amounting to almost three times the allottments, indicated a greater diffusion
than previous issues have shown. It is the belief of the Treasury that a
wider holding of certificates is generally desirable and tends to result
in higher quotations on these securities.
The Act of June 17 1929, with its provisions for a much wider exemption
from taxation for certificates of indebtedness and Treasury bills issued by
the Federal Government, gives to the Treasury Department an advantage
in marketing these securtieles equal to that enjoyed by State Governments
and their political subdivisions. So long as State and local Governments
continue to issue wholly tax-exempt securities in an amount that is increasing
at the rate of about a billion dollars a year, the Federal Government is
justly entitled to issue securities which enjoy the same degree of tax exemption. Ultimately a constitutional amendment may be adopted permitting
Federal and State Governments each to tax the securities issued by the
other.
ISSUE OF NEW SMALL-SIZE CURRENCY.
Revision of the paper currency designs, with reduction in the size of
the currency, has been discussed in reports for several past years. On May
26 1927. I announced that I had approved the recommendations submitted
for a reduction in the size of the paper currency, with revision of the designs,
and that the Director of the Bureau of Engraving and Printing had been
ordered to proceed with the preliminary arrangements for production of the
new notes. This involved not only the preparation of new designs and the
engraving of new plates, but also the installation of new or the alteration
of certain of the old equipment in the Bureau of Engraving and Printing.
In my annual report for 1928, announcement was made that this work was
advancing with a view to the issue of the new currency on or about July 1
1929. That report also contained a description of the reduced-size currency
and the designs adopted.
On Nov. 16 1928 I announced that July 1929 had been fixed for the
time of the initial issue and that all kinds of currency, except nationalbank notes, and all denominations from $1 to $20 would be included in
the initial issue. It was further announced that issues of old-size United
States currency by the Treasury would cease about April 30 1929, and
that thereafter for two months the currency demands would be met by
the Federal Reserve banks from their stock of new or circulated old-size
currency.
On June 3 1929 there was issued Department Circular 415, together
with a statement (Exhibit —. p. —), fixing July 10 1929 as the date for
the init al Issue of new small-size currency and stating that thereafter oldsize currency redeemed as unfit for further circulation would be replaced
with new small-size currency. The Federal Reserve banks and branches
were authorized to make available on that date to the commercial banking
institutions of their respective districts limited amounts of new small-size
currency on an equitable basis established by them, and after such initial
issue to pay out new-size currency in replacement of old-size retired as
unfit. The initial issue included denominations from $1 to $20 for all
kinds of currency except national-bank notes. Denominations above $20
for gold certificates and Federal Reserve notes were issued when available
without further notice. In order to obviate any questions as to the
validity of the old largo-size paper money, Circular No. 415 concluded as
follows:
Any outstanding old-size paper currency, heretofore or hereafter issued,
will not be recalled. It will be retired gradually in regular course of business, and in the meantime its validity will not be affected by issue of the
new small-size currency.
[VoL. 129.
A distinct problem was presented in connection with issuing small-size
national-bank notes. In my annual report for the last fiscal year I stated
that the question of the retirement of the 2% consols Of 1930, upon which
most of the national-bank currency is secured, would be submitted to
Congress before April 1 1930. Retirement of the consols held as security
for national bank notes would, under the law, automatically retire the
notes so secured. On Jan. 21 1929, however, I addressed identical
letters to the President of the Senate and the Speaker of the House of
Representatives (Exhibit
p. —), stating in part: "I have concluded
that it would be inadvisable to submit to Congress at this time a program
retirement
of our national-bank note circulation.
looking to the early
Accordingly, when the new-size paper currency is issued, on or about July
1 1929, the Treasury Department will be prepared shortly thereafter to
make available national-bank notes in the reduced size." Appreciating
the fact that national-bank notes would be at a distinct disadvantage if
continued in the large size after all other kinds of currency had been issued
In the new small size, the department took immediate steps for including
them in the general program for reduction in size and revision of designs.
The situation presented many perplexing difficulties of design and production. as it was necessary to provide new small-size notes separately for
over 6.000 issuing banks, involving a separate printing job for each bank.
On June 3 1929, I addressed a letter to the president of each national bank
(Exhibit —,P.
advising him that actual printing of small-size nationalbank notes would commence about July 15, and that the first of those
notes would be issued before the end of that month. It was further stated
that the printing and issuing would proceed in the order of charter numbers.
The printing of some new small-size notes for all banks was completed
Nov. 1 1929.
The only available means for replacing the outstanding large-size national
bank currency with the new small-size currency is through the established
redemption procedure. This involves (1) redemption of outstand ng notes
by the Treasurer of the United States,(2) assortment of the redeemed notes
to the bank of issue, (3) charging the redeemed notes of a particular bank
to its 5% redemption fund on deposit with the Treasurer, (4) reimbursement of the 5% fund by the banks to which redeemed notes have been
charged, and (5) issuing a corresponding amount of new notes to there)
banks. Even in the most favorable circumstances this is a slow process.
As the new small-size notes have become available for a particular bank
they have been issued in replacement of redeemed notes. As soon as
small-size notes became available to all banks, the forces in the offices of
the Treasurer of the United States and the Comptroller of the Currency
engaged in the redemption and issue of national bank notes were largely
Increased. A partial assortment of notes sent in for redemption is now
made by the Federal Reserve banks. These increased facilities enable the
department to handle several times the usual amount of daily redemptions
and issues, and at a comparatively early date the exchange of the large-size
national bank notes for the now small-size notes will have been completed.
A further complication has arisen from the fact that, with a substantial
Increase in redemptions, the 5% fund is inadequate to cover the Treasurer
unless immediate reimbursements are made by national banks. Accordingly, during the period of increased redemptions, as large-size notes are
redeemed for issuing banks, the appropriate Federal Reserve bank is advised and instructed to charge the reserve account of the national bank
concerned for reimbursement of the 5% fund with immediate credit to the
Treasurer of the United States, and new small-size notes are thereupon
issued to the bank concerned
The replacement of all paper currency outstanding with currency of the
small size has involved a total of approximately $5,000,000,000 and nearly
900,000,000 pieces. Manifestly, neither the Treasury Department nor
the Federal Reserve banks could undertake to make the whole exchange
at one time. Furthermore, a large part of the old-size currency outstanding was fit for further circulation, and it would have been a waste generally
to cancel and redeem such fit currency.
The retirement of all currency of the large size affords an opportunity
to obtain information as to the approximate amount of currency which has
disappeared and will never be presented for redemption. An investigation
of the note issues of liquidated nationa' banks indicates that the amount
of currency lost is usually overestimated. To verify such estimates,
Department Circular No. 416 was issued July 11929. requiring that. in all
accounts. records or statistics now or hereafter established by the Department with respect to any paper currency issues of the United States, a
separation shall be made as between the old-size and the reduced-size
currency,
OBLIGATIONS OF FOREIGN GOVERNME TS.
During the fiscal year 1929 the Treasury received from fore'rm governments on account of their indebtedness to the United States the sum of
$199,131,568.90, of which $38,790,660.67 was for account of princ pal and
$160,340,908.23 for account of interest. Additional payments have been
received between the close of the fiscal year and Nov. 15 1929 aggregating
$10,652,868.63, of which $10,183,528.63 was for interest due on the obligations given by France for surplus war materials purchased on credit,
$226.000 was for principal and $243,340 for interest due on account of the
funded indebtedness of Greece.
Substantially all of the total amount of payments received from foreign
governments during the fiscal year was made in obligations of the United
States Government issued since April 6 1917, in accordance with the options
granted under the various funding agreements. The obligations tendered
In payment of the amounts due were accepted at par and accrued interest,
if any, to the date of payment, as authorized by the Acts of Congress
approving the respective settlements. The foreign governments taking
advantage of the option to pay in obligations of the United States were
Belgium,Czechoslovakia,Estonia, Finland, Great Britain, Italy and Poland.
The statement below shows the total payments received on account of
Principal due under the funding agreements up to the end of the fiscal year:
In order that the public might become familiar with the new currency
In U. S. Ob {gallons.
prior to Its issue, the Federal Reserve banks were authorized to offer to
all incorporated banks and trust companies in their districts, exhibition
Arced Int.
Total
Cash.
Country.
silver
pieces:
$1
certificate.
$2
consisting
of
four
new
currency
sets of the
o Date of
Face
Principal
Payment.
Amount.
Payments.
United States note, and $5 and $10 Federal Reserve notes of the particular Federal Reserve bank. One set only was furnished each bank with an
additional set for each established branch. These exhibition sets were Belgium
4,200,042.81 5,342,900.00 57,057.19 9,060,000.00
made available to banks and trust compaMes on June 3 1929, the date on Czechoslovakia
9.000,434.32 2,982,150.00 17,415.68 12,000,000.00
96,350.00
603.11
288,000.00
191,046.89
which the circular authorizing the initial issue and the accompanying Finland
35,723.62 146,733,550.00 230,726.38 147,000,000.00
statement were made public. On July 6 1929 Under-Secretary Mills de- Great Britain
40,000.00
40,000.00
Greece
livered a radio address through a chain of stations describing the new Hungary
50,995.50
50.995.50
small-size currency and the method by which the distribution would be Italy
10,000.029.75 9,956,600.00 43,370.25 20,000,000.00
160,790.50
Lithuania
the
change,
180,790.50
the
public
for
publicity
prepared
various
forms
of
made. These
1.400,000.00
1,400,000.00
and on July 10 1929. when the new currency became available throughout Rumania
Yugoslavia
800,000.00
800,000.00
the country, the beginning of the exchange of the large-size currency for
Total
25,879,063.39 165,111,550 00 349.17261 191,339,786.00
the small size passed without untoward incident. As notes of the large
size, unfit for further circulation, are presented to a Federal Reserve bank
The following statement shows the total payments received on account
or branch thereof, they are replaced by the small size, and at an early date
of interest due under the funding agreements up to the end of the fiscal year:
all large-size currency will have been retired.
FINANCIAL CHRONICLE
DEC. 7 1929.]
3545
crease of 130 branches during the year. On the same date 818 banks, including both member and non-member, were operating a total of 3,440
branches, an increase of 210 for the year. The development of branch
Face
Cash.
Country.
banking which is permitted by existing legal arrangements has facilitated
Amount.
the adaptation of banking facilities to requirements of urban areas.
of
More recently there has been a rapid increase in the organization
35,848.51 8,490,000.00 group systems of banks. Such groups comprise one or more banks that are
4,865,101.49 3,589,050.00
Belgium
575,000.00
1,084.13
123,900.00
management
450,015.87
centralized
of
Estonia
and some degree
1,697.15 1,729,860.00 brought under unified control
415,630.00
1,312,512.85
Finland
corporation of a controlling interest
49,761,410.84 831.289,300.00 3,124,280.16 884,175,000.00 through acquisition by an individual or
Great Britain
technically each bank in a group is a separate
322,062.02
Although
issues.
stock
278,506.52
in their
Hungary_
43,555.50
255,000.00
255,000.00
with its own capital funds and under the direct superLatvia
919,508.80 corporation operating
517,043.80
Lithuania_ _ _402,465.00
of directors, a certain degree of unity is achieved for
board
local
a
of
vision
8,500,000.00
4,336.94
7,000,013.06 1,495,650.00
Poland
authoritatively
the group as a whole. At the end of June 1929, it was
banks
446.020.60 64,439,613.43 836,913,550.00 3,167,246.89 904,966,430.82 reported that there were in existence at the time 230 group systems of
Total
Group banking
• •
in the United States, which embraced about 2,000 banks.
extensive
more
of
is a means of accomplishing in a measure the objects
Federal Reserve
RECEIPTS FROM GERMANY AND THE YOUNG PLAN.
branch banking systems than are permitted under the
States. Although
the
of
distribution
Act or under existing legal arrangements in most
Under the terms of the agreement providing for the
to strengthen the banks
Dawes annuities, signed at Paris on Jan. 14 1925, the United States is banking groups may be expected in most instances
places great responsientitled to receive annually from Germany in discharge of her treaty which they control, the organization of such groups
of vital interest to
matter
obligations, certain payments on account of the reimbursement of the costs bilities upon the controlling interests, and is a
of the United States army of occupation and the awards of the Mixed State and National supervisory agencies.
has given impetus
In view of the fundamental economic situation which
Claims Commission established in pursuance of the agreement of Aug. 10
the growth in branch
1922, between the United States and Germany. The United States has to the organization of group banking systems and to
carefully studied.
be
received each year out of the Dawes annuities up to Aug. 31 1929, the banking, it is desirable that these developments
and branch
amounts stipulated under the Paris agreement of Jan. 14 1925, for these two In the meantime it is hoped that any further extension of group
and that hasty legisaccounts.
banking organizations will proceed with moderation,
effect, will be
The Dawes plan under which Germany has made reparation payments lation, either to liberalize or to constrict limitations now in
of experience,
since 1924 was the result of recommendations made in 1924 by a committee avoided. Our banking structure, the product of many years
to one
adjusted
of experts, headed by Gen. Charles G. Dawes. This committee was invited is part of an intricate economic fabric whose parts are closely
serious
create
to
likely
be
would
by the Reparation Commission, in its decision of Nov.30 1923, to consider another, and a too rapid reorganization
the means of balancing the budget and the measures to be taken to stabilize and costly disturbances that would affect the entire country.
undertake a thorough
the currency of Germany as well as determine what reparation payments
The time has come when it would seem to be wise to
soundness of the
might be made by Germany in the immediate future. While it was not study of the situation with a view to determining the
the economic
within the jurisdiction of this committee to consider the definitive fixation present-day tendencies, and more particularly the limits of
permitted.
of Germany's reparation liabilities, it presented a plan of settlement which units within which branch banking may be advantageously
was intended to operate for a sufficient time to restore confidence and which
FARM LOAN SYSTEM.
FEDERAL
would eventually lead to a final and comprehensive agreement. As conReorganization of Farm Loan Bureau Completed
fidence has now been restored and Germany has been reestablished on a
in my last
The reorganization of the Farm Loan Bureau, discussed
relatively high level of economic activity, the time seems favorable for the
begun
definite settlement of the reparation question Such a settlement is desirable two annual reports, has been virtually completed. This task was
reorganized
not only for the benefit to Germany but also because of the element of on May 10 1927, when the Federal Farm Loan Board was
developed
had
that
uncertainty existing in the affairs of all other countries concerned in rep- for the purpose of correcting unsatisfactory conditions
through the
rations. Decisive steps were taken in the direction of final settlement 134 in a number of the banks. At that time the system was passing
hands
representatives of the Governments of Germany, Belgium, France, Great greatest crisis of its history. One joint-stock land bank was in the
were imBritain, Italy, and Japan in the agreement reached at Geneva on Sept. 18 of a receiver; receiverships for two other joint-stock land banks
were
joint-stock,
1928, for the appointment of a committee of financial experts to be intrusted pending: and several other land banks, both Federal and
have an
with the task of drawing up proposals for a complete and final settlemert of faced with difficult situations. The Board, moreover, did not
conditions
the reparation problem. The committee, consisting of representatives from adequate organization to handle these new problems. These
prompt
the countries mentioned above and two citizens of the United States, were tended to impair public confidence in the situation and called for
appointed during January 1929. The first regular meeting of the com- and, in many cases, vigorous action.
the
was
reconstruction
mittee was held in Paris on Feb. 11 1929, at which Mr. Owen D. Young
One of the most urgent steps in the program of
Board
an American citizen, was elected as its chairman. After protracted negotia- development of an organization in the bureau through which the
been largely
tions the committee finally reached an agreement on June 7 1929.
could perform its supervisory function adequately. This has
staffs
The plan presented by this committee, commonly referred to as the accomplished. Aside from temporary vacancies, the examining
of
examinations
Young plan, provides among other things that Germany shall pay an have been brought to a strength which will permit two
association
loan
farm
National
every
average annuity, exclusive of the annual sum required to meet the service every bank and one examination of
improved
of the German external loan of 1924, of 1,988,800,000 reichsmarks ($473,- each year. The corps of land bank appraisers has been and is being
qualified or
732.160) over 37 years, which on a 534% basis has a present value of about by weeding out those ineligible under the law and those not
checking
and
31,172,000,000 reichsmarks, and varying annuities for 22 additional years. adapted for the work, and by careful instruction, assistance,
staffs
The committee also recommended a division of the annuities among the up through the 12 reviewing appraisers. The secretarial and legal
changes
several creditor Governments, in accordance with which the United States and the statistical division have been improved by making needed
securities
will receive on account of its claims for army costs and mixed claims an or additions to their personnel. One new unit, known as the
administrative
average annuity of 68,100,000 reichsmarks for 37 years and 40.800,000 division, was created during the fiscal year 1929. It handles
operations
the
to
reichsmarks for 15 years thereafter.
matters relating to bonds,debentures,and stock issues,and
securities, which
The committee did not in its report name the sums to be allocated to of the 12 registrars' offices, the office of the custodian of
of three jointThe
account.
Treasury
claims
Departarmy costs account and to mixed
was formerly called the bond division, and the receiverships
ment recommends, however, that of the sums to be received 40.800,000 stock land banks.
position that
Throughout this reorganization, the Board has taken the
reichsmarks be allocated to the satisfaction of mixed claims, and that the
administered in a strictly
balance be allocated to the satisfaction of the United States Government the Congress intended that the System should be
Accordingly, all appointclaims on account ofarmy costs. The reduced amounts to be received under nonpartisan manner and entirely free of politics.
efficiency, and
the Young plan as compared with the Dawes plan involve, except in the ments have been made solely on the basis of character,
Merit alone
case of a 10% reduction of army costa claims explained below, a Post- demonstrated ability, regardless of every other consideration.
the service.
in
ponement rather than a diminution of the total sums to be paid. The has been the basis of retention as well as appointment
competent
of
corps
a
assemble
to
be
necessarily
postponed, but Through this policy, it has been possible
ultimate liquidation of both accounts will
since the claims in the one account are those of individuals to whom the workers.
Special Problems.
time element is necessarily very important, and in the other the claims of
of all
the Government to which the time element Is of no great consequence, it is
General conditions in the money market that affected the sale
naturally
felt that the former should have some preference.
classes of securities, including obligations of the Government.
of
schedule
were
payments
banks
that
a
when
land
The Young plan is intended to provide
had their influence on farm loan bonds. The Federal
made will completely discharge Germany's treaty obligations. In so far as faced with the choice of undertaking to issue long-term bonds in volume
the United States are concerned, the plan involves some modification of at high rates of interest in a situation that appeared to be temporary, or
treaty obligations. It will be necessary, therefore, for the Congress of the endeavoring to take care of their requirements by the issuance of bonds
United States to authorize the executive branch of the Government to enter in minimum amounts supplemented by the utilization of repayments and
into an agreement with the German Government providing that the pay- installment payments on loans, and such temporary financing as seemed
ments above described when completed will discharge Germany's obliga- to be desirable and necessary. The banks chose the latter course, which
tions to our Government arising on mixed claims and army costs accounts. appeared to be the wiser until the bond situation clears and Improves.
The Treasury Department recommends that such authority be granted, Federal land banks in the first part of the Bacal year issued bonds at 434%
for no one will question the desirability of a complete and final settlement and in the latter half at 434%.Banks issuing 434% bonds increased
of all war obligations still outstanding,and the proposed settlement demands their lending rate from 5 to 534% to 534%.
but unimportant concessions on the part of our Government and of those
Somewhat similar conditions confronted joint-stock land banks, which
of our citizens who have claims against Germany. a • •
for the most part have been marking time, as far as undertaking to sell
bonds is concerned, until they are able to dispose of their securities at
BRANCH AND GROUP BANKING.
satisfactory rates. Some joint-stock land banks issued bonds during the
is
this
there
country,
of
enterprises
increasing year at 434 and 5% and the lending rate in these cases was 534 or 6%.
In banking, as in other
evidence of a movement toward larger operating units. The number of according to the rate borne by the bonds
branches of banks in operation has increased and more recently there has
General conditions in the securities market likewise affected the issubeen a growth also in the number of groups in which several independent ance of Federal intermediate credit bank debentures. These short-term
Both
of
system.
single
these
develop- securities were lamed during the year at rates ranging from 434 to 534%.
banks are operated more or less as a
The 534% debentures were outstanding only a relatively short period of
menus reflect changes in the underlying economic situation.
Branch banking has always existed in this country to a limited extent time and were replaced by debentures bearing 5% interest. The cost of
in one form or another. At the present time the Federal Reserve Act the money naturally resulted in increases in the lending rates of the banks.
and the National Bank Act, as amended in 1927, authorize National Federal Reserve banks co-operated helpfully with the intermediate credit
member banks to establish branches in foreign countries, and in insular banks by rediscounting paper and purchasing debentures.
Under the stimulus of the board's supervision, many of the land banks
possessions of the United States, and all member banks to establish branches
within the corporate limits of the center in which the head office of the paret having large real estate accumulations have organized real estate departbank is situated and in which State laws permit State banks to operate ments in order to handle the sale of acquired farms intelligently and effecbranches (with certain restrictions as to the size of centers in which branches tively and to hasten the process of putting these assets upon an earning
in
may be established by National banks). At the end of June 1929, state- basis. The market for farm real estate has shown some improvement
of
wide branch banking was permitted in nine States and in the District of some sections during the year. The policy of the banks in disposing
indiscrimimarket
Columbia branch banking in more limited form was specifically permitted their acquired farms has not been to dump them on the
in 11 States: and in 23 States the operation of branch systems was speci- nately nor to sell regardless of price. Buyers, however have been actively
sought, each case being handled on its merits and the sale negotiated at a
fically prohibited.
In June 1929, out of a total of 8.707 member banks in the Federal Re- price which represented, in the bank's judgment, a fair value, or the greatserve System, 364 were operating 2.291 branches. This represents an in- est amount obtainable in view of all the circumstances
Total
Interest
Accrued Int. Payments,
to Date of Including Int.
Funded.
Payment.
In U. S. Obligations.
In Bonds
of
Debtor
Governments.
•
3546
FINANCIAL CHRONICLE
In September 1928 a severe hurricane did material damage to agriculture over a large part of the Island of Porto Rico. While the losses have
not been as serious as the early reports indicated, the effect, nevertheless,
has been to slow up collections to a marked extent. This situation is
receiving the close attention of the Farm Loan Board and the Federal
Land Bank of Baltimore, which has a branch bank located in San Juan.
There was no change during the year in the number of joint-stock land
banks in receivership. On Feb. 28 1929, the receiver for the Kansas City
Joint Stock Land Bank published a report giving his valuation of the
assets of that bank as of Dec. 31 1928. This report showed a deficit exceeding the amount of its entire capital stock, and, accordingly, upon his
recommendation, the board on March 23 1929 levied an assessment upon
the stockholders of that bank amounting to 100% of its capital stock.
An important development in connection with such assessments was a
unanimous decision of the Circuit Court of Appeals for the Seventh Circuit
in a suit instituted by the receiver of the Bankers Joint Stock Land Bank
of Milwaukee upholding the right of the Federal Farm Loan Board to
make such assessments. Upon petition by the plaintiff, however, the
case was carried by writ of certiorari to the Supreme Court of the United
States, the hearing being set for Oct. 211929. There were also unanimous
decisions rendered by the Circuit Court of Appeals for the Eighth Circuit
broadly sustaining the powers of the board and its receiver in cases involving the Kansas City Joint Stock Land Bank.
Legislation.
During the year there were two measures enacted by the Congress and
approved by the President affecting the operations of the system. The
Federal Farm Loan Act was amended increasing the maximum loan which
the Federal Land Bank of Baltimore may make in the Island of Porto Rico
from $10,000 to $25,000. Section 8 of the Clayton Anti-trust Act, which,
in certain circumstances, restricted officers and directors from serving with
other banks, was amended to exempt joint-stock land banks.
Personnel.
On April 3 1929 Eugene Meyer, who had been appointed a member of
the Farm Loan Board and designated by the _President as Farm Loan
Commissioner at the time of the reorganization of the board on May 10
1927, and under whose general direction the program of reconstruction
has been formulated and carried out, requested that he be relieved of his
duties as member of the board and as Farm Loan Commissioner, effective
May 10 1929. Following the acceptance on April 29 1929, of Mr. Meyer's
resignation, Paul Beater. of Missouri, President of the Federal Land &
Intermediate Credit Banks of St. Louis, was appointed a member of the
board and designated by the President as Farm Loan Commissioner on
May 16 1929. John H. OWL of California, was reappointed a member
of the board for an 8-year term, ending Aug. 6 1936. Albert 0. Williams,
of Texas, was reappointed a member of the board for an 8-year term expiring Aug. 6 1937.
America's Agricultural Income for 1929-30 Should Equal
that of Previous Year According to Annual Report
of Secretary of Agriculture Hyde—Farm Credit
Requirements Costly.
American agriculture's total income for the crop year 192930 should equal, if it does not exceed, that of the previous
year, notwithstanding the fact that the widespread drought
reduced crop yields materially, says Secretary of Agriculture
Arthur M. Hyde in his annual report to the President,
made public to-day(Dec. 7). With regard to the prospective
agricultural income, the report says:
[VOL. 129.
by various economies in crop and livestock production. Furthermore, the
rate of increase in our population is declining rapidly. A sound agricultural
policy would help to prevent the waste of effort involved in the cultivation
of farms where basic physical conditions or general economic conditions, or
both, are unfavorable. Such a policy would seek to relieve the farming
industry from the depressing effect of mis-directed effort and misplaced
farms.
Improvement Continues in Livestock Industry.
Further improvement was made by the livestock industry in 1929,though
favorable trends were not as sharply defined as in 1928. Certain branches
of the industry showed losses, but gross returns to livestock producers in the
first eight months of the year were approximately $93,000,000 more than in
the corresponding period of 1928. Figures showing net returns are not
available, but undoubtedly the current year has been profitable for the livestock industry on the whole. Gain in gross income was effected despite a
decrease of 1,187,000 head of meat animals slaughtered under Federal inspection in the first eight months of the year as compared with the number
slaughtered in the corresponding period of 1928. The increased return
from a reduced volume of sales was partly the result of higher average prices
and partly of a higher average weight in the animals slaughtered.
Farm Conditions Gradually Improving.
Agricutltural conditions in the United States continue gradually to improve. Farm incomes in the crop season 1928-29 averaged higher than those
of any season since 1920-21 except 1925-26. The movement of population
from the country to the town declined, and the rate of depreciation in farmland values declined also. Aggregate gross income from agricultural production in the United States for the crop season 1928-29 is estimated to have
been $12,527,000,000. This was about $225,000,000 more than the aggregate gross income of the preceding year. Cash income from the sale of
farm products is estimated to have totaled $9.949,000,000, or an increase of
$79,000,000 over the corresponding figure for 1927-28. Net income of the
farmers did not increase proportionately because farm operating costs,
taxes, and interest on debts advanced somewhat. The income available
for living on the farm, including the value of the farm products used by
farm families, was only about $16,000.000 greater than in the previous
season. The return earned on the current valuation of agricultural Property
was about the same, namely, 4.7%, compared with 3.1% in 1922-23 and
1.4% in 1921-22.
Agricultural Property Valuations Higher.
In the last two seasons the current value of agricultural property has
increased. Land values in the season 1928-29 declined slightly, but the
value of personal property, including livestock on the farm, increased
sufficiently to raise the estimated current value of agricultural real estate
and personal property to $58,645,000,000. This was an increase for the
Year of nearly $400,000,000. In view of the drastic decline that took place
In agricultural values in the early years of the depression period, this
recovery seems very modest. That decline was due to financial deflation
and to depredation in the earning power of agriculture. While the recent
gain seems small, it is encouraging. The advance has been largely due to a
rise in the value of livestock on the farm, and an increase in livestock production may mean a lower valuation for this item. On the other hand,
continued improvement in farm incomes should strengthen the upward
trend by stimulating activity in farm real estate.
Small Decline in Farm Land Values.
A survey made by the department for the 12 months ended Mar. 1 1929,
showed that for the country as a whole farm-land values declined by 1%.
This was the smallest loss in any year since the post-war depression began
and was nominal compared with the declines of 1921, 1922, 1923, and 1924.
State and regional averages as a rule showed few of the sharp declines frequently recorded in the years immediately preceding. In the North
Central States, for example, the year's decreases did not exceed the national
average of 1%. Values in the Southern States likewise declined only
slightly
during the 12-month period in question. In the Mountain States
Widespread drought during the growing season of 1929 dried up pastures
and reduced crop yields below those of any recent year. The losses In pro- and the Pacific Coast States values held up well toward the previous year's
duction, however, were so evenly distributed for the country as a whole that level, and in a few States, including Montana, Wyoming, Arizona, and New
no large area had either very bountiful or very short crops. Moreover, Mexico,a slight upward tendency was manifest.
from the standpoint of the producers, reduced yields seemed likely to be
The Agricultural Marketing Act.
more than offset by price advances. It Is probable that the total income
from agricultural production for the 1929-30 crop year will equal, if it does
Under the agricultural marketing act raid progress in the co-ordination of
not exceed, that of the 1928-29 season.
co-operative marketing may be expected,inasmuch as greater unity of effort
among producers' organizations is a leading object of the act. Support is
Larger Return From Wheat Likely.
not to be given to the upbutldIng of unrelated co-operative units in the same
Though this season's wheat crop Is considerably smaller than that of branch of agriculture, since to do so would increase wasteful competition
1928, it may return the growers a larger income. Wheat prices have been in marketing between producing groups and between producing regions.
substantially higher so far this season than they were during the correspond- Thinking in local or regional terms, necessary in the early stages of the coing period of the 1928-29 season. A reduction in our wheat output is offset operative movement, must now be supplemented by thinking in commodity
by an increase in the carryover from the previous season. Stocks on July 1 terms. Such a view of co-operative requirements is entirely consistent with
totaled 245,000,000 bushels,compared with 128.000,000 bushels on thesame the continued growth of local and regional associations, provided these
date in 1928. Income from wheat depends, however, on the world wheat become units in a co-ordinated movement. Time will be required to work
situation as well as on the situation in the United States. The world's out the necessary details of this principle. But when it is applied, an imProduction of wheat outside Russia and China in 1929, according to the portant step will have been taken toward placing agriculture on a parity
reports now available, is about 3.400,000,000 bushels, or 500,000.000 less from a business standpoint with other industries. ;
than the record crop of 1928. As the carryover was larger than that of the
Taxes on Farm Property.
Previous crop year, the total world supply for 1929-301s only about 360,000,000 bushels less than the supply available in 1928-29. Nevertheless, the
Taxes on farm property continued to increase slightly during the past
indicated reduction has raised the world price level.
Year. For the country as a whole the increase amounted to about 134%
In the East North Central States there was a slight decline; taxes in the
As to farm credit requirements the report says;
Middle Atlantic and the Mountain States remained at the level of the preI Farm credit remains costly in many parts of the United States notwith- vious year.
In all other sections increases occurred. The normal tendency
standing the great improvement that has been made in agricultural credit of public expenditures Is to increase. Hence reduction in farm taxes
is not
facilities during the last 10 or 15 years. The Federal reserve act of 1913,the Usually to be sought through general reductions in public expenditure, but
farm loan act of 1916, and the intermediate credit act of 1923 brought rather through re-adjustments tending to equalize tax burdens
among all
about favorable changes of fundamental Importance. Further progress tax-paying groups.
may be expected from the financial provision of the agricultural marketing
act of 1929. As yet, however, the potentialities of our credit system are
Cityward Flow of Population Continues.
reflected very imperfectly in the terms and conditions under which many
Evidence that the drift of population from the country to the town confarmers obtain credit. In many instances the gap between the supply of
credit at central money markets and the farmers' credit requirements has tinues is contained in a survey made by the Department of Agriculture
covering 1928 Our farm population at the end of 1928, according to this
not yet been bridged.
estimate, was the smallest in more than 20 years. Though the gross movereport.
ment of persons from the farms was somewhat smaller in 1928 than in 1927
The following extracts are also taken from the
and 1926, it comprised the formidable total of 1,960,000 persons. This
Remedy for Overproduction.
figure was largely offset, however, by the movement of 1.362,000 persona
r The remedy for over-extended agriculture is to curtail production, and from cities, leaving a net movement of 598,000 persons from the farms to the
the place to curtail is where returns are lowest. The problem Is twofold: cities. The corresponding net movement for 1927 was 604.000 persons;
To hold expansion in check where It would extend cultivation to marginal for 1926, 1,020.000; for 1925, 834.000;for 1924,679.000; for 1922, 1,120,000.
and submarginal lands, and to get lands of this character out of cultivation. No estimate was made for 1923. Farm population as of Jan. 11929, was
The per capita land requirements of the Nation for agricultural production estimated at 27.511,000, as compared with 32,076,960, as estimated by the
are being reduced by the substitution of mechanical for animal power and census for Jan. 1 1910.
DEC. 7 1929.]
FINANCIAL CHRONICLE
3547
forests and public domain, the West will repeat the degradation of Korea
Lining Standards on Small Farms.
and parts of China with manmade barrenness, floods, erosion, and decay.
data
considerable
has
accumulated
In the last eight years the department
"These considerations have• made the Presidential appointment of a
on family-living standards on the farm. Though sufficient progress has commission which will consider the question of desirability of transfer to
not been made to permit a thorough-going comparison between farm stand- the State governments of the remaining unappropriated unreserved public
ards and city standards, much has been learned about the living standards lands for school purposes, thus placing these lands under State adminisof certain groups of farmers. It has been demonstrated, for example, that
tration. The problem is not a theoretical one of whether the Federal or
family-living standards are deficient on a large proportion of the small farms
should administer them, but a practical one of whether
In the country. . . . Family-living standards are of course not low on State Government
understanding or distant direction shall be the controlling factor.
all small farina. Many small farms devoted to varying types of agriculture local
have already shown their capacity to handle school lands ceded
produce net incomes equal to the average on larger places. It is neverthe- The States
less true that a majority of the small farms in the United States are low to them.
"With regard to mineral rights, inasmuch as the great bulk of revenues
Income producing and low-value farms . . .
Effective action to raise living standards on our small farms is necessary collected by the United States revert to the States, either directly or
not only in the interest of the farm people immediately concerned, but in through the reclamation fund, and inasmuch as Federal expenditures for
the interest of the Nation. These farms are a source of population as well the Geological Survey and similar organizations for the development of
as of food supply. They send their surplus population to the towns and the mineral resources and the public domain have far exceeded the GovernCities. Hence the entire Nation suffers when living conditions on the small ment's proportion of receipts, no hardship will result to the States from
farm make it difficult to rear and educate young people adequately there. the continued administration of these national assets by the National
Not agriculture alone, but our entire national life stands to benefit from Government.
whatever may be accomplished toward the establishment of a satisfactory
"Reclamation has been a sound policy of the National Government; to
standard of living on the small farms.
continue so, under changing conditions, will require some changes in view
and increased emphasis upon the economic aspects of new projects. The
Exports of Agricultural Products.
proposal is to carry Government participation only to the building of
works to the
Total exports of agricultural products, excluding forest products, dams and water storage works and thereupon transfer the
without obligation for
amounted to $1,847,567.000 in the fiscal year 1928-29, an increase of about States for development of distribution systems
power and,
electrical
from
arise
may
as
2% over the previous year. Gains were made in the exports of cotton, repayment, except such revenue
tobacco, pork products, fruit, and feed grains. Shipments of wheat de- In some cases, from the sale of water. This problem also will come before
clined. Agricultural exports in the past year made up only 33% of our the new public lands commission for study and I propose to co-operate
total exports of all commodities, the smallest percentage, with the exception with it to this end."
of that for 1917-18, on record.
has before it," according to SecMediterranean Fruit Fly.
The possibility of eradicating the Mediterranean fruit fly is strengthened
by the results of the clean-up and spraying work so far carried out in Florida.
Fly abundance and fruit infestation have been rapidly diminished and new
records of finding infested fruit and flies have become very few. In fact,
for a considerable period there have been no such findings. This does not
mean that success is in sight. All methods of discovery applied over such
a vast area must naturally be looked upon as only partially effective. It
does indicate, however, that control of the pest can be made very effective
and gives hope that eradication is not impossible.
Financing Agricultural Research.
111It would be extremely helpful in the Department's work if a lump sum
available until expended, were appropriated for basic investigation. This
would permit lines of inquiry to be pursued uninterruptedly even if a radical
change of their direction became advisable. Under the present system,
whereby research funds are appropriated item by item, more than a year
must elapse after plans are made before the funds become available. If
circumstances necessitate a change of plan, another delay occurs. Many
research projects progress well enough under this system. Cases often arise,
however, in which the lack of elasticity in the shaping of research programs
involves costly delay or even an indefinite frustration of the objects in view.
Our research heretofore has been largely developed to meet emergencies
and to throw up a hurried defense against diseases and pests. It has
yielded important results. Unquestionably, however, this method of working should be supplemented by a continuous program of inquiry into basic
principles. Such a policy would accumulate forehanded knowledge which
would facilitate the solution of specific problems as they arose.
Secretary of Interior Wilbur in Annual Report Holds
Water Conservation Ranks First in Administration
of Public Domain—Present Oil Conservation Policy
to be Continued.
In his annual report, issued Dec. 2, Secretary Ray Lyman
Wilbur, of the Department of the Interior, looks to the
future and outlines policies for the various agencies under
his care. Regarding the conservation of the nation's ail
resources he says:
"Petroleum is our fastest-dwindling irreplaceable asset. It is acknowledged
that there is considerable preventable waste in the handling of our oil
supplies. Primarily, the responsibility for the prevention of waste lies
with the industry and with the governments of the States. That problem
is far from solution. The position of the Federal Government is not to
Interfere with the rights and duties of the local State governments, but
to lend such aid as it can and to participate in the solution of the problems.
Until the present day of wasteful overproduction is over the potential
supply in the public domain must be safeguarded.
"An example of the department's policy may be found in its handling
of the Kettleman Hills oilfield problem in California. Following some
months of negotiation, the department was successful in concluding an
agreement between its permittees and the adjoining private landowners
whereby production will be restricted to a minimum in this field for two
years and a well-nigh catastrophic waste of gasoline and gas avoided.
"The time has come when conservation of the nation's oil resources
must be regarded as a national strategy to be settled by agreement of
Interests across the table top, rather than by conflict thousands of feet
under the ground. The present conservation policy will be continued.
"Water conservation," says Secretary Wilbur,"may properly rank first in the administration of the public domain,
because of its importance in the everyday lives of the people
in these States." He goes on to say:
"From Nebraska west, water, and water alone, is the key to our future.
We need the mountains and the hills and a great protective back country
or we cannot have sufficient water for our valleys. Homestead thinking
must be replaced with watershed thinking. There must be a great western
strategy for the protection of our watersheds and the plant life on them.
Plants hold the snow and the rain, prevent rapid run-off and soil erosion,
and build a balanced set of natural conditions, which can only be broken
at the peril of those bringing It about. The public domain has been
abused, overgrazed, and not respected in many sections of the country.
Unless we care for the lands new in possession of the United States, in
"The Geological Survey
retary Wilbur, "the outstanding and highly imperative task
of completion of the topographic map of the United States.
The work of this Bureau on the public domain would not
be replaceable by any State agency, and this, in connection
with its large outlays, constitutes a strong reason for reservation of mineral rights from any transfer of public domain
made by the States."
With relation to hydroelectric power the Secretary says:
"It is my belief that the proper office of the United States ends with
tne construction of dams and incidental structures for primarily Federal
purposes only, such as navigation control, flood relief, reclamation, etc.;
leaving it to municipal or private initiative to develop and market the
power under lease of rights to the falling water. That policy is being
followed in working out the many problems attendant on Boulder Dam."
The Indian Service, says the report, faces a problem that
has remained practically without adequate solution for the
past 100 years. The report continues:
"The fundamental aim of the Indian Service will be to make the Indian
a self-supporting and self-respecting citizen as rapidly as can be brought
about. He will be considered a potential citizen, instead of the ward of
the Government. Full responsibility for himself is essential to his success.
Indian stock is of excellent quality and can merge with that of the nation.
To accomplish these ends it will be necessary to revise the Indian educational program along practical lines and to perfect plans for absorption
of the Indian into the industrial and agricultural life of the nation. The
decentralization of the activities of the Bureau will be effected as rapidly
as possible. Problems of health and education will, as soon as possible,
become responsibilities of the various States.
"The white man, wanting wholesome food, a comfortable place to live in,
opportunities ior education and advancement, has a single way of getting
them. He works for them. The Indian has often failed to satisfy those
same needs because he has not learned the way to competence and happiness
through work. Industrial training for young Indians and adequate mechanism for inducting them into the industrial life of the nation is essential.
The problem has not been solved before largely because of the lack of
determination in the attack upon it.
"The plan of reorganization of the Office of Education has been completed and is in process of execution. Its principle is the establishment
of the Office of Education as a research organization rather than an
administrative agency. It will transfer to other agencies its present
administrative activities so far as possible and concentrate on fact-finding
and research in the many fields of education. Known in the past as a
bureau, its present disassociation from administrative burdens will be
marked by a change of name. Hereafter it will be known as the Office
of Education.
"Local government in education is, in my opinion, the keystone of proper
training for citizenship by universal public education. There is a distinct
menace in the centralization in the National Government of any large
educational scheme. Abnormal power to standardize and crystallize education which would accompany that financial power would be more damaging
to local aspiration and local self-respect and to State government and State
self-respect than any assistance that might come from the funds. A
department of education similar to the other departments of the Government is not required. An adequate position for education within a
department and with sufficient financial support for its research, survey,
and other work, is all that is needed. That is the aim of the newly
reorganized Office of Education and that will be its position in this
department.
"The Pension Bureau will be based, as far as possible, on sound insurance principles. A high grade of medical service is demanded.
"In dealing with national parks, the efforts of the department will be
concentrated on three principal efforts: First, the high standards for
scenic az,: recreational values established by the present parks must be
met by any new park projects; second, rounding out the national park
system by bringing some new, carefully selected parks into the system, by
bringing under its jurisdiction the national military parks, and by adding
desirable areas to existing parks; third, the consolidation of park areas
by elimination of private holdings within their boundaries. In visiting
the parks I have found the personnel of this young and vigorous Bureau
one of the most valuable contact groups between the Federal Government
and the people. It has taken its place as a major bureau and should be
classified as such. Preservation of primitive landscape conditions, adequate
protection of wild life, and the safeguarding of forests and watersheds
cannot be carried out if a reasonable balance between accessibility and
wilderness value is not maintained."
3548
FINANCIAL CHRONICLE
[VOL. 129.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, December 6 1929.
The high light is on the retail trade of the country, which
favored by seasonally cold weather is better than it was a year
ago. That however,is not the case with wholesale and jobbing
trade. For comparisons must be made with an active state of
trade in December last year. Even so however, there is a disposition to go slow as regards new transactions in both the
wholesale and the jobbing fields. In any case the time is near
at hand for taking inventories. And there is no evading the
fact that the country has not fully recovered its poise after
the dire events in the stock market in October and November.
It advanced this week with call money still 43/2%. Business
conferences which are being held by President Hoover at
Washington with multifarious lines of business all over the
country are likely to produce results, under his tactful
management. Some curtailment of operations there may be
notably in cotton and woolen textiles; in fact there must
necessarily be more or less, for the times are dull, and it is
unwise to pile up unsalable stocks. The output of iron and
steel is at a comparatively low rate for the sales of these
commodities as a rule are at the moment small. The railroads it is true are reported to have bought rails and cars
on quite a liberal scale. But the fact remains that the pig
iron output has decreased noticeably. Steel production as
a whole has not been over 60 to 70% which is distinctly
smaller than that of a year ago. Nobody dreamed at that
time that the stock market was heading for such a precipice
as yawned before it later. At the moment the brighest
side is supplied by the wintry weather, the holiday buying
and the stimulus given to retail trade all over the country.
The mail order houses make very encouraging reports,
showing in some cases an increase in November sales of 173i%
over November last year and nearly the same for 11 months
of this year as compared with a like period in 1928. Automobile specifications make a better exhibit. The December
production may outrun that of November mainly in new
models at lower prices. The brisk industry makes a rather
better showing than it did at the low level of the summer.
On the other hand the business in lumber is smaller. It
is regrettable that the prolonged drought in the Pacific
Coast States has not yet been relieved. Naturally it hampers
crop work and general growth of industry and has a bad
effect on retail trade. The coal business has benefitted
very plainly from the cold weather and New York trade is
unusually active. The mining and shipping branches of
the coal indi,stry whether in anthracite or bituminous show
a distinct advance. Woolens and worsteds have been helped
by the colder weather. There is a better demand, moreover,
for suits and garments notably overcoats. It is true that
there has been a shutdown in some directions among the
woolen mills but worsted mills thus far have not been curtailing to any noticeable degree. There is a curtailment
among the cotton mills both north and south. Manchester,
England, reports the cotton goods business dull, stocks
piling up and the financial situation in Lancashire still unfavorable presumably because of the overcrowding of the
industry and more or less overcapitalization in some cases
due to imprudent investments during the war. Raw silks
have declined in a dull market. Certain lines of rayon goods
have met with a rather better demand. Raw wool has been
dull and depressed with prices in some cases lower in London
and Australia. 'I he leather trade has been quiet and prices
are apparently tending downward with hides recently dedeclining. Car loadings for the week ending Nov. 23 were
the smallest since last March, but for the year the movement up to Nov. 23 they show a noteworthy increase as compared with the same time in 1928 and 1927 and are even a
trifle larger than in 1926. And although there has been a
recent falling off in the car loadings it is noted that the
very severe weather of late on the Great Lakes is causing
the shipping season there. to close earlier than usual, a fact
which may easily inure to the benefit of the railroads.
Cotton has declined somewhat owing to liquidation on
the eve of the Government report which is to appear on the
9th inst. Also the exports are far behind and cotton goods
more or less depressed. Latterly the crop estimates moreover, have been rather larger than had been expected; that
is to say the decrease from the last Government report on
Nov. 8 has been in some cases only about 50,000 bales
whereas a much greater decrease had been expected.
Wheat advanced on a better foreign demand for both cash
wheat and futures, with the possibility of the Argentine
export surplus not being much over 100,000,000 bushels
though one estimate from Liverpool was about 150,000,000.
In any case it looks as though Europe would have to buy
freely this winter from the United States. Meanwhile the
receipts at domestic and Canadian markets are much smaller
than a year ago. Prices in general are 13 to 16 cents higher
than a year ago. Corn advanced with wheat, as usual, but
in addition the crop movement though quickening a little
now was slow earlier in the week. The visible supply,
however, is only about half as large as that of last year and
the cash demand has been good, though it is slackening
now as receipts increase. Oats advanced with moderate
receipts and a very large farm consumption. Rye advanced
5 cents on December as big deliveries were promptly taken
by strong interests. The situation in rye is to all appearance what is popularly known as "sewed up" and the Chicago
Board of Trade is investingating it. The last crop was smaller
and prices are 9 cents higher on December than a year ago.
But for many months past there has been no export demand
so that firmness of prices for this grain has puzzled everybody. Provisions have been higher until within a day or
two with stocks of lard much smaller than a month ago.
The export demand active, the December deliveries small
and December about Mc. higher than last Friday.
Sugar has declined with little demand from refiners who
find their own product slow of sale. London prices have
declined. Also the Cuban Selling Agency has apparently
changed its tactics. It has latterly been accepting current
bids instead of rejecting all. There was a protest against
this policy from parts of Cuba which may not have been so
ineffective as some of the New York trade were inclined to
think. Supplies of sugar on the surface are ample and the
demand indifferent. Coffee declined for a time under the
weight of falling prices in Brazil and Europe and the persistent dullness of trade. It seemed to matter little that the
reported loan to Brazil of $10,000,000 by foreign bankers
was confirmed. New rumors of a loan have been current
but the trade here seem sceptical. Stocks are big and sales
slow and rightly or wrongly doubt as to the stability of
present prices seems to be general among importers, roasters
and dealers. Rio No. 7 coffee is 7c. lower than a year ago.
But later on the tone in Brazil became stronger with the
market still short. It seems an uphill job in the long run
however, to fight the law of supply and demand either in
coffee, rubber, sugar or anything else.
Rubber has advanced a little at times, but advances are
met by a falling off in the demand. In fact whether prices
fall or rise the trade is slow at this time of the year. The
speculation has fallen off sharply too. It seems to be the
old story in rubber of plentiful supplies while manufacturers
at this time are buying little with London stocks increasing
and Malayan shipments unexpectedly large. It will be interesting to see if Mr. Edison's discovery that synthetic
rubber can be manufactured from the common goldenrod
plant of the fields in commercial quantities at 16o. a pound
is going to have any real effect on the rubber trade. Synthetic rubber is made in Switzerland and Germany, but at a
cost very far above 16c.
The stock market on the 3rd inst. advanced 1 to 10 points
on the President's optimistic message and a decrease in
brokers' loans in November of approximately $2,100,000,000
to a total of $4,016,600,000 the lowest since November 1927.
The message said that commodity prices were not inflated
and outlined a constructive policy that was heartening to
the business community generally of the United States.
Stocks on the 4th inst. advanced 1 to 12 points with transactions up to 4,437,460 shares the largest of any day this week
up to that time. That buoyant tone of President Hoover's
message had no small influence showing that merchandise
prices were not inflated, that measures had been taken by
voluntary action of employers to insure large consuming
power by continuity of work and unchanged wages. Hope
was growing that the low point of Nov. 13 is being left
definitely behind in the domain of history. There was talk
of a Christmas market. There was increased public buying.
DEC. 7 19291
FINANCIAL CHRONICLE
3549
were $29,As far as cheerful talk was concerned it was far from being the part of the consuming public. Gross sales
over November
mere talk. There is little it is true to cheer the prophets of 851,363, a gain of $4,395,197, or 17.27%
this year is $255,731,305 against
gloom in the remarkable demand for bonds. One of the 1928. The 11 months' total
of 27.18%. Gfoss sales of
increase
an
1928
in
18
$200,402,9
largest transactions ever recorded was a sale on the 4th inst.
showed an increase of
November
for
Co.
&
Roebuck
Sears,
convertible
Western
North
and
Chicago
of
of $1,000,000
11 months this year
for
Sales
1928.
November
over
21.2%
all
eloquence
4s, at 100. An incident of this kind has an
43
over last year.
its own. Stocks on the 5th inst. were irregular advancing showed an increase of 27.8%
Dec. 1st was very cold here after two days of temperatures
early and declining later with sales of some 4,377,110 shares.
as low as 11 and 12 degrees. On the 1st inst. it was 16
of
in
4 points, the latter
To-day,stocks advanced 2 to 213
to 32. Over night Boston had 22 to 40; Chicago 22
degrees
was
money
Call
day.
the
of
cynosure
the
General Electric,
10 to 30; Cleveland 8 to 22; Detroit 8 to 24;
Cincinnati
30;
to
sales
The
still 4 but 30 to 60 day bill rates were up 38%.
to 32; Milwaukee 12 to 28; Minneapolis20
of stocks were 4,714,800 shares. Bonds were active and Kansas City
Montreal 18 to 28; Omaha 12 to 24; Phila14;
to
6
Paul
St.
Electric
General
reached.
higher with many new high levels
Portland, Me. 22 to 38; Portland, Ore. 20
32;
to
14
delphia
stock will be split up four for one if shareholders approve.
50 to 56; Seattle 40 to 44; St. Louis 20
Francisco
San
56;
to
points
22
of
nearly
advance
Its
254.
at
The stock closed
to 10 above zero. On the 2nd inst.
below
10
Winnipeg
32;
to
made it the day's leader.
snow storm. Snow was general
first
its
The raising of wages by the Ford Motor was an outstanding the City had
from 6 inches to 8 feet deep in
varying
East
the
throughout
the
in
increase
annual
an
3
Dec.
feature of the week. On
City it was 23/ to 4 inches.
York
New
In
County.
pay envelopes of Ford Motor Company employes aggre- Erie
chemical snow remover bought
of
tons
35
shipped
Montreal
.
About
announced
was
0
$19,500,00
than
gating more
On the 2nd inst. tempera$15,000,000 of the annual rise will be received by Detroit at $18 a ton for Queens County. 36; Chicago 2 to 16; Cinto
26
Boston
36,
employes. The increases at Detroit were effective Dec. 2. tures were 28 to
to 30; Kansas City 12 to 20;
Ford Motor Co. employes of every grade began working cinnati zero to 26; Cleveland 16
To-day it was mild
above.
12
to
below
degrees
under an increased wage scale Monday. The minimum St. Paul 2
degrees but the forecast is
55
to
41
of
es
temperatur
with
here
whose
employes
All
$7.
to
$6
from
wage was increased
Saturday and fair and colder
wage rate exceeded the minimum wage received an increase for rain or snow and colder on
had 32 to 38; Montreal 14
in their hourly rate. The apprentice wage is $6 a day. This on Sunday. Overnight Boston
Me. 28 to 34; Chicago
Portland,
44;
to
36
ia
Philadelph
28;
wage.
to
minimum
its
raised
is the third time the Ford Co. has
40 to 46; Detroit 30
Cleveland
50;
to
42
Cincinnati
The latest raise was due to anticipated economies, large 36 to 44;
36 to 44; Kansas
Milwaukee
52;
to
42
Louiseville
Boston
38;
to
The
for
1930.
outlook
excellent
and
the
production
to 62; Winnipeg
44
Louis
St.
36;
to
32
Paul
St.
54;
to
34
City
Shoe Manufacturers' Association voted to maintain present
San Francisco 52
wage levels and to undertake no wage reductions in any of zero to 16 above; Portland, Ore. 46 to 52;
its branches or departments in compliance with President to 74; Seattle 46 to 52.
Hoover's suggestion and to insure industrial stability for
Monthly Indexes of Department of Commerce Indicate
the coming year.
Decline in Industrial Output During October
Fall River, Mass, wired early in the week that the Pilgrim
Greater Than Year Ago.
Mills had decided to curtail production 50% from now until
its monthly indexes of production, stocks and unfilled
In
to
been
have
premature.
seemed
on
later
Jan.l. This report
issued Nov. 30, the Department of Commerce at
orders
Providence, R. I. wired Dec. 5 unless market conditions imn says:
Washingto
will
probably
curtail
River
of
Fall
Mill
Pilgrim
the
prove
Production.
production, company officials declare. The Fall River
seasonal variIndustrial output during October, after adjustments for
plant, which closed down Wednesday of last week for the ations, showed a decline from the previous month, but was greater than a
index of the Federal Reserve Board.
latter half of the week, is reported as running on full time year ago, according to the weighted
while he
production of manufactures was lower than in September
commodities and
so far this week, but officials declare that whether the plant The
output of minerals showed no change; both manufactured
compared
will open on Monday of next week will be decided upon to- minerals were produced in larger quantities than in Oct. 1928. As
in all
the output of manufactures was generally larger
day. Woonsockett, R. I. wired that four Blackstone Valley with a year ago iron
and steel, foods, leather and shoes, automobiles, and
industries except
which
been
ers
have
manufactur
cotton
Co.
Lonsdale
of
mills
rubber tires where declines were noted.
Commodity Stocks.
operating on part time for quite a period, will shut down
manufacturers at the end
practically all of their looms at the end of the present week
Stocks of manufactured goods in the hands of
no change from a year ago and were slightly lower I/ an
for the remainder of the month. The mills involved, em- of October showed
the other hand. shov,ed
on
materials,
in the previous month. Stocks of raw
ploying more than 2,000 operatives in normal times, are the gains over both periods.
Unfilled Orders.
Blackstone Manufacturing unit at North Smithfield;Berkeley
manufactured goods showe I a
The general index of unfilled orders of
Mill, at Berkeley; Ashton Mill, at Ashton, and the Anna and
previous month, but was greater than a year ago. Decli -es
the
from
decline
Hope Mill at Lonsdale. It is hoped to reopen the mills on from the preceding month in unfilled orders for textiles and lumber rn re
n equipment, principt Ily
Monday, Dec. 30. The company makes shirtings and other than offset gains in iron and steel and transportatio
with last year gains in iron and steel and transportation
cotton goods. Dnllness of trade caused the shut down. railroad. Cdntrasted
and lumber.
equipment more than offset declines in textiles
Lebanon, N. H. wired Dec. 2 that the Lebanon Mills is one
Oa.
Oct.
Sept.
of the plants which the American Woolen Co. plans to close
Index Numbers, 1923-1925=100.
1923.
1929.
1929.
down as soon as the stock in process of manufacture is run
Production—
through. The closing is expected to be effected in about a Raw
materials:
102
105
99
Animal products
month. Other mills which will be closed include those in
252
246
180
Crops
87
92
Me.
and
80
Me.;
Pittsfield,
Bridgeton,
Oakland,
Me.;
Newport,
Forestry
114
117
121
Industrial (compiled by Federal Reserve Board)- 114
118 .
118
Me.
Minerals
114
117
122
(adjusted)
Columbus, wired that cloth manufacturing there including Total manufactures
126
124
139
Iron and steel
112
118
116
cloths,
rubberoid
fabrics,
tire
garment
sheetings, auto
Textiles
9.;
97
98
products
Food
116
--128
materials and motor seat covers has been reduced radically
printing
Paper and
81
Lumber
122
during the past 30 days. It is estimated that production
136
Automobiles
116
113
115
Leather and shoes
in the city has been reduced 35%. No night work is being
122
141
143
Cement, brick and glass
121
122
126
done except in cases of unbalanced department delinquency. Non-ferrous metals
160
174
refining
167
114
117
Charlotte, N. C. wired; that mill executives report sales of Petroleum
Rubber tires
126
135
143
Tobacco manufactures
goods of standard makes, only in small lots, and at prices
Commodity gtocks—
133
153
139
C.
g,
S.
wired
that
Spartanbur
y.
cotton
satisfactor
Total
far from
149
184
157
Raw materials
111
III
113
mill executives are having an unsually dull period because of
Manufactured goods
Orders—
Unfitted
of
the
cloth
e
condition
unfavorabl
market
72
74
continued
77
the
Total
73
59
64
Textiles
along all lines. Some mill managements state that they have Iron
75
so
79
and steel
62
94
86
not received an order within the past 10 days.
Transportation equipment
69
66
84
Lumber
London cabled that the Cotton Weavers Amalgamation
has decided to take a ballot for a strike on the question of
Service Finds "Hidden Inventhe employers' refusal of an application for an advance in Brookmire Economic
in Depression.
Factor
a
tories"
wages. If the ballot is favorable one months' notice must
Revival of genuine business expansion awaits the clearing
be given but there is a strong feeling that the necessary
up of certain conditions, among them "hidden inventories",
majority to call the strike will not be obtained.
Montgomery Ward & Co. in announcing the largest No- according to the latest analysis of The Brookmire Economic
by Brookrnire as
vember sales in the company's history, cite this as "ample Service, Inc. The four conditions listed
"hidden
first,
are
inventories,"
business
of
revival
delaying
proof that there has been no marked recession in buying on
3550
FINANCIAL CHRONICLE
consisting of partly paid-for installment goods in the hands
of consumers, no satisfactory information on the extent of
which is available; second, the over-built condition in several
important manufacturing industries; third, the condition
of banking assets, the actual liquidity of which cannot at
present be known; fourth, certain questions of world credit
conditions affecting the international gold standard and the
handling of international payments.
Based on weekly reports on business and economic conditions Brookraire's makes the following further comments:
Payroll Decline Spreads Out from Automobiles.
October statistics revealed a rather marked decline in payrolls and the
recession noted either in the automobile industry has spread to other heavy
lines. This tendency will accentuate the impairment of the public's purchasing power caused by the stock market break. Retail trade will be affected adversely, despite possible temporary stimulus. Mild weather
together with a sprinkling of rainy days has tended to slow down the movement of seasonable lines this fall. To some extent, such potential business
is permanently lost. Where purchases are merely delayed, later distribution is temporarily benefited, as it may also be where orders were merely
postponed because of the debacle in Wall Street. The recent cold wave
and holiday buying have led to improvement
Business Profits in Third Quarter of Year 17% Larger
Than in Corresponding Quarter Last Year According to Federal Reserve Bank of New York—
Profits Smaller Than in Second Quarter.
According to the Federal Reserve Bank of New York
"earnings reports of 220 industrial and mercantile companies
show net profits for the third quarter 17% larger than those
of the corresponding quarter of 1928, a considerably smaller
increase over a year ago than was reported in the preceding
six months, when the increase averaged well over 30%."
In its Dec. 1 "Monthly Review" the Bank further indicates
the course of business profits as follows:
In 1928 the trend of corporate profits was slightly upward from the second
to the third quarter, accompanying a rising level of business activity,
whereas this year profits were smaller in the third quarter than in the
second. The decline of third quarter net profits this year corresponded
closely with the movement in 1927 and considerably exceeded the seasonal
reduction that took place in 1926.
Entering largely into the less favorable showing of the third quarter was a
drop of 17% below last year's level in the not profits of automobile manufacturing companies, which at the end of the half year were somewhat ahead of
1928. Aside from this and a small decline in net earnings of building supply
companies, however, all other groups of concerns had larger profits than a
year ago.
For the completed nine months of the year ended with September, net
profits of these same 220 companies aggregated 2614% more than the
figure for the corresponding three quarters of 1928, and 5115% more
than in the same period of 1927. The only decline as compared with 1928
was one of 3% in the profits of the motor car companies.
Telephone company net profits in the third quarter were 10% higher than
a year ago, and for the completed nine months showed an increase of 8%
Earnings of other public utility companies were approximately 17% above
last year, slightly less than the increase for the first six months. Net
operating income of Class I railroads increased somewhat less between
the second and third quarters than was the case in 1928, but exceeded by a
smallamount the figure for the third quarter of 1926, which was the previous
high point ofrailroad earnings for recent years. So far in 1929, net operating
Income of the railroads has been 17% larger than 1928, and 8% above the
high nine months figure of 1926.
(Net Profits in Millions of Dollars).
Corporation Groups.
Motors
Motor parts.4 acmes.(excl. of tires)Oil
Steel
Railroad equipment
Food and food products
Machine and machine manufacturing
Copper
Coal and coke
Other mining and smelting
Chemicals
Building supplies
Tobacco
Amusement
Electrical equipment
Miscellaneous
Total 16 groups
Telephone (net operating income).--Other nubile utilities
Third Quar.
No.
12
16
25
12
"Ford employes of every grade began working under an increased
wage scale Monday. The Ford minimum wage was increased from $6
a day to 7. All employes whose wage rate exceeded the minimum
wage received an increase in their hourly rate. The probationary or
hiring-in wage which is paid to apprentice employes for the first two
months was raised from $5 a day to $6. In addition to these wage
increases, the salary roll was raised 5%. It is the third time the Ford
Motor Company has raised its minimum wage.
"On the basis of the October pay-roll which registered 144,990 employes, the monthly increase will amount to $1,628,451, or slightly in
excess of $19,500,000 a year. All Ford branches and plants in the
United States are included.
"Employes raised from $6 to 7 a day number 24,320 on the basis
of the October payroll.
Outlook is Excellent.
"Employes to the number of 113,643 have received increases which
bring their daily wage between $7.20 and $10 a day. Of this number
27,410 men go to $7.20 a day; 33,396 men go to $7.60 a day; 22,971
men go to $8 a day, and 12,327 men go to $8.40 a day. Between that
rate and $10 a day, 17,539 men are affected.
"We are able to make this wage increase because of anticipated
economies and the great volume of production which we have had over
a period of months, and partly because of our excellent outlook for
next year.
"Lately we passed on the benefit of some of our economies to our
customers in the form of reduced prices on our cars; and now we
share up with our workmen. It is our constant policy to do these two
things. Wage increases can not be collected from the public, nor can
they be taken out of the quality of the product; they have to be made
up by better management of the work. That is the way we intend
to justify this increase."
The same paper also quoted Mr. Ford as follows:
"The decision to increase the wages of our employes is our first
step to increase the buying power of the country," Edsel Ford stated.
"We believe that we are doing something definite to improve business
conditions, and feel that if other firms follow this step that much
good will be accomplished."
"There will be no increase in the price of Ford cars due to the
increase in salary," he replied in answer to a direct question. "We
recently reduced the price of the Model A cars and there will be no
increase in the price of the improved units of that model. We found
that by effecting numerous economies we could reduce the price of
the car, and that by still other economies we could increase the salaries
of our employes."
The "Free Press" also said:
Canada Ford Raises Pay.
Wage increases amounting to $1,000,000 yearly and affecting every
employe of the Ford Motor Company of Canada, in Ford City, and
its branches throughout the Dominion, were announced Tuesday by
Wallace R. Campbell, president. The raise was effective at once.
The wage change was the same as that made by the parent company.
The Canada Ford Company employs approximately 4,500 men of
its 7,000 employes at its home plant and has branches at Montreal,
Toronto and Winnipeg. Sales and service branches are at London,
Ont., St. John, Regina, Calgary and Vancouver.
Ford of Canada, with capacity of 100,000 cars yearly, and with 5,500
dealers, is the largest producers of automobiles under the British flag.
It is purely a Canadian enterprise as Henry and Edsel Ford have reiterated from time to time, importing from the United States only
such material as Canada is unable to produce at a reasonable price.
Overseas affiliated companies operate in Australia, Malaya, South Africa
and India, and its export connections also extend to Burma, Ceylon,
Dutch East Indies, Straits Settlements, Siam, British Camerooms, Zanzibar, Rhodesia, Nigeria, British Samoa, Fiji, British New Guinea, Tasmania, Aden, Nyasaland, Uganda, Madagascar and Portuguese East
Africa.
Nine 41foralts.
1028. 1929. 1927. 1928. 1929.
27
18
7
6
12
10
11
4
4
8
45
108
13
53
49
3
32
12
9
1
8
18
8
3
5
20
53
89
13
57
86
4
40
13
13
2
12
21
8
3
10
25
63
255
20
71
119
13
89
27
12
6
17
41
19
7
14
47
110
311
32
103
129
9
93
32
22
3
21
48
17
7
18
54
140
302
41
132
250
12
108
40
37
6
35
69
20
8
27
71
188
220
395
459
887
1039
1316
98
95
59
192
*66
224
173
581
188 •203
823 732
193
inn
251
*290
734
811
is
New York Federal Reserve Bank's Indexes of Business
Activity.
In presenting its indexes of business activity in its Dec. 1
"Monthly Review," the Federal Reserve Bank of New
York says:
Car loadings both of merchandise and miscellaneous and of bulk freight
declined In October, when usually there is little change or perhaps a slight
increase, and showed less than the usual year-to-year growth over a year
previous. Retail distribution of goods also was lower than in September,
after seasonal allowance, but the foreign trade of this country was higher.
(Adjusted for seasonal variations and usual year to year growth).
,
PHmary Distribution—
Car loadings, merchandise and miscellaneous_r„
Car loadings, other
Exports
ass
397 810 821
Class I railroads (net over. Income)--960 Imports
Panama Canal traffic
•Partly estimated.
Wholesale trade
Distribution to Consumer—
Department store sales. 2nd District
Minimum Daily Wage Increased from $6 to $7 by Ford Chain
grocery sales
Motor Company—Other Workers Share in Higher Other chain store sales
Mall order sales
Wages.
Life Insurance paid for
The higher wages which Henry Ford recently announced Advertising
General Business Activity—
Bank debits, outside of New York City
would be paid to workers in his plants were put into Bank
debits, New York City
effect by the Ford Motor Company on December 2, when Velocity of bank deposits, outside of N.Y. City
Velocity
of bank deposits. N. Y. CitY
the minimum wage per day was increased from $6 to $7. Shares sold
on N. Y. Stock Exchange
The new wage scale also affects those receiving higher Postal receipts
Electric
power
pay; it applies, it is stated, to more than 140,000 employes Employment In the United States
and adds fore than $19,500,000 to the yearly payroll. Mr. Business failures
contracts, 36 States
Ford's plans to increase wages were referred to in our Building
New corporations formed In N. Y. State
issue of Nov. 23, page 3264.
Real estate transfers
price level
Announcement of the increase was made as follows on :3eseral
3omposite Index of wages
Total public utilities
*935
Dec. 3 by Edsel Ford, President of the Company, according
to the Detroit "Free Press":
[Vol,. 129.
'
,
no. nt IhrIno
p Preliminary. r Revised.
Oct.
1928.
Aug.
1929.
Sept.
1929.
Oct.
1929.
100r
97
105
111
89
98
101r
97
100
122
92
107
100r
96
97
116
84
103
98,
92
1009
124p
105
94
99
101
105
98
95
99
96
103
139
101
99
104
92
103
134
111
103
98
93
99
119
99
100
106
164
117
188
389
88
109
1007
115
136
126
84
177
224
117
195
135
228
404
87
110
103r
109
96
113
78
182
227
116
203
135
242
426
81
108
103r
99
99
107
78
183
229r
116
218
137
244
640
86
1/9
174
102r
103
02
108
73
181
228
17a
172
3551
FINANCIAL CHRONICLE
DEC. 7 1929.]
Mt. Vernon Building Projects Dropped-Large Curtailment
Incrusted by Few Plans Filed.
The following is from the New York "Times" of Dec. 3:
One of the most serious depressions in building ever experienced
Y BY PUBLIC
TOTAL MONTHLY PRODUCTION OF ELECTRICIT
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.a
1929.
Incrvase Increase
1928
1929
Over
Over
1927.
1928.
Produced bv
Water Power.
1929.
1928.
33%
38%
6%
in Mount Vernon developed last month, when the total valuation for January.-- _ 7.265,000,000 8,241,000,000 13%
33%
38%
b8%
new construction and alterations totaled $92,250, a drop of more than February _-- 6,888,000,000 7.429,000,000 b12%
39%
89%
6%
10%
the
to
7,989.000.000
according
1928,
of
7,241,000,000
month
March
$1,100,000 over the corresponding
42%
43%
6%
15%
6,845,000,000 7,881,000,000
April
43%
monthly report of Commissioner Sigmund A. Guttenberg.
45%
8%
7,118,000,000 8,084.000,000 14%
May
40%
44%
8%
11%
7,768,000,000
The total for November, 1928, was $1,200,975, making a difference June
6,998,000,000
38%
43%
10%
7,142,000.000 8,012,000,000 12%
of $1,108,725 over this year's figures. Last month saw a loss of July
34%
40%
12%
7,510,000,000 8,354,000,000 11%
$741,510 as compared with the previous month of October, when a August
31%
38%
10%
11%
7,276,000,000 8,060,000,000
September
31%
36%
14%
total of $833,400 was reached.
8,685.000,000 11%
7,922.000,000
October
____
38%
13%
Only twelve applications for new buildings were filed during Novem- November
7,753,000,000
---_
35%
10%
____
ber, at a valuation of $74,200. Eighteen applications for alterations December.... 7,912,000,000
---40%
valued at $18,050 raised the month's total to $92,250.
10%
87,850,000.000
Total
a Final revision. b Based on output for 28 days.
operation of all power
The "Annalist" Weekly Index of Wholesale
The quantities given in the tables are based on the
engaged in generating
Commodity Prices.
plants producing 10,000 k.w.h. or more per month,
& Electric Railway
Stations
for public use, including Central
The "Annalist" Weekly Index of Wholesale Commodity electricity
over 95% of the
plants. Reports are received from plants representing submit reports is
Prices stands at 143.0, an increase of 2.0 points from last total capacity. The output of those plants which do not
of output and fuel consumption as reported
week (141.0 revised), and compares with 148.1 last year estimated; therefore the figures
accompanying tables are on a 100% basis.
the
in
of Commerce. coat this time. The "Annalist" continues:
The Coal Division, Bureau of Mines, Department
The rise of 1.4% in the index is explained by the rise of 2.4% in the operates in the preparation of these reports.]
farm products group and a rise of 2.2% in the food products group, both
advances, however, being somewhat deflated in the final index by a further
decline of 2.7% in the textile group. The textile index is now at the Loading of Railroad Revenue Freight Below 1928 But
Iowan point since January 1927. and with that one exception at the lowest
Above 1927.
point in the last five years.
for the week ended on Nov. 23
freight
revenue
There have been price advances in all grains, live stock, hides and cotton.
Loading of
Beef prices advanced sharply, and there have been advances in the prices totaled 950,280 cars, the Car Service Division of the American
of veal, butter, flour, lard and cottonseed oil. In response to large invenon Dec. 3. This was a
tories of cotton goods, yarns and cotton goods again declined in prices. Railway Association announced
there
and
of
weeks,
same week in 1928, but
number
in
that
decline
the
tenth
made
the
under
Raw silk prices
reduction of 78,957 cars
were new price declines in tin, zinc and rubber.
cars above the same week in 1927.
109,638
of
increase
an
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Due to the usual seasonal decline in freight traffic, the total
(1913=100)
Dec. 3 1929. Nov. 26 1929. Dec. 4 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
140.5
149.1
142.0
161.2
125.6
154.0
134.0
124.2
143.0
137.2
145.8
142.8
161.2
125.8
154.0
134.0
124.4
141.0
149.7
148.7
157.0
165.7
123.7
153.8
134.9
116.7
148.1
for the week ended on Nov. 23 was a reduction of 33,043
cars under the preceding week this year. An analysis of the
figures says:
Miscellaneous freight loading for the week totaled 349,377 cars, 37,864
corresponding
cars below the same week last year but 34,349 cars above the
week two years ago.
257,801
Loading of merchandise less than carload lot freight amounted to
but 32,172
cars, a reduction of 2,629 cars under the same week in 1928,
cars above the same week two years ago.
under the
Coal loading amounted to 192,010 cars, a decrease of 8,880 cars
same week in 1928 but 39,216 cars above the same week in 1927.the same
Production of Electric Power in the United States in
Forest products loading totaled 54,796 cars, 9.919 cars below
under the corresponding week in 1927.
October 1929 Exceeded Same Month Last Year by week in 1928 and 1,209 cars
amounted to 15,744 cars, a decrease of 2,008 cars under the
loading
Ore
with the corApproximately 11%.
same week in 1928 but an increase of 4,714 cars compared
According to the Division of Power Resources, Geological responding week two years ago.
above the
cars
416
of
Coke loading amounted to 10.975 cars, an increase
two years
Survey, the production of electric power by public utility corresponding
week last year and 1,715 cars over the same week
plants in the United States for the month of October ago.
39,760 cars, a
Grain and grain products loading for the week totaled
amounted to 8,685,131,000 k.w.h., an increase of approxiunder the corresponding week last year and 2,995
cars
15,017
of
reduction
mately 11% over the corresponding month a year ago when cars under the same period in 1927. In the western districts alone, grain
8,488
output totaled about 7,922,000,000 k.w.h.• Of the total for and grain products loading amounted to 27.245 cars, a reduction of
under the same week in 1928.
October of the current year, 5,960,259,000 k.w.h. were cars
the same week
Live stock loading totaled 29,817 cars. 3,056 cars under
produced by fuels and 2,724,872,000 k.w.h. by water power. last year but 1.676 cars above the corresponding week in 1927. In thea
to 23,018 cars,
Western Districts alone, live stock loading amounted
The Survey further shows:
week in 1928.
POWER reduction of 2,285 cars compared with the same
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY
of all commodities
All districts reported reductions in the total loading
PLANTS IN THE UNITED STATES(IN KILOWATT HOURS).
reported increases
compared with the same week in 1928, but all districts
Change in Output over the same week in 1927.
Total byWater Power and Fuels.
previous years
from Previous Yr.
Loading of revenue freight in 1929 compared with the two
follows:
1929.
1929.
1929.
1927.
1928.
1929.
Sept.'29. Oct.'29.
Odober.
September.
August.
3,570,978 3,448,895 3,756.660
Your weeks in January'
+12%
+8%
608,207,000
3,801,918
545.892.000
543.901,000
3,767,758 3.590,742
New England
Four weeks in February
+13% +10%
Middle Atlantic.... _ 2,092,744,000 2,065,922.000 2,232,080,000
4,807,944 4,752,559 4,982,547
+9%
+7%
Five weeks in March
East North Central- 1,950,459,000 1,897,718,000 2,057,142,000
3,983,978 3,740.307 3,875.589
515,631,000 +15% +14%
Four weeks in April
West North Central 504,075.000 488,975.000 1,088,908,000
+3% +15%
4,205,709 4,005,155 4,108,472
909.832.000 891.725.000
South Atlantic
Four weeks in May
+25%
313,342,000
+7%
317,251,000
East South Central _ 336,935,000
5.260,571 4,924,115 4,995,854
Five weeks in June
452,723,000 +21% +16%
West South Central 452,278,000 442,552,000
4,153,220 3,944,041 3,913,761
+1%
Four weeks in July
355,159,000 335,123,000 326,627,000 -3%
Mountain
+11%
+9%
5,590,853 5,348,407 5,367.206
1,208,574,000 1,076.716,000 1,090,473,000
Five weeks in August
Pacific
4,538,575 4,470,541 4.370,747
Four weeks in September
+11%
+11%
8,685,131,000
8,059,874,000
- 8,353,957,000
Total for U.S.
4,677,375 4,703,882 4,464,872
Four weeks in October
of electricity by public- Week ended Nov. 2
1,071,650 1,103.942 1,039,075
The total monthly and average daily production
975,134
with
a total Week ended Nov. 9
1,049.475 1,054,353
utility power plants in October exceeded all previous records,
968.052
to an average output of Week ended Nov. 16
983,323 1,056,120
output of 8,685,000,000 k.w.h., corresponding
840.642
950,280 1,029.237
Week ended Nov.23
280.000,000 or more than a quarter of a billion kilowatt hours a day.
plants in 18 days in
The production of electricity by public-utility power
47,460,529
48.611,689 47,172,296
October was equal to the total annual production of electricity in 1902; in
Total
other words, the output for 5% of the year 1929 was greater than for the
entire year in 1902.
Fundamental
Each month's output for the period June to October 1929 (Including the Chatham Phenix Outline of Business-No
Prospect.
in
recent month of October) was about 11% greater than for the same months
Structure
Business
to
Threat
with
no indicaIn 1928. This condition for so long a period (5 months),
"No fundamental threat to the business structure of the
tion of a change during the late months, apparently clearly indicates that
for
domestic
electricity
and
indusfor
demand
the
the conditions affecting
appears to be in prospect" according to the December
nation
trial uses during the last 5 months were much the same as last year and that
of Business," issued this week by Chatham Phenix
business in general during the summer and fall of this year has been pro- "Outline
National Bank and Trust Co. of New York, which finds
ceeding about as satisfactorily as during the same period in 1928.
The average daily output of electricity produced by the use of water power "the production and distribution of commodities going forshows a slight improvement in output in October, but the amount of
orderly fashion and substantial volume. Approxelectricity produced by the use of water power is still considerably below ward in
imately $166,000,000," says the Chatham Phenix" Outline,"
normal, as the water supply of many power streams is still very low.
The shortage of water for operating the municipal hydroelectric plants of "will be saved to the taxpayers of the United States if ConTacoma and Seattle has become so alarming that these cities have requested
adopts the proposal of Secretary of the Treasury
the Navy Department to tie in the 180,000-h.p. plant of the electrically- gress
Andrew W. Mellon to reduce income tax rates, which condriven airplane carrier "Lexington" with the city transmission systems.
In other sections of the country fuel-burning plants have fortunately tinues:
been able to supply the additional demands for power and the deficiencies
officially
Corporation taxes will be lowered about $100,000,000, it is
In water power caused by the low stages of rivers resulting from the severe
estimated. Individual taxpayers will save $66,000,000.
drought.
3552
FINANCIAL CHRONICLE
[VOL. 129.
Secretary Mellon's proposal was made immediately following the crash
middle of November the farm price of cotton was approximately 7.5%
of prices on the New York Stock Exchange. It is one of the
measures lower than a month earlier and about 9% lower than a year ago.
adopted by the Federal Government to prevent a lessening of
confidence
Bggs.-The average farm price of eggs advanced about 15% from Oct. 15
In the stability of the nation's industrial and commercial foundation.
to Nov. 15, and on the latter date, were nearly 12% above a year
ago.
The view of President Hoover and of many business executives is that
Higher prices of eggs may be attributed largely to a most favorable demand
business is unimpaired, with the production and distribution of comsituation with both market receipts and storage holdings running lower
modities going forward in orderly fashion and substantial volume.
than a year ago.
The iron and steel industry, according to Government records, is completing one of its best years. Production of pig iron rose to 3,588,000 tons
in October, U. S. Commerce Department data show. This is a record
output for that month.
Dun's Report of Failures for November.
The automobile industry manufactured more than 5,000,000 vehicles
from January to October inclusive, breaking all previous records. By most
The insolvency statistics for the United States, which
authorities a continuation of this rate of output Is considered unlikely.
have an added interest now, show contrasting trends in the
Demand for electrical goods this year has been heavy. The boot and shoe
industry has been unusually active. Retail trade for the first ten months business mortality during November. Numerically, the
of the year was slightly in excess of that of 1928 according to records of the record is relatively favorable, but data compiled
by R. G.
Federal Reserve Board.
Dun & Co. disclosed a sharp rise in the liabilities. At 1,796,
The nation is absorbing life insurance in larger volume than ever before,
It is shown by reports received by the U. S. Commerce Department. last month's commercial defaults were 1.4% under October's
Aggregate sales of principal companies amount to 810,609,888.000, as total of 1,822, while being
2.3% below the 1,838 insolvencies
compared with $10.023,573,000 in the corresponding period of last year.
Prices of farm products are higher than a year ago, according to the of November 1928. Moreover, there is a reduction of 3.8%
U. S Agriculture Department, leading to the conclusion that, except from the 1,864 failures two years ago, and the present
where crop volume is below normal, the position of the nation's farmers Is exhibit appears the more
satisfactory when it is considered
stronger than that at this time in 1928.
Satisfactory traffic records, reflecting the distribution of commodities that the November defaults have shown an increase over
by the railroads, and a failure record which does not compare unfavorably those of October in most years. Further encouragement
with that of a year ago, are further indications that no fundamental threat is derived
from the fact that the number of insolvencies for
to the business structure of the nation appears to be in prospect.
That the drop in security prices on the exchanges of the country will the 11 months ending with November has been 4.7% smaller
react in some degree on business conditions during the weeks and months than the aggregate for a similar period of 1928,
despite the
Immediately ahead may reasonably be anticipated. The extent to which
larger total of firms and individuals operating this year.
this influence will slow down business activity is the question that seeks an
With an increase to $52,045,863, last month's indebtedness
answer just now.
Renewed activity in the construction industry is one development which was about 66% above the $31,313,581
of October, while
Is looked to by President Hoover and other leaders as an aid in maintaining
the general equilibrium. Investment in new construction, while reaching showing a rise of some 28% over the $40,601,435 of No..
a total of approximately $5,047,909,000 in the first ten months, has lagged vember 1928. Only in January, when $53,877,145 was
somewhat behind last year.
reported to R. G. Dun & Co., have this year's monthly
The President has expressed his belief that an expansion of both public
and private building programs will do much to aid employment and maintain liabilities been larger than in the present instance. Of the
the National purchasing power.
November indebtedness, however, fully 66% was supplied
Further stimulation of the country's expert trade is also advocated by by
75 defaults involving $100,000 or more in each case, the
the President as a means of offsetting in part any curtailment of domestic
aggregate of such insolvencies exceeding $33,630,000. The
consumption of goods which stock market losses may impose.
Farm Prices Show Small Decline.
At 136% of the pre-war level on Nov. 15, the general
level of farm prices was 4 points lower than on Oct. 15, and
but 2 points higher than a year ago, according to the Bureau
of Agricultural Economics, U.S. Department of Agriculture.
The decline from Oct.15 to Nov.15 was the result of a general
decline in the prices of most farm products. The principal
exceptions to this widespread downward price movement were
the seasonal advance in the farm price of eggs and a slight
upward tendency shown by hay prices.
Changesin the indices of prices of agricultural commodities,
by groups, were as follows: Grains, down 10 points; fruits
and vegetables, down 9 points; cotton and cottonseed,
down 9 points; and meat animals down 7 points. On the
other hand, prices of poultry and poultry products advanced
19 points; and dairy products were up 1 point. The Bureau's
survey Dec. 2 continues:
Hogs-The United States average farm price of hogs continued on its
downward trend from Oct. 15 to Nov. 15. Seasonal declines during this
period were general throughout the country, bringing the level of hog
prices at the farm to a point approximately 6% below October 15 and only
slightly higher than a year ago.
The decline in hog prices was accompanied by a sharp advance in market
receipts. Live hog receipts at 7 primary markets were about 12% larger
during the 4-week period ended Nov. 16 than in a corresponding period
ended Oct. 19. Storage stocks of pork and lard continue to be larger
than a year ago and continue to have a depressing effect on hog prices.
The corn-hog ratio for the United States advanced 0.6 points to 10.5
from Oct. 15 to Nov. 15, due to the seasonal break in the farm price of corn
during this period.
Beef Cattle.-The general trend of the farm price of beef cattle was also
downward from Oct. 15 to Nov. 15. A 3% decline in the United States
average farm price during this period dropped the reported value per
hundredweight to a point 7% below November, 1928. Although this
decline was accompanied by a slight decline in cattle receipts at 7 primary
markets, receipts during the 4-week period ended Nov. 16 were approximately 12% larger than in the corresponding period for 1928.
Corn.-The farm prices of corn declined approximately 12% from Oct.
15 to Nov. 15. Prospects for the 1929 corn crop were again better on
Nov. 1. than a month previous, while storage space for marketable grain
was still limited at the middle of the month.
Wheat.-A continuation of the congested storage situation at terminal
markets due to large visible supplies of wheat and the sharp decline in the
prices of stocks which temporarily affected all speculative markets resulted
In a 7% decline in the United States average farm price of wheat from
Oct. 15 to Nov. 15. At $1.03 per bushel on Nov. 15 the farm price of
wheat was only about 7% higher than the extremely low price paid producers Nov. 15 1928.
Potatoes.-The United States average farm price of potatoes declined
approximately 3% from Oct. 15 to Nov. 15. The decline in potato prices
was not general throughout the country, however, an 8% decline in North
Atlantic States and a 3% decline in North Central States being partially
offset by price advances amounting to 6% in the South Atlantic Division
and 3% in South Central and Far Western States.
On Nov. 15, the farm price of potatoes for the country as a whole, was
still over twice as high as a year ago due to the much smaller crop harvested
In 1929. The price decline since Oct. 15 was accompanied by an improvement in crop conditions which raised prospects for 1929 production nearly
3% above Oct. 1 forecasts.
Colon.-On Nov. 15, the United States average farm price of cotton
reached the lowest level since July 1927. At 16.2 cents per pound in the
major part of the liabilities of the large failures was in the'
group designated as "other commercial" which includes
agents, brokers, and other concerns and individuals that
cannot properly be included in the manufacturing or trading
divisions. The amount for the "other commercial" defaults
was about $19,600,000, thus representing nearly 40% of
all the indebtedness for the month.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Number.
LODI/Wes.
1929.
1928.
1927.
1,796
1,822
1,568
1,762
1,752
1,838
2,023
1,635
1,852
1,723
1,864
1,787
1,573
1,708
1,758
Third quarter. 5,082
June
1,767
May
1,897
April
2,021
5,210
1,947
2.008
1,818
5.037 $100,296,702 $121,745,149 5115.132.052
1,833
31,374,761 29,827,073 34,465,165
41,215,865 36,116,990 37.784,773
1,852
1,968
35,269,702 37,985,145 53.155,727
Second quarter 5.685
March
1.987
February
1,965
January
2,535
5.773
2,236
2,176
2,643
5,653 $107,860,328 $103,929,208 $125,405,665
36,355,691 54,814,145 57,890,905
2,143
2,035
34,035,772 45,070,642 46,940,716
2,465
53,877,145 47,634,411 51,290,232
First quarter_ 6,487
7,055
8,643 $124,268,808 $147,519,198 $156,121,858
November
October
September
August
July
1929.
1928.
1927.
$52,045,863 $40,601,435 $36,146,573
31,313,581 34,990,474 36,235,872
34,124,731 33,956.686 32,786,125
33.746,452 58,201.830 39,195,953
32,425,519 29.586,633 43.149.974
FAILURES BY BRANCHES OF BIIBINE88-NOVEMBER 1929.
Number.
1929. 1928. 1927.
Liabilities.
1929.
1928.
1927.
AIanufacturcrsIron, foundries and nails...
5288,400
15
7
$617,400
15
$332,300
Machinery and tools
394,660
23
39
26
577,035
751,267
Woolens, carpets & knit g•ds
5,300
1
2
_23,000
Cottons, lace and hosiery _
18,120
2
2
3
105,000
158,745
Umber,carp'ters & coopers
72 4,310,916 6,794,798 2,501,564
82 105
Clothing and millinery
901,886 1,240,300
42
55
49
664,089
Hata, gloves and furs
337.345
18
22
26
315,200
374,000
Chemicals and drugs
193,780
8
5
10
44,207
437.300
Paints and oils
1
113,100
Printing and engraving__
19
91,865
9
13
74,900
132,481
Milling and bakers
230,767
37
29
37
350,200
400,376
Leather. shoes and harness.
13
67,050
18
8
249,500
623,799
Tobacco, dm
227,581
12
7
9
87,352
273,113
Clam, earthenware & brick_
185,728
10
7
12
191,042
206,566
A Bother
203 202 '205 6,920.221 4,653.811 5,923.062
Total manufacturing_ _ _. 481 519 478 514,179,628 $15,445,845 $12,785,562
Traaersfienerai stores
89 51,154,756 81,653.818 $1,012,221
67 100
(.troceries, meats and fish
273 312 313 1,947,558 2,547,537 2,972,119
hotels and restaurants.... 88
97 1,358,243 1,594,708 1,632.759
77
Tobacco. dtc
13 23
174,700
10
169,762
81,801
Cloth Mg and furnishings
146 140 160 1,920,160 2,399,065 2,156,843
I try goods and carpets
88 1.164.729 1,287,868 1.347.324
62 47
Shoes, rubbers and trunks__
386,043
41
51
38
435,732
477,382
Furniture and crockery____
735,402
43
30
40
431,334
834,800
Hardware. stoves and tools_
644.160
39
42 42
619,940
793,168
:Themicals and drugs
683,745
63
54
64
428,016
693.114
Pau ts and oils
5
29,661
8
8
140,744
45,200
fewelry and clocks
38 1,539,347
33 38
878,900
464,703
gooks and papers
11
61,550
14
5
106,800
82,400
[lats, furs and gloves
14
316,371
13
9
240,400
393,000
411 other
276 257 263 4,005,651 4,289,341 4,162,428
Total trading
1,166 1.202 1,276 516,122,076 517,223,965 516,949,262
)ther commercial
149 117 110 21,744,159 7.931,625 6.411,749
Total United States
1.796 3.838 1.864 552.045.863 U0.601.435 536'146.573
3553
FINANCIAL CHRONICLE
DEC. 7 1929.]
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale prices, based on the per capita consumption of each
of the many commodities included in the compilation,
follow:
England department stores in October were 7.1% larger than in October
1928. During November, except for the last five business days, sales of
Boston deparanent stores were 1.5% less than in the corresponding period a
year ago. Money rates declined sharply in November and on Nov. 25 United
States Certificates of Indebtedness (Mardi 15 maturity) were yielding
slightly more than 3%, and prime 90-day bankers' acceptances were 1136%.
Drop of 1.1% in Industrial Employment in Chicago
Federal Reserve District in Month to Oct. 15-First
828.521
832.758
132.040
334.678
334.292
Breadstuffs
Falling Off Since January.
24.220
20.127
25.087
23.110
22.777
Meat
24.998
22.467
23.138
22.657
22.141
Dairy and garden
The Federal Reserve Bank of Chicago, in its Dec. 1
20.183
19.406
19.577
18.690
18.556
Other food
32.318 "Monthly Business Conditions Report," announces that
35.055
35.836
34.568
33.959
Clothing
23.884
22.096
21.398
21.148
20.997
Metals
37.715 "manufacturing industries of the district report an aggre37.340
36.668
36.328
36.247
Miscellaneous
1107 7AA
110R R49
110R S4R
gate loss of 1.1% in the volume of employment for the period
1101 170
1100000
TWA!
Sept. 15 to Oct. 15." "This," says the Bank, "represents
the first decline in industrial employment of the
practically
Chain Store Sales Again Show Gains.
district since January, when a drop of 0.7% was reported."
Sales of 26 leading chain store companies for the month The Bank adds:
of November totaled $159,812,148, an increase of $21,054,June and July also were quiet months industrially, but the recessions
174, or 15.17%, over the corresponding period last year, were slight, 0.1 and 0.2%, respectively. With these exceptions, the trend
been uniformly upward during the past year, and on
according to a compilation by Merrill, Lynch & Co. of this in employment has was
about 5% higher than on the corresponding date In
Oct. 15 the volume
city. M. H. Fishman & Co., Inc., Neisner Bros., Inc., 1928. Five of the 10 reporting industrial groups shared in this advanceand Metropolitan Chain Stores, Inc., led all others in point metals, leather, foods, chemicals, and paper and printing. Metals and metal
employment 10% above a year ago and
of percentage gain, with increases of 117.64%, 50.19% and products led in the gain, with
about the same increase in payrolls. The leather products group also
44.70%, respectively. Sears, Roebuck & Co. led all others showed as large a gain, both employment and earnings advancing 10%.
in point of dollar gain with an increase of $7,674,359.
The food products group, which fluctuates widely owing to its highly
registered an increase of almost 7% in number of
Sales of these same 26 chain store companies for the seasonal character, payrolls.
The other two groups, chemicals and paper
workers and their
eleven months ended Nov. 31 1929 amounted to $1,453,- and printing, though adding 6 and 4%, respectively, to their working
337,586, an increase of $239,411,945, or 19.72%, over the forces, showed somewhat lower payroll amounts than a year ago.
Of the industries in which employment registered a decline for the year,
same period in 1928. A comparative table shows:
most outstanding, the
Dec. 1
1929.
Nov. 1
1929.
Month of November.
1929.
Sears Roebuck__
Montgom'y Ward
F. W. Woolworth
*S. S. KresgeW. T. Grant
Nat. Bellas Hess_
*McCrory Stores
*Daniel Reeves
J. J. Newberry
Spiegel May Stern
H. C. Bohack._
McLellan Stores.
*Melville Shoe
F. & W. Grand
*G.R.Kinney Co
Metro. Chain St's
*Lerner Stores
*West.AutoSupp
Neisner Bros...
G. C. Murphy
Waldorf System.
Isaac Sliver Bros.
Exchange Buffet.
Nat. Shirt Shops_
Edison Bros
M.II. Fishman
43,846,273
29,851.303
26,159,770
14.021,371
6,504,365
4,837,308
3,854.391
2,792,99
2,608.013
2,576,000
2,351.933
2.332,468
2.204,875
2,067,104
1,932,445
1,818,683
1,804,253
1,571.249
1,557,986
1,463,872
1,392,642
832,565
552,949
333,974
324,454
218.932
1928.
t Inc.
36,171,914 21.22
25,456,106 17.27
24.660.719 6.08
13,034.248 7.57
5,514,515 17.95
5,358,142 :9.72
3,451,419 11.68
2,643.702 5.65
1,869.791 39.48
2,323,373 10.87
2,133.972 10.21
1,886.388 23.65
1,996,97 10.41
1,718,921 20.26
1.782.620 9.64
1.256,82 44.70
1,037.330 73.93
1,294,171 21.41
1,037,343 50.15
1.132,265 29.28
1,250.166 11.40
632,311 31.67
490,413 12.75
281.553 18.62
262,202 23.74
100,592 117.64
Dec. 1
1928.
Dec. 1
1927.
Dec. 1
1926.
First Eleven Months.
1929.
389.233.111
255,731.305
258,880.493
132,069,095
53,905,684
43,984,313
37,413,028
30,844,706
22,638.109
21.685,400
x23,542,018
19,393,586
23,090,648
18,327.788
17,976,003
14,689,690
15,702,142
14,775.815
12,404,349
13,080,288
14,625,273
6,966.005
y3,755.013
3,645,654
3.337,852
1,640,229
1928.
Inc.
%M
304,539,742 27.81
200,402,918 27.61
241.874.420 7.03
122,519,167 7.79
44,657,642 20.71
39,546,929 11.22
33,887,460 10.40
28,715.409 7.42
16,063.133 40.93
17,956,875 20.76
x20.843,469 12.95
14.446.818 34.25
19,817.077 16.52
13,773.110 33.07
16,634.224 8.08
10,772,141 36.36
9,860,593 59.24
11.495.711 28.53
8,199,506 51.28
9,668,606 35.28
13.258,001 10.31
5,295,76 31.53
y3,317.68 13.18
3,027.69 20.41
2,661,27. 25.42
690.26 137.62
159,812.148 138,757.974 15.17 1.453,337.RAO 1,213,925.641 19.72
,Seven months.
• Companies financed by Merrill, Lynch 4. Co. a Ten months. 3
the stone, clay, and glass products group was the
loss amounting to 10% in men and 6% in payrolls. Vehicles and the
textile and clothing group, though showing a slight loss in employment,
registered gains of 3 and 4%, respectively, in payroll amounts. Lumber
products declined only slightly, about 1% in men and payrolls, while
rubber showed a somewhat heavier reduction.
All the groups except textiles and lumber products shared in the decline
from the preceding month-in these two the usual activity prevailed
preceding the holiday season. The gains in payroll amounts recorded by a
majority of tit, groups were rather a reaction front the decline in September,
which included a holiday, than an indication of either increased operations
or a rise in wage schedules.
Building and construction work was maintained at about the level of a
month previous, while the distributive industries made some additions to
their forces. At the free employment offices, there was an increase in the
ratio of applicants to available positions for the States of Illinois and
Iowa. The ratio for Illinois increased from 136% to 147, and that for
Iowa rose from 209 to 216. In Indiana, the ratio remained at 107%,
or a rise in wege schedules.
EMPLOYMENT
AND
Oct. 15
1929.
RESERVE
Week Ended
Week Ended
Industrial Groups.
FEDERAL
Total Earnings.
Number of Wage Earners.
Totals
z Decrease.
EARNINGS-SEVENTH
DISTRICT.
Per
Sept. 15 Cent
1929. Change.
Oct. 15
1929.
Sept. 15
1929.
Per
Cent
Change.
+2.6
$12,177,718 $11,885,796
453,526 458,780
All groups (10)
Metals & metal prods.
+2.4
5,614,637 5,482,083
(0th. than vehicles). 211,518 212,609 -0.5
1,195.837 +12.3
1,342,601
43,527 43,728
Vehicles
756,957 --4.7
721,263
32,488 32,282 +0.6
Textiles & textile prod_
1,330,949 1,372,144 -3.0
Food & related prods.. 49,471 52,051
393,940 +4.7
412.530
14,030
13,794
Stone,clay & glass prod
701,585 +8.1
758.342
Lumber & its products. 31,315 30,517 +2.6
+3.0
406,647
418,911
15,415
15,081
Chemical products__ _
430,512 -0.1
430,253
18,882 19.161
Leather products
96,04
+2.9
98,828
-3.3
4,468
4,321
Rubber products
+1.9
1,030,04
1.049,404
Paper and printing...-. 33.131 33,619
Declining Tendency in Business Activity in New England Less Pronounced Than for Country as Whole,
According to Boston Federal Reserve Bank.
Stating that "during recent weeks there has been a continuance of a recession in the general level of industrial
activity In New England," the Federal Reserve Bank of
Boston in its December "Monthly Review" adds that "the Merchandising Conditions in Chicago Federal Reserve
declining tendency in this district has been less pronounced
District-Wholesale Trade in October Declined as
than for the country as a whole." In further indicating
Compared with Last Year-Department Store
the business situation, the Bank says:
Trade Increased Over September Sales.
New England industry is not directly influenced by changes in two of
Conditions in wholesale and retail lines in its district are
the basic industries of the country-automobile production and iron and
steel production-both of which reflected reductions of considerable degree surveyed as follows by the Federal Reserve Bank of Chicago
in output during October. The fact that general business activity in the in its December "Monthly Business Conditions Report":
aggregate has remained at a high level quite steadily throughout the
greater part of the year seems to be indicative that industry is well
diversified in New England. Factors which have been sustaining influences
this year are electric power production, merchandise and miscellaneous
carloadings, shoe production, wool consumption, allied metal trades, and
the activity necessary in catering to the recreational features of New
England. The "tourist" business has been expanding rapidly in New
England during recent years, and has furnished considerable employment
and use for capital, in addition to stimulating highway construction.
Total value of contracts awarded for new building in New England in
October was larger than during September, but was less than in October
a year ago. Residential building in October, although about 28% larger
than in September, was 16% below the corresponding month a year ago.
Production of boots and shoes in New England during the first 10 months
of this year was approximately 2.5% greater than in the corresponding
period of 1928, as compared with an increase of about 17% this year over
last year for the country as a whole. New England textile activity, which
slowed down somewhat during the third quarter, became more pronounced
during October, and both cotton and wool consumption was slightly above
the usual seasonal amount. Employment conditions in New England
remained satisfactory during October, although a slight decline in the
total number employed was reported. A fairly substantial decline in
aggregate payrolls, amounting to more than 11%, was reported during
October by the boot and shoe establishments in Massachusetts. In Rhode
Island the jewelry, metal trades, and rubber goods manufacturers reported
Increases in the numbers of workers employed. Sales of reporting New
Wholesale Trade.
October sales of all reporting lines of wholesale trade totaled less than a
year ago, although the decline in groceries was very slight and almost
two-thirds of the firms showed a gain in the comparison. The decline
from last October recorded in the electrical supply trade was the first
this year, and more than half the firms had larger sales. For the ten
months of 1929 compared with the same period of 1928, sales totaled
heavier in the wholesale grocery, hardware, drug, dry goods, and electrical
supply trades by 1.6, 5.5, 2.0, 3.2, and 11.8%, respectively, while sales of
shoes at wholesale were 1.9% less. Prices in most lines were steady during
October, with several reports of a downward trend in dry goods, hardware,
and electrical supplies. Collections for the most part are fair to slow,
though good in the hardware trade.
WHOLESALE TRADE DURING THE MONTH OF OCTOBER 1929.
Net Sales During Month
Per Cent Change From
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical gut/Plies
Stocks at End of Month
Per Cent Change From
Preceding
Month.
Same Month
Last Year.
Preceding
Month.
Same Month
Last Year.
(28) + 3.7
(13) + 5.8
(9) -13.8
(13) + 3.1
(8) -13.0
(34) +17.7
(28)- 0.0
(13)- 3.6
(9) -10.4
(13)- 3.0
(8) -14.9
(20) + 9.6
(9)- 1.9
(7)- 3.0
(12) + 2.3
(6) + 3.2
(27)- 1.2
(19) -6.4
(9) + 6.3
(7) + 5.1
(12) + 9.0
(6) + 1.1
(25) + 9.1
(34)
3.4
3554
FINANCIAL CHRONICLE
Accounts Outstanding End of Month.
Per Cent Change From
Preceding
Month.
Groceries__
Hardware
Dry goodsDrugs
Shoes
Elec. suppl.
Figures in
Same Month
Last Year.
Ratio to
Na Sales
During
Month.
Collections During Month
Per Cent Change From
Preceding
Month.
Same Month
Last Year.
(25) + 0.9 (25)- 9.3 (25) 89.4 (22) + 7.0 (20) + 1.5
(13) + 0.6 (13) + 2.2 (13) 195.9 (10) +21.2 (10) + 1.0
(8) +14.2 (8)- 5.4
(9) 310.2
(9)- 2.8
(9) + 1.5
(12) + 0.6 (13) + 2.4 (13) 147.8
(8)- 0.2
(8) + 2.0
(6) + 4.3 (6)-16.4
(7) + 9.0 (7) 324.6
(7)- 0.5
(33) + 9.5 (33) + 6.6 (33) 127.9 (21) + 8.9 (20) +14.3
parentheses Indicate number of firms included.
(VOL. 129.
general holiday trade last July and as is the usual course in jobbing, this
business is now practically concluded;sales have been satisfactory and there
have been no cancellations. Collections have been better than the crop.
and weather led us to expect." Another large distributor reports that collect;
tioias have been slightly affected, that business in early November was fair,
but that the cold snap is bringing in better orders. Sales of dry goods by
jobbers register the pulse of retail buying in standby articles with considerable accuracy. The representative of one nationally known house tells us:
"Considering all the factors involved this season in northwestern merchandising our business is keeping up fairly well; in fact our shipments are in
excess of a year ago. Present weather is favorable and is stimulating sales.
We have noted but little effect traceable to the stock market collapse."
A North Dakota banker is quoted assaying,"Farmers are generally holding
grain in one way or another and for that reason money is not getting into
circulation as freely as usual, which is having some temporary effect on
business. The recent slump in the securities market has had little effect
here and has not been of any consequence."
,
Department Store Trade.
A gain over September was recorded in the volume of October sales by
Seventh [Chicago] District department stores, the aggregate for 117 stores
increasing 3.0%. Trade in Chicago, Milwaukee, and smaller centers
showed improvement in the comparison, while totals for Indianapolis and
Detroit were smaller; in both these latter cities, however, the majority
of firms had larger sales. The first decline this year from 1928 took place
In October sales, the total for the district being 2.4% less than for October Business in St. Louis Federal Reserve District Reported
last year. Chicago, Detroit, Indianapolis, and the smaller cities shared
Generally Active.
in this decline; sales by Milwaukee stores totaled larger. For the year
The Federal Reserve Bank of St. Louis states that while
through October, sales have aggregated 2.8% more than in the same period
of 1928, with sales heavier in Chicago, Detroit, Indianapolis, and Mil- developing some irregularity and spottiness, business in its
waukee, and less for 66 stores in smaller centers.
district during the past 30 days continued generally active.
Stocks on hand Oct. 31 had expanded 8.3% over the end of September
and were 2.8% heavier than a year ago on the same date. Stock turnover The Bank makes this statement in its Nov. 30 "Monthly
for the month of .33 times compared with .85 for last October, and that for Review." It further indicates conditions in its district as
the 10 months this year of 3.11 with 3.16 times for the same period of follows:
1928. October collections aggregated 27.5% heavier than a month previous
Reports relative to trade and industry reflected no marked changes as
and 7.2% above a year ago, while accounts receivable the end of October
compared with the preceding several months, although in some lines dewere 3.5% larger than on Sept. 80 and 7.9% more than at the end of last
creases took place in production and primary distribution. Purchasing of
October. A ratio of 40.7% of October collections to accounts outstanding both raw and finished materials was conducted
along more conservative
Sept. 30, °prepared with 42.0% for the corresponding month of 1928.
and cautious lines than earlier in the year, particularly since the final week
of October. Weather during the early fall was unseasonably warm, which
Chain Store Trade.
fact was accountable in a measure for backwardness in the movement of
The number of stores operated during October by 21 chains increased seasonable merchandise through retail channels. Sales
of department
2.0% over September, and aggregate sales gained 12.6%, so that average stores in the principal cities in October showed a decrease
of 2.4% as comsales per store were 10.3% heavier. Although 16.8% more units were in pared with the same month last year. Wholesalers in lines
operation in October than during the same period a year ago, total sales report advance ordering of holiday goods below expectations, investigated
and in
gained only 13.0%; average sales per store, therefore, were 2.8% smaller volume than at the corresponding period In 1928. In virtually all smaller
lines there
in the comparison. With the exception of musical instruments, where is a well defined disposition to hold production and inventories in
close reladeclines were reported from both a month and a year previous, all reporting tion with actual market requirements.
groups had larger aggregate sales in both comparisons-these included
several
of
unusually high production at iron and steel
months
Following
groceries, drugs, fiveand-ten-cent stores, shoes, cigars, furniture, and plants, some slowing down in activities was noted at mills,
foundries and
men's and women's clothing.
other ferrous metal working establlshments. Curtailment was particularly
marked at malleable shops, certain gray iron foundries and other plants
Other Retail Trade.
specializing in materials for the automotive industry. Demand for iron
October sales of shoes by 26 retail dealers and 26 department stores in and steel goods for the building ndustry was also less active than heretothe district aggregated 16.4% lees than in September, but were 8.3% larger fore. Recent orders placed by the railroads for freight cars and other equipthan for the corresponding month a year ago. Despite the decline in the ment and supplies has served to partially compensate decreased requiremonth-to-month comparison, more than half the dealers and department ments of other users of iron and steel. There was a rather sharp decrease
storese recorded gains. In the 10 months of 1929, sales totaled 4.6% above in distribution of automobiles in this district in October as compared with
the same period of 1928. Oct. 31 stocks of dealers and department stores September, but the October total of reporting dealers was slightly greater
averaged 4.0% heavier than a month previous and were 0.6% larger than than for that month last year. The volume of building permits issued in
on the corresponding date last year. Collections by dealers during October the chief cities, and construction contracts let in the district in October,
showed a gain of 87.9% over September 4nd of 5.6% over a year ago, showed marked decreases as compared with that month a year earlier.
While adversely affecting sales of seasonal merchandise, the mild, open
while accounts receivable the end of the month were 5.1% greater and
6.1% less in the respective monthly and yearly comparisons. Oct. 31 fall proved very beneficial to agriculture throughout the district. Crop
accounts receivable averaged 67.9% of sales during the month, as compared prospects improved substantially from October to November, a number of
the most important products showing heavier yields than estimated earlier
with 87.2% a month previous and 66.4% a year ago.
The volume of furniture and furnishings sold during October by 25 dealers In the year. Harvesting of late crops was carried forward under mainly
ideal
conditions and with minimum loss of quality and quantity. Among
and 27 department stores declined 21.2% from the September figure, and
was only 0.9% above the amount sold in October last year. Installment the crops showing improvement were corn, cotton, rice, potatoes, legumes
sales by dealers were less by 23.0 and heavier by 2.6%, respectively, in these and pasturage. The improvement in physical conditions, however, was
comparisons. Stocks of dealers and department stores increased 4.8% on counterbalanced to a considerable extent in its effects on farm incomes,
Oct. 31 over Sept. 30, and showed practically no change from a year ago. the sharp decline in prices of leading products in late October and the first
Accounts receivable on dealers' books the end of the month were about the half of November. In the case of corn, wheat,oats, cotton and some other
same as a month previous or on the corresponding date of 1928, while crops, the decline carried prices to new low levels for the season.
unseasonably high temperatures which prevailed through October
total collections during the month increased 8.0% over September and andThe
early this month had a tendency to hold down purchasing of bituminous
declined 3.9% from a year ago; installment collections gained 10.0 and
domestic users. However, the volume taken by retailers and ulticoal
by
decreased 11.4% in the respective comparisons.
mate consumers was considerable, and prices developed an upward tenAn increase of 11.0% over the preceding month was shown in the
dency, being generally somewhat higher than during the preceding month.
October sales of 211 retail hardware dealers in the five States including
As has been the case for some time, the situation in steaming coal, particuthe Seventh District; all of the States and 156 of the individual firms larly
screenings, was unsatisfactory. BECOSSive supplies of slack coal,
shared in the gain. Sales of 96 firms for which the comparison with a
occasioned by the larger output of prepared sizes, resulted in lower prices
year ago is available, showed practically no change over last October, and a slow
movement. With but few exceptions, the industries were not
increasing only 0.03%; sales in Iowa and Wisconsin were larger, and disposed to stock up, and
purchasing by the railroads and public utilities
those in Illinois, Indiana and Michigan smaller, with 56 firms reporting continued below the average seasonal volume. The movement of mineIncreases. For the 10 months of 1929, sales have aggregated 8.1% more run in the Indiana, Illinois and western Kentucky fields was adversely
than for the same period of 1928, with Indiana alone recording a decline affected by the congested conditions existing in screenings. The number of
(1.4%).
loaded cars of domestic coal in these fields, however, was substantialy
reduced. For the country as a whole production of soft coal duringeth
present calendar year to Nov. 9, approximately 265 working days, totaled
447.639,000 tons, against 417,253,000 tons for the corresponding period
Northwest Bancorporation of Minneapolis Finds Nor- in
1928 and 448,422,000 tons in 1927.
mal Seasonal Trade Despite Recent Decline in
Freight traffic of railroads operating in this district continued in large
volume,and exceeded the aggregate of any similar period in preceding years.
Stock Market.
Merchandise and miscellaneous freight made a good showing, and there
Responses to inquiries covering extensive territory to were substantial
gains over last year in the movement of coal and coke and
determine the possible effect on general business of the recent livestock. Grain and grain products,lumber and ore were moved in smaller
volume than a year ago. For the country as a whole loadings of revenue
decline in the speculative stock market are summarized freight
for the first
weeks this year, or to Nov.2, totaled 45.628.611 cars,
in the November issue of Northwest Bancorporation (Minne- against 44,032.586 44
cans for the corresponding period last year and 44,676,apolis)"Review." They show in general a full normal seasonal 701 cars in 1927. The St. Louis Terminal Railway Association, which
handles interchanges for 28 connecting lines, interchanged 248,586 loads
volume of trade, sales well maintained even in the luxuries, in
October, against 238,769 loads in September, and 243,119 loads in Octocollections, in some instances even better than a year ago, ber 1928. During the first nine days of November, the interchange
amounted
to 65,732 loads, against 74,060 loads during the corresponding
and a greater tendency for people having money to invest
in October and 66,792 loads during the first nine (lays of November
to purchase bonds. Relative to some changes shown wherein Period
1928. Passenger traffic of the reporting roads in October decreased 2%
volume compared with corresponding days of last year as compared with the same month in 1928. Ratinutted tonnage of the Federal
Barge Lino between St. Louis ana New Orleans in October was 137.000
shows decrease due in part to weather conditions, the
tons, against 90,9,17 tons in September and 120,444 tons in October 1928.
"Review" says:
Collections generally through the district were loss satisfactory than was
P In some staple lines of northwestern merchandising the downward swing the case during the preceding several months. Retailers in the rural secIn the stock market has had little perceivable effect; in others there has tions. particularly in the South, reported a slowing down in payments
been some hesitation in orders, but ups and downs of weather have meant which adversely affected their settlements with wholesalers. Some slowmore than ups and downs of stocks. Limiting the report to the Twin City big down in retail collections was also noted by retail merchants in the larger
Position, one wholesaler whose business extends westward to the Rockies centres of population. Some improvement in liquidation both with mersays.'Our business Is affected by the weather and prevailing prices of farm chants and banks was noted In the tobacco diatricta, and in the coal mining
Products and not by the stock market. We began taking orders for the areas the average of collections was slightly better than last year. Answers
DEC. 7 1929.]
FINANCIAL CHRONICLE
to questionnaires addressed to representative; interests in the several lines
through the district showed the following results:
Poor
Fair
Good
Excellent
4.3%
60.5%
32.4%
2.8%
October, 1929
6.9%
61.1%
30.6%
1.4%
September, 1929
9.0%
50.7%
37.8%
2.5%
October, 1928
October,
Commercial failures in She Eighth Federal Reserve District in
according to Dun's, numbered 124, involving liabilities of $1,881,464,
against 98 failures with liabilities of $1,762,109 in September.and 93 failures
for a total of $1,074,591 in October 1928.
Output of Industries in Kansas City Federal Reserve
District During October Above That of Same Month
Last Year.
From the "Monthly Review," 'Dec. 1, of the Federal Reserve Bank of Kansas City it is learned that business in its
district "improved during the opening month of the final
quarter of the year." The output of industries was heavy
and, as a whole, above October last year, the Bank says,
adding:
3555
better
year. Wholesalers reported business in agricultural communities
than the average for the season, as farmers mere buying more liberally
greatest
showing
items
the
among
this year than last year. Radios were
seasonal sales.
October sales of wholesale furniture houses showed a small increase over
for all
the heavy volume for September, and the composite sales figure
last year.
firms reporting was 12.3% higher than that for October
The wholesale trade in drugs, including druggists' sundries, was heavier
last year.
in October than in either September of this year or October of
October Trade in Richmond Federal Reserve District
in Good Volume.
Richmond Federal Reserve District
the
in
October trade
advances in
was in good volume, and showed seasonal
Rethe
"Monthly
of
number
30
Nov.
the
says
most lines,
The "Review" of the Richmond Federal Reserve Bank.
view" goes on to say:
and some industries are not
There are troublesome spots in the district
more numerous than
doing as well as others, but favorable factors are
a year ago, and for
unfavorable ones. Member bank loans are lower than
securities are below those outon
loans
months
many
in
time
first
the
in the district are borrowing
standing 12 months earlier. Member banks
last year, but the increase
more from the Reserve Bank than at this time
agricultural purposes. Debits
is in country bank borrowing, chiefly for
ended Nov. 13 were not only
to individual accounts figures for five weeks
five weeks this year but
seasonally larger than debits in the preceding
corresponding period last
the
for
debits
than
higher
8%
than
more
were
is proceeding normally and
year, indicating that fall and winter trade
1928. Commercial failures
probably in somewhat larger volume than in
than in any other October in
in the Fifth District in October were fewer
the lowest for that month in
six years and the liabilities involved were
Coal production in October
employed.
well
moderately
is
Labor
10 years.
and textile mills consumed
was in larger volume than in October last year,
in 1928, although the
more cotton last month than in the same month
y. Building prosituation in cotton manufacturing is still unsatisfactor
volume than a year ago in
vided for in October permits was in smaller
work in 10 of them
most of the cities of the district, although more
cities and brought the
exceeded the decreases in the other 23 reporting
October 1928 permits.
district total valuation slightly above that of the
better this year than
On the whole, agricultural returns in the district are
The prospective yield
last, with cotton the only outstanding exception.
yield, but the price is
of cotton in the district is larger than last year's
those realized
sufficiently lower at present to reduce the cash returns below
than cotton growers,
for the 1928 crop. Tobacco farmers are faring better
prices this year in
a moderately larger crop selling for slightly higher
generally smaller this
comparison with last year. Fruit crops are
with those of
year, but practically all other crops compare favorably
returns received this
1928 in both yield and price. The gain in money
most marked
the
year by potato growers in the Fifth District was perhaps
Retail trade in the
change in agricultural returns over last year.
October last year, although
district in October was in larger volume than in
of the earlier month.
sales in the Carolinas did not come up to those
as in October 1928,
Finally, wholesale trade averaged about the same
sales, with no very
some lines reporting increased and some decreased
marked change in either direction.
the
Department stores reported a rising volume of retail trade for
season, and sales for October were larger than a year ago. Distributive
trade of Wholesale firms was in about the same volume as in September,
banks
but below a year ago. Commercial loans at reporting member
while
continued to rise and by Nov. 6 had attained a new high record,
one
security loans fell and were considerably below amounts outstanding
weeks
year ago. Debits by banks to individual accounts, for the five
ending Nov. 6 reflected increases of 7.7% over the preceding five weeks
and 14% over the corresponding five weeks last year; and the accumulated
total for the year to Nov. 6 was the greatest volume of money paid by
checks for any period of 45 weeks.
Substantial improvement in the agricultural outlook for this district was
reflected by the November report of the United States Department of
Agriculture. The preliminary estimate of the corn crop showed an increase
of 28,604,000 bushels between Oct. 1 and Nov. 1, raising this year's yield
to 440,999,000 bushels as compared with last year's production of
520,235,000 bushels. This gain, together with higher yields of other
important farm crops, reflected larger and better balanced farm production
for this district than was indicated by the unfavorable conditions in the
spring and summer. While the general movement of products of the
farms into market channels was moderately heavy during the month,
marketings of wheat and most other small grains were in smaller volume
than in any previous month since harvest time. The fall movement of
cattle and sheep from pastures and ranges, in October, was the heaviest
of the year and exceeded that for October last year, and hogs marketed
were in larger numbers than in the preceding month or the corresponding
month last year. Shipments of cattle and sheep from the markets to the
corn belt for winter feeding were in greater numbers than in October
last year.
The October output of flour was the largest for any month of the year,
and, with the exception of October 1928, the largest recorded for any
tenth month in Southwestern milling history. Sugar refineries in the
Irrigated areas were working on full time, in some instances with day and
night shifts, and the larger crop of beets indicated production of sugar
would exceed that of last year. The slaughter of all classes of meat animals
Richmond
Wholesale and retail trade conditions in the
at the leading packing centers declined seasonally from September, although
the October slaughter of cattle was larger, and of sheep and hogs smaller, Reserve Bank District are indicated as follows in the
than a year ago.
:
Among the minerals group, the petroleum industry showed further reduc- "Review"
lines sent reports
Sixty-nine wholesale firms representing five leading
tion in the daily flow of crude oil, both as compared with the preceding
Reserve Bank of Richmond. The
month and a year ago. Production of soft coal and of zinc and lead ore on October business to the Federal
sales over those
October
in
Increased, and, with the exception of lead ore, was larger than in October reports from grocers show a seasonal increase
decrease in comparison with
last year, while productive activity at the metal mines in Colorado and reported for September, but a very small
were materially less than
New Siesico continued at a high rate. Reports of the cement industry October 1928 sales. Dry goods sales last month
fraction of 1% below October
indicated a slight slowing down of mills, which was seasonal, although sales in September but were only a small
the preceding month,
1928 sales. Shoe sales were less in October than in
the output was considerably above a year ago.
margin. Both hardware
substantial
a
this
by
in
district
during
awarded
sales
1928
contracts
building
October
of
volume
exceeded
the
but
While
than in September, and drug sales
the month showed a marked recession from the preceding month, there and drug sales were larger last month
sales showed a moderate
was a small Increase over October a year ago. However, the value of also were above those of last year, but hardware
drug sales in the first 10
building permits issued in leading cities declined sharply with the approach decline in comparison with October 1928. Total
the corresponding
months of this year were slightly larger than sales in
of winter and was smaller than for the same month last year.
hardware sales this
period a year ago, but grocery, dry goods, shoe and
regarding
to
say
wholesale
following
the
1928.
The Bank has
year were less than those in the first ten months of
larger in firms
Stocks reported at the end of October were seasonally
and retail trade in its district:
lines than on Sept. 30, and there were also
allied
and
groceries
the
in
selling
was
throughout
towns
district
and
cities
in
stores
Retail trade at
in wholesale shoe and hardware stocks, but dry goods
heavy seasonal volume during October. •The reports of 35 department stores small increases during the past month, another seasonal occurrence. In
showed their sales for the month in dollars were 8.3% above September stocks declined
year
with stocks carried a year earlier, those on Oct. 31 this
and 2.8% above October a year ago, and the accumulated total of sales comparison
in dry goods, shoes and hardware.
smaller
were
but
groceries,
in
larger
by
were
were
larger
8.3%
year
than
for
current
for the first ten months of the
on
The percentages of collections in October 1929 to accounts receivable
the like period in the preceding year. The reports in detail showed sales
the month not only showed seasonal increases over September
of
first
than
in
the
the
October
month
same
for
larger
were
stores
of 23 department
better than the
smaller.
collections in all lines reported upon, but were slightly
last year, 12 stores reporting their sales were
attained in October 1928. Dry goods and shoes tied in amount
Stocks of merchandise at department stores on the last day of October percentage
with 1.6%.
were 4.5% larger than on the last day of September, the increase being of improvement
Figures on retail trade in October reported by 30 leading department
partly due to anticipation of heavy buyers' demands during the remaining
Fifth Federal Reserve District show a good volume of fall
weeks of the year. However, the reports indicated stocks at the end of stores in the
sales being 4.9% larger than sales by the same stores in
average
g
trade,
date
correspondin
last
year.
the
at
than
2.3%
by
smaller
were
October
8.7% above average October sales during the three
Wholesale trade daring October-taking the combined dollar sale of October 1928 and
inclusive. Total sales this year from Jan. 1 through
representative firms in five lines at distributing centers in this district- years 1923-1925,
3.4% larger than sales in the first 10 months of 1928.
reflected a small increase over September but a small decrease from October October were
led in percentage increase for both October and the first
last year. The record for the 10 months of the current year disclosed that Baltimore stores
of the year, but Washington stores led in gain over average
lines
months
the
five
in
10
were
firms
even
about
reporting
of
sales
combined
the
in the three years 1923-1925, chiefly due to store expansion
with those reported for the like period in the preceding year, there being October sales
a difference of only a few thousand dollars in the totals for the two periods. in that city.
Although the reporting stores show 14ger sales this year, they are
October sales of reporting wholesale dry goods firms fell 9.6% below
with stocks averaging 3.Rwo below those of last year, but there
those for September, due chiefly to the fact country merchants were in operating
seasonal increase of 12.5% in stock carired last month. Larger
the market in August and September buying stocks for the fall and was a
smaller stocks indicate a faster turnover this year, and the
winter trade. In comparison with a year ago, the volume of business for sales and
accompanying table [This we omit.-Ed.) shows that the stores turned
the month showed a decrease of about one-half of 1%. Trade conditions
stocks 2.657 times in 10 months, compared with 2.599 times in the
improved and business was in general satisfactory volume, according to their
same period a year ago. Washington stores lead in turnover with an
the reports.
2,847 times.
Reports of wholesalers of groceries indicated a very large volume of average of
Collections in October averaged 28.4% of receivables as of Oct. 1, a
food moving into retailers' hands at this season. Sales for October showed
figure than 28.9% collected in October 1928, but the Baltia gain of 8.2% over preceding month, but a loss of 10% as compared with slightly lower
more and other cities stores improved slightly, the district average betn
the corresponding month last year.
of slightly more than 2% ig
a
n
The volume of wholesale hardware trade for October was larger by 5.2% brought below last year's average by decline
than for the preceding month, but smaller by 1.2% than for October last Washington collections.
3556
FINANCIAL CHRONICLE
[VOL.129.
Business Conditions in the Paper and Pulp Industry Based
on a Survey by the American Paper and Pulp Association.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 143
mills reporting, shipments were 10% above production, and orders
16%
below production and 24% below shipments. New business taken during
According to a survey conducted by the American Paper the week amounted to 47,439,000 feet, (previous week 56,427,000 for
159
and Pulp Association, as reported by its President, S. L. mills); shipments 62,076,000 feet, (previous week 58,548,000): and production 56,419,000 feet. (previous week 64.271,000). The three-year average
Willson, the volume of business in the pulp and paper production of these mills is 74.325.000 feet. Orders on hand at the
end of
industry is maintaining without interruption the trends the week at 104 mills were 132,804,000 feet. The 128 identical mills reported
a decrease in production of 13%, and in new business a decrease of 22% as
established during the first ten months of the year. In the compared with the same week
a year ago.
Association's survey, made available Dec. 4, 222 companies
The Western Pine Manufacturers Association, of Portland, Ore., reported
reported. The reports covered all grades and all regions. production from 67 mills as 35,854,000 feet, shipments 24,911,000 and
new business 28,291,000 feet. Fifty-five identical mills reported production
Of the total, 103 companies indicated that orders for the 9% less, and new business 28% less, than for the same
week of last year.
The California White & Sugar Pine Manufacturers Association, of San
first half of November, 1929, exceeded in tonnage the
Francisco, reported production from 15 mills as 13,330,000 feet. shipments
orders booked during a comparable period in 1928, sixty 10.032,000
and orders 10,842,000 feet. The same number of mills reported
companies reported no essential change in orders and the a decrease in production of 3%,and an increase in orders of 2%. compared
remainder. 79 companies, reported decreases. These sta- with 1928.
The Northern Pine Manufacturers Association, of Minneapolis, Minn..
tistics indicated no abnormal condition in the industry as reported production from
9 mills as 1.346,000 feet, shipments 4,720.000
and new business 2,761.000. The same number of mills reported a decrease
a whole.
of
47%
in
production,
and
of 46% in new business, in comparison with a
Practically all companios had no cancellations of orders
year ago.
whatsoever during the first half of November, 1929; only
The Northern Hemlock & Hardwood Manufacturers Association, of
three companies reported unusual cancellations. All but Oshkosh, Wis., reported production from 26 mills as 2.970,000 feet, ship1,832,000 and orders 1,714,000. The same number of mills reported
17 companies expressed optimistic opinions concerning the aments
decrease in production of 16%.and a decrease in orders of 39%,compared
volume of business for 1930, in fact 123 companies indicated with the corresponding week of 1928.
The North Carolina Pine Association, of Norfolk, Va., reported protheir opinion as "good," and 82 companies as "fair or
duction from 126 mills as 11,110,000 feet, shipments 11,841,000 and now
normal." In discussing their opinions, most mills referred business 9.247,000. Fifty-one
identical mills reported a decrease of 10%
to the unprecedented volume of business in 1929 and indi- In production, and of 28% in new business, in comparison with the same
week
of
last
year.
cated an expected volume of the same proportions In 1930.
The
Redwood Association, of San Francisco, reported proWhile the survey had nothing specially to do with prices, ductionCalifornia
from 14 mills as 8,285,000 feet. shipments 6,135,000 and orders
It is stated that it can be inferred from the nature of the 4,867,000. The same number
of mills reported a 26% increase in producreports and accompanying comments that little change in tion, and a 13% increase in orders, when compared with a year ago.
prices is expected in 1930. On the whole, the evidence
Hardwood Reports.
points to a continuation of business in the pulp and paper
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
Industry upon essentially the same levels that have been production from 191
mills as 37,924,000 feet, shipments 31,857.000 and
set in 1929.
new business 25.262.000. Reports from 171 identical mills
showed production 7% less, and orders 43% less, than that reported for the
same
week
of
1928.
Production Exceeds Lumber Orders.
The Northern Hemlock & Hardwood Manufacturers Assoc'ation.
of
Orders for lumber booked by 814 leading hardwood and Oshkosh, Wis., reported production from 26 mills as 3,319,000 feet, shipsoftwood mills, during the week ended Nov. 30, were 77% ments 4,150,000 and orders 1.929.000. The same number of mills reported
37% less and orders 66% less, than for the corresponding week
of production, according to reports to the National Lumber Production
of last year.
Manufacturers Association, as against. 76% for the preceding CURRENT RELATIONSHIP
OF SHIPMENTS AND
TO PRODUCTION FOR THE WEEK ENDED NOV. 30 ORDERS
week. Shipments were 92%, compared with shipments
1929 AND FOR 48
WEEKS T() DATE.
representing 81% of production a week earlier. The 814
mills gave total production as 324,993,030 feet, while 849
mills the week before gave production as 385,790,000 feet.
Unfilled softwood orders at 490 mills on Nov. 30 wore the
equivalent of 19 days' production, which may be compared
with an equivalent of 20 days' reported by 535 mills a week
earlier.
In comparison with last year, 400 identical softwood mills
gave production as nearly 22,000,000 feet less, shipments
12% less and orders 23% less than for the same week a year
ago. For hardwoods, 197 identical mills reported production
11% less, shipments 20% less and orders 46% less than for
the week a year ago.
Lumber orders reported for the week ended Nov. 30 1929,
by 623 softwood mills totaled 223,666,000 feet, or 21% below
the production of the same mills. Shipments as reported
for the same week were 264,319,000 feet, or 7% below
production. Production was 283,720,000.
Reports from 217 hardwood mills give new business as
27,191,000 feet. or 34% below production. Shipments as
reported for the same week were 36,007,000 feet, or 13%
below production. Production was 41,273,000 feet. The
Association's statement further says:
Unfilled Orders.
Reports from 490 softwood mills give unfilled orders of 931,259,000 feet,
on Nov. 30 1929, or the equivalent of 19 days' production. This is based
upon production of latest calendar year,300 day year, and may be compared
with unfilled orders of 535 softwood mills on Nov. 23 1929, of 1,020,087,000
feet, the equivalent of 20 days' production.
The 335 identical osftwood mills report unfilled orders as 707,662,000
feet, on Nov. 30 1929, as compared with 835.921,000 feet for the same week
a year ago. Last week's production of 400 identical softwood mills was
211.086,000 feet, and a year ago it was 232,612,000 feet; shipments were
respectively 197,319,000 feet and 224.523,000 feet; and orders received
167,799,000 feet and 216.709,000 feet. In the case of hardwoods, 107
Identical mills reported production last week and a year ago 36.397,000
feet and 40,978,000 feet; shipments 32.491,000 feet and 40,615.000 feet:
and orders 24,369.000 feet and 44,807,000 feet.
West Coast Movement.
•
The West Coast Lumbermen's Association wired from Seattle that new
business for the 223 mills reporting for the week ended Nov. 30, totaled
118,505.000 feet, of which 40,936.000 feet was for domestic cargo delivery.
and 21,116.000 feet export. New business by rail amounted to 41,867.000
feet. Shipments totaled 142,772,000 feet, of which 54,022,000 feet moved
coastwise and intercoastal, and 30.080,000 feet export. Rail shipments
totaled 41,084,000 feet, and local deliveries 14.586,000 feet. Unshipped
orders totaled 598,575,000 feet, of which domestic cargo orders totaled
286,754,000 feet, foreign 181.812,000 feet and rail trade 130,009,000 feet.
Weekly capacity of these mills is 251,951,000 feet. For the 47 weeks ended
Nov. 23. 137 identical mills reported orders 1.3% over production, and
shipments were .3% over production. The same mills showed an increase
in inventories of 1.5% on Nov 23, as compared with Jan. 1.
Association.
Southern Pine:
Week-143 mill reports
48 weeks-7,187 mill reports
West Coast Lumbermen's:
Week-223 mill reports
48 weeks-9,853 mill reports
Western Pine Manufacturer..
Week-67 mill reports
48 weeks-3,121 mill reports
California White and Sugar Pine:
Week-15 mill reports
48 weeks-1,238 mill reports
Northern Pine Manufacturers:
Week-9 mill reports
48 weeks-423 mill reports
No.Hemlock&Hardwood(softwoods):
Week-28 mill reports
48 weeks-1.940 mill reports
North Carolina Pine:
Week-128 mill reports
48 weeks-4,304 mill reports
California Redwood:
Week-I4 millreports
48 weeks-674 mill reports
ProdueHon
M Ft.
Ship- P. C
meets.
of
M Ft. Prod
56,419
62,076 110
3,203,104 3,209.813 100
47,439
3,178,868
84
99
154,406
142,772
8,428.080 8,312,652
92
99
118,505
8,349,915
77
99
35,854
24,911
2,093,363 2,028,981
69
97
28,291
1,899,708
79
91
13,330
10,032
1,353,333 1,257.126
75
93
10,842
1,252,829
81
93
1,346
353,870
4,720 351
409.319 116
2,761
371,890
205
105
2,970
224,909
1,832
195,260
82
87
1,714
173,174
58
77
11,110
505,597
11,841 107
498,359 99
9.247
488,941
83
92
8,285
366,514
6,135
381,652
74
99
4,867
374,974
59
102
93
223,666
98 16,088,297
79
97
Softwood total:
Week-623 mill reports
264,319
283,720
48 weeks--28,738 mill reports.... 16,528,750 16,273.162
Hardwood Manufacturers Inst.:
Week-191 mill reports
48 weeks-9,892 mill reports
Northern Hemlock di Hardwood:
Week-26 mill reports
48 weeks-1,940 m II reports
P. C.
Orders
of
llf Ft. Prod.
37,924
31,857
1,949.450 1,925,881
3,349
471,158
84
99
25,262
1.941,928
67
100
4,150 124
400,774 86
1,929
372.852
58
79
hardwoods total:
Week-217 mil'reports
41,273
36.007
48 weeks-11,832 mill reports.- 2,420,608 2.332,635
87
96
27,191
2,314,780
66
96
:trout total:
Week-814 mill reports
300.326
324,993
48 weeks-38,630 mill reports.... 18,949.358 18,605,797
92
250,857
98 18,383,077
77
97
West Coast Lumbermen s Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 223 mills show that for the week ended Nov. 23
1929, orders and shipments were 24.44% and 20.48%,
respectively, below output which amounted to 182,190,887
feet for that period. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION. ORDERS, AND SHIPMENTS.
223 mills report for week ending Nov. 23 1929.
(All mills reporting production, orders and shipments.)
Production
182.190,887 feet (100%)
Orders
137,666.316 feet (24.44% under production)
Shipments
144,876.586 feet (20.48% under production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (307 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date).
Actual production week ending Nov.23 1929
206,640,848 feet
Average weekly production, 47 weeks ended Nov.23 1929
205.796,054 feet
Average weekly production during 1928
206,981,770 feet
Average weekly production, last three years
212,258,400 feet
Weekly operating capacity
296,751.834 feet
FINANCIAL CHRONICLE
DEC. 7 1929.]
WEEKLY COMPARISON (IN FEET) FOR 223 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Nov. 2.
Nov. 9.
Nov. 16.
Nov. 23.
Week Ended—
182,190.887 169,941,448 180,156,000 178,845,207
Production (feet)
163,445,832
162,804,947
145,094,791
137,666,316
Orders (feet)
46,092,805 45,772,497 52,121,660 55,548,521
Rail
49,069,887 64,901,128 63,530,969 62,419,610
Domestic cargo
27,297,585 22,857,860 33,874,658 26,214,339
Export
15,208,039 11,563,306 13,276,660 19,253,362
Local
142,711,497 154,257,483 154,206,149
144,876,586
Shipments (feet)
52,639,622 50,842,255 57.299,912 62,337,812
Rail
45,015,42353,966,55049,608,033 47,446,629
Domestic cargo
32,015,502 26,339,386 34,072,858 25,158,346
Export
15,206,039 11,563,306 13,276,660 19,263,362
Local
638,477,056 640,763,020 639,254,515
624,949,716
(feet)
Unfilled orders
133,453,623 . 141,109,754 147,669,359 153,913,329
Rail
300,498,336 298,113,046 289.606,496 280,694,854
Domestic cargo
190,997,757 199.254,256 203,487,165 204,646,332
Export
112 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for
1928 and 1929 to date.)
Average 47
Average 47
Weeks Ended
Weeks Ended
Week Ended
Nov. 24 1928.
Nov. 23 1929.
Nov. 23 1929.
114,643,198
109,699,881
112,642,440
Production (feet)
117,968,883
108,854,651
89.829,203
Orders (feet)
118,193,974
110,001,727
86,956,593
Shipments (feet)
x Weekly operating capacity is based on average hourly production for the 12
per week.
hours
last months preceding mIll check and the normal number of operating
DOMESTIC CARGO DISTRIBUTION WEEK ENDED NOV.16'29(116 MILLS)
'Orders on
Hand BeOrders
gireg Week
Nov. 16 '29. Received.
CancelWinn:.
Shipments.
The meeting will be in keeping with endeavors now current to foster
economic stability. As you know,the cloak and suit industry Is concentrated
chiefly in the city of New York but serves retailers and consumers in every
part of the country.
It employs upward of 35,000 operatives and also provides a livelihood
for many thousands in office work, salesmanship and other capacities.
The textile and kindred industries are sensitive to the ebb and flow of its
activities. It is, in fact, a pivotal industry whose prosperity is closely linked
with that of the business community as a whole.
That much depends upon the continuous prosperity of the retail trade is
equally obvious. I feel sure that you will welcome an opportunity to take
part in deliberation concerning its welfare.
This conference will be held in the Blue Room on the mezzanine floor.
In the interest of making the meeting brief, prompt attendance will be
appreciated.
Hoping that you will reply accepting this invitation and looking forward
to seeing you. I am,
Very truly yours.
FRANKLIN D. ROOSEVELT.
From the New York "Times" of Nov. 28 we take the fol-
lowing regarding the conference:
Unfilled
Orders
Week Ended
Nov. 1629.
Washington et &OM
Feet.
Feet.
Feet.
Feet.
Feet.
(97 Miller—
367,057 21,255.683 87.276,554
94,914,964 13,984,331
Californla
131.355,48039.533,600 1,712,975 24,139,718 145,036.387
Atlantic Coast
122,111 5.631,440
None
4,180,022 1,573,529
Miscellaneous
Total Wash. & Oregon 230.450,465 55,091,460 2,080,032 45.517,512 237,944,381
Brtt. Col. (19 Mills)—
3.007,652 609.000
California
20,886,048 4,395,000
Atlantic Coast
8,899,734 1,192,00).)
Miscellaneous
137,000 3,479,652
None
None 5,589,727 19,691,319
167.000 7,924,784
None
Total Brit. Columbia_ 30,793,482 6,196,000
None 5,893,727 31,095,755
3557
Among the organizations invited to send representatives to the conference are the Industrial Council of Cloak and Suit Manufacturers, Inc..
Garthe organization of "inside" manufacturers; the Merchant Ladies'
ment Association, the jobbers; the American Cloak and Suit Manufacturers'
Association, representing the contractors; the International Ladies' GarNational
ment Workers' Union; the Garment Retailers of America and the
Retail Dry Goods Association. . . .
several
The special Commission of the cloak and suit industry was set up
cloakmonths ago upon the intervention of Governor Roosevelt in the
machinmakers' strike, which resulted in the re-establishment of impartial
organiregulatory
ery to adjudicate disputes and the creation of a definite
standards
tion to promote better conditions in the industry, maintain labor
and develop good relations between the industry and the public.
S. S.
George W. Alger is Chairman of the Commission, serving with
Goldwater and Mrs. Casper Whitney by appointment of the Governor.
organizations
employers'
Represented on the commission are also the three
In the garment industry and the International Ladies Garment Workers'
Union. Raymond V. Ingersoll. impartial Chairman of the garment in
dustry, is an ex-officio member of the Commission.
American Woolen To Close 10 Mills—Smaller Plants Found
Burden-31,000,000 Saving Expected.
The following Boston advices, Nov. 29, appeared in the
Motor and Equipment Association Reports Slowing Up New York "Journal of Commerce":
Indication that the American Woolen Co. intends to persist in the
in Parts-Accessory Industry.
policy of elimination of unprofitable plants from active operation in
The parts-accessory industry slowed up in October in order that the company may return to a profitable basis of operais contained in the announcement that ten of the lesser whoolen
line with the decline in car and truck production, and this tions are
likely to be closed down in the near future.
mills
recession will continue throughout the rest of the year,
Notice has been given already in the case of the Saranac plant
according to the Motor and Equipment Association, which, at North Smithfield, R. I., that the mill will be closed when present
orders are run off and the property will be offered for sale.
under date of Nov. 29, adds:
Total domestic.cargo_ 261.243,947 61.287.460 2.080,032 51.411,239 269,040,136
To Result in Saving.
Having enjoyed an unusually prosperous period during the first seven
The closing of these mills, it is estimated, will result in a net
months of the year, the decline is not considered.in an unsatisfactory light,
annual saving to the company, after allowing for upkeep of closed
and the year 1929 will still be a record 12 months' period in production
plants of at least $1,000,000. It has long been a recognized fact
and sales.
that the smaller and less efficient mills of the company were eating up
Shipments of parts and accessories for original equipment, which dropped
the profits of the more efficient mills, especially in the woolen end of
below last year for the first time in August, continued a moderate downthe business and it is the policy of the company as it has been for
ward trend in October and November. Service parts shipments were
the past two years to concentrate its business in the larger mills
likewise below September and also October a year ago, with service
where it will have ample facilities for any normal woolen business.
equipment holding even with September and being still above last year.
losses from these inefficient
Accessory business showed an improvement, gaining moderately over In addition to eliminating the operating
plants, the company will also be able to maintain a more rigid
September and being even with October 1928.
Aggregate shipments in October of a large and representative group of inventory control.
The company showed a profit after depreciation in the third quarter
manufacturers in the M.E.A. were 156% of the January 1925 base as
of this year in contrast with the first half of the year and probably
compared with 175 in September and 188 in October last year.
in contrast wilth the last quarter in consequence of inventory write-off.
Parts and accessory makers, selling their products to the car and truck
The company is in good financial position, with the smallest borrowmanufacturers for original equipment, made shipments aggregating 160%
The company has been able,
of the January 1925 figure, as compared with 186 in September, 193 in ings—less than $700,000—on record.
because of its strong cash position, to authorize the purchase and
August, and 200 in October a year ago.
retirement of $500,000 of the Shawsheen 7s, which come due two
Shipments to the trade in October by makers of service parts were 166%
years hence. The company will not lose any of the worsted plants,
of January 1925 as compared with 173 in September 169 in August, and
which represent about 75% of the earning capacity.
184 in October 1928.
According to Dr. D. S. Ashbrook, manager of the plant, the
Accessory shipments to the trade in October were 91% of the January
foreman and assistant foreman remained at work and the plant was
1925 base as compared with 84 in September, 88 in August and 91 in
consequently operating in a small degree. Dr. Ashbrook said he
October last year.
would be of short
Service equipment shipments, that is, repair shop machinery and tools, anticipated no trouble and believed that the strike
duration.
were 147% of January 1925 as compared with 147 in September, 170 in
work, but that
more
do
"It is not that we are asking them to
August, and 141 in October a year ago.
said the
Business of wholesaler members of the Association was good in October, we are asking them to do as much as in other places,"
doctor, in reply to a question regarding the new working system.
running ahead of September. '
"They have had it too easy here," he concluded.
A brief meeting was held in the afternoon by the strikers in Burwere addressed by Vice President Francis J.
Gov. Roosevelt of New York Calls Conference of Com- dick Hall. They
Gorman of the United Textile Workers and Secretary Sylvia. Between
mission in Cloak and Suit Industry—Meeting in 30 and 40 pickets were appointed. The meeting voted to adjourn to
New York Dec. 12, To Be Held in Furtherance tomorrow afternoon, when steps toward settlement may be taken.
of Efforts Toward Stabilization.
At invitation to members of the Commission in the cloak
300 Mill Workers Quit at Bradford, R. 1.—Strike at Dyeing
Association in Protest Against Use of New Production
and suit industry to attend a conference with him in New
System.
York City on Dec. 12 was issued by Gov. Roosevelt of New
The following is from the Providence (R. I.) "Journal"
York on Nov. 27. The Governor indicated that he had
likewise invited to the conference "a selected list of depart- of Dec. 3:
Westerly police last night were called upon by the Bradford
ment store leaders and representatives of other important
Dyeing Association for protection of its plant where more than 300
organizations." He stated that the meeting "will be in employees
went on strike against a new production system yesterday.
keeping with endeavors now current to foster economic At the same time, the company began the installation of flood lights
property. The request for police protection was purely
its
about
stability." The Governor's invitation follows:
Will you be good enough to meet me at the Hotel Roosevelt on Thursday
afternoon. Dec. 12, at 3.30 o'clock.
I am inviting the members of the commission in the cloak and suit
Industry. and a selected list of department store leaders and representatives
of other important retail organizations.
The intent is to have an informal discussion of certain problems affecting business and industrial conditions with the purpose of encouraging
friendly and helpful co-operation:
precautionary.
Chief Thomas E. Brown of the Westerly police said he would take
a squad of officers to Bradford early this morning. Union pickets
are to go on duty at 5:30 a. m. Company officials said the plant
will be open for those who wish to work and jobs will be given to
others if the strikers fail to return.
The walkout was declared in protest against the use of a new
production system at the plant, by which its output would be in-
3558
FINANCIAL CHRONICLE
[VOL. 129.
creased. The vote to strike was taken at a meeting of the employes Saturday, and was announced by Joseph Sylvia, secretary
of the Rhode Island Textile Council.
of October 1929. Approximate deliveries to American mills
in November 1929 totaled 50,562 bales, as against 57,489
bales in the preceding month and 47,709 bales in November
1928. Stocks of raw silk at Dec. 1 1929 amounted to 76,452
Berkshire Fine Spinning Association Curtails Output-Price bales, as compared with 64,129 bales a month
previous and
Situation at Present Unsatisfactory.
49,806 bales at Dec. 1 1928. The Association's statement
The following credited to the Boston News Bureau ap- follows:
RAW SILK IN STORAGE DEC. / 1929.
peared in the "Wall Street Journal" of Dec. 2:
Lonsdale Co. of Smithfield, R. I., Textile Manufacturers,
Curtail Production.
From the "Wall Street Journal" of Dec. 2 we take the
following:
Lonsdale Co. of Smithfield, R. I., textile manufacturers, curtails
production from December 5 to December 30, because of depression
in market for cotton shirtings. Production will be about half normal.
Agent of Saranac Mill of American Woolen Co. which is to close
indefinitely after stock on hand has been consumed, suggests employes seek work elsewhere rather than wait for mills' reopening.
(As reported by the principal warehouses in New York City and Hoboken.)
Figures in Bales.
European.
Japan. AU Other.
Total
Stocks Nov. 1 1929
1,132
47,704
15,293
64,129
Imports month of November 1929
1,325
54,103
7,457
62,885
Total amount avail. during November 2,457
Stocks Dec. 1 1929 z
1,490
Approximate deliveries to American
mills during November y
987
SUMMARY.
Imports During the Month.:
101,807
56,043
22.750
18,919
127,014
76,452
45,784
3,831
50,562
Storage at End of Month.,
1929.
1928.
1927.
1929.
1928.
58,384
43,278
48,103
47,762
49,894
54,031
46,795
65,516
59,970
66,514
62,885
46,408
44,828
50,520
36,555
52,972
45,090
38,670
62,930
47,286
48,857
48,134
44,128
48,456
33,991
38,600
46,486
49,264
42,809
47,856
59,819
52,475
51,207
36,650
44,828
49,943
46,993
45,218
39,125
39,898
47.425
42,596
48,408
55.104
64,129
76,452
47,528
41,677
40,186
35,483
42,088
41,127
38,866
50,975
50,464
49.381
49,806
48,908
.PWCOMMMV,
040.044)
Berkshire Fine Spinning Associates, the largest enterprise in the
fine cotton goods industry, with its rising 500,000 spindles, is at
present operating at 65% to 70% of capacity, a rate which compares with 80% for the constituent mills during 1928. Indications
are this curtailment will have to be continued until the first of the
year.
Unfilled orders in most cases had been running larger than stocks,
but since the stock market break sales have been only about 50%
of production, and stocks have been accumulating.
The price situation is unsatisfactory. Quotations on fine goods
were at cost or lower before the market upset and since have
weakened. In a statement to the trade the company recently declared that prices "have reached a point where further decline can
mean only liquidation for many mills." Appreciation of the need
for curtailment may prevent further price recession.
It is the company's experience that the question of the longer
skirt has caused hesitation by buyers. There is considerable opposition to this new style trend on the part of cutters and manufacturers. Once confidence is restored, with the breaks in cotton
and stock market values behind, the company believes that the
longer skirts and aggressive advertising campaign planned will produce
the largest volume of business ever realized.
Berkshire Fine Spinning Associates, organized last spring as a
consolidation of five mills, reported for the first six months of
operations net after taxes but before depreciation of $533,299, equal
after preferred dividends to $1.53 a share on 195,854 shares of
common.
603,132
Total
Aversze monthly.... 54.830
566,378
47.108
552,441
46.037
50.481
44.707
46.768
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Deliveries
to American Mills.y
1927.
Approximate Amount in Transit
Between Japan and New York
End of Month.
1929.
1928.
1927.
1929.
1928.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
57,349
46,228
49,878
53,855
49.121
46.504
51.624
59,704
53,274
57,489
50,562
52,420
50,679
52,011
41,258
46,367
46,051
40,931
50,821
47,797
49,940
47,709
45,026
48,307
42,860
49,242
47,853
45,486
41,312
41,039
47,042
50,107
47,827
46,947
43,357
31,000
30,000
29,000
30,700
28,000
21,200
34,100
41,600
39,000
49,000
41,000
25,000
23,500
19,200
28,500
24,000
17,600
32,300
27,500
25,600
31,200
22,800
42,500
17,700
19,000
21,700
25,000
22,900
26,600
29,000
28,400
21,500
18,500
26,900
33.500
Total
578,588
52.326
571,010
47,584
551.379
45.948
34,055
26,642
24.225
monthly
Shoe Production in October Reached Highest Monthly Average
x Imports at New York during current month and at Pacific ports previous to
Continent (covered by Manifests 275 to 304,
Record-Falling Off Looked for by President Katzen- the time allowed in transit across thez Includes
1,812 bales held at railroad terminals
Inclusive). y Includes re-exports.
berg of New York Hide Exchange.
at end of month. Stocks In warehouses include National Raw Silk Exchange
bales.
1,970
Domestic shoe production will probably show a material certified stocks,
falling off during November and December this year, acReport of Finishers of Cotton Fabrics for October.
cording to M. R. Katzenberg, President of the New York
The National Association of Finishers of Cotton Fabrics
Hide Exchange. Under date of November 28 Mr. Katzencollects and compiles each month, and furnishes to the
berg said:
Federal Reserve Board by Federal Reserve districts, statis"Shoe production was the highest for October of any month on tics on production and shipments of finished cotton goods.
record, being approximately 38,000,000 pairs. However, since the
The October figures, furnished by 26 (out of 49) members
number of working days was higher in October than September, the
of the National Association, are shown in the following table:
daily output was less,
indicating the beginning of a decline in production. Shoe production during August, September and October
has been abnormally high, so it is likely that the decline over the
next few months usually described as seasonal, will fall somewhat
below normal."
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The following preliminary report on the Hosiery Industry
by 130 hosiery mills in the Philadelphia Federal Reserve
District is made available by the Philadelphia Federal
Reserve Bank from data collected by the Bureau of the
Census:
PERCENTAGE CHANGES FROM SEPTEMBER TO OCTOBER 1929.
Women's
Boys'
Misses'
and
InFull- Seam- Full- SeamTotal. fashion. less. fashion. less. Chil'ns' Janes.
Men's
Hosiery knit during month-Net shipments
during month_
Stock on hand at
end of month,
finished and in
the gray
Order booked
during month_
Cancellations
during month_
Unfilled orders at
end of month_
Ailslaic.
+20.5 +17.7 +17.2 +21.9 +19.5 +20.7 +16.0 -42.6
+23.3 -13.4
+6.1 +31.3 +14.8 +17.5
-7.8
-0.8 -81.1
+0.7 +25.2 +38.7
-7.6
+0.8
+6.4
-0.7
+12.7
+4.7
+3.7 +17.9 +14.3 -27.1 +41.4 -66.3
-25.5 -85.0 +71.3 -37.7 +52.0 +82.0 -14.1
+1.1
+0.3
-5.8
-8.6 +17.9
•
+2.1 +62.8 +14.3
• There were no cancellations in October.
Raw Silk Imports Declined During November, but
Exceed Those of a Year Ago-Deliveries to American Mills Lower-Inventories Reach New High
Level.
According to the Silk Association of America, Inc., imports of raw silk in November amounted to 62,885 bales, an
increase of 14,751 bales as compared with the same month
last year, but were 3,629 bales below the figure for the month
Federal Reserve Dtstrid.
Total.*
White
Goods.
Dyed
Goods.
Printed
Goods.
Total finished yards billed during no.:
44,180,330 12,544,744 14,658,267 11,465,557
No. 1-Boston
16,408,537 5,544,753 1,134,704 2,838,413
No. 2-New York
No. 3-Philadelphia
11,283,526 7,627,785 3,685,741
No.6-Richmond
7,314,488 5,615,276 1,699,212
No.8--St, Louis
2,362,298 2,362,298
Total
Total gray yardage of finishing orders 81,549,179 33,694,856 21,147,924 14.303,970
received:
No. 1-Boston
41,768,751 14.192,386 16,989,726 10,586.639
No. 2-New York
15,925,024 5,976,006 3,366,298 3,905.494
No. 3-Philadelphia
12,218,833 7,100,275 5,118,558
No. 5-Richmond
5,643,040 4,497,373 1,145,687
No. 8-St. Louis
3,250,443 3,250,443
Total
Number of cases finished goodsshipped 78,806,091 35,016,483 26,620,249 14,492,133
situ OM
to customers:
3,741
4,193
5.895
24,819
No. 1-Boston
979
2,791
No, 2-New York
9,026
2,001
4,750
No. 3-Philadelphia
6,751
No, 5-Richmond
3,618
535
1,959
No. 8-St, Louis..
1,959
Total
Number of cases finished goods held in
storage at end of month:
No. 1-Boston
No. 2-New York
No, 3-Philadelphia
No, 5-Richmond
No. 8-St. Louis
Total
Total average percentage of capacity
operated:
No. 1-Boston
No, 2-New York
No. 3-Philadelphia
No. 5-Richmond
No. 8-St. Louts
Average (five districts)
Total average work ahead at end of
month expressed in days:
No. 1-Boston
No. 2-New York
No. 3-Philadelphia
No. 5-Richmond
No. 8-St. Louis
46,173
15,730
7.173
3,741
17,894
8,534
7,563
2,824
820
4,184
2.781
858
2.973
1,094
278
3,058
37,635
8,641
820
4,345
3.058
163
147
x65
:58
1131
82
97
65
x62
87
4.6
2.6
2.6
3.3
12.9
12.7
11.5
z2.6
z3.3
:12.9
66
60
65
58
131
Average (five districts)
x2.8
3.9
*Includes in certain instances figures for plants reporting totals only.
Figures for white goods and dyed goods combined.
DEC. 7 1929.]
3559
FINANCIAL CHRONICLE
Review of MeatTPacking Industry by Federal Reserve
Bank of Chicago-Increase in Employment and
Wages.
Conditions in the meat packing industry are indicated in
the following, which we take from the Dec. 1 "Monthly
Business Conditions" of the Federal Reserve Bank of
Chicago:
The production of packing house products in the United States expanded
in October over the preceding month and last year. Payrolls at the close
of the period recorded a gain of 1.8% in number of workers, 2.4% in hours
and 1.7% in total earnings in the comparison with September. Domestic
demand averaged good for pork products, smoked meat and sausage, was
fair for beef, lamb, boiled ham and dry salt pork, and rather slow for veal.
A compilation for 59 meat packing companies in the United States shows
October sales billed to domestic and foreign customers as 1.5% greater
in value than a month previous and as 3.4% above a year ago. Trade
during early November in domestic markets was slightly better than at the
beginning of October, ranging between fair and very good. Chicago quotations for pork, lard, lamb and most beef declined in October from the
preceding month; prices of mutton and top grade beef firmed slightly.
Nov. 1 inventories at slaughtering establishments and cold-storage warehouses in the United States aggregated less than on Oct. 1, but remained
above last year and the 1924-28 average for the period. Stocks of beef and
lamb, however, increased over a month previous. A majority of concerns
reported heavier shipments for export than in September; some firms experienced a decrease. Foreign buying of lard, fats and meats (from stocks
already landed in Europe) increased during the month and at times was
very good;some purchases for future shipment also were reported. Demand
for oleo oil decreased. Prices averaged fairly well in line with those of the
United States; lard quotations in the United Kingdom, however, remained
a little below Chicago parity.
Supervisor at Chicago. For the month of November 1929
the total transactions at all markets reached 2,251,286,000
bushels, compared with 1,304,834,000 bushels in the same
month in 1928. On the Chicago Board of Trade the transactions in November 1929 amounted to 1,877,370,000 bushels
against 1,025,792,000 bushels in November 1928. Below we
give the details for November, the figures representing sales
only, there being an equal volume of purchases:
Sugar Grinding Decree Signed.
In Havana advices Dec. 5 the New York "Evening Post"
reported that President Machado has signed a decree stipulating that grinding of the sugar crop may not begin before
Jan. 15, although cane cutting and other work preliminary
to this may be begun previously to that time. It is added
that the sugar sales commission on Wednesday sold 24,000
tons to countries other than the United States at the equivalent of 1.75 to 1.76c. a pound f. o. b.
Cigarette Prices Again Reduced.
A new cigarette price war, this time in the retail field,
began on Dec. 5, says the New York "Times" when the
United Cigar Stores, the largest retail group, reduced the
price on four popular brands from 15c. to 12e. a pack to
meet and go one better than the competition offered during
recent months by the A. Schulte stores, Liggett's Drug
stores, the Great Atlantic & Pacific Tea Co. and other large
chain organizations. The paper quoted also said;
The brands affected are Camels, Chesterfields, Lucky Strikes/and Old
Golds, which the United, the Atlantic & Pacific and Liggett's had advanced
from two packs for a quarter to 15c. each on Oct. 9, following the manufacturers' truce and corresponding advances in wholesale prices.
The unheralded reduction yesterday caused hurried conferences by
officers of competing companies and early in the afternoon the A. & P. announced that beginning this morning it would sell the four brands at 12c. a
pack and $1.19 a carton. Liggett's was expected to announce this morning
a price of 12c. a pack and $1.13 a carton. The United Cigar stores were
yesterday selling the four brands at $1.20 a carton instead of $1.39. the
former price. The Schulte stores were expected to maintain their two-fora-quarter rate for the time being.
At the present wholesale rate of $6.40 per thousand, the 12-cent rate is
lower than the wholesale rate and, were it not for a 10% discount to purchasers who buy directly from the manufacturers and a % discount for
cash, the retailers would have no margin of profit whatever. As it is,
cigarettes sold at 12c. per pack cost the retailer, at the very lowest, 11.2916c.
leaving a profit of less than three-quarters of a cent.
The move had no appreciable effect upon the stocks of the American
Tobacco Co., manufacturer of Lucky Strikes: Liggett & Myers, makers of
Chesterfields; Lorillard & Co., makers of Old Golds, and R. J. Reynolds &
Co., makers of Camels. It was predicted, however, that the reduction in
retail price would benefit all of them,since the retailers and not the manufacturers are bearing the burden.
A spokesman for the United Cigar stores declared that the cut was made
in the hope that other retailers would put the price back to the fifteen-cent
level.
In financial circles it was predicted that the cut would continue in effect
for some time, and that some of the retailers would suffer severely. This
was predicated on an understanding that the Schulte Co., which refused to
abandon the two-for-a-quarter schedule, is trying to buy into United Cigar
stores. The latter are said to have a minority holding at present in the
Schulte concern.
VOLUME OF TRADING.
Expressed in Thousands of Bushels. I.e., 000 Omitted.
November 1929.
1
2
3 Holiday
4
5
8
7
s
9
10 Sunday
11 Holiday
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28 Holiday
29
30
Wheat.
Corn.
Rye.
Oats.
Barley. Flax.
Total.
33,194
22.917
5.610
4,838
1,071
862
343
531
--------40,218
--------29,146
71.071
71,362
75.686
64,594
62,797
32,856
11,023
14,489
14,100
11,232
11,177
8,308
2,013
3,796
6.471
3,327
4,463
2,285
1,099
1,713
2,011
862
3,421
1,826
--------85,206
--------91,350
--------98,268
--------80,015
--------81,858
--------45,275
98,842 21.031
89,323 15,491
45.885 8,538
48,280 7,136
60,878 9,830
8,664
8,122
2,777
2,660
2,293
6,056
5,635
3,883
1,693
1,376
--------134,593
--------118,571
--------61,083
--------59,789
--------74,377
67,752 9,632
92,089 9,065
64,032 9,924
67,542 11,099
55.847 8.474
44.288 7,433
3,714
4,775
2,700
2,172
1,898
1,347
1,94
1.61
1,84
1,300
1,022
713
--------83,047
--------107.5.46
--------78,501
--------82,113
--------67,241
--------53,781
54,045
67,420
52,947
8.623
7,401
6,167
3,695
4,707
2,783
1,736
2,345
2.030
--------68,099
--------71,873
--------63,927
83,209
83.024
7,383
9.725
5,006
8,356
1,148
2.972
--------96,836
--------104,677
--------1,877.370
Chicago Board of Tr_ 1,500,480 237,727 90,037 49,128
40,174
_ _--_
485__
32,918 6,771
Chicago Open Board_
1,515 165,236
14:784
5:691
_-- 15,766
Minneapolis C. of C_ 127,480
----------------110,289
96.482 13:807
Kansas City B. of T_
44,693
197 1,726
--------5,444
Duluth Board of Tr__ .37,324
300 ----------------2,130
1,830
St. Louis Met. Exch
--------7,167
239
3,909 2,006 1,013
Milwaukee C. of C..--------------------1,793
1,793
Seattle Grain Exch..--------------------2,434
2,434
Portland Grain Exch.
Los Angeles Grain Ex
San Francisco C.of C
Total all marketsNovember 1929___ 1,804,650 260,611 107,301 60,502 14,981 3,241 2,251,286
November 1928_ _ _ 749,526 457,426 49,335 32,538 7,688 8,320 1,304,834
Total Chicago Board
--------1,025,792
November 1928_ _ 542,953 418,806 40,662 23,371
•Durim wheat with the exception of 600 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR NOVEMBER 1929.
("Short"side of contracts only,there being an equal amount open on the "Iong"side.)
November 1929.
1
2
3 Sunday
4
5
8
7
8
9
10 Sunday
11 Holklay
12
13
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
26
27
28 Holiday
as
30
Wheal.
x220.729,000
220.222,000
Corn.
39,354.000
39.476,000
Oats.
Rye.
Total.
47,184,000 z22,409,000 1329,676,000
47,318,000 22,513,000 329,529.000
218,565,000 x39,823.000 47,474,000
218,099,000 38.571,000 x47,649,000
214.144,000 37,185.000 47,110,000
213,503,000 36,738,000 46,690,000
213,037.000 35,866.000 46.687,000
211,745,000 36,244,000 48,601,000
22,714,000
23,568.000
23,799.000
23,768,000
24,104.000
24,394.000
328,576,000
327,887,000
322,238,000
320,699,000
319.694,000
318,984.000
36.502.000
34,483,000
34,425,000
34,080.000
34,330,000
45,879,000
44,695,000
43,990,000
43,629,000
43.674,000
24,883.000
24,458,000
24,669,000
24,723,000
24,797,000
315,010,000
302,041,000
300,037.000
300,329.000
301.720.000
197,184,000 z34,013.000
197,138,000 34,185,000
196.713,000 34,663,000
196,288,000 34,173,000
195,832,000 34.354,000
195,560,000 34,638,000
43,519,000
43,259,000
43.236,000
43,075,000
43,048.000
42.855,000
24,812,000
24,693,000
25,048.000
25,193.000
25,397,000
25,511,000
299,528,000
299,275.000
299,660,000
298,729,000
298.631,000
298,564,000
207,746,000
198,407.000
196,953,000
197,897,000
198,919.000
193,231,000
191,534,000
191,013,000
:186.978.000
189.739,000
34,951,000
34,645,000
34,636,000
43,394.000 25,783.000 297,359,000
43,411,000 25,877.000 295,467,000
43,241,000 125,978,000 294,868,000
34.224,000 42,816,000
34,046,000 z42,598,000
Average202,549,000 35,650,000
Nov.1929
129,718,000 90.553,000
Nov.1928
238,356,000 42,787,000
Oct. 1929
Sept.1929.__ 227.863,000 46,419,000
Aug.1929_ 218,044,000 46.998,000
172.899,000 48,567,000
July 1929
June 1929_ _. 129,101,000 51,210.000
128.281,000 54,897.000
May 1929
Apr. 1929_._ 146,314,000 68,315,000
144.719.000 78,542,000
Mar.1929
Feb. 1929._ 127,350.000 79,574,000
The Boston News Bureau yesterday said;
Jan. 1929- 118,503.000 68,461,000
Dec. 1928- _ 128,515.000 78,736,000
All L. K. Liggett Co. retail stores throughout the country have reduced
prices on leading cigarette brands to the following basis: 12c. per package,
x High. z Low.
three packages for 35c., and $1.13 per carton.
25,869.000 z289,887,000
25,815.000 292.198,000
44,710,000 24,615,000 307,524.000
29,997.000 12,222,000 262.490,000
47,666,000 19,395,000 348,204.000
47,772.000 15,000,000 337.054.000
42,208,000 12,377.000 319,627,000
7,975,000 252,651.000
23,220,000
9.334.000 205,081.000
15,376,000
8.698,000 210,949,000
19,095.000
8,971,000 249,271,000
25,671,000
8.510,000 259,091.000
27,320,000
9.343,000 242.555,000
28,288,000
8,783,000 221,643.000
25,898,000
28,548,000 10,366,000 246,165,000
Increased cigarette prices were noted in our issue of Oct. National Fertilizer Association Reports Further Ad12, page 2310.
vance in Prices of Commodities.
prices again advanced 2-10th of 1% during
Commodity
Transactions in Grain Futures During November on
ended Nov. 30, following a similar advance for the
week
the
Chicago Board of Trade and Other Markets.
preceding week, according to the wholesale price index of
Revised figures showing the volume of trading in grain the National Fertilizer Association. The advances during
futures on the Board of Trade of the City of Chicago, by the past two weeks were preceded by eight weeks of continudays, during the month of November, together with monthly ous decline, and the recent advances are largely seasonal,
totals for all "contracts markets," as reported by the Grain says the Association, which also states:
Futures Administration of the United States Department of
Although five groups advanced during the latest week and only three
Agriculture, were made public Dec.5 by the Grain Exchange declined, most or the advances were of a seasonal character. Of the total
3560
FINANCIAL CHRONICLE
list, 28 Items declined and only 23 advanced. The largest advances occurred in apples, oranges and butter, with fertilizer materials showing a
seasonal increase. The largest declines occurred in cotton, wool and silk.
Based on 1926-1928 as 100, and on 473 quotations, the index for the
week ended Nov. 30 stood at 95.3: for that ended Nov. 23. 95.1 for that
ended Nov. 16, 94.9: and for Nov. 9, 95.4
Petroleum and its Products-Slight Increase in Daily
Production Offset by Sharp Decline in Crude Oil
Imports-Propose Continuation of Oklahoma Proration to March 31 1930
-Oil Executives in Important Session at Chicago.
An increase in the daily petroleum output of the United
States was recorded duffing the week ending Nov. 30. The
daily production for this period was 2,638,200 barrels, an
increase of 4,950 barrels. However, for the same period,
daily imports of crude oil totaled 181,714 barrels, a decrease of 76,586 barrels. This made the total new daily
crude supply 2,819,914 barrels, a net decrease of 71,638
barrels daily. California showed a daily increase of 5,000
barrels, bringing the total California output to 704,500
barrels daily. Oklahoma also showed an increase, amounting to 5,850 barrels daily, with total daily production of
- els. Decreases were shown in Kansas, Arkansas,
648,900 barr
Texas, (outside of Gulf Coast), West Central Texas, West
Texas, Southwest Texas, Gulf Coast of Texas, Coastal
Louisiana, and New Mexico.
The recommendation of the Mid-Continent Oil & Gas
Association and of the Operators' Committee regarding continuation of proration in Oklahoma is that such proration
of flush pools as exist now be continued to March 311930.
This recommendation will be presented on Dec. 12 at a
meeting to which all operators interested have been invited.
If this proposal is approved at that meeting the substance
of it will be forwarded to the Corporation Commission with
the request of the operators that it be used as the basis of
an order from the Commission to be issued prior to Jan. 1
1930, and to take effect on the first day of the new year.
The joint report of the two groups who have studied the
situation thoroughly, states in part that "the potential
production of crude oil in the United States continues far
in excess of demand, and overproduction would now be much
more serious than it is if it were not for the present curtailment measures in effect in the various states. 'With particular reference to Oklahoma,' the report continues, 'the potential production from existing pools in this State for the
month of January 1930, is estimated at 799,500 barrels per
day, for February, 850,000 barrels per day, and for March,
922,000 barrels per day. Estimating probable economic conditions for 1930, we are convinced that demand for crude
from this State for January 1930, will not exceed 650,000
barrels per day; in February will not exceed 665,000 barrels
per day, and in March will not exceed 675,000 barrels per
day. For these reasons it appears imperative that proration
on the flush fields and semi-flush fields in the State be continued from and after Jan. 1 1930 to at least March 311930,
if wasteful overproduction is to he prevented.'"
To accomplish the estimated required curtailment the
recommendation of the joint committee suggests the following proration percentages:
PoolsPoole
Per Cent. PoolePer Cent.
Cad. East Earlsboro-Per
CityOklahoma
Seminole, et alJanuary
40 January
40 January
20
40
February
February
40 February
20
March
50 March
50 March
20
Application of this proration schedule would result in
the following estimated production: January, 641,600 barrels
daily; February, 670,000 barrels daily; March, 671,600 barrels daily.
This week saw the executives of the petroleum industry,
not only of this country but representative of the world,
gather at Chicago at the session of the American Petroleum
Institute. Conservation provided the basic note at the meetings, and Sir Henri Deterding, General Managing director
of the gigantic Royal-Dutch Shell interests, took a firm
stand on the need for world-wide conservation and cessation of duplication of facilities planned to increase production without giving thought to increasing consumption. Sir
Henri stated that "the American oil industry has done a
great deal in the direction of conservation in the recent past.
What has been done in California in conservation work is
marvelous. It is being done in a very efficient way. To be
really effective conservation, of course, must be world-wide.
With America producing two-thirds of the world's oil, it
naturally has to take the lead. I believe producers in other
countries are ready to follow. Oil is a human heritage; no
man has a right to waste it just to satisfy himself. Oil be-
FoL.129.
longs not only to the present but to future generations, and
must not be wasted by anybody."
General conditions throughout the crude producing centers
of the country were unchanged during this week, with prices
holding firm.
.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$3.05 Smackover, Ark., 24 and over
Corning. Ohio
1.75 Smackover, Ark., below 24
Cabell, W. Ya
1.35 Eldorado, Ark.. 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek. Wyo.. 37
Midcontinent, Okla., 37
1.23 Sunburst, Mont
Corsicana, Texas, heavy
.80 Artesia. N. M
Hutchinson, Texas, 35
.87 Santa Fe Springs, Calif., 33
Luling, Texas
1.00 Midway-Sunset, Cant., 22
Spindletop. Texas, grade A
1.20 Huntington, Calif.. 28
Spindletop. Texas, below 25
1.05 Ventura, Calif.. 30
Winkler, Texas
.65 Petrone. Canada
8.90
.75
1.14
.90
1.23
1.85
1.08
1.20
.so
Loa
1.18
1 90
REFINED PRODUCTS-INSTITUTE DECRIES OVERPRODUCTION OF GASOLINE IN MESSAGE TO PRESIDENT HOOVER
-DOMESTIC HEATING OILS MOVING STEADILY-USUAL
SEASONAL WEAKNESS FAILS TO DEVELOP IN GASOLINE
DEMAND AND PRICES HOLD STEADY.
Stating that refiners are over-producing gasoline, offsetting the advantages gained by conservation of crude
resources, the American Petroleum Institute delegated
Captain J. F. Lucey of the Lucey Petroleum Company,
Dallas, Tex., to attend President Hoover's business conference with instructions to say to the President that the
oil industry must practice further curtailment in production.
Captain Lucey was instructed to report to President
Hoover that "unless the refiners, through education and
knowledge of the situation, restrict their production of gasoline to market requirements, the continued conversion of
crude oil into gasoline at too rapid a rate would nullify the
effect of the curtailment already accomplished in the supply
of crude oil." The statement presented by Captain Lucey
to President Hoover added also, in part: "It is now possible
to say that the supply of crude oil in the United States by
voluntary action on the part of individual producers in
the several States in this country, has been curtailed to
approximate equilibrium with current refinery demands.
This has been, in part, fulfillment of the expressed recommendation of the Federal Oil Conservation Board that the
industry itself take steps to conserve the petroleum supply.
"The refinery demand for crude oil, however, has been
inflated to the extent that gasoline has been overproduced
by approximately 8,000,000 barrels, which gasoline must be
liquidated in 1930. It is therefore obvious that the current
level of refinery demand for crude oil can be maintained only
by virtue of further overproduction of gasoline. In the
petroleum industry a condition of gasoline overproduction
is recognized as existing and is promising to grow more
serious and acute if the supply of this commodity is not
promptly and substantially curtailed, and the first quarter
of 1930 is regarded as a particularly critical period during
which gasoline stocks threaten to mount to uneconomic and
unsound levels."
An expected decline in gasoline consumption took place
during this week, but not to the anticipated extent. A
seasonal decline is looked for at this time of year, but the
continued maintenance of tank car prices indicate that no
change is to be made throughout the remaining weeks of
this year. Ruling prices now are 84 cents to87
4 cents per
gallon tank car lots at refineries, and one cent higher delivered to the nearby trade.
Domestic heating oils are selling in good volume, with
every indication that consumption this winter will fully
meet expectations. Marine fuel oils are steady and fairly
active and well maintained at $1.05 a barrel at refinery
and $1.10 a barrel f.a.s. New York Harbor. Diesel continues unchanged at $2 a barrel at refinery.
The domestic movement of kerosene is holding up satistac
factorily,
ract
with the larger part of the deliveries under conGasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
N Y(Bayonne)$.08:402.09 Arkansas
2.06% North Louisiana-8.07R
West Texas
08M North Texas
.0814 California
064
Chicago
09 m Los Angeles, export. 074 Oklahoma
07
slew Orleans
09'4
.071 Gulf Coast. export_ 0814 Pennsylvania
'few York
!Manta
nore
Roston
Buffalo
Chicago
Gasoline. Service Station. Tax Included
Minneapolis
8.18
Cincinnati
3.18
New Orleans
21
Denver
.188 Philadelphia
22
Detroit
.18
Ban Francisco
20
Houston
Spokane
24
.15 Jacksonville
179 St. Louis
.15 Kansas City
182
195
21
215
205
Kerosene. 41-43 Water White. Tankcar Lots. F.O.B. Refinery. $ 16
M
07M 0908
8.054 New Orleans
. Chicago
0ayone)S 734
'forth Texas
.05M Los Angeles, export .0514 Tulsa
.0614
ork my
aRuoenna)
i Ci11_.105
$ 1.8-2121.A
Degree,
mreee
l F.O.B. Refinery or Terminal.
elew Y
8.85 Gulf Coast
78
Diesel.
2 001New Orleans
951Chicago
aa
Gas Oil, 32-36 Degree, F.O.B. Refinery Or Terminal.
New York(Bayonne)l.05MIChleago
9.031Tukla
8.00
•
DEC. 7 1929.]
3561
FINANCIAL CHRONICLE
Increase in Crude Oil Output in United States.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ending Nov. 30 1929, was 2,638,200 barrels, as
compared with 2,633,250 barrels for the pri3ceding week, an
increase of 4,950 barrels. Compared with the output for
the week ended Dec. 1 1928, of 2,506,150 barrels per day,the
current figure represents an increase of 132,050 barrels daily.
The daily average production east of California was 1,933,700
barrels, as compared with 1,933,750 barrels, a decrease of
50 barrels. The following are estimates of daily average
gross production, by districts, for the weeks ended Nov. 30
1929, Nov. 23 1929 and Dec. 1 1928.
cents. St. Louis. Tin was quoted at 39 cents for spot Straits, which price
stimulated only slight buying interest.
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,499,800 barrels, or 95.1% of the 3,678,700
barrel estimated daily potential refining capacity of the plants
operating in the United States during the week ended Nov.
30 1929,report that the crude runs to stills for the week show
that these companies operated to 72.5% of their total
capacity. Figures published last week show that companies
aggregating 3,510,300 barrels or 95.4% of the 3,678,700
barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to only 75.5% of their total capacity, contributed to that report. The report for the week ended
Nov. 30 1929, follows:
DAILY AVERAGE PRODUCTION (IN BARRELS).
30'29. Nov. 23 '29. Nov. 16 '29. Dee. 1 '28.
Week Ended-Nov.
708,600
645,950
643,050
648,900
Oklahoma
97,250
109,650
110,650
109,800
Kansas
61,600 CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS.
100,350
102,600
101,300
Panhandle Texas
89,150
90,600
89,300
89,550
North Texas
WEEK ENDED NOV. 22 1929. (BARRELS OF 42 GALLONS).
54,850
57,500
58,850
56,350
West Central Texas_
327,850
363,250
357,250
357,050
West Texas
P. C.
P. C.
(lax and
21,250
17,600
17,350
Oper.
17,550
Crude
East Central Texas
Poles:Fuel (fra
Gasoline
of Total
Runs to
28,250
73,700
Hai Ca74,650
72,950
District.
Southwest Texas
Stocks.
Stock*.
Caper.
Stills.
pacify
38,200
36.550
36,450
37,400
North Louisiana
Report.
Report.
82,100
63,250
63,950
63,000
Arkansas
8.537.000
109,750 East Coast
150,200
4,641,000
80.0
148,350
142,400
3,390.400
100.0
Coastal Texas
828.000
997,000
72.6
590,500
22,400 Appalachian
24,950
90.7
23,300
23,550
Coastal Louisiana,
3,936,000
4,461,000
83.0
2,061,900
98.6
ntucky
Indiana,1111nois.Ke
107,400
119,000
118.900
120.000
3,846,000
Eastern (not Incl. Michigan)__
2,753,000
71.6
2,039,100
88.0
2,600 Okla., Kansas. Missouri
14,114,000
16,100
15,000
15,500
5.545.000
75.0
Michigan
3,678,700
90.3
Texas
4,885,000
1,694,000
56.800 Louisiana, Arkansas
80.5
52,850
52.500
1,210,700
95.2
54,750
Wyoming
1.000.000
1,851,000
42.7
413.100
92.9
11,550 Rocky Mountain
10.600
10,500
10,550
Montana
14,196,000 109,311,000
70.0
4,366,100
99.3
-_
.
California
7.050
5,450
5.100
5,650
Colorado
2,700
7,950
8.000
7.450
72.5 36,138,000 146,457,000
New Mexico
Total week Nov.30 _._ _ 95.1 17,750,500
-676,800 Daily average
674,500
2,535,800
699.500
---704,500
California
75.5 35,805,000 147,346,000
95.4 18,543,500
Total week Nov. 23._ _ _
2,649,100
2,638,200 2,633,250 2,620.000 2,506,150 Daily average
Total
10,903,000
4,635,000
79.2
2,902,000
99.4
Texas Gulf Coast
4.141.000
1.476.000
68.9
Iths son
inn n
The estimated daily average gross production for the Mid Continent Tnnlalano.(MU Cnsult
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
and stocks Mures follow exactly the present Bureau
stills
to
runs
crude
-All
Note.
West, East Central and Southwest Texas, North Louisiana and Arkansas, of Mines definitions. In California, stocks of heavy crude and all grades of fuel
to
for the week ended Nov. 30, was 1,553,850 barrels, as compared with 1,- oil are included under the heading "Gas and Fuel On Stocks." Crude oil runs
552,100 barrels for the preceding week, an increase of 1,750 barrels. The stills include both foreign and domestic crude.
Mid Continent production, excluding Smackover (Arkansas) heavy oil,
was 1,509,500 barrels, as compared with 1,507,000 barrels, an increase of
2,500 barrels.
November Slab Zinc Shipments Exceed ShipmentsThe production figures of certain pools in the various districts for the
Inventories Again Higher.
in
42
barrels
of
week,
gallons.
previous
the
with
compared
current week,
follow:
the American Zinc Institute, Inc., a total of
to
According
-Week Ended-Week Endedsouth:,ea TexasNov. 30. Nov.23. 47,620 short tons of slab zinc were produced in the month
Oklahoma-Nov.30. Nov.23.
9,100 9,300
21,400 20,600 Laredo District
Allen Dome
month last
10,800 10,750 of November as against 50,260 tons in the same
4,200 4,350 Luling
Asher
32,200 32.800
25,700 5,550 Salt Flat
Bowlegs
1929. Shipments in NovemOctober
in
tons
50,938
and
year
LouisianaNorth
18,700
18,700
Bristow-Slick
4.800 4,850 ber 1929 totaled 41,675 tons, of which 39 tons were shipped
17,500 17,650 Haynesville
Burbank
5,500 5,500
9,550 10,100 Urania
Carr City
Arkansasfrom plants for export. This compares with 49,786 tons
7,600
Cromwell
5,250
5.500
73,550 61,450 Champagnolle
Earlabor°
shipped in November 1928 and 47,184 tons in October 1929.
(light)
5,800
5,800
Smackover
4,950 4,500
East Seminole
44.350 45,100
70,100 67,600 Smackover (heavy)
Little River
Stocks at Nov. 30 1929 totaled 63,061 tons as against 57,116
Coastal Texas14,700 15.650
Logan County
21,050 20.700 tons at Oct. 31 1929, and 46,562 tons at Nov. 30 1928.
8,350 9,000 Barbers Hill
Maud
10,050 10,250
14,500 15,800 Hull
Mission
11.250 11,500 The Institute also released the following statistics:
55,700 64,200 Pierce Junction
Oklahoma City
9,100 9,000
11,100 8,700 Raccoon Bend
Sasakwa
Metal sold, not yet delivered, at the end of November 1929 amounted
19,800 20,600
SpindletoP
51,850
53,000
St. Louis
November. 118.239
11,700 13,600 to 11.622 net tons; total retort capacity at the end of
9,350 9,450 Sugarland
Searight
6,400 6,000 cons; the number of idle retorts available within 60 dant. 56,241; the
24,200 25.350 West Columbia
Seminole
60.424: the number
November.
during
8,800 8,800
Tonkawa
average number of retorts operating
Coastal LouisianaKansasretorts operating at the end of November, 58,083. A comparative
of
1,950
1,950
Rackberry
East
22,900
22,900
County
SedgwIck
2,800
2,700 table shows:
Old Hackberry
Panhandle Tams6,200 6,100
10,100 9,600 Sulphur Dome
Carson County
PRODUCTION. SHIPMENTS AND STOCKS AT END OF PERIOD.
4,500
4,400
64,400
Vinton
62.200
Gray County
(Figures In Short Tons.)
IVyorningHutchinson County- ..... 27,500 27,000
33,050 30,700
Salt Creek
North TexasMontana
18,300 18,050
Stocks
Archer County
Total
Domestic
Pro6,800 6,800
29,500 29,950 Sunburst
WIMerger County
Exports. fattpments. Endo!Mo.
$hirnenti.
action.
Month ofWest Central TexasCalifornia10.500 10.600
Brown County
1929.
8,500 8,500
MOO Dominguez
9,500
63.061
Shackelford County
41,675
39
41,636
47,620
38.000 35,000 govember
Eiwood-Goleta
57,116
West Texas47,184
67
47.117
60.938
42,000 42,000 Dctober
53,363
Crane dr Upton Counties 44,350 44.000 Huntington Beach
47,755
1,468
46.287
53,285
23,000 23,000 september
41,700 40,000 Inglewood
47.833
Howard County
51.579
969
50,610
55,290
August
Hills
10.000
10,000
144,550 141.000 Kettleman
44,122
Pecos County
47,251
681
46.570
54,441
106,000 108,000 luly
17,300 17,000 Long Beach
36.932
Reagan County
49.847
1.874
47,973
52,953
72,500 72,500 June
99,050 105,000 Midway-Sunr.et
Winkler County
33,824
57.720
1,106
56.614
56.958
Santa Fe Springs
160,000 160,000 May
34,588
58.027
1.489
58.558
54.653
Seal Beach
30,000 29,000 April
East Central Texas37,962
58.129
1.862
56,267
55,471
-----Avenue
Ventura
March
60.000
55,000
8.800 6.900
°preteens-Powell
40,420
52.952
1,895
51.057
48,154
February
45,418
49.732
2,055
47,677
49,709
January
Copper Holds At 18c. Despite Quiet Trade-Fair De- Total limos.'29
1928.
mand for Lead-Tin and Zinc Prices Unsettled.
December
In the face of prevailing quiet in the non-ferrous metal November
Octobermarkets in the past week, there has been comparatively September
August
hands,
and
"Engineering
Minfirst
by
pressure
selling
little
July
ing Journal" reports. The volume of business consummated June
May
was extremely light, indicating that consumers are holding April
March
the
end
as
of
the
apminimum
year
a
to
down purchases
February
January
proaches. It is added:
Copper was dull throughout the week, but the price held at 18 cents, Total in 1918 delivered in Connecticut In view of the extremely limited demand for
the red metal, coupled with the fact that November production of refined
no alarm is entertained in
will not reflect the recent drop in mine output,
the prospects for an increase in stocks.
Although lead continues in considerably greater demand than any other of
the non-ferrous metals, the tonnage sold for the week was well below last
week's total. Producers, however, are well satisfied with recent business.
One reports that more lead has already been contracted for delivery in
the coming year than has ever been booked at this time in previous years.
Prices quoted by all dealers continue at 6.10 cents, St. Louis, for chemical
lead, and sg cents, New York, for desilverized.
Zinc business during the week was quiet at unsettled prices. Most sellers
quoted the market at 6 cents, but business did go, through as low as 5.90
1927.
December
November
October.....
September
August
July
June
May
April
March
February
January
Total In 1927
579,472
548,366
13.485
561,851
50.591
50,260
50.259
49.361
52,157
50.890
50.825
53.422
53.493
55,881
50.042
52.414
49,625
48,698
50.128
44.103
47.050
49,510
49.780
49.818
46,517
51,856
46.754
45,771
2,067
1.088
1.980
1.759
2,901
8,638
1.802
3,138
3.746
3,786
4,134
5,231
51,692
49,786
52.106
45.862
49.951
53,148
51.582
52,956
50,263
55.642
50.888
51,002
65,441
48.562
46,068
47.915
44,416
42.210
44,468
45,225
44.759
41.529
41,290
42,163
619,595
579.608
35,270
614,878
----
52.347
49.217
50.185
47.735
49,012
47.627
49,718
51.296
51,626
56,546
51,341
56,898
46.483
44,374
46.602
44,038
49.739
43.359
43.122
45.560
44,821
48.107
43.555
45.884
4,433
1,746
1,637
4,007
4.009
4,803
4.784
4,898
1,876
5.098
4.760
2.989
50,916
46,120
48,239
48,045
53.748
56,162
47.907
50.458
46,697
53,205
48.315
48,873
40,751
39,320
86.223
34,277
34.587
39.329
43,858
42,046
41,208
36,271
32,938
29.912
613.548
549,644
45.040
594.684
-__
3562
FINANCIAL CHRONICLE
Large Decrease in November Pig Iron Output.
Very sharp was the contraction in pig iron output in
November. According to the "Iron Age" of Dec. 5, the
loss in daily rate from October was 9,698 gross tons or
8.3%. The most recent greater loss was 14,090 tons in
May 1925,from April. In net loss of furnaces the November
record is the largest since May 1924. The loss last month
was 26 furnaces while in May, five years ago, it was 46
furnaces. Even in April of that year the net loss was 40
furnaces.
Production in November was 3,181,411 tons or 106,047
tons per day for the 30 days, as compared with 3,588,118
tons or 115,745 tons per day for the 31 days in October.
The loss in October from September's total was less than 1%.
The November output is the smallest this year and compares with 3,302,523 tons in November last year. The daily
rate last month is the smallest since September 1928, when
it was 102,077 tons. The "Age" also states:
Operating Rate on Dec. 1.
More drastic than the drop in daily rate was the decline in operating rate
on Dec. 1. The 177 furnaces blowing on that day had an estimated operating rate of 98,450 tons per day compared with 113.600 tons per day as
the estimated operating rate for the 203 furnaces blowing on Nov 1 last.
There were 29 furnaces shut down during November and only three
blown in, a net loss of 26. In October the net loss was only two. The loss
was confined mainly to steel-making stacks, 24 of the 29 being of that
class. There were eight furnaces of the Steel Corporation shut down with
16 belonging to independent steel Companies and five merchant stacks.
The three furnaces blown in belonged to independent steel companies.
The net loss was 21 steel company stacks and five merchant furnaces.
New Record for 11 Months.
Even with the large loss in November. a new record for 11 months was
made. The total output to Dec. 1 this year has been 39,448,853 tons which
is 4,980,895 tons in excess of the same period last year.
Loss in Steel-Making Iron and Ferromanganese.
There was a loss of 10.368 tons per day or 11% in the steel-making
iron last month. The daily rate was 83,276 tons compared with 93,644 tons
in October. Merchant iron made a slight gain.
At 28,285 tons the ferromanganese output was the fifth largest this year
and compares with 31.108 tons in October.
Furnaces Blown in and Out.
Three furnaces were blown in during November. One furnace of the
Wickwire-Spencer Steel Co. in the Buffalo district; one furnace at the
Sparrows Point plant of the Bethlehem Steel Corporation in Maryland
and No. 2 furnace of the Weirton Steel Co. in the Wheeling district.
Among the furnaces blown out or banked during November were the following: Two furnaces of the Hanna Furnace Co., one furnace of the Wickwire-Spencer Steel Co. and one Lackawanna furnace of the Bethlehem
Steel Corp. in the Buffalo district; one furnace of the Bethlehem Steel Co.
and one furnace of the Jersey Zinc Co. in the Lehigh Valley; one Donora
furnace of the American Steel & Wire Co.,one Carrie furnace of the Carnegie
Steel Co., two furnaces of the Jones & Laughlin Steel Corp., one Midland
furnace of the Pittsburgh Crucible Steel Co. and one Monessen furnace
of the Pittsburgh Steel Co. in the Pittsburgh district; one furnace at the
Cambria plant of the Bethlehem Steel Corp. in western Pennsylvania;
one furnace at the Sparrows Point plant of the Bethlehem Steel Corp. in
Maryland; the Norton furnace of the American Rolling Mill Co. in Kentucky; two Hese1ton furnaces of the Republlc Iron & Steel Co. and two
Campbell and one Hubbard furnaces of the Youngstown Sheet & Tube Co.
in the Mahoning Valley; the Sharpsvllle and one Shenango furnace in the
Shenango Valley; one Central furnace of the American Steel & Wire Co.
and one River furnace of the Corrigan-McKinney Steel Co. in northern
Ohio; one South Chicago furnace of the Illinois Steel Co. and three Gary
furnaces In the Chicago district and the Johnson City furnace in Tennessee.
1926.
1927.
1928.
1929.
106,974
104,408
111,032
115,004
112,304
107,844
109,880
103,978
103,241
104.543
107,553
107.890
99,712
107.043
100.123
105.024
112,368
114,074
109.385
102.988
107,351
95.199
95,073
92,498
89.810
88,279
88.980
99,266
92,573
100,004
103,215
106,183
105,931
102.733
101,763
99,091
101,180
102,077
108,832
110,084
108.705
103.382
111,044
114,507
119,822
122.087
125 745
123.908
119.564
122.100
121,151
116,585
115.745
106,047
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS
Steal Works.
1923-January
February
March
Apr11
May
June
July
August
September
October
November
December
1939-January
February
March
April
May
June
July
August
September
October
89,520
78,444
83.489
85,183
85,578
81,630
79,513
82.642
82,590
88,051
88.474
85,415
85.530
89.246
95,461
95.680
100,174
99,993
98.044
98.900
95,428
93.644
Includes pig Iron made for the market
Merchant..
23.053
21.560
19,726
21,000
20,355
21.103
19,578
18,538
19.487
20,781
21.810
23.290
25.614
25,261
24.361
26.407
25,5'71
23,915
24,056
22,251
21,159
22.101
by steel nomPanine.
Total.
92,571
100.004
103.211
106,181
105,931
102,733
99,091
101,181
102.071
108,835
110,084
108,701
111,644
114,507
119,822
122,087
125,745
123,808
122,100
121,151
116.585
115.745
Ferromanganese x
1927.
1928.
1929.
1927.
1928.
1929.
January
February
March
2.343.881
2,256.651
2.875.417
2.155.133
2.274,880
2.588.153
2.651.416
2,498,901
2.959,295
31.844
24.660
27.834
22.298
19.320
27.912
28,208
35.97$
24.978
3 months
April
May
June
7,275,949
2,837.919
2,619,078
2.343.409
7.018.171
2.555.500
2.652.872
2.448.905
8,109,612
2.826,028
3,105.404
2.999.798
84.238
24,735
28.734
29,232
69.530
18.405
29.940
$2,088
79,164
22.413
25,896
83,363
Half year
July
August
September
14,876.355 14.675.448 17,040.842 166,939 149,963 160,836
2,163.101 2.464.898 3,039,370 28,394 32.909 31.040
2,213.815 2,561,904 3,065.874 21.279 24,583 28.461
2.090,200 2.477.695 2.862.799 20.675 22.278 27.505
21.343.571 22,179.943 26,008,885 235,287 230.733 247.842
2.078.722 2,729.589 2.902,960 17.710 23.939 31.108
1,938,043 2.854,211 2,498,291 17.851 29.778 28,285
1,987,852 2.647,863
20,992 28.818
9 months
October
November
December
Year
27.345,888 30,211.606
x Includes output of merchant furnaces
291%840 312,081
Large Decrease in Steel Production.
The American Iron and Steel Institute in its monthly
report, released yesterday places the production of steel
ingots during November at 3,513,025 tons, a decrease of
almost a million tons under the 4,511,650 tons produced in
October. November contained 26 working days and Oct. 27.
In November 1928, in which month there were 26 working
days,the output was4,266,835 tons. The average daily output
has been as follows: November 1929, 135,116 tons; October
1929, 167,098 tons, and October 1928, 164,109 tons. Below
we furnish the monthly statement back to January 1928:
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1928.
TO
OCTOBER 1929-GROSS TONS.
Reported for 1928 and 1929 by companies which made 94.51% of the Open-hearth
and Bessemer Steel Ingot Production In 1928.
Months
1928.
Jan
Feb
March
April_
May...June._ _
July
Aug
Sept
Oct
Nov
Openhearth.
3,273,294
3,300,407
3,692,648
3.505,104
3.394,301
3,010,341
3,068,257
3.379,625
3,375,654
3,795,800
3,442,112
Afonthly
Cnieulated
APMOs. Per
Output
Monthly No.of Dan/
Cent.
Blatletne. Companies. Output, all Wks. Output OverReporting. Companies. Dogs. all Co.'s. Mona
498.891 3.771,985 3,990.902 26
153,496 81.42
521,250 3,821,657 4,043,457 25
161,738 85.80
567.330 4,259,978 4,507.217 27
168,934 88.55
584,110 4,089,214 4.305,382 25
172.215 91.35
582.128 3,978,429 4,207,212 27
155,823 82.66
528,193 3,538,534 3,743,903 28
143,996 76.38
528,588 3,598.845 3.805.598 25
152,224 80.75
569,771 3,949.396 4.178,610 27
154.763 82.10
544,710 3.920,364 4,147,893 25
165,916 88.01
599,098 4,394,808 4,649.068 27
172,221 91.36
590.669 4,032,781 4,266,835 26
164,109 87.05
11 mos. 37,237,543 6,094,538 43,332,081 45,846.977 286
Dec
Total
1939
Jan
Feb
March._
April __ _.
May _ _ _ _
June_ __.
July.__.
Aug
Sept
Oct_._
Nov
3,301,114
496.679
3.797,793
4,018,208
160,304
85.04
25
160.728
85.26
40.538,657 8.591.217 47,129,874 49.885,185 311
160,338
85.05
3,694,218
549,816 4,243,834 4,490.354 27
3,599,224
489,279 4,088,603 4,328,000 24
4,183,869
598,691 4,780,560 5,058,258 26
4,026,576 680,351 4,666,927 4,938,025 26
4,276,188 707,484 4,983,670 5,273,167 27
3,990,798
622,585 4,613,383 4,881.370 25
3,922,532
649,950 4,572.482 4.838,093 20
3,988,729
668.023 4,656,752 4,927,258 27
3,827.639
835,593 4.263.232 4.510,879 25
3,619.432
644,528 4,263.960 4,511,650 27
2,737,488
522,672 3.320,160 3,513,025 26
AI non nn.
n.nnn.nnn .. .en Ann e. nnn nnn non
,
.
,
CM
1925.
108,720
114,791
114.975
108,632
94,542
89,115
105.039
85.936
87.241
90.873
97,528
100,767
104,853
99,735
Total pie IrmoSpiegel and Ferromanganese.
Mwe4M0.-.MCW
.NOMMOMM
f.
,
-.
0aCCMN0VV..0.-4
1924.
97.384
106.026
111.809
107.781
84,358
87,541
95,794
57,577
60.875
68.442
79.907
83,656
95,539
85.075
54 yr.19.430.678 18.520,921 21,640.960 Year•36.232,306 37.837.804
* These totals do not Include amoral pig Iron. The 1928 production of this
Iron was 143,960 gross tons
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
MCCMCOMM
January
February
March
April
May
June
First all months
July
August
September
October
November
December
12 months'average....
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JAN. 1 1927-GROSS TONS.
1927.
1928.
1929.
1927.
1928.
1929
an--- 3,103.820 2.869,761 3.442,370 July_ .2,951.160 3,071,824 3.785.120
Feb.__ 2.940,679 2,900,126 8.206.185 Aug. 2,947.276 3,136,570 3,755.880
Mar__ 3.483.382 3,199,674 3,714.473 Sept-2.774.949 3,062.314
3,497.584
Apr.__ 3.422,228 3.185.504 3.662.625 Oct...2.784.112 3.373.806 3.588,118
May- 3,390.940 3,1183.856 3.898.082 Nov-2,648,378 3.302.523 3,181,411
line_ 3.089.651 3.082.000 3.717.225 Deo...2,695.765 3.369,846
E2
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1924-GROSS TONS
{voL. 129.
84.80
91.91
99.20
98.84
99.59
99.58
94.88
93.05
92.01
85,21
68.90
ni.Al
11 r.......
ynn,nen
•
I The figures of "per cent of operation" In 1928 are barred on the annual capacity
as of Dee. 31 1927. 01 58.627.910 gross tons for Bessemer and open-hearth steel Ingots. and In 1929 are based on the annual capacity as of Dec. 31 1928 of 60,990,810
gross tons for Bessemer and open-hearth steel ingots.
Sharp Drop in Pig Iron Output-Recession in Steel
Production Arrested-Prices Unchanged.
Pig iron production contracted sharply in November,
reflecting a rapid adjustment of output to reduced demand, states the "Iron Ago" in its market summary this
week. Total production was 3,181,411 tons and the daily
average was 106,047 tons, the lowest since September, 1928.
The decline from the October daily rate 9,698 tons, was the
largest reduction recorded since May, 1925. The "Age"
continues:
The net loss in active blast furnaces in November was 26, three having
been blown in and 29 put out. The greatest not losses in recent years were
40 furnaces in April, 1924, and 46 in May. 1924. On Dec. 1 177 furnaces
were in blast, making iron at the rate of 98,450 tons a day, compared with
203 furnaces and a daily rate of 113,600 tons on Nov. 1.
Both Iron and steel makers are avoiding overproduction so far
as is
possible, although some piling of both plg iron and semi-finished
steel Is
reported at Chicago. At the same time unemployment is being kept
at a
minimum. At Youngstown and at other centers work is being
distributed
among as large a number of men as possible. Where mills are now running
DEC. 7 1929.1
FINANCIAL CHRONICLE
3563
106,289 tons in November, or only
shifts are being from 115,747 gross tons in October to
on only one shift, the crews of all three of the customary
that the December rate will reflect more fully the
evident
is
It
8.1%.
is
t
employmen
given an equal share of the operating time. Additional
November. The November daily rate
work, resulting widespread dropping of stacks in
total of 3,188,668
being provided by an unusually large amount of repair
was the lowest since September, 1928. The November
year.
the
of
months
nine
first
the
in
equipment
from the heavy strain on
total for 1929 to 39.439.514 tons, contrasted
with slight increases gross tons brought the 11-month
change,
little
shown
has
whole
ly will top
a
as
undoubted
total
production
Steel
1928. This year's
at Chicago has declined with 37.831.741 tons in all
tending to offset further reductions. Ingot output
of 1923 despite the present depression. Changes in the
record
previous
the
disPittsburgh
the
in
rate
included the dropping of 22 steelworks
to 85%, compared with 70% last week, but the
production is now blast furnace lineup in November
seven merchant stacks went out.
trict continues to range from 65 to 70%. Youngstown
Buffalo stacks and the lighting of one, while
while
ago,
week
a
50%
to
40
with
compared
estimated at 55 to 60%,
steel prices untested, and the "Iron Trade
and
iron
leave
markets
Quiet
Corporafor Steel
operations have dropped from 60 to 50%. The average
leading iron and steel produces again is stathe present rate of Review" composite of 14
averaged $36.03. and last
tion subsidiaries remains at 68%, which also represents
tionary at $35.97. In November this index
Bethlehem plants.
December $36.22.
resharp
the
with
contrast
In
good,
sly
conspicuou
Railroad buying is
have been augSteel ingot production continues to trend downward and
duction in the general level of demand. Rail mill backlogs
freight cars will
mented by orders for 165.000 tons, and purchases of 6,700
shows a reduction of more than 2%for the past week with the
mean the rolling of 85,000 tons of plates, shapes and bars.
60,000
which
of
rails,
average at slightly under 67%, compared with 69% in the
of
tons
120,000
bought
has
The Southern Pacific
went to the preceding week and 71% two weeks ago,says the"Wall Street
each
tons
30,000
and
mill
Colorado
the
with
placed
tons was
Steel Corporation and the Bethlehem company.
further adds:
by the Journal" of Dec.3, which
Freight car orders include 5.000 bought by the Rock Island. 1,000
show the largest decline, amounting to
companies
will
steel
line
t
named
last
Independen
The
road.
Milwaukee
Missouri Pacific and 300 by the
against 68% last
National 3%. These units are now credited with a rate of 65%.
Canadian
the
while
s,
locomotive
30
and
cars
additional
buy 3,050
week and 70% two weeks ago.
with 70%
Railways are inquiring for 3,225 cars.
contrasted
68%.
slight imThe U. S. Steel Corp. is running at around
Steel specifications from the automotive industry have shown
72% two weeks ago.
and
week
cars
motor
of
previous
production
the
In
December
that
provement, and it is now predicted
contrast with a year ago. In
better is
The reductions at this time are in sharp
will show a gain over the November figure. The change for the
were increasing, the U. S.
are getting the first week of December, 1928, the activities
ascribed to the fact that both the Ford and Chevrolet companies
nearly 84%, with independents up
to
2%
of
gain
a
showing
Corp.
Steel
under production in a limited way on their new models.
than 84%.
g market 1% to 85%. and the average increasing 1.3i% to better
The revival of deferred building projects is the most encouragin
figures
for
out
came
which
projects
three
and
Chicago,
development at
In that city call for over 29,000 tons of structural steel.
$18.29
The "Iron Age" composite prices remain unchanged, pig iron at
1 Steam Railroads in
table shows: Consumption of Coal by Class
a gross ton and finished steel at 2.362c. a lb., as the following
Year.
Pig Iron.
Finished Steel.
Dec. 3 1929, 518.28 a Gross Ton.
Dec. 3 1929, 2.362e. a Lb.
$18.29
' 2.362c. One week ago
One week ago
18.38
2.361c. One month ago
One mouth ago
18.59
2 369c. One year ago
One year ago
15.72
average
pre-war
10-year
1.689c.
10-year pre-war average
Valley
at
iron
basic
of
average
Based on
Based on steel bars, beams, tank plates,
at Chicago,
wire, rails, black pipe and black sheets. furnace and foundry irons
These products make 87% of the United Philadelphia, Buffalo, Valley and Birmingham.
States output of finished steel.
Low.
High.
Low.
High.
Aug. 27
1929....2.412c, Apr. 2 2.362c. Oct. 29 1929___$18.71 May 14 $18.25 July
24
1928_2.391c. Dec. 11 2.3140. Jan. 3 1928_ 18.59 Nov. 27 17.04
Nov. 1
17.54
4
Jan.
19.71
1927___
2.5
Oct
4
Jan.
2.293c
c.
1927__2.453
13
July
19.46
5
1926__2.453c. Jan. 5 2.403c. May 18 1926___ 21.54 Jan.
1925.-2.560c. Jan. 6 2.396c. Aug. 18 1925___ 22.50 Jan. 13 18.96 July 7
A net decline of 28 in active blast furnace stacks, the most
drastic retrenchment in over five years, and a recession of
8.1% in the daily tonnage rate gage the extent to which pig
iron production was curtailed in November, reports the
"Iron Trade Review" in its weekly review of iron and steel
markets. Since a majority of the stacks blown out was of
the steelworks classification, a commensurate reduction in
the output of steel ingots is assured, adds the "Review",
which goes on to say:
September Lower Than in Same Month Last
Consumption of coal by Class 1 steam railroads in Septemwith that of
ber 1929, showed a slight decrease in comparison
States
United
the
reports
the corresponding month last year,
total
The
e.
Commerc
of
ent
Departm
Mines,
Bureau of
as
tons,
3
9,081,64
was
month
quantity used during the
of
against 9,121,017 tons in September 1928, a decrease
The
ide.
countryw
not
was
however,
0.4%. This decrease,
Southwest
New England, Central Eastern, Pocahontas, and
gain is
small
a
while
increase,
al
substanti
a
show
regions all
increases
these
But
Region.
also shown for the Great Lakes
in other
were more than offset by a decreased consumption
for the
shown
is
6%
of
decrease
A
parts of the country.
Central
Northwestern Region, a decrease of 3.4% for the
Western Region, and a decrease of 1.2% for the Southern
:
Region. The Bureau has also issued the following statistics
OF CLASS 1 RAILWAYS
CONSUMPTION OF COAL BY LOCOMOTIVES
NG SERVICE, AS REPORTED
IN ROAD-TRAIN AND YARD-SWITCHI
COMMISSION.
E
BY THE INTERSTATE COMMERC
November statistics afford the first insight for a full month into Iron and
Inc. or Dec.
Number Net Tons Net Tons
steel production following the start of the break in the stock market. While
of Roads Consumed Consumed
Region%
the shrinkage in blast furnace activity is more severe than weekly reports inReporting. Sept. 1928. Sept. 1929. Net Tons.
dicated, nevertheless there is a growing body of opinion that the industry is
+16,387 +5.8
298,884
282,517
11
to
than
the
quarters
three
first
the
New England
reacting more to the record production of
+915 +0.5
1,732,062 1,732,977
27
Great Lakes
stock market disturbance.
2,312,507 2,374,373 +61,866 +2.7
25
Central Eastern
+5.614 +1.3
448,935
443,321
4
In fact, the conviction has been gaining ground in the past week that Pocahontas
1,395,173 1,378,252 --16.921 -1.2
23
the low point in sentiment has been passed, that the industry this month Southern
1,262,067 1,186,282 ---75,785 --6.0
17
is shaking out most of the remaining excesses-a process which began in Northwestern
1,288,836 1,244,758 --44,078 --3.4
21
404,534 417,182 +12,648 +3.1
June-and that slow but gradual improvement will set in about the middle Central Western
28
Southwest
the
fortitude
which
with
and
stocks
of
absence
of January. The complete
9.121,017 9.081,643 ---39,374 --0.4
156
Total
the industry has scaled down its operations, eschewing efforts to force
business, are evidences of confidence.
In minor ways the market outlook hasimproved in the past week, although
it is recognized that this condition is only temporary and will succumb
shortly to year-end inertia. Ford, Chevrolet, Willys-Overland and Hudson- Natural Gasoline Output in October Exceeded Same
s
Essex, to cite four volume producers, are releasing material for short runs
Month in 1928 by 49,600,000 Gallons-Inventorie
this month. The A. 0. Smith Corp., Milwaukee, important electric pipe
10.
parDec.
Railroad
schedule
Decline.
modified
a
to
Continue
welding interest, resumes on
ticipation in the steel market continues marked. Structural activity is
According to the United States Bureau of Mines, Departnoteworthy, and may be accelerated by the Washington better-business
gasoline in
ment of Commerce, the production of natural
conferences.
A slightly stronger tone characterizes the price situation. Producers of October amounted to 206,300,000 gallons, an increase of
steel bars, plates and shapes generally are quoting 1.90c, Pittsburgh, with
gallons over the corresponding month last year,
Chicago $2 per ton higher, for the first quarter, extending the current level. 49,600,000
and an effort is
14,200,000 gallons over the month of September
Strip and cold finished bar prices have been reaffirmed,
also
and
being made to bolster the weak spots in sheet quotations. Because there 1929. The average daily output in October this year totaled
have been fewer declines and less "short" selling, it is believed scrap prices
are untested, but 6,650,000 gallons as against 6,400,000 gallons in the precedare nearing bottom. Pig iron prices for the first quarter
1928. Stocks
with producers determined to stabilize. Ferromanganese has been reduced ing month and 5,050,000 gallons in October
.
30 1929 to
Sept.
at
$5 per ton for 1930, with small cuts in other ferroalloys In general congallons
00
27,762,0
, and producers are on hand declined from
sumers are disposed to defer committing themselves
Bureau released
The
1929.
31
Oct.
at
gallons
00
matters.
20,589,0
not pressing
The Rock Island railroad has distributed orders for 5.000 freight cars, the following statistics:
the Missouri Pacific 1,000 and the St. Paul 300. The Reading is to act this
GALLONS).
week on 2,000 cars. The Missouri-Kansas-Texas Is inquiring for an addiNATURAL GASOLINE (THOUSANDS OF
tional 100 gondolas and 28 miscellaneous cars, the Reading for 100 passenger
Stocks End
and miscellaneous cars, the Southern Pacific for 400 freight and 107 miscelProduction.
of Month.
laneous cars, while the Canadian National will place 3,240 cars. The
is
awards
car
6.300,
against
19,506
preliminary estimate of November freight
week's
awards
This
put
the
1929
November.
last
6,140
in October and
Oct., Sept., Oct., Jan.-Oct. Oct., Sept.,
1929. 1929.
1929.
total over the 100.000 mark. The Southern has bought 44,200 tons of rails
1929. 1929. 1928.
and the Boston & Maine 10,000 tons. Track fastening sales at Chicago
2,314 2.173
81,900
7,900
for
including
tons
6,700
pending,
14,000
8,900
Appalachian
reached 7,000 tons, with 25,000 tons
269
11,100
249
900 1,200
1,300
Illinois, Kentucky, &c
New York Central.
6,802 10.360
566,400
54,100
59,200
59,400
588
27,800
577
Reflecting directly the dropping of 28 blast furnace stacks, steel ingot Oklahoma
2,800 2,700 3,000
Kansas
40,700 37,300 30,400 341,400 7,327 11,355
operations are declining, in contrast with moderate gains a year ago. Texas
704
51,000
725
4,800
5,200
at
last
6,300
68%, compared with 70
L01143181311
Steel corporation subsidiaries this week are
270
27,000
252
2,900 2,800 2,700
week. • Independents average 65%. a loss of 3 points, while the entire indus- Ark&II6111
594
39,500
4,200
628
4,300
4,400
Rocky Mountain
79,600 73.000 48,400 672,900 1.721 1.443
try is rated at 67%, against 69 a week ago and 71 two weeks ago. A year California,
ago steel corporation subsidiaries were at 84% and independents at 85.
208.300 192,100 158,700 1,819,000 .20,589 27,782
Total (gallons)
Despite an inclement November the 1929 iron ore movement on the Great
5.980
-8,850 8.400 5,050
Daily average
Lakes totals 65,195,478 gross tons. 20% in excess of 1928 and by a narrow
490
43,310
881
4,912 4,574 3,731
margin topping the previous record. the 64,734,198 tons of 1916.
(barrels)
Total
120
1,420
152
158
While the number of active blast furnace stacks declined from 204 on
Daily average
Oct. 31 to 176 on Nov. 30, or 13.7%. the daily rate of production receded
3564
FINANCIAL CHRONICLE
Output of Bituminous Coal and Anthracite Lower than
a Year Ago-Beehive Coke Exceeds that of Same
Period in 1928.
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal and
Pennsylvania anthracite for the week ended Nov. 23 1929,
was below the figures for the corresponding period last year,
but exceeded the output for the week ended Nov. 16 1929.
The production of beehive coke for the week ended Nov. 23
1929, was below that of the preceding week, but was higher
than in the week ended Nov. 24 1928. The output for the
week under review was as follows: Bituminous coal, 10,972,000 net tons; Pennsylvania anthracite, 1,377,000 tons, and
beehive coke, 93,800 tons. This compares with 10,982,000
tons of bituminous coal, 1,920,000 tons of Pennsylvania
anthracite and 92,500 tons of beehive coke produced in the
week ended Nov.24 1928,and 10,547,000 tons of bituminous
coal, 1,330,000 tons of Pennsylvania anthracite and 95,500
tons of beehive coke in the week ended Nov. 16 1929.
For the calendar year ended Nov. 23 1929, the production
of bituminous coal amounted to 469,163,000 net tons as
compared with 439,429,000 tons in the same period last year,
while output of Pennsylvania anthracite totaled 67,548,000
tons as against 68,916,000 tons in the calendar year to
Nov. 24 1928. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Nov. 23
1929,
including lignite and coal coked at the mines, is estimated at
10,972,000
net tons. This is an increase of 425,000 tons over the output in the preceding week, when working time was curtailed by the partial observance of
the Armistice Day holiday in the bituminous fields. Production in the
week of Nov.23 was approximately the same as that for the correspondi
ng
week of 1928.
Estimated United States Production of Bituminous Coal (Net Tons) Incl. Coal Coked.
1920
1928
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
Nov. 9
11,081,000
447,644,000
10,546,000
417,253,000
Daily average
1,878,000
1,681,000
1,953,000
1,574,000
Nov. 16_1s
10,547,000
458,191,000
10,924,000
428,447,000
Daily average
1,850,000
1,689,000
1,917,000
1,582,000
Nov. 23..c
10,972,000
469,163.000
10,982,000
439,429,000
Daily average
1,829,000
1,692,000
1,830,000
1,588,000
a Minus one day's production first week in January to equalize number
In the two years. b Revised since last report. Nov. 11 weighted as 0,701 of days
a normal
working day. c Subject to revision.
The total production of soft coal during the present calendar year
to
Nov. 23 (approximately 277 working days) amounts to 489.163,000
net
tons. Figures for corresponding periods in other recent years are given
below:
1928
439.429.000 net tonsi 1926
504.898,000 net tons
1927
467,176,000 net tons 1925
458,005,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended
Nov. 16
amounted to 10,547,000 net tons. Nov. 11, Armistice Day, was
observed
as a p-trtial holiday in the bituminous fields, the average time worked
on
that day being equivalent to approximately 0.7 of a normal
working day.
[VoL. 129.
The following table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tone).
Week Ended
Novenae,
Nov. 16
Nov.9
Nov. 17
Nov. 19
1923
State1929.
1929.
1928.
1927.
Averages
Alabama
322,000
280,000
348,000
337,000
409,000
Arkansas
43,000
45,000
30,000
41,000
28,000
Colorado
264,000
267,000
233,000
134,000
236,000
Illinois
1,087,000 1,219,000 1,190,000 1,476,000 1,571,000
Indiana
328.000
361,000
333.000
398,000
536,000
Iowa
85,000
127,000
78,000
55,000
128,000
Kansas
d
d
68,000
80.000
102,000
Kentucky-Eastern
940,000
841,000 1,059,000
829,000
724,000
Western
267,000
230,000
307,000
344,000
218,000
Maryland
54,000
61,000
62,000
51,000
35,000
Michigan
16,000
15,000
3,000
20,000
26,000
Missouri
73,000
81,000
62,000
95,000
73,000
Montana
71,000
83.000
87,000
86,000
83,000
New Mexico
64,000
68.000
56,000
65,000
62,000
North Dakota
50.000
59,000
75,000
59,000
35,000
Ohio
493,000
567,000
414,000
150,000
764,000
Oklahoma
89,000
84,000
75,000
106,000
72,000
Pennsylvania (bitum.)
2,714,000 2,908,000 2.709,000 2,382,000 2,993,000
Tennessee
119,000
120,000
117,000
90,000
117,000
Texas
12.000
13,000
17,000
24,000
29,000
Utah
143,000
111,000
127,000
122,000
112,000
Virginia
274.000
259,000
295,000
222,000
217,000
Washington
47,00052,000
48,000
70,000
72,000
W. Va.--Southern_b
2.100.000 2,156,000 2,209,000 1,794,000 1,304,000
Northern_c
729,000
790,000
799,000
735,000
743,000
Wyoming
149,000
164,000
136,000
187.000
184,000
Other States
56,000
62,000
3,000
7,000
5,000
Total bituminous coal_ _10,547,000 11,081,000 10,924,000 9,959,000 10,878.000
Pennsylvania anthracite
1,330,000 1,582,000 1,723,000 1,937,000 1,896,000
Total all coal
11,877,000 12,663,000 12,647,000 11,896,000 12,774,000
a Average weekly rate for entire month. b Includes operations
the N. & W.:
C. & O.: Virginian; K. & M., and Charleston division of the B. on
State, including Panhandle. d Kansas included in "other States." & 0. c Rest of
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week
ended
Nov. 23 is estimated at 1,377.000 net tons, a gain of 47,000 tons
over the
output in the preceding week, when working time was curtailed
by the
observance of Armistice Day. Cumulative production for
1920, including the week ended Nov. 23, is estimated at 67,548,000 net tons
in comparison with 68,916,000 tons during the corresponding period in
1928.
Estimated Production of Pennsylvania Anthracite (Net
Tons).
1929-1028
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a.
Nov. 9
1 582,000
64,841,000
1,785,000
65,273,000
Nov. 16
1 330,000
66,171,000
1,723,000
66,996,000
Nov. 23_11
1 377.000
67,548,000
1,920,000
68,916,000
a!Minus one day's production first week in January to equalize
number of days in
the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke for the country
as a whole during
the week ended Nov. 23 1929, is estimated at 93,800 net
tons. This compares with 95.500 tons in the preceding week and 92,500
tons In the week
ended Nov. 24, 1928.
Estimated Produdion of Beehive Coke (Net Tons).
Week Ended
1929
1928
Nov. 23 Nov. 16 Nov. 24
to
to
Region1929.b
1929.c
1928.
Date.
Date.a
Pen.. Ohio & West Virginia--- 80,000
81,900
80,100 5,021,400 3,332,300
Georgia, Ky.,Tenn.& Virginia7.900
7,800
6,400 342,300 359,700
Colorado, Utah and Washington
5,800
5,800
6,000 236,600 208,600
United States total
93,800
95,500
92,500 5,600,300 3,900,600
Daily average
15,633
15,917
20,001
13,931
a Minus one day's production first week in January to15,417
equalize number of dayslin
the two years. b Subject to revision. c Revised.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 4, made public by the Federal Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows a decrease for the week of
$40,000,000 in holdings of discounted bills and an increase
of $29,000,000 in United States securities, with little change
in holdings of bills bought in open market. Member bank
reserve deposits increased $25,400,000, cash reserves $4,100,000 and Federal Reserve note circulation $8,300,000, while
Government deposits declined $10,500,000. Total bills and
securities were $11,800,000 below the amount reported a
week ago. After noting these facts, the Federal Reserve
Board proceeds as follows:
Holdings of discounted bills decreased $13,400,000 at the Federal Reserve
Bank of San Francisco, 111,300,000 at Boston. $9,200.000 at Richmond,
$7.500,000 at Atlanta and $6,900.000 at Chicago, and increased $7,900,000
at Philadelphia. The System's holdings of bills bought in open market
declined $800.000 and of United States bonds 524,800.000, while holdings
of Treasury notes increased $48.800,000 and of Treasury certificates
$5.100,000.
The principal changes in Federal Reserve note circulation for the week
included a decrease of 35,800.000 at the Federal Reserve Bank of New
York and increases of $5,300,000 at Chicago, $3,500.000 at Philadelphia
and $1.900,000 at Kansas City.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 3597 and 3598. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Dec. 4, is as follows:
Total reserves
Gold reserves
Dec. 4 1929,
8
3,138,748,000
2,992,966,000
Increase (+) or Decrease (During
Week.
Year.
$
8
+4,128,000 +401,616,000
+5,538,000 +375,366,000
Total bills and securities
1,502,670,000 -11,790,000
Bills discounted. total
872,310,000 --40,039,000
Secured by ii. S. Govt. obliga'ns_ 424,932,000 -38,241,000
Other bills discounted
447,378,000 --1,798,000
Bills bought in open market
256,518,000
-797,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
355,144,000 +29,046.000
37,955,000 -24,836,000
183,413.000 +48,764,000
133,776,000
+5,118,000
Federal Reserve notes In circulation _ _1,938,470,000
Total deposits
Members' reserve deposits
Government deposits
-218,454,000
--139,872,000
-240,932,000
+101,060.000
-221,252,000
+128,362,000
-15.544,000
+65,455,000
+78,451,000
+8,289,000
+148,625,000
2452,683,000 +15,646,000
2 401,001,000 +25,351,000
25,346,000 -10,501,000
+17,011,000
+18,672,000
-530,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
3565
FINANCIAL CHRONICLE
DEC, 7 1929.]
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week has decreased $58,000,000, bringing the amount of these loans down to $3,392,000,000, which compares with 86,804,000,000 the high record
in all time established on Oct. 2 1929 and with $5,395,000,000
on Dec. 5 1928. The loans for own account decreased
during the week from $831,000,000 to $792,000,000 and the
loans for account of others from $1,982,000,000 to $1,921,000,000, but the loans for account of out-of-town banks increased from $638,000,000 to $680,000,000.
Increase (+) or Decrease (—)
During
Nov. 27 1929. Nov. 20 1929. Nov. 28 1923.
$
Loans and investments—total_ _23,353,000,000 —159,000,000 +1,259,000,000
Loans—total
17,698,000,000
+643,000,000
+855,000,000
5,955,000,000
+5,000,000
—239,000,000
U. S. Government securities _ _ _ 2,808,000,000
2,847.000,000
+24,000,000
—20,000,000
—169.000,000
—70,000,000
Reserve with Federal Res've banks 1,744,000,000
265,000,000
Cash in vault
—131,000.000
+6,000,000
+19,000,000
—3,000,000
13,890,000,000
6,760,000.000
50,000,000
—337,000,000
+38,000,000
—8,000,000
+482,000,000
—86.000,000
—4,000,000
1,090.000,000
2,802,000,000
—121,000,000
—141,000,000
—59,000,000
—158,000,000
603,000,000
+6,000,000
—159,000,000
Investments—total
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
—163,000,000 +1,493,000,000
—102.000,009
—62,000,000
On securities
All other
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
7,889,000,000
9,809,000,000
New York.
Dec. 4 1929. Nov. 27 1929. Dec. 5 1928.
Loans and investments—total
8,035,000,000 8,187,000,000 7,226,000,000
Loans—total
6 047,000,000 6,169,000,000 5,410,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
3,073,000,000 3,077,000,000 2,852.000,000
2,974,000,000 3,002,000,000 2.558,000.000
1 989,000,000 2,018,000,000 1,815,000.000
1,127,560,000 1,163,000,000 1,087,000,000
862,000,000 855,000,000 729,000,000
Reserve with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
785,000,000
65,000,000
781,000,000
71.000.000
726,000,000
56,000,000
5,783,000,000 5,970,000,000 5,395,000,000
1 246,000,000 1,275,000,000 1,197,000,000
6,000,000
14,000,000
10,000,000
94,000,000
104,000,000
Due from banks
1 012,000,000 1,034,000,000
Due to banks
33.000,000
34,000.000
Borrowings from Federal Reserve Bank_
103,000.000
976,000,000
244,000,000
Loans on securities to brokers and dealers
792,000,000 831.000,000 1,271,000,000
For own account
680,000,000 638,000,000 1.838.000,000
For account of out-of-town banks_ _
1 921,000,000 1,982,000,000 2,285,000,000
For account of others
Total
On demand
On time
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U. S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2, which
recently merged with a non-member bank.
3,392,000.000 3,450,000,000 5,395,000,000
2,945,000,000 2,988,000,000 4,804,000,000
447,000,000 462,000,000 591,000,000
Chicago.
Loans and investments—total
2 063,000,000 2,070,000,000 2,093,000,000
Loans—total
1 664,000,000 1,672,000,000 1,636,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
970,000,000
694,000,000
966,000,000
706,000,000
891,000,000
745,000.000
398,000,000
398,000,000
457,000,000
164,000.000
234,000,000
165,000,000
233,000,000
204,000,000
254,000,000
186.000,000
16,000,000
180,000,000
17,000,000
183,000,000
19,000,000
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. 7, the following summary of market conditions abroad, based on advices by cable and radio:
1 287.000,000 1,267,000,000 1,267,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
620,000,000
20300.000
616,000,000
3,000.000
674,000,000
1,000,000
136.000,000
315,000,000
132,000,000
285,000,000
158,000,000
348,000,000
52,000.000
43,000.000
102,000,000
• Revised. a 1928 figures in process of revision.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
above, the statements for the New York and
explained
As
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, beforo which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board repecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Nov. 27:
of weekly reporting
The Federal Reserve Board's condition statement
member banks in leading cities on Nov. 27 shows decreases for the week of
$159,000,000 in loans and investments and of $337,000,000 in net demand
deposits, and increases of $38,000,000 in time deposits and of $6,000.000
in borrowings from Federal Reserve banks.
Loans on securities declined $34,000,000 each in the New York and
Chicago districts, $10,000,000 in the Cleveland district, $8,000.000 in the
San Francisco district, $6,000,000 in the St. Louis district and $102,000,000
at all reporting banks. "All other" loans declined $22,000.000 in the
Chicago district, $20,000,000 in the New York district and $62,000,000
at all reporting banks.
Holdings of U. S. Government securities increased 824,000,000 at all
reporting banks and $35,000,000 in the New York district, and declined
of other securities declined
$6,000.000 in the St. Louis district. Holdings
$16,000.000 in the Now York district and $20,000.000 at all reporting banks.
The principal changes for the week in borrowings from Federal Reserve
banks comprise Increases of $37,000,000 at the Federal Reserve Bank of
Chicago and 87,000,000 at Boston, and decreases of $18.000,000 at San
Francisco, 811,000,000 at Cleveland and $9,000,000 at St. Louis.
A summary of the principal assets and liabilities of weekly reporting member banks, together with changes during the week and the year ending
Nov. 27 1929, follows:
ARGENTINA.
Business for the week ended Nov. 29 was a little quieter and the general
atmosphere slightly more pessimistic than during the past week. Collections were a little harder. Crop, and especially corn conditions continued to
be good except that some additional rust has developed in the wheat crop.
The market for carded yarns was dull but for mercerized yarns good. The
Buenos Aires automobile show opened on Nov. 28. for 10 days. with 47
makes of automobiles exhibited, mostly American.
AUSTRALIA.
Rainfall in many sections of Australia has improved the pastoral outlook
but arrived too late to materially help wheat yields. The general business
situation is unimproved and a general upward revision of the tariff schedule
is expected to hamper import trade. Imports are still difficult to finance
duo to low overseas balances, but the local banking position is sound. Wool
prices are about 10% above October levels and wheat crop outlooks are
slightly more optimistic. Bankers are restricting credits slightly but extending sufficient loans to established and going enterprises. No advances
are being made, however, for expansion of new propositions. Both the
Commonwealth and private banks are reported to have good ample reserves. Distribution houses continue to tighten credits to customers but
there is no marked increase in business failures. To tide over the present
period of financial stringency, the Commonwealth is offering a further
£5,000,000 Treasury Bill loan in London to mature June 30 1930.
CANADA.
In conformity with the schedule previously announced, the Advisory
Board on Tariff and Taxation began hearings on the iron and steel schedules
of the Canadian tariff on Nov. 26, according to information, dated Nov. 30.
from Commercial Attache Lynn W. Meekins, Ottawa. The commodities
covered during the week include scrap iron, pig iron, ferroalloys, sponge
iron, bigots, blooms, billets, bars, rods, plates, sheets, hoop, band, strip
and skelp iron, rails and track material, structural steel, castings and forgings. Drawback Items relating to the foregoing were also considered, as
well as the proposed alloy surtax. The hearings will continue during
December. A report issued during the week by the Dominion Bureau of
Statistics gives the 1928 output of Canadian industries using iron and steel
as $609,000,000. Of this total, automobile production accounts for $162,000,000, castings and forgings, $81,900,000, railway rolling stock, $73.400,000, primary iron and steel, $62,000,000, and machinery, $51,000,000.
The bulk of the Canadian wheat crop has not been marketed. Stocks
at the Head of the Lakes on Nov. 22 (51,206,000 bushels) were less by
4,500,000 bushels than in the previous week but the Lakes movement Is
materially under 1928 figures. Montreal shipments of all grains to the close
of navigation this year will probably be under 100.000.000 bushels, the
smallest in nine years. October production of newsprint in Canada is
reported to have established a new record of 251,914 tons. Provincial
authorities are credited with efforts to bring about co-operation of producers. Coal production ill October of 1,559,700 tons was 13% larger
than the September output but 1% below the October average for the past
five years. 233,000 tons of coke were produced during the month, a new
record. The United States furnished 2,058,000 tons of coal imports in
October, Great Britain contributing 93,600 tons. and Russia, 15,000 tons.
Coke imports amounted to 129,600 tons. Extensive liquidation on the
mining and stock exchanges is noted in the unusually high total recorded
the bank debits in October, $4.713,000,000. the highest figure shown since
the Dominion record was begun in January, 1924. The Postmaster General
of Canada has authorized the inauguration on Dec. 9 of an experimental
air mail service between Montreal, Quebec, Moncton and Saint John
The new route is intended to expedite communication between Central
Canada and the Atlantic ports during the winter season, and will be opt
3566
FINANCIAL CHRONICLE
erated daily,except Sunday. By the terms of a contract recently negotiated
the Ontario Hydro-Electric Commission will receive half of the power to be
developed by the Beauharnois Light Heat and Power Co. of Melocheville
to a maximum of 250.000 horsepower. Delivery will begin :n 1932 at a
price given as $15 per horsepower. While statistically, the status of employment in Canada on Nov. 1 was better than ever recorded for that
date. Toronto reports many unemployed unskilled workers. General
trade conditions remain fair but Christmas business to date appears slow
in relation to the 1928 record. The industrial and commercial outlook
seems likewise less promising than last year. Apparel, hardware and machinery lines are outstanding in Montreal lines, and elsewhere the demand
Is largely for staples and seasonal goods.
[VOL. 129.
menace. Hope is entertained that the Whitley Labor Commission will
further improve labor conditions. After advancing to 43.5% early in
the
month, call funds have eased to 2% largely because of feeble demand for
export financing. The Imperial Bank rate increased from 6% to 7 on
Nov. 1,and the action met with considerable adverse comment from merchants and bankers, who maintain the increase is unwarranted at this time.
Movement of gilt-edged securities is small, although investors have turne
more to the purchase of post office cash certificates. Sterling exchange has
been weak, due to the lack of export bills and to substantial sterling purchases by the Government.
JAPAN.
Business and financial circles generally show a favorable reaction to the
COLOMBIA.
official announcement that the gold embargo will be removed on Jan.
11
With the falling world coffee prices. the economic situation throughout 1930. It is the concensus of opinion, however, that the present business
the country as been increasingly serious. Dullness in business has been ao- depression will increase during the adjustment period. The volume of
centu:ted by the failure of Congress before its adjournment on Nov. 16, to business, as well as profits, will doubtless be effected by increased credit
pass such important measures as the budget, petroleum legislation, fiscal stringency and falling commodity prices.
agency, and other bills. Imports continue on a downward trend, and the
NETHERLANDS.
purchase of automobiles, textiles, foodstuffs and drugs are onsiderablY
Ordinary revenues of the Netherland Government during October
below those of the same period last year. The Banco de la Republica inamounted
to
44,226,000 florins, as compared with 40,996,000 florins in
creased its rediscount rate to 9%. the rate having been increased to 8%
In October. However, on agricultural paper the rate remains at 8%. October 1928. Over the first 10 months revenues have totaled 418,006.000
This action on the part of the bank has further tightened credit. The florins and indications are for a surplus in the ordinary budget for the entire
number and value of protested drafts is mounting Unemployment contin- Year. Public bodies in the Netherlands have been particularly active in
ues to increase and is expected to be aggravated by the further suspension capital flotations during the past few weeks. Issues floate drecently
of public works. Government revenues for the month of October amounted Include a 10,000,000 florin bond issue by the city of Rotterdam and others
to $4,600,000 as compared with $7,200,000 in the month of September. are contemplated.
External and internal bond prices and many domestic stocks are said to be
NEWFOUNDLAND.
suffering from the depression. The Coffee Federation, which Includes
A tidal wave, resulting from an earth tremor on Nov. 18, caused the loss
most of the principal coffee producers, intends to open warehouses for of twenty-eight lives and
property damage estimated at $1,000.000 in outholding coffee on account of the present drop in prices. Coffee moved to port villages of the Burin
Peninsula, according to telegraphic information
ports during October amounted to approximately 212,000 bags, an increase dated Dec. 2 from American
Consul Avra M.Warren, St. John's. Rehabof nearly 30,000 bags over September.
ilitation measures are being undertaken by the Government. which will
probably
have reflections in the demand for foodstuffs, marine motors, and
EL SALVADOR.
building supplies. In St. John's and industrial centers, business Is generally
Coffee comprises over 90% of the exports of the Republic of El Salvador active
with prospects good for holiday trade.
and Is the industry on which the whole economic well being of the country
depends. As a result of the unfavorable coffee s:tuation, general conditions
VENEZUELA.
are unsatisfactory. No price is quoted on washed coffee. Prices for the
Business in general in Venezuela is considered satisfactory in practically
superior unwashed grade of Salvadorean coffee ranges between $14 and all lines. Some anxiety Is expressed in regard
to the coffee situation on
$15 f.o.b. per Spanish quintal (101.4 lbs.). Prices for the current unwashed account of the falling prices. The cacao market is
quiet with little demand.
grade is about $1 less. Foreign buyers are continuing to hold off. Sugar Retail sales in the Caracas and Maracaibo districts
are improving and wholegrinding has begun, the normal crop being a norinal one of about 25,000 sale dealers are making an increasing number
of shipments to interior
tons.
merchants. Automotive and tire sales are good and collections are
fair.
FRANCE.
Considerable building activity is taking place in the vicinity of Caracas
and
October foreign trade continued, with a very slight accentuation, the a normal amount of highway construction is underway. Petroleum
profavorable tendency noted in September, with both imports and exports duction during October amounted to 11.500,000, as compared
with 11.400,considerably greater and the import balance reduced to 129,000.000 francs 000 in September. Total production so far this year amounts
to 113.500.000
as compared with one of 132,000.000 francs in September and an average barrels, an increase of 30,500,000 barrels, as compared with a like period in
of 850,000.000 francs during the first eight months of the year. The im- 1928. Shipments during October amounted to 10,700.000 barrels, a
port balance for the first 10 months of this year, however, amounted to decrease of 200,000 barrels, as compared with the previous month.
7.067.000,000 francs and is notably higher than the 1,402,000,000 francs
The Department's summary also includes the following
of the corresponding period of last year. The statistics of October trade
are as follows: Imports. 4,515,000,000 francs as against 4,720,000,000 with regard to the Island possessions
of the United States:
francs last year, and exports 4,386,000,000 francs as against 4,437,000.000
francs.
PHILIPPINE ISLANDS.
GREAT BRITAIN.
General business conditions are showing steady improvement with goods
British industrial and trade conditions in general show some improve- moving more freely than for the past few months. The business level,
however,
is still below that of last year. Textile trade continues slow with
ment and on the whole the situation appears to be fairly satisfactory.
Iron
and steel output in October established a high record for the year and coal only small business done in isolated lines. The abaca market is firm with
output has shown a further small increase. Exports of British goods in sellers holding stocks. Buyers, though anxious, are not bidding prices up.
October aggregated a slightly larger value than for the same month a year The London market is steady and the American market is firm. Receipts
ago; the total for the first 10 months of the year shows some improvement of abaca during the week ended Nov. 25 totaled 22.165 bales and exports
on that for the comparable period of 1928 and a decided improvement as mounted to 25,346 of which 9,569 bales were shipped to the United States.
compared with the same months of 1927. Unemployment Is seasonally Stocks at export ports of Nov. 25 were 210,866 bales. Copra arrivals are
higher, the total of persons registered for work in Great Britain on Nov. 18 below expectations and the market is firm. Prices of warehouse grade
being 1,273,500—an increase of some 50,000 within the month—but, not- resecado at Manila and Cebu are 11 pesos per picul; Legaspi, 10.875; and
withstanding, the aggregate compares favorably with the total of 1,364.000 Hondagua, 10.75. Receipts of copra at Manila from the first to the 25
for Nov. 19 1928. The recent increase in unemployment is chiefly due to of Nov.totaled 212,720 bags and at Cebu to the 22nd, 174,714 bags.
seasonal changes in such industries as building,cement making,and shipping,
and the hotel trade and even these seasonal increases are somewhat offset
Return From Abroad of Jackson E. Reynolds and M. A.
by greater activity in certain other industries including pottery, automobile manufacturing, and textile finishing. Reduction in the Bank of EngTraylor Who Helped Draft Plans for Bank for Interland rediscount rate on Nov. 21 to 54%which was fully anticipated by the
national Settlements.
money markets, has been regarded as a further indication of confidence in
the improved monetary situation. Recen f nancial developments have
Jackson E. Reynolds, President of the First National
resulted in a degree of uncertainty in industry, but it is felt that should
Bank
of New York and chairman of the organization comthe cheaper money rates prevail for a considerable length of time the results will be distinctly beneficial to British trade. Iron and steel trade mittee of the Bank for International Settlements, returned
during November is reported to have been dull with little interest shown by from Europe on Dec. 3 on the Ile de France.
Melvin A.
either buyers or sellers. Current business In pig iron is smaller as foundries
are said to be well supplied, yet the producers' position is strong owing Traylor, President of the First National Bank of Chicago,
to contracts now running. The shipbuilding trade is taking fin shed steel who was the other American Member on the committee
In fair quantities but this condition is offset by a decrease in demand from which
drew up the plans for the International Bank, rethe building trades and consequently the finished steel section is reported
turned on Dec. 3, on the steamer Majestic. In reporting
to be quiet.
HUNGARY.
their return the New York "Times" of Dec. 4 stated:
The government has recently been the subject of criticism both in the
Both were non-communicative regarding the work accomplished
press and in Parliament. The Cabinet, however, did not fall and is fully as and said it woult1 be made public after their reports had been
strong as ever. General stagnation in business continues, owing to low
sent in.
prices for agricultural products and credit difficulties, but a slow improveMr. Reynolds, who went abroad on Sept. 26, denied that be is to
ment is likely if the international money market becomes easier. Activity
head the Bank for International Settlements in the event of its
In building and machine industries is declining, while coal and iron and steel being accepted
by the interested governments. He emphasized that
production and consumption are increasing. The savings deposits in the .
the presidency of the bank had not been offered to him, and
said
postal savings bank and in the thirteen leading commercial banks of Buda- if it were, he would
not accept it.
pest increased by $700,000 during October, bringing the total to $100,937,"As a matttr of fact," Mr. Reynolds continued, "there is no one
000. Statistics for October show that unemployment, railway freight
who could offer me the post of president, because the Bank for
traffic and wholesale prices advanced. The stock exchange index continues
International Settlements has not yet been accepted by the various
to decline slowly. Collections continue difficult, and October insolvencies
governments concerned. This will be taken up on Jan. 6, when
were 50% greater than in September. October imports were valued at
representatives of the governments will meet to pass upon the plan.
$15,900,000 and exports at $21,000,000. as compared with September
It is expected that Mr. Reynolds and Mr. Traylor will confer today
Imports of $15,700.000 and exports of $19,500,000. The unfavorable
will have the appointment of the president."
balance of trade for the first ten months was $38,800,000 less than for the
Mr. Reynolds added that he would consider it an impropriety for
corresponding period of last year.
him to discuss for publication the affairs of the Bank for International Settlements while the work of the organization committee
INDIA.
is being considered by the nations involved.
General conditions in India have improved somewhat but they cannot
Mr. Taylor was even more reticent, and confined himself to
be considered healthy or normal for this time of the year. Fairly satisthe
remark "that conditions in Europe
factory movements of many important staples are reported, but commodity
were good."
It is expected that Mr. Reynolds and Mr. Taylor will confer
markets—particularly jute, hessians, and shellac—are very depressed.
today
with J. P. Morgan and Thomas W. Lamont of J. P. Morgan
Export trade for October should normally have increased substantially, but
&
It remained unaltered at 262,700,000 rupees. The Viceroy's announceCo., and Owen D. Young, who took part in drafting the
new
ment relative to ultimate attainment of Dominion status for India has
reparations plan last Spring, when the general scheme of the
intergreatly relieved political tension and obviated temporarily the boycott national hank was envolved.
The returning American delegates are
DEC. 7 1929.]
FINANCIAL CHRONICLE
3567
for sanctions leaves open a far-reaching question of sufficient stature
to disrupt the whole series of international conferences to come.
The Treaty of Versailles fixed these sanctions with such precision
that France in 1923 was able to proceed with the occupation of
The Dawes plan afterward
the Ruhr upon the strength of them.
included provisions for sanctions which were made perfectly specific
and definite. It is, of course, Germany's fondest desire to get
these provisions eliminated from the reparations question, but France
and other reparations beneficiaries will not easily be induced to
Messrs. Reynolds and Traylor had been abroad since accede to omission of this point from the international treaties if
the trust deed of the world bank.
September. Their departure was referred to in our issue it is to be excluded from
Even if the French Government accepted, the Chamber of Deputies
of Sept. 28, page 1994.
could be expected to protest vehemently.
first,
Other matters left undecided in the trust document include,
provision for fixing the dates, amounts and manner of Germany's
plan
Swiss Franc Will Be Basis of World Bank Transactions. payments to the bank other than the instructions in the Young
protocol; second, the system by which German annuities,
In Geneva advices, Nov. 29, the New York "Times" said: and Hague
rationed
once paid to the bank by Germany, will be distributed and
manner
The Bank of International Settlements, which will be founded at
among the creditor nations; and, third, the conditions and
Basle shortly, will establish the Swiss gold franc (worth 19.3 cents)
deliveries in kind.
handling
of
primary
as the common money for all European countries in its transacUpon all these questions, and all of them are among the
is
tions.
of trusteeship, the trustee deed as at present composed
articles
be
will
reform
a
three-quarters
The economic and moral importance of such
left in blank. As to the remainder of this document,
transact
to
be
obliged
not
will
bankers
was
of
what
enormous, because European
of it contains almost word for word a transcription
plan.
business in thirty-six different coinages when the Swiss franc beprescribed in outline for the bank contained in the Young
of
provisions
the
are
comes the basis of future international transactions.
States
United
Of capital interest to the
in connection
the trust deed which relate to the bank's functions international
with the issuing of bonds which will be launched on the
French Ask Facts on the Bank for International Settle- markets upon a basis of Germany's unconditional annuities.
bank will
Even here it is ordained in a general manner that the
ments—Chamber Committee Designates Deputy to
plan
in this connection "by the provisions of the Young
guided
be
Question Briand on Lack of Sanctions.
which govern mobilization."
by these
American markets are protected against being flooded
Under date of Dec. 4, the New York "Times" reported
bank deterbonds through a provision that states that when the
the following from Paris:
bonds are opmines that the time and condition for issuing these
The question of sanctions in event of Germany's failure to carry
given market it must first "make sure that the
any
in
portune
out the provisions of the Young plan, which was raised by the
central banks concerned have no objection."
failure to include this question in the World Bank agreement, was
Repetition of Veto Article.
taken up by the Chamber of Deputies Foreign Affairs committee
empowering
today.
This is a repetition of Article XX in the bank's statutes,
that
Deputy Guernier was delegated to obtain further information from
he central banks with a veto. The trust deed also stipulates
Foreign Minister Briand, who spoke to the committee last week. M. countries interested may require that their share of the bonds be
Guernier was instructed particularly to ask whether the sanctions issued severally.
provided in the Treaty of Versailles would still be operative after
Another point of extreme interest concerning the United States' relathe Young plan was effective and, if not, precisely what sanctions, tion to the world bank has just been brought to light when it was
unwillif any, had been adopted to replace them.
learned that until the last moment the American delegates were
It will be remembered that there was an effort to introduce these ing to sign the Baden-Baden agreements. From a well-informed source
plan
this
to
into the agreements signed by the banking experts at Baden-Baden, it is learned that adhesion of United States private bankers
but the text of the deed of trust between the bank and creditor
was obtained only after the direct and personal intervention of Premier
powers reveals no mention whatever of sanctions. In the minds of Tardieu of France with J. P. Morgan, who was in London at that
no adat least some framers of the Young plan, the Versailles sanctions
moment and had taken the position that there could result
would be allowed to lapse, since it was regarded among the bankers vantage for American bankers from cooperation with the bank.
collaboration
that default by Germany would have such disastrous effect upon her
From the beginning there had been no question of any
delegates, and
credit that no other sanction would be necessary.
by the Federal Reserve. That institution refused to send
This view, as indicated by today's meeting of the Chamber the two American delegates came to Baden-Baden upon the understanda onecommittee, will not quickly win the approval of the French Cham- ing that some American bank or group of banks would accept
of issue
seventh share of an equal footing with five European banks
ber, where, in the hands of the Nationalist opposition, this relinand the Bank of Japan.
quishment of sanctions might even be used to bring about rejection
Fight on Limitations.
of the entire Young plan. At any rate there are grave doubts
themwhether the Chamber's ratification can be obtained for the Young
During the conference, however, the American delegates found
other,
are
included in some selves constantly combating the conservatism of the central bankers, who
plan, unless sanctions, in some way or
practiinternational understanding. This is one of the proposals which will desired to limit so strictly the activities of the world bank as to
certainly be put before the jurists who meet in Brussels next week cally impede its being operated at any considerable profit or being
which had been
to outline the Young plan treaties.
developed into the kind of beneficial world institution
D.
The Chamber committee, in addition, will ask M. Briand for more envisaged in the minds of such of its original framers as Owen
details as to the powers to be accorded to the international bank. Young and Sir Josiah Stamp.
New York,
Toward the end of the session Jackson E. Reynolds of
Thy want assurances that French political sovereignty will be prointimated that the
tected from the influence of the world finance body and also desire the chairman of the organizing committee, frequently
during the last
full details of guarantees that commercialization and mobilization, United States might not care to cooperate. It was
changed.
which to a certain extent have been experimented on under previous four days of the conference that this attitude
French delethe
with
M. Tardieu, it is known, after his interview
plans, will be more satisfactory under the Young plan.
which was imM. Briand appeared to-day before the Senate Foreign Affairs gates, wrote a personal memorandum to Mr. Morgan,
banking official.
mediately carried to I.ondon by an important French
Committee, discussing in a general way all the problems raised by
Baden that both the
After this communication it became known in
application of the Young plan and evacuation of the Rhineland, and
French and American delegations would sign.
problems to be settled at The Hague conference in January.
scheme will inAs to whether American enthusiasm for the bank
governments to the
crease depends much upon the instructions of the
the later conference at The Hague.
World Bank Tangle Confronts Jurists—Brussels Meeting jurists' conference in Brussels and
Not Unlikely.
Changes
Vital
in
Trust
Gaps
Faces Need of Filling
Deed—Alterations
at these sessions
It is easily possible that alterations may be made
That Would Cause Americans to Withdraw Are Condissatisfaction, although
which would entirely overcome the American
which might even result in
sidered Possible.
it is possible also that changes may be made
threat to withdraw, which, in the opinion of
It was noted in a Paris cablegram Nov. 28th that the renewal of the American experts,
would result in complete collapse of
European banking
International jurists csheduled to meet in Brussels to frame even
the Young plan.
administration retreaties that may be made a basis for application of the
The question of final organization of the bank's
between the bankers which
exchanges
despite
undecided,
yet
as
mains
grave
with
questions
are
confronted
which have
Young plan
tacitly understood in
have been in progress for some time. It was
been left unsettled in the trust agreement framed for the Baden-Baden that an American would be chairman of the board and
It is
World Bank by the experts at Baden-Baden. Continuing that probably a Frenchman would be selected as general manager.
the services of
obtaining
in
trouble
some
be
may
there
that
plain
now
the account said:
raised by Gera notable American, and serious objections have been
The Baden-Baden financial experts, it will be remembered, dea French manager. That country, it is understood,
appointing
to
many
clined responsibility for fixing any great political questions upon the desires a neutral in this position, preferably a Hollander. The French
logical had Paris or
ground that the bank would act merely as trustee upon instructions
stand, however, is that such a selection would be
of compensation,
given in accordance with outside agreements made by the governBrussels been chosen for the bank site, as a measure
so
has
little
progress
But
they consider
themselves.
among
been
ments
made in
the bank will be in neutral territory at Basle
since
but
the negotiations between the governments since the organizing com- such a compensation unnecessary.
mittee adjourned at Baden-Baden, that the jurists are extremely
embarrassed to begin labors which may end in merely submitting
February
several alternative plans, or at best, documents similar to the Baden- German Reparation Bonds May Be Issued in
Baden trust agreement, which consists rather of a formula for a
Markets—Small Preliminary Offering
Leading
in
trust deed with the most important details left blank, to be filled in
Likely—Total Put at $2,000,000,000—France May
by the government than in any complete and definite contract.
up Large Portion.
Take
Sanctions Omitted from Deed.
The following account regarding the issuance of German
One of the most important revelations as to the trust deed consists
in the omission from that part of the agreement referring to measures reparations bonds early the coming year is from the New
of safeguard, of any provision whatsoever for sanctions against GerCommerce" of Nov. 30:
many in event of its failure to carry out the schedule of payments York "Journal of
reparations bonds, in acoordance
A small preliminary offering of German
subscribed to in the Young plan. This again is one of the proYoung plan, may be expected on the leading
visions some nations wanted inserted which the bankers rejected with the provisions of the
of next year, according to well
because of its political character. But the absence of any provision capital markets in February or March
expected to start soon for Washington to confer with President
Hoover.
The delegates, of course, represented the United States unofficially,
as far as the National Administration was concerned, but were
chosen with the approval of Messrs. Morgan, Lamont and Young
to carry out the plans of the Reparations Committee in regard to the
formation of the international bank, and at the same time representing New York and Western banking opinion.
3568
FINANCIAL CHRONICLE
Informed observers here. Recent developments in the internati
onal financial
situation are said to favor the successful flotation at that
time.
The amount of this preliminary offering has not yet been
determined,
It is said; but it will not assume large proportions. The
purpose of the
issue will be to familiarize the market with these bonds
rather than to raise
any large amount of money through this specific offering.
Simultaneous
issue in New York, London, Paris and probably other
markets is said to
be contemplated.
May Bear 7% Coupon.
Expectations are that the first issue of German reparati
ons bonds should
bear a 7% coupon and also have a 1% amortization
charge. The bonds
would be marketed at approximately par, it is thought.
However, the
exact terms are of course subject to revision in
accordance with circumstances at the time of issue. The rate of interest
and sinking fund would
not affect the amount or character of the obligatio
ns of Germany, since
the payments under the Young plan involve an
unconditional annuity of
660,000,000 gold marks annually, and the interest
and sinking fund will
have to aggregate eventually a sum no larger than
this annuity. The total
of bonds which may be sold On this basis, assuming
a 7% coupon and I%
for amortization, is approximately $2,000,000,000.
This would constitute
the maximum issue of such reparations bonds.
The offering of the bonds presupposes the setting
into operation of the
new Bank for International Payments, which will
have
sale of reparations bonds. The new International Bank control over the
will in accordance
with its by-laws, arrange for offerings in each country.
It
that the central banks distribute the bonds in this country, is understood
in view of the
fact that the Reserve Banks must refrain from partakin
g in the operation
of the Innternational Bank, the appointed fiscal
agent and the Correspondents of the international institution are expected
to be in charge of
the issue, with the aid of a syndicate of bankers.
To Total $2,000,000,000.
Based upon a 7% coupon and a 1% sinking fund
it is calculated that
the total volume of bonds will be $2,000,000,000.
It is held that a very
large proportion of this amount will be taken in
France. French investors
will be in a position to take $400,000,000 worth of
bonds per year, which
In five years would exhaust the entire issue, it
is declared.
It is believed by those in close touch with the
financial and political
situation in France that the French Governm
ent will take up a large
portion of the reparations bonds and in distribut
ing them will take French
Government bonds in exchange, thus permitting
the
debt of France. This exchange would be facilitat reduction of the national
ed, it is said, by the fact
that the coupon on the reparations bonds will
be higher than the coupons
of the Government bonds.
Great Britain's Conversion Loan—Other
Recent
Conversions.
As we indicated in these columns Nov. 23
(page 3247),
the subscriptions to the new 5% British
conversion loan
amounted to £233,000,000 ($1,134,710,000).
This included
cash subscriptions of £154,000,000 ($749,9
80,000), so that
the conversion of 51/
.
2 % Treasury bonds accounted for L79,000,000 ($384,730,000).
In stating that the result of
Chancellor Snowden's offer of an unlimited
amount of 5%
cash and conversion loan at par was more
successful than
appeared likely from its first reception.
A London account
published in the "Wall Street Journal"
of Dec. 3 said in
part:
This means that Snowden has converted
£79,000,000 of the £134,741,000 554% Treasury bonds maturing next
May,
£154,000,000 cash to meet the balance of £55,741, and has on hand
000 of this maturity
and the £30,000.000 of other bonds maturing
in February next leaving
him around £68,000,000 on hand to reduce floating
debt. Moreover,
the cash and treasury bond conversion subscrip
tions allow for conversion of a similar amount of 5% War Loan into the
new loan between
January 15 and February 15, next, under the terms
of the prospectus
which limited conversions of War Loan to the
amount of cash subscribed to the new loan.
The London "Financial News" of Nov. 19, just
to hand
contains the following regarding the present conver
sion
loan, and other recent conversions:
Another important statement concerning the 5%
Conversion Loan
was made by the Chancellor of the Exchequer last night.
Replying to
an obviously prearranged private notice question, Mr.
Snowden gave
the approximate figures of the subscriptions to the loan
as being cash
£154 millions and in 554% Treasury Bonds to bearer
tenders £79
millions, a total of £233 millions.
The figures were still subject to small corrections, but
the cash subscriptions provided for the maturity of the £30 millions
in January
and February next, and left over, as desired, a satisfact
ory sum for
the reduction of the floating debt. Bond tenders in
payment made a
large reduction in the amount of the May maturity, which
was thus
reduced to considerably less than half.
Chancellor Questioned.
Mr. Brendan Bracken asked the Chancellor whether
in view of the
statement he had just made he did not think the TA% commissi
on
which had been given to certain brokers was a great and
wasteful
mistake.
"Certainly not," replied Mr. Snowden, "the result has justified
the
precautions I took. It may not always be obvious on the surface
what
is the purpose of my actions, but you can always
rely on the fact
that there is an absolutely satisfactory answer."
Sir Herbert Samuel inquired what was the amount of
Five per Cent
War Loan converted.
To this Mr. Snowden replied with much less assuranc
e. In fact, he
dropped his voice almost to a whisper as he answere
it is the same amount as that of the cash subscrip d that "Of course,
tion." Sir Herbert
Samuel raised his eyebrows in an expressi
on betokening doubt and
surprise, but lie made no attempt to press the matter
further.
Market Dealings.
As expected, dealings started in the new Conversi
on 5% Loan at a
discount' Business commenced in the "A"
stock, representing cash
subscriptions, on the basis of % to % discount
, which was the final
quotation. The fully paid was changing hands around
9954. The stock
[VOL. 129.
issued to Treasury 554% Bondholders who
converted into the new
loan is known as Conversion "B." The
opening price for this was
99 9/16, but, owing to realizations, the
issue was no better than 9934
at the finish.
It cannot be said that dealings in the various
descriptions aroused
much enthusiasm, and the amount of stock
changing hands was by no
means great. This was said to be due
to the fact that dealers were
acting rather in the dark, for it was
not until the close that the actual
result of the loan was known. The figures
came up to estimates given
in Our Stock Market columns on
Saturday, and were considered quite
satisfactory. Dealers anticipate more interest
following publication of
the figures.
Commission Notice.
The following notice, dated Novembe
r 15, was posted in the "House"
regarding commission on 5% Conversion
Loan, 1944-64:
"The following resolution has been
this day confirmed by the Committee for General Purposes:
"'That until February 15, 1930, the
minimum commission chargeable
upon 5% Conversion Loan, 1944-64
fully
per cent on stock (divisible with agents); paid, shall be one-eighth
one sixteenth per cent on
stock (indivisible, except with remisier
s or clerks in the brokers' own
exclusive employment).
"'That the above commission rates of oneeighth and one-sixteenth
per cent are definite minimum rates
to be charged on each purchase
and each sale, and may not be reduced
under any rule.'"
Effect of Decision.
Apart from British or Indian Governm
ent securities having a currency of not more than 12 yeasr, in bargains
of not less than £20,000,
and old Consols and the Annuities, the
commission chargeable on
British Government securities is %%. This
will be the charge on
the new Conversion Loan after February
15, 1930, The Committee's
announcement means that where the commission
is divisible, say, with
a bank or any other agent, frequently
sharing commission with a
broker, the charge on fully-paid stock until
February 15 next will be
.%%. The other charge-1/16 per cent—ref
erred to as indivisible, is
the rate to be charged to clients dealing direct
with their own brokers.
If the client is an introduction of a clerk in the
employm
then the commission may be divided. In ordinary ent of a firm
circumstances,
where a deal exceeds £2,500 full commission
must
amount, but a broker may charge a reduced commissibe paid up to that
on on the balance
of the money involved. The definite rulings in
regard to the new
Loan should do much to stimulate business, especiall
y in large amounts.
Recent Conversions.
The present issue is not Mr. Snowden's first
contribution to the
conversion of long-term debt. During his first
term of office as Chancellor of the Exchequer be made an attempt at
converting a large slice
of the 5% War Loan, 1929-47, of which over
£2,000,000,000 was then
outstanding. Early in April, 1924, an offer was
made to War Loan
holders of converting into 454% Conversion Loan,
of £103 of the new loan for £100 of 5% War 1940.44, at the rate
Loan, 1929-47. The
conversion was limited to £200,000,000; actually,
£148,407,100 was
converted, of which £26,441,859 was converted
by Government deepartments.
Other iecent conversion operati ons are as follows:
In September,
1927, in order to meet maturities of 5% National
War Bonds falling
due on October 1, tenders were invited to an issue
of 454% Treasury
Bonds, 1934, the minimum price being £99 6s. per cent.
Applications
amounted to £80,090,000, of which £65,000,000 were
allotted at an
average price of £99 7s. 5d.%. In the same month an
offer of 31
/
4%
Conversion Loan, 1961, was made to holders of 3% Vo War
Loan, due
on March 1, 1928, and of 4 and 5% National
War Bonds, due a
month later. The conversion price was 7434%. As a
result there
was converted £21 millions out of £63 millions of
War Loan, £49
millions out of £110 millions of 5% National War Bonds,
and £10
millions out of £36 millions of 4% National War Bonds,
making a
total of £80 millions out of £209 millions.
To meet the amount of the War Bonds remaining unconver
ted in
December, 1927, holders were given the chance of converting 5%
Treasury Bonds, 1933-35, issued at 101%. These bonds carried
an
option, exercisable between July 16-31, 1928, or January 16-31,
1928,
of conversion into 4% Consols,
Last Decetnber's Offer.
The last important operation was carried through last
December,
when an issue of 4.4% Treasury Bonds, 1932-34,
was made at a price
of 99%. The offer was for cash, and to holders
of 4 and 5% National
War Bonds, 1929, and VA% Treasur Bonds,
1929. These bonds,
y
likewise, carried an option to convert between July
16 and 31, 1929,
into 4% Consols. The issue resulted in conversi
ons amounting to
£103,516,000, and cash applications of $46,150,000. In consequence
of subsequent market conditions, the conversion options
have not
proved profitable.
Socialization Plan Hits British Stocks—Rail Shares
Down When Trading Begins, but All Except Subway Recovery—Confidence Regained at Prospect
Fa atPublic Ownership of London Transport is
That
Off.
The following London advicos Dec. 3 are from tho New
York "Times:"
Under the influence of the declaration by the Minister of Transpo
rt,
Herbert Morrison, in the House of Commons last night that the Government favored "a single and simple form of public ownership."
for
transit services, all home rail stocks were marked down when London's
tho Stock
Exchange opened to-day, but by night-fall they had recovered with
the
exception of the shares of the underground railways, which showed
a drop
of one shilling (about 25 cents).
In the absence of a further explanatory statement by Mr. Morriso
n himself all interpretations of his statement last night are pure speculat
ion,
and the confidence of the Stock Exchange was restored when
it became
clear that any carrying into effect of a scheme of unification or
control would be at such a distant date that it could be forgotte public
n for the
time being.
It is assumed in responsible quarters that Mr. Morrison, judging
from
earlier statements, has in mind as a model the Central Electrici
ty Board
established under the electricity act of 1026, which consists of
appointed by the Minister of Transport after consultation withmembers
the Interests concerned. The board has power to borrow substant
ial capital
and has a Treasury guarantee at its back and the whole undertak
ing is
run as a business concern.
DEC. 7 1929.]
FINANCIAL CHRONICLE
If the same principle were applied to London's $650,000,000 traffic undertakings, shareholders would not be affected beyond having their scrip
changed and transferred to the "London Traffic Control Authority" or
whatever the new board would be termed.
3569
can goods, which are mainly not of seasonal need. Large quantities of
agricultural implements received this Fall are practically paid for. Crop
failures, such as that of the filbert crop, have been unfavorable factors
in the situation and a large quantity of European goods is still uncleared
in the customs house.
An Angora dispatch states that the government is likely to have the
national banks sell each day a quantity of sterling as a remedial measure.
Move for Larger Dole Rejected in Commons—Left Wing
of British Labor Asked $2.25 Weekly Increase for
Wives of Unemployed.
Spain Approves Loan Plan—Domestic Issue Will Be
Applied on Debts in U. S. and Great Britain.
The following Canadian Press advices from London, Dec.
3, appeared in the New York "Times":
The Council of Ministers at Madrid on Dec. 3 approved
Labor's left wing again assaulted the Government's unemployment insur- plans of the Finance Minister for a domestic loan with which
ance bill to-night. It raked an amendment in the House of Commons to repay credits made by foreign banks, principally of the
which would have increased the weekly unemployment grant to the deBritain. This is learned from
pendent wife of an unemployed man by from $2.25 to $2.50 per week. United States and Great
But the amendment eventually was turned down, although the revolt Associated Press accounts from Madrid on Dec.3,which said:
spread to other Labor back benches.
Miss Ellen Wilkinson (Labor, Middlesborough, East) pleaded with Miss
Margaret Bondfield, the Minister of Labor, on behalf of these women who
have "sacrificed themselves and have starved themselves." But, as
yesterday, Miss Bondfield had to decline the amendments. She agreed
the plea was a reasonable one, but explained the amendment meant the
additional expenditure of $4,125,000.
Premier Primo de Rivera, on leaving the session, declined to reveal
details of the loan but said it had been one of the most important matters
considered by the Council.
The proposed loan will now go to King Alfonso for signature.
Later advices from Madrid Dec.5 were reported as follows
in the New York "Times":
An order for the issuance of gold bonds by which the government intends
to repay funds borrowed in London and Paris to stabilize the peseta was
signed by Ring Alfonso yesterday and will be published in the Gazetta
to-day.
The bond issue is for 350,000,000 pesetas ($49,000,000) at 6%, payable
in ten years, payment to be guaranteed by gold receipts for customs duties.
Interest at 6% is high for Spain, where most bonds yield 234 to 434%
The Government announced in the House of Commons to-day that it and it is thought the issue will be attractive, not only to domestic purchasers.
would not reopen the old controversy over the debts of the Confederate but for many South American buyers.
States of America to British bondholders.
In:an7earlier message from Madrid (Nov. 25) the "Times"
"While it has not been possible to obtain reliable information on the
as stating that the
subject, the total amount owed is approximately $75,200,000, not including quoted La Nacion, a Spanish newspaper
intereit," replied G. H. Gulllett, Secretary of the Department of Overseas proposed loan was intended to pay debts owed to the AmeriTrade, in answer to a Labor member's question.
can and British banks which established a 600,000,000 peseta
"Hie Majesty's Government does not consider that any useful purpose
$120,000,000 at par) credit for Spain.
(nearly
the
Govto
United
States
be
by
would
addressing representations
served
ernment on these debts at the present time," he said.
Great Britain Not to Renew Requests Now for Civil
War Refunding.
Under date of Dec. 4, London advices to the New York
"Times" said:
Tenders Asked for Argentine Government Bonds to be
Loan Bids—$50,000,000 Offered by More
Purchased for Sinking Fund.
Than 5,000 Subscribers.
& Co., and The National City Bank of New
Morgan
P.
J.
From the New York "Evening Post" we take the follow- York, as fiscal agents, have issued a notice to holders of
ing Sydney (Australia) Associated Press advices, Dec. 3:
Government of the Argentine Nation external sinking fund
Subscriptions to the new Australian Commonwealth loan so far received 6% gold bonds, issue of June 1 1925, due June 1 1959, to the
amount to $50,000,000 and represent 5,308 subscribers. The lists for the
is available for the purchase for
loan, which was underwritten by the leading Australian banks, opened effect that $285,517 in cash
these bonds as shall be tendered
of
many
so
of
6.
Dec.
close
fund
will
Nov. 6 and
the sinking
The proceeds will be used for State and Commonwealth public works and and accepted at prices below par. Tenders of such bonds
for the liquidation of maturing securities, totaling $17,500,000.
with coupons due on and after June 1 1930, should be made
a flat price, below par, and delivered either at the office
at
Franco-Rumanian Bank Fails
of J. P. Morgan & Co., 23 Wall St., New York or the head
Under date of Nov. 30 Associated Press advices from office of The National City Bank,55 Wall St., before 3 p. m.
Budapest, published in the New York "Times" stated:
Jan. 2 1930. If the tenders so accepted are not sufficient to
A dispatch from Bucharest to-day reported the failure of the Francothe available moneys, additional purchases upon
Rumanian Bank. It was stated that it would be able to settle 80 cents on exhaust
tender, below par, may be made up to Mar. 3 1930.
the dollar with its creditors.
Australian
Bans Purchases Requiring Payment in Foreign Bonds of Municipality of Porto Alegre Drawn for
Redemption.
Moneys—Currency at New Low Mark in Bourse
Crisis.
Ladenburg, Thalmann & Co.,fiscal agents for the MuniciThe following Constantinople advices Dee. 5 appeared pality of Porto Alegre have drawn $10,000 principal amount
sinking fund gold
in the New York "Times":
of City of Porto Alegre 40-year 7
An immediate stoppage of all kinds of government purchases requiring bonds external loan of 1925, for redemption on Jan. 11930,
payment in foreign currency is one of the drastic measures adopted by the
and accrued interest, at the offices of Ladenburg,
government to counteract a financial crisis in Turkey. Government em- at 102
Interest
ployes have been instructed to buy all supplies on the local market for Thalmann & Co., 25 Broad St., New York.
the present and order no additional imported material.
on Jan. 1 1930.
bonds
these
on
ceases
on the Bourse will be
Turkey
investigated to
Every purchase of foreign currency
ascertain if it were made because of necessity. The banks are forbidden
the
of
without
permission
Ministry
of Finance.
currency
foreign
to buy
Authors of any rumors tending to cause panic will be prosecuted.
The street in front of the Bourse was crowded to-day, with traffic police
maintaining order. An official statement at Angora contradicts rumors
of the necessity of a foreign loan or the withdrawal of any Turkish currency from the market. Sterling has shown an extraordinary varation
of 15 points in the last two days
Redemption of Portion of Republic of Colombia Bonds.
Hallgarten & Co., and Kissel, Kinnicutt & Co., fiscal
agents for the $25,000,000 Republic of Colombia 6% external sinking fund gold bonds, dated July 1 1927, announce
that the Republic of Colombia has delivered to them $177,500
have been redeemed leavOn the previous day a message from Constantinople to principal amount of bonds, which
outstanding.
bonds
of
value
ing $24,248,000 par
the "Times" said:
The Bourse opened three-quarters of an hour late this morning due to a
financial crisis. Turkish currency is so depreciated that the pound sterling,
after being quoted at the unprecedented figure of 1.100 piasters (a plaster
is worth 4.4 cents) and then dropping to 1.098, closed at 1.110. It has
risen during the past two months from 997.
The Minister of Finance, Saradjoglou Chukri Bey, announced that the
government was taking strictly confidential measures to cope with the
situation. A high official from the Finance Ministry was en route from
Angora to-day to examine the situation and meanwhile the managers of
the Bourse made suggestions regarding strict regulation. Banks are now
forbidden to sell pounds sterling unless a merchant has a bill to pay.
The Minister of Finance declared "The crisis was precipitated because
merchants ordered beyond their needs, due to the new tariff, which unfortunately came in coincidence with the season when accounts are usually
paid to foreign creditors. Because of the increasing demand for foreign
currency a species crisis exists, certain people buying sterling without need,
which we regard as speculation and as an offense against the State.
"The government's large purchases of construction material abroad have
also had an effect, but the real cause is the artificial inflation of imports.
In the four months prior to November we imported 100,000,000 Turkish
pounds ($440,000,000) worth of goods in excess of the normal. Since then
importations have ceased in many lines."
The consensus of opinion in local American circles is that the crisis
will have only a temporary effect upon the placing of new orders for Amen-
Bonds of Republic of Estonia Purchased for Sinking
Fund.
Hallgarten & Co., announce that theyhave purchased for
the sinking fund $15,000 principal amount of Republic of
Estonia (Banking and Currency Reform), 7% loan, 1927,
due July 1 1967. These bonds have been retired and there
now remains outstanding $3,938,000 par value of bonds.
Federal Land Bank of Spokane Increases Interest
Charge on Farm Loans from 53. to 6%.
Spokane (Wash.) advices published fn the "Wall Street
Journal" of Nov. 25 state:
Federal Land Bank of Spokane increased its interest rate on farm loans
to 6% from 514%.
Raising the rate by the Land Bank was made legally possible through a
recent small issue of 5% bonds which, it is understood, were subscribed
privately. The law requires the loan rate be not more than 1% in excess
3570
FINANCIAL CHRONICLE
of the rate paid on the latest issue of bank bonds. A survey of banks
and
mortgage loan agencies reported the Federal Land bank's new 6% rate was
being met on practically every band.
"The deflated condition of the bond market is responsible for the
Increased loan rate," said E. M. Ehrhardt, President of the Land Bank.
"An increase in the bank's loaning rate from 5%Vo to 6% simply reflects
the present situation in the bond market."
W. H. Land Elected Vice-President of Federal Land
Bank of St. Louis.
Walter H. Land, Vice-President of the National Stock
Yards National Bank, has been elected Vice-President and
Treasurer of the Federal Land Bank of St. Louis, according to the St. Louis "Globe-Democrat" of Nov. 20, which
added:
Mr. Land succeeds to the post held by Wood Netherland, who was elected
President last June.
Mr. Land will hold a similar position with the Federal Intermediate
Credit Bank of St. Louis, these two banks being officered by the same
individuals and housed in the same quarters. The Federal Land Bank
makes long-term amortized first mortgage loans to farmers in Illinois,
Missouri and Arkansas, having outstanding at this time about $115,000,000.
The Federal Intermediate Credit Bank is a Federal institution making
loans directly to farmers' co-operative marketing associations and discounting agricultural paper taken by local institutions in the same area as
that served by the Federal Land Bank.
A. 0. Stuart Buys Two Pacific Coast Joint Stock Land
Banks.
The following is from the San Francisco "Chronicle" of
Nov. 15:
A. 0. Stewart, local capitalist, has exercised' his option to purchase the
stock of Pacific Coast Joint Stock Land Bank of San Francisco.
This Bank was formerly owned by the American Trust Co. of San
Francisco and by the Security First National Bank of Los Angeles. The
Bank has a capital and paid-in surplus of $1,450,000 and has farm loans
of $21,568,000. The loans have been placed throughout the States
of
California, Nevada and Arizona.
Mr. Stewart has also exercised his option to purchase control of
stock
in the Pacific Coast Joint Stock Land Bank of Salt Lake City. The
Salt
Lake bank has a paid-in capital and surplus of $325,000 and
approximately
four and a half millions in farm loans, which have been placed
throughout
the States of Utah and Idaho. The head office of the Salt Lake
institution
is at Salt Lake City, Utah.
Prior to his election as President of Golden Gate Ferries, Inc.,
Stewart was
actively interested in development of California agricultural lands.
Stewart states that no immediate change in the present personnel
of
the banks is contemplated and that both institutions will
continue to
operate in the territories covered by their respective charters. He
further
states it is his intention to devote a large portion of his time to disposing
of real estate now awned by the bank and other lands that may
be
subsequently acquired.
Carbon Company, Treasurer; H. W. Huber of J. M. Huber
Co., Assistant Treasurer. They, together with John W.
Herron of Palmer Gas Products Corporation, will constitute the Board of Directors. The announcement also
says:
Carbon black exports have been growing rapidly in recent
years,
reaching a total, according to the U. S. Bureau of Mines,
of about
78,000,000 pounds in 1928, valued at nearly $7,000,000. Exports
for
1929 are estimated to exceed 100,000,000 pounds. Among the
principal
foreign purchasers are Canada, England, France and other
European
countries, but distribution is actually world wide; some carbon black
is even shipped twelve hundred miles on camel-back into the
interior
of China for the manufacture of Chinese stick ink.
Carbon black is a product of incomplete combustion of natural gas
under certain conditions. The very finely divided carbon which is
recovered in the process is used in the manufacture of rubber tires,
printing inks for high speed presses, paints and varnishes, and elsewhere. Used in the tire spread compound, it is credited with adding
strength and resiliency, making the rubber tougher and minimizing
punctures and blowouts; the modern balloon tire uses relatively more
carbon black than other types.
Further Decline in Outstanding Brokers' Loans on
New York Stock Exchange—Total $4,016,598,769
Nov. 30 Compared With $6,108,824,868 on Oct. 31.
On top of a decline of over two billion the previous month,
outstanding brokers loans on the New York Stock Exchange show a further drop of more than two billion ($2,
092,226,099) in the statement for the month ended Nov. 30.
The total of time and demand loans on that day amounted
to $4,016,598,769, comparing with $6,108,824,868 on Oct. 31
and $8,549,383,979 on Sept. 30, on which date the record
figures were registered. The Nov. 30 total consists of demand loans of $3,297,293,032 and time loans of $719,305,737.
The following is the statement issued Dec. 3 by the Stock
Exchange:
Total net loans by New York Stock Exchange members on collateral,
Contracted for and carried in New York as of the close
of business Nov.30
1929, aggregated $4,016,598.769.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New
York banks or trust companies
$2,873,050,245 $558,598,780
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others in the City of New York
424,242,787
180,706,957
$3,297,293,032 $719,305,737
Combined total of time and demand loans. $4,016.598,769.
The scope of the above compilation Is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
1926—
Jan. 30
Co-operative Marketing of Cotton To Be Discussed at Feb. 27
Mar. 31
a Meeting in Memphis Dec. 10-11 Between Repre- April 30
May 28
sentatives of Cotton Interests and Federal Farm June
30
July 31
Board.
Aug. 31
Representatives of the State co-operative cotton growers' Sept.30
Oct. 31
associations which are members of the American Cotton Nov.30
Dec. 31
Growers Exchange will meet with members of the Federal
1927—
Farm Board in Memphis, Tenn., Dec. 10 and 11 to discuss Jan. 31
Feb. 28
plans for the future of co-operative marketing of cotton. Mar. 31
April 30
The Farm Board will be represented at this conference May
31
June 30
by Chairman Legge, Mr. Williams and perhaps other July
30
Aug. 31
members.
Carbon Black Export Association Formed Under WebbPomerene Law.
Representatives of companies producing more than 02%
of the world output of carbon black have, it is announced,
formed the Carbon Black Export Association, Inc., a Delaware corporation organized under the Webb-Pomerene law,
to promote the rapidly growing interests of American carbon black manufacturers in foreign markets. Participating in the formation of the Export Association were Binney
& Smith Company, representing Columbian Carbon Company, Coltexo Corporation, Keystone Carbon Co. and TexasLouisiana Carbon Black Co.; United Carbon Company,
including its subsidiaries, Kosmos Carbon Co., Eastern
Carbon Black Co., and Crystal Carbon Co.; Godfrey L.
Cabot, Inc., including Texas Elf Carbon Co., Cabot Co.,
Cabot Carbon Co., and Gas Products Co.; J. M. IIuber, Inc.,
Including J. M. Huber Co. of Louisiana, Inc., Ebony Carbon
Co., Weston Carbon Co. and J. M. Huber Pigment Co.; The
Palmer Gas Products Corporation, representing the associated carbon black interests of The Palmer Corporation
and Electric Bond & Share Company; and R. W. Greelf &
Co., Inc., representing Texas Carbon Industries, Inc.
The officers of the Association will be Norman Lee Smith
of Binney & Smith Company, President; Edmund Billings
of Godfrey L. Cabot, Inc., Vice-President; R. H. de Greeff
of R. W. Greeff & Co., Secretary; G. A. Williams of United
[VOL. 129.
Sept.30
Oct. 31
Nov. 30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar. 31
A pr11 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar. 30
April 30
May 31
June 29
July 31
Aug. 31
Sept. 30
Oct. 81
Nov.30
Demand Loans.
Time Loans.
82,516.960,599
2.494,848,264
2,033,483,760
1,969,869,852
1,987,316.403
2,225,453.833
2,282,976.720
_ 2,363,861,382
2,419,208,724
2,289,430,450
2,329,536,550
2,541,682.885
5966,213.555
1.040,744,057
968.612.407
865,848,657
780,084,111
700,844,512
714,782.807
778,286,686
799,730,286
821,746,475
799,625.125
751.178,370
Total Loans.
53,513,174,154
3,536.590,321
3.000,096,167
2,835.718,509
2.767,400,514
2.926.298,345
2.996,759,527
3.142.148.068
3,218.937.010
3.111,176.925
3.129.161.675
3,292,860,253
2,328,340.338
2,475,498,129
2,504,687,674
2.541,305.897
2,673,993.079
2.758,968,593
2,764,511,040
2,745,570,788
3,107,674.325
3.023,238,874
3,134,027,003
3,480,779.821
810.446,000
780,081,250
785,093,500
799,903,950
783,875,950
811,998,250
877,184.250
928,320.545
896,953,245
022,898.500
957,809,300
952,127.500
3,138,788,338
3,256.459,379
3.289.781.174
3.341,209,847
3,457,860,029
3.568.968.843
3,641.695.290
3,673,891.333
3,914,627,570
3,946,137,374
4,091,836.303
4,432,907.321
3,392,873.281
3,204.378,654
3.580,425,172
3,738.937.599
4,070,359,031
3,741,632.505
3,767,694,495
4,093,889,293
4,689,551.974
5.115,727.534
5,614.388,360
5,722,258.724
1,027,479.260
1,028,200,260
1,059.749.000
1,168.845,000
1,203,687,250
1.156.718.982
1,069.653,084
957.548,112
824.087.711
763,993,528
777.255,904
717.481.787
4,420,352,541
4,322.578,914
4,640,174,172
4,907,782,599
5,274,046,281
4,898,351.487
4.837.347,579
5.051.437,405
5,513,839,685
5,879,721,062
8,391,644,284
6,439,740,511
5,982,672,411
5,948,149.410
6,209,998,520
6.203,712.115
6.099,920,475
6,444.459.079
6,870,142,684
7,161.977,972
7.831,991.369
5,238,028,979
3.297,293,032
752,491.831
730,306.507
594,458,888
571,218.280
565,217.450
626.782,195
603,651.630
719,841,454
717.392.710
870,795,889
719,305,737
6.735,164,241
6,678,545.917
8,804,457.108
8,774,930,395
6.665,137.925
7,071,221,275
7,173,794,294
7,881,619.428
8.549.383.979
6,108.824.888
4.016,598,769
Trader, Sold Out, Has Trial Shifted—Justice Mitchell
Transfers Suit Brought by Bear, Stearns 8c Co.
From Municipal to Supreme Court—May Form a
Precedent.
New York Supreme Court Justice Mitchell on Dec. 2
granted from the bench an application by Frank L. Warner
of Elmhurst, L. I., to transfer to that court from the
Municipal Court an action brought by his brokers, Bear,
Stearns & Co., for a balance of $300 alleged to be due after
DEC. 7 1929.]
3571
FINANCIAL CHRONICLE
A Wide Fluctuations In Bank Stock Trading During
his account was sold out in the recent market slump.
"
"Times
York
New
the
November According to Hoit, Rose & Troster.
in
d
statement to this effect appeare
further
Although trading in the New York bank stocks market
of Dec. 3, which also contained the following
study of
was quiet during the closing days of November, a
advices:
that his client had the record of operations for the full month shows some wide
Adam K. Stricker, counsel for Mr. Warner, contended
for the alleged illegal
ng to a weighted index complied by Hoit,
tiled suit in the Supreme Court for $3,750 damages
the Municipal Court ranges. Accordi
sale of his stock two days before the brokers sued in
stooks, the average for
because the jurisdic- Rose & Troster, specialists in bank
and that the issues should be tried in the higher court
on Nov. 4, to 148 on
232
from
dropped
$1,000.
stooks
to
limited
leading
14
was
Court
tion of the Municipal
of Continental
last trading day. In
the
on
177
to
ed
recover
The complaint alleges that the brokers bought 100 shares
and
and that on Nov. 22 Nov. 13,
36.2% and the reCan for the plaintiff on Oct. 19 1928, for $11,662,
totaled
and 200 shares point of percentage the decline
of that year the company paid a 100% stock dividend,
Based on closing
19.5%.
30.
to
Sept.
ed
on
due
amount
was
$9,422
low
which
the
from
on
covery
were accordingly held in the account,
M.
P.
2
at
brokers
his
from
follows:
telegram
a
month
got
he
Mr. Warner contended that
prices the range for the
the close of business bid
Nov. 27.
on Oct. 29 demanding that $1,500 be furnished before
Noe. 13.
Nov.4.
sold at the market opening in the morning.
that day or the stock would be
morning shortly after 10
He said that he notified the brokers the next
told that his stock,
o'clock that he was on the way with his money but was
bought for 116%, was sold at 464.
to the customer
Counsel for the brokers contended that the telegram
sold and
had been delivered at 11 A. M. on the day before the stocks were
the lowest the stock
that the price at which they were disposed of was not
sued for
be
to
he
was
knew
reached. It was argued also that the plaintiff
Court, but
the balance before his own action was brought in the Supreme
in the higher
the brokers expressed willingness to have the issues tried
before a judge
court on condition that a speedy hearing should be had
instead of waiting for a jury trial.
nature of the
Justice Michell declined to make any stipulation as to the
g him to
trial, stating that he would not penalize the plaintiff by compellin
forego a trial before a jury if he desired one.
the Municipal
It was said yesterday that several cases are pending in
owing after
Court in which brokers are suing for sums lees than $1,000 still
may act as a
clients had been sold out, and that Justice Mitchell's decision
for
guide in similar applications by customers suing in the Supreme Court
damages to have the cases consolidated in that court.
America
Bankers
Central Hanover
Chase
Chathan
Chemical
City
Corn Exchange
Equitable (new)
Guaranty
Irving
Manhattan (new)
Manufacturers
New York Trust
Weighted average
170
163
380
182
130
97
395
305
112
790
68
175
151
305
232
135
100
260
135
90
60
190
150
75
490
45
100
90
200
—
148
145
141
318
165
113
75
217
187
85
655
57
125
137
242
—
177
Equitable,
In total decline Manhattan, Guaranty, City,
the largest
showed
e
Exchang
Corn
and
Trust
York
New
Guaranty,
fluctuations, while the recovery was headed by
New York
Bankers, Central Hanover, Manufacturers and
rally
Bradshaw & Co., Inc., Boston Stock Brokers, in
Trust. At the close of trading Nov. 27 a vigorous
OfferBankruptcy.
showed evidences of a firm undertone in the market.
response on
A petition in bankruptcy was filed in the Federal District ings which were relatively light found a ready
high point
the
at
against
4,
were
Dec.
ons
week,
the buying side and final quotati
Court, Boston, on Wednesday of this
J. Edwin Bradshaw, stock broker, doing business under the for the day.
firm name of Bradshaw & Co., Inc., at 53 State St., that
city, according to the Boston "Herald" of Dec. 5. The
Loans Approved by Federal Farm Board.
petitioning creditor is Charles R. Hammerslough & Co. of
ncy
Farm Board announced on Nov. 25 approval
Insolve
$3,500.
Federal
of
The
a
claim
New York City, which has
of the following supplemental commodity loans:
is alleged, the paper mentioned said.
Bills To Curb Marginal Trading Introduced in Congress
—Would Penalize Users of Inter-State Communications in Stock Gambling.
Curbing of marginal trading in the stock market is the
purpose of two bills introduced in the House of Representatives on Dec. 3, according to the Washington advices that
date to the New York "Times." With regard to the measures, it says:
Wheat and
1. A commodity loan not exceeding $500,000 to the Enid
loans from other
Grain Growers' Association, Enid, Okla., supplementing
its grower members
sources, to enable the association to make advances to
Board in Chicago,
in line with the wheat loan policy announced by the
Oct. 26.
to the Colorado Bean
2. A commodity loan not exceeding $40,000
loans from the
Growers' Association, Denver, Colo., supplementing primary
enable the association
Federal Intermediate Credit Bank, Wichita, Kan., to
of their product in
to advance its grower members 10% of the value
ate Credit Bank.
addition to the 60% obtained from the Intermedi
of Pennsylvania, and New York Clearing House Expected to Take Action
One was presented by Representative Clyde Kelly
an effort to close
in
t Rates on
Texas,
of
Cross
H.
0.
by
Whereby Banks Will Reduce Interes
the other was introduced
the New York Stock
"this nation-wide gambling house which is called
Deposit Balances.
Exchange."
ce" of
denying the stock traders
It was stated in the New York "Journal of Commer
Both bills would throw up the barrier of
lines of communication
ee is
Committ
House
Clearing
York
access to the mails, telegraph, telephone or other
New
the
that
Dec. 3
In inter-State commerce to pursue their marginal trading.
meeta
at
deposits
on
paid
rate
of $1,000 to expected to lower the interest
Mr. Kelly's bill would make it a felony punishable by fine
to five years,
in the very near future. In making this known,the paper
$5,000, or, in the case of individuals, imprisonment of one
or inter- ing
mails
for "any person to deliver for transmission through the
other means of com- indicated said:
State commerce by telegraph, telephone, wireless or
e on Aug. 6 1928, at a
confirmation
The rates were raised by action of the committe attraction of the call
munication, any offer to make or execute an contract or any
was desired to reduce the comparative
it
when
either
time
sale,
or
purchase
the
of
respecting
of the execution of any contract
in call money rates made
n or association money market. The subsequent further increasepurpose was concerned.
upon credit or margin, of any shares in any corporatio
original
according this action largely ineffective as far as its
Clearing House Assothe
by
Intending that such contract shall be terminated, closed or settled
At the present time, the interest rates fixed
prices made on,
to, or upon the basis of the public market quotations of, in
payment of 2% on bank, trust company and private
for
provide
ciation
dealt
are
stocks
such
savings bank deposits.
any board of trade or exchange or market upon which
bankers' deposits, while 2%% is allowed on mutual
the same."
% is allowed on certiin without intending a bona fide receipt or delivery of
On all other deposits, the rate is 2%%. A rate of 33.
the
in
evil
crying
a
is
believe
I
what
correct
"I introduce the bill to
after thirty days from date.
least
at
payable
deposit
of
ficates
stock," said Mr.
break in stock
stock market situation—sale without actual possession of
The recent downward trend in interest rates, following the
effort of
Kelly. "The crash in the stock market was due to the combined
the sharp contraction in brokers'loans, has been so marked as to
and
prices
profit.
a
rates in the market.
operators who sold short intending to buy the securities back at
leave the banks' interest rates out of line with other
Exchange,
My bill would remedy this."
While call money is still quoted at 4%% on the floor of the Stock
and
Act,"
Trading
difficulty even at
Exchange
Stock
with
Mr. Cross labled his bill, "The
reported that new funds can generally be placed
is
it
regularly
would make it a misdemeanor, punishable by fine of $1,000 to $10,000,
% on the outside market, and that large volumes of funds are
for price quotations or sale offers to be made over lines of communication left unloaned at the money desk on the exchange. Therefore, the comof inter-State commerce for any stocks unless they "shall have been listed parative attractions of bank deposit rates and call money rates no longer
by
with such exchange or board of trade by owners thereof for sale and enter into the matter. Furthermore, with the reduced rates received
rates estabimmediate settlement."
banks on their loans, they can no longer afford to pay deposit
"The New York Stock Exchange, operated as at present, is a vast Monte lished in 1928, at a time when interest rates were higher and rising upwards.
Carlo," Mr. Cross said, "and those who operate it pocket annually hundreds It Is argued by bankers here.
The Clearing House Committee,of which Jackson E. Reynolds,President
of millions of commissions, or 'kitty' money, donated by millions of 'pikers'
to change rates on
scattered throughout the country, while the great gambling-minded finan- of the First National Bank, is Chairman, has the power
rules. No confirmation
ciers who manipulate it pocket billions, made up of the meagre earnings Its own initiative according to the Clearing House
necessary.
of this vast army of little speculators, impoverishing their families and by the membership of the association is
in 1928, the
At the time when the Interest rates on deposits were modified
often breeding crime and ending in suicide.
made to other lenders from 5% of
"Not only, as the President just stated in his message, does such Clearing House also changed the charge
on the principal placed in the call money
frenzied speculation deplete the various communities of the nation of the the interest received to % of 1%
money necessary to do the work of communities and concentrate it in market for the customer.
would place for an outagriIt also fixed the minimum amount which a bank
New York, but it demoralizes and depresses all markets, including
call money market at $100,000, the amount having been
culture, and undermines and paralyzes all industry, resulting in unem- side lender on the
would be made in
any
change
that
expected
not
is
325.000 previously. It
ployment, poverty and suffering.
, since they have been incorporated into the constitution of
"Why permit this nation-wide gambling house to run as at present, these provisions
House, and any modification would have to be made through
where millions, who do not own a 'Iare, sell stocks on margins,' which the Clearing
entire association. Furthermore, with the drop in call rates
I. merely a bet with the 9o-called buyer that the stock on a certain future a vote of the
the revenues of the banks from the placement of these loans
reduce
to
it
would
It
Why
at
present?
restrict
not
than
lower
or
day will be higher
to the old commission basis
back
go
to
trading?"
legitimate
3572
FINANCIAL CHRONICLE
New York Federal Reserve Bank on
Gold Movement
During November—Gold Shipment to Switze
rland.
Included in the gold movement during
November was a
shipment of $10,002,000 to Switzerland,
according to the
Dec. 1 "Monthly Review" of the New York
Federal Reserve
Bank. With reference to this shipmen
t the "Herald Tribune" of Dec. 3 had the following to say:
[VOL. 129.
creation of branches. The Act at present permits
National banks to create
branches within their own States in accordanc
e with the State laws.
Bankers in large cities have expressed the view
that limitations ought to
be reduced. Rural bankers, at the conventio
n of the American Bankers'
Association, favored continued unit banking.
The President, it was pointed out, had simply
restated each of the con.
Meting opinions, suggesting their resolution by
a
was generally conceded that he had been fair Congressional body. It
in his summary of the
situation.
The shipment of another $5,000,000 of gold
to Switzerland, making a Congre
ssmen Said To Oppose Hoover Proposal for
total of $10,002,000 exported to that
country during November, was
revealed yesterday in the Federal Reserve Bank
Inquiry into Bank Law Revision by Joint
of New York's December
Comreview. The shipment was not disclosed in
the bank's report on Friday
mission—Rely on Own Committees—Represe
of gold movements in the week ended Nov.
nta27.
tive McFadden Will Call for Investigation by
It was supposed in banking circles, therefore,
that the gold left on a
His
steamer sailing on one of the closing days of last week.
Committee.
The only fast liner
that sailed over the week-end was the "Homeric," but
it was ascertained
Press advices from Washington, Dec. 3, were
that the metal was not shipped aboard that vessel.
reported
Nor was it thought
that the $5,000,000 shipinent went out on the "Maureta
nia," which departed as follows in the New York "Times":.
Wednesday night, for the bank's weekly gold statement
A study of the banking and credit situation by Committe
included a report
es of Congress
of a oonsig,nment of $5,999,000 of gold for France.
with a view to amending the Federal Reserve
Act, seems to be assured
Since the gold, is was believed, was acquired here by
as
a result of the recommendation contained in President
the Swiss National
Hoover's
Bank, foreign exchange dealers pointed out that the
message.
While his central thought "that Congress should
transaction was a
consider the
special one, into which loss of interest while the gold
was in transit did of some portions of the banking law" was generally commende revision
d,
not enter into considerttion.
opposition developed quickly to his proposal that a prelimina
ry investigation
should be conducted by a joint commission of Senators,
• The Reserve Bank, in indicating the Novemb
Representatives
er gold and Federal executive officials.
movement, said:
Chairman McFadden of the House Committee on Banking
and CurThe month of November showed a net loss of gold to
rency announced that he was opposed to the creation
this
of a joint commission
more than $26,000,000. Most of the loss was through foreigncountry of and that it was his purpose, immediately
after the holidays, to call his
exchange
transactions, the first net loss of that character in any
month since committee for an inquiry that he hoped would lead to a bill providing
June 1928. Exports amounted to about $30,000,000, of which
$14,500,000 for a revision of the banking laws. Senator Glass of Virginia, co-author
was shipped to France, $10,002,000 to Switzerland, and
$5,010,000 to of the Federal Reserve Act, expressed the opinion that a similar investigaPoland. The receipt of $1,800,000 from Argentina accounted
for the bulk tion would be undertaken by the Senate Committee on Banking and
of the imports. There was a net decrease of $1,000,00
0 in gold ear- Currency.
marked for foreign account, which, together with the
Western Republicans, affiliated with the Senate
net exports, reduced
"coalition" favor an
the net gain to the country for the calendar year to
investigation of the entire credit structure, with
$202,000,000.
special reference to
France continued to draw gold from England during
Federal
Reserve funds, brokers' loans, short selling
November, but
and other topics
to a smaller degree than in the preceding months.
The November with- touched on in the pending resolution offered by Senator King.
drawals from England were more than offset by
Mr.
McFadden
expressed
the opinion that his Committee was fully
arrivals of gold at the
Bank of England from Argentina, South Africa,
and New Zealand. competent to deal with,any questions affecting finances that might be
Argentina continued to lose gold also to Berlin and Paris.
brought to its attention. An inquiry should
be handled by committees of
The rapid change in this country from an import
to an export move- Congress having legislative jurisdiction.
ment of gold is in some respects comparable to
His view as to the responsibility of the
the change which took
Banking
and Currency Complace in 1927. From January through August 1927
there were net imports mittee as to questions of legislative policy was set forth in a letter he
of $146,800,000 of gold; then a reversal set in and
addressed
to
the
Comptroll
er of the Currency on Oct. 28 1929, which
from September through
said,
December, exports totaled $140,700,000. This
change accompanied a rapid in part:
easing of money rates in this country relative to rates
"You, of course, know that Congress is fully
abroad.
competent, through its standing
committees, to gather and consider information with
regard to legislative proposals before it. The committee of which
I am Chairman has many members,
who
for years have given study to the
question
of
branch
banking
Stand of President Hoover on Branch Bankin
the matter of
g Said the area of extension of branches will present no new subject to and
them."
To Disappoint—New York Bankers Claim
Members of the Senate Committee on Banking
They would
and Currency said it
meet to discuss
Should Be Included—Congressional Commit
resolution and other similar proposals
tee soon after the return tothetheKing
city
of
Senator
Norbeck
of South Dakota,
Called Inadequate.
its Chairman. Ile is expected here later
in the week.
The suggestion of President Hoover in his annual
message
that the question of chain and branch banking be investi- Rediscount Rate
of San Francisco Federal Reserve
gated by a "joint commission embracing members of ConBank Reduced from b to 4%.
gress and other appropriate Federal officials" did
The Federal Reserve Bank of San Francisco reduced
not meet
its
with the approval of a number of bankers here,
says the rediscount rate on all classes of paper of all maturities from
New York "Journal of Commerce" of Dec. 4, which
5
to 414% on Dec. 5, effective Dec. 6. The 5% rate was
also
had the following to say:
established on May 20 1929, at which time it was advanced
Opinion was divided, however, and some commentators
held that the
President's brief comment adequately covered the ground.
Bankers said that the President's failure to include banking
interests in
the suggested commission was disappointing. It was pointed
out that in
his address before the American Bankers' Association a
month ago the
Comptroller of the Currency, J. W. Pole, had proposed that
Congress
appoint the Secretary of the Treasury, the Governor of the
Federal Reserve
Board and the Comptroller of the Currency to offer recommendations.
See Change on Market Break.
A commission comprised of Congressmen and Government officials, many
bankers here feel, would not be likely to achieve an explicit conclusio
n,
and that in consequence action on chain and branch banking would be postponed indefinitely. They thought that the President's views would
have
been more closely in accord with those of Comptroller Pole had there
been no break in the stock market.
Opinion among local bankers has veered increasingly in favor of branch
banking in the past few years, as the individual banks have expanded
in size
and have built up chains of local branches which has given them an
organization that could be expanded in scope. Before the recent stock
market crash reports were widespread that certain New York banks were
getting options and in other ways acquiring contingent control of out-oftown institutions. With the sharp break in the prices of bank stocks,
many of these institutions are said to have abandoned their plans for the
time being, or, at any rate, to have decided upon a slower course of development. In any case, however, the fruition of these schemes would involve
ultimately a modification of the law to permit the acquisition of control
of interior banks.
One banker declared that the Federal Reserve Board would be the proper
body to study the problems. He held that the Board is at present in touch
with the various interests which would be affected, and that it would be
able most competently to consider the various factors involved.
Same Laud Stand.
Criticism of the President was not unanimous, however. Arthur W.
Loasby, President of the Equitable Trust Co., said:
"I think that the President's statement is a sound way of approaching
the situation."
U. H. Cahill, President and Director of the Plaza Trust Co., said:
"The President's address is very constructive. The suggestio to apn
point a commission is a valuable one. Group banking
is one of the
greatest problems and has got to be solved. I am in favor of group
banking."
It was generally noted that the President had taken no stand whatever
upon the specific question of amending the National Banking
Act at the
present time to permit greater expansion of National banks
through the
from 434%. In lowering the rate now to 43'% the
San
Francisco Reserve Bank follows the action taken by the New
York, Boston and Chicago Reserve Banks which recently
reduced their rates from 5 to 4 %.
New York Federal Reserve Bank in Review of Money
Market in November Indicates Increase in Loans
by Banks to Customers Since Oct. 16.
That "total security loans of the reporting member banks
have shown no net decrease from Oct. 16, despite some reduction in bank loans to brokers" is indicated in the December 1
Monthly Review of the Federal Reserve Bank of New York.
The Review points out that since Oct. 16 there has been a
decline from $6,801,000,000 to $3,450,000,000 on Nov. 27
in loans to brokers and dealers by New York City banks,
whereas total loans on securities by reporting member banks
advanced in the same period from $7,875,000,000 to $7,889,000,000, the increase being attributed to bank loans upon
securities made ,directly to customers. We quote herewith
the Reserve Bank's comments:
The past few weeks have been a period of readjustment
in the credit
situation following the severe decline in security prices which
reached Its
lowest point on Nov. 13.
The weekly reports made by the New York City banks of their
loans to
brokers and dealers in securities, both for their own account and the
of their customers, have shown a continuous decline since the account
middle of
October which has brought the totals of these loans from $6,801.00
0,000
on Oct. 16 to $3,450,000,000 on Nov. 27. It appears from
these figures
that the amount of money borrowed by brokers and dealers for
the
purpose
of carrying securities has been cut practically in half in a period
of six weeks,
These figures taken alone, however, might give a misleading impressio
n
as to the changes in the total volume of security loans for
the country as a
whole. For a very large amount of loans against securities is
made,
not
through brokerage houses, but by banks directly to their
customers, and
the available evidence indicates that in this period bank loans
upon securities made directly to customers have increased rather
than decreased and
hence the total security loans of the reporting member
banks have shown
no net decrease from Oct. 16, despite some reduction in
bank loans to
brokers. The liquidation has been almost wholly
in loans by lenders
FINANCIAL CHRONICLE
DEC. 7 1929.]
3573
Mr. Strong is a member of the House Committee on Banking and
Currency.
The Federal Reserve Board has the power to stabilize money, he
added, but there is no law requiring it to do so. "The Federal Reserve
Board has the power to regulate the volume of money in circulation,
Loans to Brokers and Dealers in Securities Total Loans the cost of money, and the contraction and expansion of credit," he
on Securtt's
Placed by New York City Banks.
said. "I maintain that no greater powers were ever given by any
by Reporrg
government, save perhaps the power of life and death and of personal
Member
For Own For Out-of For
Date.
Account. Town B'ks.a Others. Total. Banks.b
liberty. I believe that such great powers should be used for the
stabilization of the purchasing power of money, and I feel that the
7.875
3,875 8,801
1.831
1.095
Oct. 18
Government should take whatever steps necessary to insure that such
7.920
6,634
3,823
1,733
1.077
Oct. 23
9,179
2,464 5,538
1,005
powers are so used."
2,089
Oct. 30
8.748
2,399 4,882
983
1,520
Nov. 6
Changes in the purchasing power of money, Mr. Strong said, have
8,389
2,204 4,172
812
1,158
Nov. 13
caused a loss of not less than $40,000,000,000 to the Nation. "We
7.991
2.031 3,587
704
853
Nov. 20
7.889
all know," he said, "that following the war thousands of banks and
1,982 3,450
838
831
Nov. 27
houses failed, labor was without employment, and a million
business
banks
by
loans
out-of-town
mad"
a Probably includes considerable amounts of
farmers lost their farms.
in behalf of their customers.
had no
"Until the establishment of the Federal reserve system we
b These banks represent about halt of the resources of all commercial banks in
the United States: figures include all of brokers'loans shown in first column and means of regulating or stabilizing the purchasing power of our money,
establishpart of loans shown in second column.
the
with
or of our gold upon which our money is based, but
As indicated in last month's Review, one of the first movements of funds ment of that system we made such regulation possible.
what is
a
of
was
rapid
withdrawal
liquidation
market
In connection with the stock
"We gave to the Federal Reserve Board the right, through
funds from the market by lenders other than New York City banks. In called open-market operations, to buy and sell Government securities.
order to prevent a serious money stringency accompanying the decline in If they buy Government securities they add to the member bank
security prices, these banks found it necessary at this stage to increase reserves that much money, upon which the banks may increase the
largely their security loans both to brokers and to their private customers. circulating medium 10 times as much, and if they sell the same they
As the liquidation in security prices continued, however, the release of decrease the circulating medium by 10 times the reduced reserves of
funds was sufficient not only to meet further withdrawals of funds by member banks."
the rate of
these other lenders but to enable the banks as well to reduce their loans to
The Federal Reserve also has the power to regulate
money
brokers and dealers to a more normal level.
discount that shall be charged by its banks to member banks for
As the demands for security loans have decreased, and as the cumulative advanced or loaned, which regulates largely the cost of money, Mr.
effect of increases in open market holdings of Government securities by Strong stated.
toward
the Reserve Banks has been felt, money conditions have grown easier.
"I am convinced that such great powers must be directed
These factors making for easier money were more than sufficient to offset insuring stabilization in the purchasing power of the dollar," he
renew
to
and
men
month-end
the
the effect of a substantial gold export movement, and
concluded, "and I have been urged by numerous business
holiday demand for currency which made itself felt in the last few days of the fight for legislation that will require adequate control."
November. The changes in money rates in the past two months are shown
in the accompanying table.
Thomas W. Stephens Elected Director of New York
MONEY RATES AT NEW YORK.
other than banks. The figures which are available to show these changes
are given in the following table.
(In Millions of Dollars.)
Nov. 80
1928.
Sept. 30
1929.
00. 31
1929.
,143
Nov. 29
1929.
•414
*8-10
Stock Exchange call loans
*834-10
a
45(
9-914
7
Stock Exchange 90-day loans
6-814
5-514
834
Prime commercial paper
534-15
434
434
514
Bllis-90-day unindorsed
344-34
16.07
x6.07
x5.73
Customers' rates on coml loans— x5.48
Treasury certificates and notes:
4.82
4.20
3.97
3.41
Maturing March 15
4.20
4.05
4.83
3.13
Maturing June 15
Federal Reserve Bank of New York
a
6
a
43
rediscount rate
Federal Reserve Bank of New York
4
414
5
514
buying rate for 90-day bills
• Range for preceding week.
x Average rate of leading banks at middle of month.
As in the case of loans to brokers, the statistics of money rates in the
New York money market might well give a misleading impression as to
the changes in credit conditions throughout the country as a whole. The
rapid easing in the money position in the past two months was at first to
an unusual degree confined to New York City. For causes which are not
wholly ascertainable but which probably include calls for margin when
stock prices were declining, and more recently investments by out-oftown buyers, the tendency for funds to-flow toward New York was so
considerable that the surplus funds which appeared in the money market
did not at first easily find their way to other parts of the country.
During the major part of the month of November the New York City
banks after liquidating almost all of their indebtedness to the Federal
Reserve Bank of New York, held reserves considerably in excess of the
requirements. As usual, when their reserves are excessive, the banks were
ready to sell or lend these excesses to other banks on a day-to-day bags,
and the rates at which such sales were made indicate the extent to which
surplus funds were available. On a number of days during the month of
November these surplus funds, quoted in the market as Federal funds,
were sold at rates as low as 134 or 2%. Under these circumstances. a
number of out-of-town banks borrowed these funds from the New York
banks on a day-to-day basis, and used them to reduce their indebtedness
at their Reserve Banks. In this way the amount of surplus funds in New
York was gradually reduced toward the end of the month and the quotation for Federal funds rose to 434%.
The accompanying diagrams [these we omit.—Ed.l illustrate how recent
easing tendencies have been localized in New York. The extent to which
banks find it necessary to resort to the Reserve Banks to supplement their
own supplies of funds is one of the best indexes of credit conditions. The
charts indicate that whereas the New York Ctiy banks have reduced their
indebtedness at the Reserve Bank from about 8300,000,000 early in August
to around $50,000,000 throughout most of November, the banks in other
districts have made no corresponding reduction. As surplus funds in any
single center ordinarily distribute themselves more rapidly throughout the
country the relative illiquidity of funds during this period was somewhat
unusual and appears to have been due to such temporary causes as the
large movement of funds in connection with security market activity and
some hesitation in the employment of funds. At the very end of November
an increase in bank borrowing, particularly in New York City, reflected
the temporary demand for currency over the Thanksgiving holiday and
the end of the month.
Effective Nov. 15 the discount rate of the Federal Reserve Bank of
New York, which had been reduced from 6 to 5% on Nov. 1, was reduced
%% further to 434. Reductions from 5 to 434% during November were
made also by the Federal Reserve Banks of Boston and Chicago.
Stabilization of Value of Dollar Through Federal Reserve
Board Sought—Representative Strong Again Suggests
Regulation of Banking System by Congress.
Federal Reserve Bank Succeeding Robert H. Treman
—Theodore F. Whitmarsh Re-elected.
Announcement of the election of Thomas W. Stephens as
a director of the Federal Reserve Bank of New York and
of the re-election of Theodore F. Whitmarsh as a director
was made as follows by the Reserve Bank on Dec. 2:
The election of directors to succeed Robert H. Terman, Class A
director, and Theodore F. Whitmarsb, Class B director, whose terms
expire December 31, 1929, has been duly held in accordance with the
requirements of Section 4 of the Federal Reserve Act and the provisions of my circular No. 937 dated October 21, 1929.
The results of the election are as follows:
New
Thomas W. Stephens, President of The Bank of Montclair,
director
Jersey, was elected by member banks in Group 2 as a Class A
WhitF.
of this bank, to succeed Robert H. Treman, and Theodore Company,
&
marsh, Chairman of the Board of Francis H. Leggett
2 as a Class B
New York, was re-elected by member banks in Group
three years
director of this bank. Each was chosen for a term of
beginning January 1, 1930.
Respectfully,
GATES W. McGARRAH,
Chairman of the Board.
Election of Directors of Boston Federal Reserve Bank.
From the Boston "Herald" of Dec. 3 we take the following:
B director
In the regular election to choose a class A and a class
Ripley, Chairman
of the Federal Reserve Bank of Boston, Alfred L.
R. Allen, Presiof the Merchants National Bank, Boston, and Philip
to succeed themelected
dent, Bird & Son, Inc., East Walpole, were
for three-year
selves as class A and class B directors, respectively,
terms beginning Jan. 1, 1930.
election were
The member banks which participated in this year's member banks
of
the banks in Group 1, that group being composed $999,000.
having a combined capital and surplus in excess of
Joseph Wayne, Jr., Re-elected Director of Philadelphia
Federal Reserve Bank.
Joseph Wayne, Jr., President of the Philadelphia National Bank of Philadelphia, was unanimously re-elected
a director of the Federal Reserve Bank of Philadelphia to
serve for three years, according to the "Public Ledger" of
Dec. 4 which adds:
Arthur W. Sewall, President of the General Asphalt Company, also
1,
was re-elected for a three-year term. Mr. Wayne represents Group
Class A, and Mr. Sewall, Group 2, Class B.
Representative McFadden Offers Bill for Cancellation
of Federal Reserve Bank Stock Held by Member
Bank Which Goes Out oi Business.
Cancellation of Federal Reserve Bank stock held by
member banks which have gone out of business without a
receiver or liquidation agent having been appointed is
proposed in an amendment to Sections 6 and 9 of the Federal
Reserve Act introduced in the House on Dec. 5 by Representative McFadden of Pennsylvania, Chairman of the
House Banking Committee, according to the New York
"Journal of Commerce," which added:
Unless the purchasing power of the dollar is stabilized
no investment is safe, Representative Strong (Rep.), of
Blue Rapids, Kans., stated orally Dec. 4 in announcing
that he would revive efforts to provide Government reguThe proposed amendment to Section 6 of the Federal Reserve Act would
lation of Federal Reserve bank activities bearing on the
authorize the Comptroller of the Currency to appoint a receiver for a
In
the
value.
making this known
stabilization of money
national bank which has discontinued its banking operations for sixty days,
but which has not gone into liquidation and for which a receiver has not
United States Daily of Dec. 5 said:
3574
FINANCIAL CHRONICLE
already been appointed for other causes, and under such circumstances
would require the cancellation of the Federal Reserve Bank stock held by
such national bank. The proposed amendemnt to Section 9 of the Federal
Reserve Act would authorize the Federal Reserve Board, after hearing to
forfeit the membership of a State member bank which has ceased to exercise
banking functions without a receiver or liquidating agent having been
appointed therefor.
The present law authorizes the surrender and cancellation of all of the
Federal Reserve Bank stock held by a member bank only when such member bank (1) goes into voluntary liquidation;(2) is placed in the hands of a
receiver; (3) withdraws voluntarily from the Federal Reserve system, or
(4) Is expelled from membership for violation of law. In a number of cases
Federal Reserve banks have experienced great difficulty in securing the
surrender of Federal Reserve Bank stock held by member banks which have
ceased entirely to do business, but which have not technically gone into
voluntary liquidation or into the hands of a receiver, Mr.McFadden pointed
out. Under such circumstances Federal Reserve banks have sometimes
been compelled to pay dividends in larg eamounts on stock held by banks
which have ceased to do business and ceased to maintain reserve accounts
with them.
"It is believed that this situation should be remedied by an appropriate
amendment to the law providing means whereby Federal Reserve Bank
stock held by such member banks may be canceled and the proceeds paid
to them or to their proper representatives," he said. "In order to make
provision for this in the case of both national and State member banks, it
Is necessary to amend the law in two places. It is suggested that amendments to Section 6 and Section 9 of the Federal Reserve Act would accomplish the desired purpose."
[VOL. 129.
identification, while police departments, state motor vehicle registration and prohibition authorities employ motor numbers, which makes
tracing very difficult. Manufacturers were urged by the association to
agree on a uniform location for serial numbers on all makes of cars.
Edmund Platt, Vice-Governor of Federal Reserve
Board, in Favor of Branch Banking—Finds Banking Laws Restrictive Rather Than Constructive—
Favors Comptroller Pole's Proposals for Relaxation.
'Criticism of banking legislation came from Edmund Platt,
Vice Governor of the Federal Reserve Board, in an informal
address on Dec. 3 before the banking classes of the Wharton
School of Finance and Commerce of the University of Pennsylvania according to the Philadelphia "Public Ledger" of
Dec. 4, which reports him as commenting to the following
effect:
A good deal of banking legislation in the United States has been restrictive rather than constructive, and the great constructive measures,
such as the National Bank Act and the Federal Reserve Act, were passed
for the purpose of correcting the most glaring defects of an individual,
local, unit banking system, without recognition of the fact that much of
the trouble was due to the local unit system itself.
The "Ledger" further indicated as follows what Mr. Platt
President Hoover Asked to Recommend Amendment to had to say:
"What we need now is to remove some of the restrictions in the presFederal Reserve Act to Permit Reserve Banks to
ent law so as to allow some development toward a better system," Mr.
Loan to Real Estate Dealers.
Platt continued. "The McFadden Act of February, 1927, went a little
President Hoover was urged Dec. 4 in a telegram from
Murray W. Garsson, New York real estate operator, to recommend to Congress either a law or an amendment to the
Federal Reserve Act authorizing that approximately $2,000,000,000 be made available through Federal Reserve Banks for
five-year mortgage loans on income-producing real estate.
• The "United States Daily" of Dec 5, in reporting this,
added:
Such action on the part of the President would, the telegram suggested,
have a favorable reaction for a building construction program and prosperity would result with immediate restoration of confidence.
The telegram, addressed to Charles S. Barrett, of Washington, D. C.,
legislative representative of the National Farmers' Union, was laid before
the President at Mr. Barrett's request.
The telegram follows in full text:
I would greatly appreciate your considering the advisability of submitting the following to the President as a possible means of relieving the
serious depression in the real estate market to-day, due, in its greatest
measure, to the lack of mortgage funds.
It is my belief that the President could consistently reoonunend either
a law or an amendment to the present Federal Reserve Act recommending
that about $2,000,000,000 be made available through Federal Reserve
Banks for five-year mortgage loans on income-producing real estate. The
proportion of this $2,000,000,000 to be distributed upon the basis of income.
tax returns for the various districts in the United States.
The real reason that the building construction program is being curtailed by real estate operators and builders is solely the lack of available
mortgage money. lilt were possible for the President to accept or adopt
such a policy a tremendously favorable reaction for a building construction program and prosperity would result and would immediately restore
public confidence in the buying of real estate mortgage bonds. I would
appreciate getting your personal reaction with reference to same.
National Association of Finance Companies Would
Make Finance Paper Eligible for Rediscount at
Federal Reserve Banks—Would Limit Automobile
Paper to One Year.
way toward removing unnecessary restrictions, but the changes were of
benefit mostly to city banks. The McFadden Act prevents country banks,
even if located in adjoining towns, from pooling their resourcea. Of the
4,513 bank failures reported to the Federal Reserve Board from 1921 to
1927, inclusive, 63% were banks with a capital of $25,000 or less and
61% were of banks located in towns of less than 1,000 Inhabitants, which
may be taken as conclusive evidence that the American effort to provide
banking facilities in very small places by means of very small unit banks
is a failure and cannot be made to succeed except when all surrounding
economic conditions are favorable. Too often economic conditions have
been unfavorable—crop failures, local industrial failures or merely the
failure of the neighborhood to grow."
Mr. Platt pointed out that Comptroller of the Currency Pole is urging
a relaxation of some of the present restrictions upon banking so that a
gradual change of the system itself can take place, a change by which
some of the small unit banks may be merged with banks in other places
so as
provide larger banks, with funds sufficient to provide good management and covering a territory wide enough to insure a diversification of
loans and investments.
He urged economists, students of banking, bankers and business men
to give full support to the Comptroller's program when it is made to
Congress this month. The speaker also called attention to the fact that
no bank suspensions or failures had been attributed to the recent heavy
decline in the market value of stocks.
The New York "Journal of Commerce" in Philadelphia
advises on Dec. 3 reported that on account of agriculture's
losses through undiversified small unit banking, Mr. Platt,
in his address expressed himself in favor of the present
movement toward branch banking. That paper's account
of the speech also said:
During the first 10 months of 1929, of the 521 bank suspensions, more
than one-half occurred in communities of less than 25,000, Mr. Platt said.
Since 1921, approximately 61% of the suspensions were in very small
centers.
"Under these circumstances any recommendations, which the Comptroller of Currency may make next month will be steps in the right track
and deserve the support of the banking community at large," Mr. Platt
declared.
Giving a qualified approval to some forms of chain and group banking,
Mr. Platt added that branch banking, in the current understanding of the
term, was much to be preferred since it held the original capital responsible for the transactions of its member units.
During recent years, according to the speaker, the trend has been toward
lifting restriction rather than handicapping bankers. Ile said that recent
events have enabled "the bill market to stand upon its own feet," that
during the spring and summer of 1929, the higher rate for merchandise bills
had attracted money and that since the Wall Street crash, "the people have
been outbidding the Federal Reserve Bank" in investing their money, previously used at call, in bills.
According to the Chicago "Journal of Commerce" of Nov.
21 the National Association of Finance Companies, which
met in annual convention at Congress Hall, Chicago, on
Nov. 19 and 20, endorsed the suggestion of some of the
convention's principal speakers, that finance company paper
should be made eligible for rediscount at the Federal Reserve
Banks, either by an amendment of the Federal Reserve Act
or in the regulations of the Reserve Board. The association's officers maintain that the finance company paper is Treasury Department's December Financing—Offering
of $325,000,000 Nine Months 33% Treasury Certias safe as some now rediscounted by the Reserve Banks
ficates of Indebtedness—$100,0005000 Ninety-Day
says the paper quoted, from which we also take the folTreasury Bills To Be Offered Next Week.
lowing:
The Treasury Department's December financing, anA move to limit automobile paper to a twelve-month maturity was begun
yesterday by the National Association of Finance Companies at its annual nounced by Secretary Mellon on Dec. 5, embraces an issue
convention at the Congress Hotel.
of $325,000,000 or thereabouts of Treasury Certificates of
The association went on record in favor of the adoption by Its member
companies of "standard terms," providing that the maximum maturity Indebtedness running for nine months, and bearing interest
of new and used car paper should not exceed twelve months, to be paid at 3%%,subscription books for which were opened Dec. 6,
in equal monthly installments, and that the down payment should not
and an offering, to be made Dec. 10, of about $100,000,000
be less than one-third of the cost of new oars and 40% on used cars. Since
the companies which comprise the association underwrite a large portion ninety-day Treasury bills, to be sold on a discount basis to
of the automobile paper floated in this country, its officers believe the the highest bidder. Preliminary notices of these offerings
next year will witness a substantial reduction in the volume of eighteenwere referred to in these columns Nov. 30, pages 3410,
month and twenty-four-month automobile script.
In another resolution adopted the association recommended that data 3411. The forthcoming issue of Treasury bills, which will be
on the volume and sales value of merchandise sold on the installment non-interest bearing, will be the first to be put out, their
plan be included in the distribution section of the 1930 census. Another
amendment to the Second
resolution urged the use of standard identification numbers for tracing issuance is authorized under the
automobiles. The resolutions committee pointed out that manufacturers, Liberty Loan Act signed by President Hoover on June 17
dealers and finance companies use serial numbers almost exclusively for last.
DEC. 7 1929.]
FINANCIAL CHRONICLE
The new Treasury Certificates will be dated and bear
Interest from Dec. 16 1929, and will mature Sept. 15 1930.
They are designated Series FS-1930 and will be issued in
bearer form in denominations of $500, $1,000, $5,000,
$10,000 and $100,000. The certificates will have two interest coupons attached, payable March 15 1930 and Sept. 15
1930. Treasury Certificates of Indebtedness of Series TD1929 and TD2-1929, both maturing Dec. 15 1929, will be
accepted at par in payment for the certificates now being
offered. Commenting on the rate of interest (33 3%) carried by the new issue of certificates, a Washington dispatch
to the New York "Times" on Dec. 3, said:
The drop in money rates is illustrated by the fact that the Treasury
was forced to pay 434% on an issue of certificates of indebtedness offered in
September, while in June it felt compelled to pay 5 1-8%, a full 2% over
the rate quoted in to-day's offering.
Lowest Rate Since 1927.
The Treasury has not paid as low an interest rate on a comparative security since September 1927, when it marketed an offering of six-month
certificates at 3%. In November of that year 334% was offered, and on
offerings made on Dec. 15 1927, and March 15 1928, 33j% was paid.
The first sharp upward jump came in June 1928, when 3%% was quoted
on certificates of the Government, and this rate was jumped to 4% in December of that year. From that time interest on Government securities
continued upward until the peak of 5 1-8 in June.
On few occasions has the Treasury been able to quote a lower interest
rate on a certificate of indebtedness than that offered to-day. One issue,
sold in 1924 and maturing in 1925, was sold at 23(%.and issues in 1925
were marketed at 3%.
3575
Opening of Second Session of Seventy-first Congress—
House Passes Bill Providing for Reduced Income
Tax Rates—Action on Senator Vare—Bills Introduced.
The second session of the Seventy-first Congress opened on
Monday, Dec. 2; one of the first measures to be presented
with the convening of Congress, was a resolution providing
for a reduction of 1% in the corporation and normal taxes
applicable to incomes for the calendar year 1929. This
resolution introduced by Representative Hawley, Chairman
of the Ways and Means Committee, was ordered favorably
reported by the Committee on Dec. 4, and on Dec. 5 was
passed by the House by a vote of 282 to 17. The reduced
tax rates were recommended in the annual message to
Congress of President Hoover as well as by the Secretary of
the Treasury in his annual report, both of which are given
elsewhere in our issue to-day. The resolution follows:
HOUSE JOINT RESOLUTION 133.
Year 1929.
Joint Resolution Reducing Rates of Income Tax for the Calendar
States of
Resolved by the Senate and House of Representatives of the United
tax
income
of
rates
America in Congress assembled That, in lieu of such
26, Chapter
specified in the Revenue Act of 1928 (U. 8. C. Sup. III, Title
such act are applic24) as are set forth in the following table, which, under
year shall be
able to the calendar year 1929. the rates applicable to such
those set forth In such table:
Rate
New Rate
Under
Applicable
1928
to Calendar
Act.
Year 1929.
yi of 1% 134%
2% 3%
4% 5%
11% 12%
Description ar Tax.
Section ofRevenue Ado!1928
Sections 11 and 161(U.S.C.Sup. Normal tax on inellviduaLs
and on estates
&2161)
III, Title 26,Secs. 2011
and trusts.
In announcing the December financing, Secretary Mellon
Tax on corporations.
C.Sup. III,
S.
(U.
13
Section
on Dec. 5, said:
Tax on life insurance
Title 26, See. 2013).
11% 12%
companies
201(U.S. C Sup III,
The Treasury is to-day offering for subscription, at par and accrued Section
Tax on Insurance compaTitle 26. Sec. 2201)
month
nine
issue
of
334%
an
Banks,
or
Reserve
life
than
interest, through the Federal
nies other
Section 204 (U. B. C. Sup. III,
12%
mutual
Treasury certificates of indebtedness of Series TS-1930, dated and bearing
Title 26, Sec. 2204).
134%
Normal tax on
interest from Dec. 16 1929 and maturing Sept. 15 1930. The amount of Section 211 (U. S. C. Sup.
3%
non-resident
Title 26, Sec. 2211).
the offering is $325,000,000 or thereabouts.
5%
aliens
154%
Withholding at
Applications will be received at the Federal Reserve Banks. The Treasury Sections 144 and 145(U.S. C
5%
source.
Sup. III. Title 26, Secs. 2144
will accept in payment for the new certificates, at par. Treasury certificates
12%
and 2145).
of indebtedness of Series TD-1929 and TD 2-1929. both maturing Dec. 15
1929. Subscriptions for which payment Is to be tendered in certificates
Section 2. This joint resolution shall take effect as of Jan. 1 1929.
of indebtedness maturing Dec. 15 1929, will be given preferred allotment
On the day Congress convened the Senate was in session
up to $200,000,000.
hour, both adBearer certificates will be issued in denominations of $500,$1,000.$5.000. nine minutes and the House a little over an
$10,000 and $100.000. The certificates will have two interest coupons at- journing out of respect to the late Senator Warren of Wyomtached payable March 15 1930 and Sept. 15 1930.
ing. In its account of the reconvening of Congress the
In addition to the offering of certificates of indebtedness. the Treasury
in part;
will on Dec. 10 offer about 5100,000,000 of 90 day Treasury bills, to be sold United States Daily of Dec. 3 said
on a discount basis to the highest bidders. Details as to this offering
Delay on Tariff Predicted.
will be made public on the morning of Dec. 10.
oral statement.
Minority Leader Watson expressed it as his opinion, in an
About $700,000,000 of Treasury certificates of indebtedness and nearly that there will be "little done on the tariff before the Christmas recess."
$97,000.000 in interest payments on the public debt become due and payable Most of the time will be consumed in settling the Vare case and enacting
on Dec. 15 1929.
tax reduction legislation, he said.
Chairman, who is in
Senator Smoot (Rep.) of Utah, Finance Committee
as soon
The Treasury Department's circular giving details of the charge
of the tariff bill, is prepared to go forward with the measure
completed. Mr.Smoot also
offering of the Treasury Certificates follows:
as the Vare case, a privileged matter, has been
ask
will
and
when it reaches the Senate.
% Treasury certificates of in- will handle the tax reduction bill
Offering of United States of America
in its behalf.
aside
laid
be
tariff
the
that
from
interest
Dec.
16
bearing
and
1929.
debtedness series TS-1930. Dated
minority member
Senator Simmons (Dem.) of North Carolina, ranking
Due Sept. 15 1930.
unable to ted how soon
the Finance Committee, declared that he was
of
the
of
authority
Act
the
approved
under
Vare case situation.
The Secretary of the Treasury,
the Senate would return to the tariff, in view of the
Sept. 24 1917, as amended, offers for subscription, at par and accrued
reported
dispatches
Last night (Dec. 6) Associated Press
Interest, through the Federal Reserve Banks, Treasury certificates of indebtedness of Series TS-1930, dated and bearing interest from Dec. 16 as follows the action on Senator Vare;
1929. Payable Sept. 15 1930, with interest at the rate of 334% per annum,
definitely to-day against
The doors of the Senate were closed tightly and
payable on a semi-annual basis.
Pennsylvania.
William S. Vare, for years a power in the politics of
Applications will be received at the Federal Reserve banks.
expenditure of the
By a vote of 58 to 22 it was decided that the $785,000
Bearer certificates will be issued in denominations of $500,$1,000,$5,000, Philadelphian in the primary election of 1926 and the charges of fraud and
$10,000 and $100,000. The certificates will have two interest coupons corruption in that contest barred him from taking the seat to which he had
attached, payable March 15 1930 and Sept. 15 1930.
been certified as elected.
B. Wilson.'fare's DemoThe certificates of said series shall be exempt, both as to principal and
But a few minutes later, the effort of William
Interest, from all taxation (except estate and inheritance taxes) now or cratic opponent, to obtain the place was thwarted. The Senate approved a
hereafter imposed by the United States, any State, or any of the possessions resolution by Senator Reed, Republican, of Pensylvania based on the
Secretary of Labor in
of the United States, or by any local taxing authority.
report of its Elections Committee that the former
The certificates of this series will be accepted at par during such time the Wilson Cabinet had not been elected.
and under such rules and regulations as shall be prescribed or approved
The resumption by the Senate of consideration of the
by the Secretary of the Treasury, in payment of income and profits taxes
at
of
The
certificates
this series tariff bill, on which the Senate failed to complete action
Payable at the maturity of the certificates.
will be acceptable to secure deposits of public moneys, but will not bear the recent special session, was indicated in the following
the circulation privilege.
Press advices yesterday (Dec. 6) published in the
The right Is reserved to reject any subscription and to allot less than the Associated
amount of certificates applied for and to close the subscriptions at any time "Sun":
Pennsylvania has
without notice. The Secretary of the Treasury also reserves the right to
Dispatches from Harrisburg say Governor Fisher of
make allotment in full upon applications for smaller amounts, to make promised to name Vare's successor promptly. They indicate Joseph R.
reduced allotments upon, or to reject, applications for larger amounts, and Grundy. President of the Pennsylvania Manufacturers' Association, can
to make classified allotments and allotments upon a graduated scale; and have the place if he wants it.
act on the
action in these respects will be final. Allotment notices will be sent out
Unable to get the Senate Finance Committee together to
promptly upon allotment, and the basis of the allotment will be Publicly House tax reduction resolution, Chairman Smoot called up the tariff bill
the Vare case.
announced.
in the Senate to-day a few moments after the disposal of
a meeting
Payment at par and accrued Interest for certificates allotted must be
Senator Smoot was uncertain when he would be able to hold
made on or before Dec. 16 1929, or on later allotment After allotment on the tax resolution.
in rapid
may
issue
approved
banks
Senate
interim
Reserve
receipts
and upon payment, Federal
Resuming consideration of the tariff bill, the
pending delivery of the definitive certificates. Any qualified depositary order and without discussion three Finance Committee amendments to
will be permitted to make payment by credit for certificates alloted to it raise the duties on clothing wool, if scoured, on the skin, or sorted, to confor itself and its customers up to any amount for which it shall be qualified form to previous action in agreeing to the House increase from 31 to 34
in excess of existing deposits, when so notified by the Federal Reserve cents a pound in the rate on the clean content of raw wool.
Bank of its district. Treasury Certificates of Indebtedness of Series TDRegarding the bills introduced in the House on Dec. 2,
1929 and TD2-1929, both maturing Dec. 15 1929, will be accepted at par.
in payment for any certificates of the series now offered which shall be Associated Press accounts stated:
subscribed for and allotted, with an adjustment of the interest accrued, if
Representatives dropped bills into the House hopper to-day with unany, on the certificates of the series so paid for.
usual rapidity. In contras, not a single measure was introduced during the
Federal
Reserve banks are authorized nine-minute session of the Senate. Those having bills there were forced
As fiscal agents of the United States,
in.
and requested to receive subscriptions and to make allotments on the to withhold them for lack of opportunity to get them
in the House, the
basis and up to the amounts indicated by the Secretary of the Treasury
More than 10 measures a minute were introduced
Congress to
to the Federal Reserve Banks of the respective districts.
total being 675. This brought the total for the Seventy-first
A. W. MELLON,Secretary of the Treasury.
more than 6,100.
3576
FINANCIAL CHRONICLE
[VoL. 129.
Representatives sought additions to or changes in laws touching on
international, national and sectional topics. Some of the subjects
dealt
with were inquiry into the Chinese-Soviet trouble,registration of
lobbyists,
highway improvement, prohibition, disposal of the Muscle Shoals project
and the setting up of a permanent radio commission.
President Hoover would be requested to inquire into the possibility of
peacefully adjusting the differences between China and the Soviet, under a
resolution by Representative Morton D. Hull, Republican, of Illinois.
Cassius C. Dowell, Chairman of the Roads Committee, proposed an
Increase of $50,000,000 annually for Federal highway aid, making a total
outlay of $125.000,000 a year. Representatives John M. Robinson, Republican, of Kentucky,introduced a similar measure.
Disposal of Muscle Shoals to a corporation to be established was proposed by Representative Katherine Langley, Republican, of Kentucky.
The measure would provide for completion of the project and authorize
the leasing corporation to issue preferred stock to finance its operations in
production of water power and fertilizers.
Wallace H. White Jr., Chairman of the Merchant Marine Committee,
submitted a Bill to continue the life of the Federal Radio Commission until
otherwise provided for by law instead of continuing it from year to year.
Representative James T. Igoe, Democrat, of Illinois, introduced the only
bill which would provide for repeal of the 18th Amendment. Modification
of the prohibition law was asked by Representative Thomas A. Doyle.
Democrat, of Illinois, who proposed that States wishing to legalize wine
and beer would be allowed to do so by referendum. He titled the measure.
"To prevent open conflict between State and Federal officers and to allay
the present unrest of labor."
Another bill dealing with prohibition was offered by Representative
William C. Lankford, Democrat. of Georgia. This would authorize payment
of pensions to dependents of any Federal law enforcement officer killed in
discharge of his duties.
A bill by Representative George W. Lindsay, Democrat, of New York,
which he termed an "anti-intolerance Act," would provide for heavy
penalties for efforts to force, intimidate or threaten to infringe or Interfere
with any religion or religious belief.
Representative Samuel Dickstein, Democrat, of New York, proposed a
bill to amend the Immigration Act to provide that an immigrant who was
admitted to entry could also bring with him his wife and dependent
children.
P. J. Hurley Named to Succeed the Late J. W. Good
as Secretary of War.
President Hoover announced yesterday (Dec. 6) the appointment of Patrick J. Hurley as Secretary of War, succeeding James W. Good, whose death on Nov. 18, was
eported in these columns Nov. 23, page 3257. Mr. Hurleyr,
Acting Secretary, took over the duties of the War Department following the death of Mr. Good. Prior to that he
was Assistant Secretary,
President Hoover at Conference Under Auspices of
U. S. Chamber of Commerce Says Responsibility
for Stability and Prosperity Rests Uopn "Whole
People"—Efforts Toward Maintenance of Employment.
At the conference of representatives of industrial units
held in Washington on Dec. 5 under the auspices of the
Chamber of Commerce of the United States, President
Hoover in addressing the gathering stated that "the greatest
tool which our economic system affords for the establishment of stability is the construction and maintenance work,
the improvements and betterments, and general clean up of
plants in preparation for cheaper production and the increased demand for the future." At the outset the President
told those present at the conference that "you have been
invited to create a temporary organization for the purpose
of systematically spreading into industry as a whole the
measures which have been taken by some of our leading
industries to counteract the effect of the recent panic in the
stock market." He further said: "You represent the
business of the United States, undertaking through your
own voluntary action to contribute something very definite
to the advancement of stability and progress in our economic
life. . . . And this is not dictation or interference by
the Government with business. It is a request from the
Government that you co-operate in prudent measures to
solve a national problem. A great responsibility and a
great opportunity rest upon the business and economic
organization of the country. The task is one fitted to its
initiative and courage. Beyond this a great responsibility
for stability and prosperity rests with the whole people. I
have no desire to preach. I may, however, mention one
good old word—work."
The President's address follows:
This body represents the industries of the United States. You have
been invited to create a temporary organization for the purpose of systematically spreading into industry as a whole the measures which have been
taken by some of our leading industries to counteract the effect of the
recent panic in the stock market.
There has necessarily been some unemployment, starting with diversion
of capital from the channels of business into speculation, and, after the
break, by some reduction in the demand for luxuries and semi-necessities
from those who met with losses.
But the large effect was to create undue pessimism, fear, uncertainty
and hesitation in business. These emotions, being emotions, if they had
been allowed to run their course would, by feeding on themselves, create
difficulties. The American mind is prone to revert to previous occasions
when we were much less able to organize to meet such situations.
These are potential difficulties which cannot be cured with words. If
we could do so, the merest description of the fundamental stability of
our
vast organism of production and distribution, touched with the light
of
the future of the United States, would cure it instantly. The cure for such
storms is action; the cure for unemployment is to find jobs.
Steps Toward Re-establishing Confidence.
We have, fortunately, since our previous crashes established the Federal
Reserve System. The first step in recovering confidence was made by
the
powerful effectiveness of that system and the strong position of the banks,
the result of which has been steadily diminishing interest rates, with
a
smooth and rapid return into the channels of business of the money
previously absorbed in the speculative market. This is a reversal of our historic experience and is a magnificent tribute to the system. Capital is
becoming more abundant in all parts of the country, the bond market Is
growing stronger each day and already public issues held back for months
have begun to appear.
The second action necessary to maintain progress was the standard
set by leading employers that, so far as they were concerned, there would
be no movement to reduce wages, and a corresponding assurance from
the leaders of labor that not only would they use their utmost influence
to allay labor conflict, but would also co-operate with the employers in
the present situation. These assurances have been given and, thereby,
we not only assure the consuming power of the country, but we remove
fear from millions of homes.
The third line of action has been to undertake, through voluntary organization of industry, the continuity and expansion of the construction and
maintenance work of the country,so as to take up any slack in employment
which arises in other directions. The extension and organization of this
work are the purpose of this meeting.
The greatest tool which our economic system affords for the establishment of stability is the construction and maintenance work, the improvements and betterments and general clean-up of plants in preparation
for
cheaper production and the increased demand of the future.
It has long been agreed by both business men and economists that this
great field of expenditure could by its acceleration time of need, be made
into a great balance wheel of stability. It is agreed that its temporary
speeding up to absorb otherwise idle labor brings great subsequent
benefits
and no liabilities.
A very considerable part of our wage earners are employed,
directly
and indirectly, in construction and the preparations and transportatio
n of
its materials. In the inevitable periods when the demand
for consumable
goods increases and labor is fully employed, the construction
and maintenance can slacken and we actually again gain in stability.
No one would
advocate the production of consumable goods beyond the daily
demand;
that in itself only stirs up future difficulty.
I am glad to report that such a program has met with universal approval
of all those in responsible positions. Our
railways and utilities and many of
our larger manufacturers have shown a most distinguished
spirit in undertaking to maintain and even to expand their construction
and betterment
programs. The State, county and municipal governments are responding
in the most gratifying way to the requests to
co-operate with the Federal
Government in every prudent expansion of public works. Much construction work had been postponed during the past few months
by reason of the
shortage of mortgage money due to the diversion of capital to speculative
purposes, which should soon be released.
It Is to make this movement systematic in all branches of
the industrial
world that we are here—that is the task. I believe that with the great
backlogs which are already assured by the public service institutions and
the governmental works, you will be able to build up the construction and
maintenance activities for 1930 to a higher level than that of 1929. And
that is what we require.
Another of the great balance wheels of stability is our foreign trade. But
in stimulating our exports we should be mainly interested in development
work abroad, such as roads and utilities, which increase the standards of
living of peoples and thus the increased demand for goods from every
nation, for we gain in prosperity by a prosperous world, not by displacing
others.
All of these efforts have one end—to assure employment and to remove
the fear of unemployment.
The very fact that you gentlemen come together for these broad purposes
represents an advance in the whole conception of the relationship of business
to public welfare. You represent the business of the United States, undertaking, through your own voluntary action, to contribute something very
definite to the advancement of stability and progress in our economic life.
This Is a far cry from the arbitrary and dog-eat-dog attitude of the business
world of some thirty or forty years ago.
And this is not dictation or interference by the government with business.
It is a request from the government that you co-operate in prudent measures
to solve a national problem. A great responsibility and a great opportunity
rest upon the business and economic organization of the country. The task
Is one fitted to its fine initiative and courage.
Beyond this, a great responsibility for stability and prosperity rests with
the whole people. I have no desire to preach. I may, however, mention
one good old word—work.
Conference of Industrial and Trade Groups Held Under
Auspices of U. S. Chamber of Commerce—National
Council of Business Men Created—Remarks of Secretary Lamont and Others.
Featured by an address by President Hoover (which
we give elsewhere in our issue today) the conference of
representatives of industrial and trade groups, held in
Washington, Dec. 5, under the auspices of the Chamber
of Commerce of the United States, resulted in the institution of measures for the creation of a national council
of business men to guide industry and commerce through
the present and any future economic disturbance according
to the "Herald-Tribune" whose Washington account further said:
The first of two sections of the Council was immediately organized
in
the appointment of an advisory subcommittee of seventy.three
which is
to act in concert with an executive committee of the industrial
conference held at the White House two weeks ago.
Executive Committee Awaited.
The Council will be complete with the appointment of the executive
committee authorized by the White House conference. Its
members are
to be named, as were those of the advisory committee, by Julius H.
DEC. 7 1929.]
FINANCIAL CHRONICLE
Barnes, chairman of the Board of the United States Chamber of Commerce.
Thus the economic council, first of its kind in American history,
will have two chambers which might be described roughly as a senate
and assembly, and they will have the active co-operation of the Federal
government through the medium of the Department of Commerce, if
not the President personally.
According to the New York "Times" John H. Fahey of
Boston, publisher, offered a resolution which resulted in
the appointment of the committee of seventy-two to arrange for continuing the work of the conference. The
"Tims" went on to say:
The resolution recorded the conference's appreciation of "the action
taken by the President of the United States, the Secretary of Commerce
and his advisory committee, which has contributed to the stabilization
of public thought upon the current business situation and has increased
the initiative of business and government in determining upon helpful
courses of action."
The resolution endorsed "whole-heartedly" the proposal of President
Hoover that Mr. Barnes appoint an executive committee "to assist in
the general situation in such ways as may be needed."
It was intended to have only two sessions of the conference but when
it was found impossible to receive all the scheduled reports of various
industrial groups and adjourn at the end of the afternoon meeting, a
night session was arranged.
In its account of the conference the "Times" also said
In part:
William Butterworth, President of the United States Chamber of
Commerce, called the meeting to order after he had escorted President
Hoover to the platform. In his introductory remarks he said that it
was at the request of President Hoover that he and Julius H. Barnes,
Chairman of the chamber's board of directors, had issued the call for
today's conference.
On motion of Ernest T. Trigg, Mr. Barnes was elected permanent
Chairman of the meeting.
"A gathering like this today may be epoch-making in the evolution
of modern industry," Mr. Barnes said.
He stated the purposes of the conference and reviewed the condition
of business, with special attention to its recent tendencies, mentioning
industries that had suffered depression and some that had been prosperous. He spoke of exaggerated rumors circulated during and following
the stock market crash, and paid a tribute to the permanent organizations of business groups which enabled President Hoover to get "immediate, exact and accurate information regarding the prospects of
our major industries."
"There was the story current in New York City these recent weeks
that savings accounts had been drawn upon largely to absorb losses
arising from security trading," Mr. Barnes observed. "It is interesting
and significant that the entire 150 mutual savings banks of New York
State gained only 1,522 new accounts in the entire month of July last,
before the stock decline, while last week the twenty-six New York
County savings banks gained 6,400 additional new accounts, and this
within four weeks after the severe dislocation of the market."
The next speaker was Mr. Klein, whose address so impressed his
audience that he received the heartiest kind of applause.
Klein Calls Break "Psychological."
Mr. Klein, Assistant Secretary of Commerce, who as Mr. Hoover's
right-hand man during the latter's tenure as head of that department,
declared in his address that nearly all branches of business were sound
at the base. The present state of uncertainty is "psychological" and not
"logical," he said.
"As the President has clearly indicated," Mr. Klein said, "one
branch of business after another has presented gratifyingly impressive
statistics as an indication of the determination to go forward, as an
evidence that the situation is sound."
Mr. Klein was enthusiastically applauded as he added:
"But we all agree that the time has come now when the only sound
which really counts is the clang of shovels and of cash register bells.
That is what millions of workers and consumers want to hear from
business."
Many phases of the present business situation could not be fairly
attributed to the stock market, he asserted.
"The influences of Wall Street are admittedly numerous, but do not
account for everything," he added.
Other elements entered into the situation, such as developments in
the radio and airplane fields "where the need for readjustment has long
been appreciated and renovation has indeed been well under way for
some time."
Cites Reassuring Factors.
Reassuring elements in the outlook were cited.
"Dividends and interest payments in December," Mr. Klein said,
"will total almost $700,000,000, an increase of more than 20% over
December of last year. Unquestionably a large proportion of this vast
fund will find its way into prudent reproductive investments—not speculative ventures.
"Then, too, the amazing total of Christmas savings—not less than
$600,000,000 and probably more—means that our Christmas trees will
have about the usual share of tinsel and electric lights and little crosses.
"The nation is now looking to you business men to get out of the
huddle of 'conferences'—if I may use a more or less seasonal phrase—
and play ball. The eyes of the nation are upon industry and commerce,
organized or otherwise, and they are looking expectantly for action.
"Admittedly, in some industries the situation is not as satisfactory as
it might be. Agriculture, our basic industry, is, broadly speaking, sound.
Transportation, both on land and water, is active and efficient. Mining
and most of our major manufacturing industries are likewise predominantly healthy. Our fiscal and banking situation is sound, and
money is now available at reasonable rates.
"Prices continue to be steady with a little downward trend, and
inventories are likewise low and without indication of any serious congestion, except in one or two lines, where the situation is worthy of
some careful study. Finally, management and labor were never before
upon such a high plane of efficiency.
"I referred a moment ago to the anticipation of the nation at large
that you, as the spokesmen of business, should achieve much in correcting any unbalanced aspects of the situation.
"This anticipation is not in any way an expectation of immediate
results. It is pretty generally realized, I think, that readjustment of
such vast proportions will take time.
3577
"To cite one major example, the building industry is admittedly
below its proper level. It would, of course, be absurd to expect an
immediate large expansion. In fact, some competent observers feel
that it will take anywhere from four to six months to reestablish normal
conditions.
"In the automobile industry, the status of the dealers should at thi4
time obviously have the immediate sympathetic concern of the manta
factures; they canont be completely rehabilitated without a furthet
exhaustive study of the used-car and other problems.
Warning as to Export Methods.
"Another aspect of the situation to which the President has wisely
called attention is that .of export trade. In every period of domestic
uncertainty there has immediately been a sharply accelerated interest
in the prospects of taking up the slack abroad.
"At this time, one of the most valuable services which you can
render is to urge that such export programs be undertaken with sobriety
and every possible precaution. Above all things, our export efforts
should not be casual or take on the remotest semblance of a dumping
campaign.
"Incidentally, there is no ground whatever for the fear of certain
Europeans over the prospect of 'further Yankee pilferage' of European
export markets. It has been repeatedly demonstrated statistically that
the vast majority of our export advance in the past decade has been
accomplished not at all at the expense of European traders but solely
because of the unique opportunities created abroad for American specialties through the improved buying power and living standards of many
newly awakened overseas markets. Our trade growth in the future, as
in the past, is likely to be predominantly in the field of our specialized
products.
Greater Stability in Europe.
"Admittedly, there are some less favorable spots in the export outlook.
The buying power of some markets is, temporarily at least, weakened
by depreciated prices in such staples as coffee, sugar, rubber and
various metals, and by political uncertainties and disturbances.
"Even so, however, the prospect abroad does not warrant sweeping
dismissal as wholly discouraging. There is clearly greater stability and
more general employment in Europe, where half of our exports are sold.
The lowering of money rates following the excesses of speculation are
encouraging foreign investments and, therefore, increasing exports.
"On this latter point, we come to what is probably one of the major
elements of strength in our economic position, namely the fourteen
or more billions of dollars which our citizens have invested abroad.
"Just as England laid the foundations of her far-flungexport activities
by huge foreign investments, so we today can assure the maintenance
and further development of our foreign trade through the legitimate,
constructive acceleration of these holdings. Many of our investments
in foreign public utilities and industries are reflected in our exports of
material and equipment. The indirect effect in building up exports is
even greater."
Lamont Says Fear Has Passed.
Within the last few days "confidence" has replaced "fear" in the
business world, and the country may now look forward to the future
with hope, Secretary Lamont declared in his address.
It had been obvious for some time that "all was not well with the
economic structure," and that the obvious difficulty "was the excessive
amount of available credit absorbed for speculative purposes," Mr.
Lamont said.
The people, he added, stimulated by President Hoover's co-operation
with business, were now in a hopeful mood over our economic future.
"It is now our job," he observed, "to justify that confidence and
maintain it until such time as the normally constructive and healing
forces of industry shall have repaired what damage has been done
and the country is again going forward at its normal steady pace."
Mr. Lamont pointed out that, "thanks to our banking system,"
the country has passed through "one of the most colossal shifts in
credit in our history without apparent strain." Interest rates, he
said, are low and tending lower, and this "would create a bond
market and make possible the financing of construction work of
various kinds which has been slacking for some months."
A warning was uttered by the Secretary against curtailment in
buying. He declared the general level of commodity prices to be
4 or 5 points below that of the close of 1929, "and there should be no
hesitation about buying at these levels." Referring to the pending
tariff bill, the Secretary expressed the belief that in the final analysis
the law now in the making would prove helpful to America's foreign
trade.
Important to Maintain Buying.
"The most important single thing that can be done now is for
each one of us to continue normal, reasonable buying," the Secretary said. "In times of hesitation and of somewhat uncertain outlook
in business, the natural procedure of a purchasing officer is to stop
buying; he thinks prices may go lower, and he doesn't want to be
caught with a large inventory.
"But as we have said before, to-day, generally speaking, there
are not large stocks of raw materials, or of finished goods on hand.
Commodity prices are generally low. No serious loss, therefore, can
follow from keeping up normal stocks of materials. It will maintain
production and possibly prevent shortages and higher prices later
on, as happened after the shut-down of plants in 1921.
"Under present conditions, there is no more wisdom in unnecessarily curtailing buying than there would be in producing and piling
up products for which there is no market.
"What has been said about old plants may be said about houses.
A great deal could be done in modernizing—adding to and making
more comfortable many of the older homes. Organized community
committees of numbers of industries interested in such rebuilding have
brought about remarkable results in some localities.
"The buying of equipment and supplies and other construction
work by the railroads, public utilities, &c., promises to be an important factor in the immediate future, and probably for all of 1930.
There are, at the moment, more equipment orders on hand and in
prospect than at any time in the past several years. These orders
will materially help the steel, locomotive and car building and allied
industries.
Predicts a Reasonable Tariff.
"So far as the Federal Government is concerned, expenditures for
public works are already running substantially higher than for several
years past. The President is asking Congress for additional appropriations to increase the building program of the government
"It may be that from misunderstanding or exaggeration of our
tariff and tariff policies additional resistance may be met at this time,
3578
FINANCIAL CHRONICLE
but I think it is safe to say that in the end our tariffs will be as
reasonable and defensible as those of our overseas customers who
have tariffs of their own, and they will not prevent imports in large
volume to this country. For, in spite of our duties of various degrees
and those of other nations, the fact remains that our foreign commerce has steadily increased in recent years. Tehre is no reason
why it should not continue to do so.
"But the normal needs of 120,000,000 people make up the bulk of
our commerce and industry. Many of the items are affected by
only small percentages, even in the most serious depressions. The
important thing is to keep up employment and wages which spell
buying power.
"Not many years ago, at the first sign of slacking business, the
first thought was to lay off men and cut wages.
"I have hear dof but one instance in these recent weeks in which
such action was proposed, and even in this case the notices which
had been posted in the plant were withdrawn after one of the
recent White House conferences.
"We have learned that, when necessary, it is better to reduce hours
than wage rates; and, if worst comes to worst, to alternate men
by the week, giving some income to as many as possible."
[Vol,. 129.
Block of 20,000 Shares of Stock of Equitable Trust Co.
of New York Sold at Auction.
A block of 20,000 shares of stock of the Equitable Trust
Co. of New York was sold at auction on Dec. 5, the reason
therefore being explained as follows in the "Times" of Dec. 6;
The sale of the stock was part of the plan of the Equitable Trust Co. for
increasing its capital. The unusual measure of a public auction was adopted
to avoid having to deal with complicated fractions in giving rights to stockholders to subscribe to new shares. The trust company recently voted to
increase ha capital by $12,800,000 by the issuance of 640,000 shares of its
new $20 par value stock.
There were outstanding 1,860,000 shares, so shareholders received the
right to subscribe to 620,000 of the new shares at $70 a share, in the ratio
of one new share for each three held. That left 20.000 shares undisposed
of, and these composed the block sold yesterday at auction.
The results of the sale were detailed in the "Times" as
follows:
Bidding for 20.000 shares of Equitable Trust Company stock, said to
be the largest block of New York City bank stock ever to be sold at public
auction, yesterday converted what had been expected to be a feast for
Sir Charles Gordon, Bank of Montreal President, Confi- bargain hunters into a brisk "bull market." The auction
took place at
the
Exchange Salesroom, 56 Vesey Street at noon. Representatives of
dent of Canada's Future—Tells Shareholders Stock
leading investment trusts, banks and bank stock dealers, apparently much
Market Collapse Should Not Prevent Calm View of to their surprise,
found themselves bidding as much as 93-4 points above
Economic Situation.
the previous day's closing price in the over-the-counter market to obtain
the
shares
had
been commissioned to buy.
they
That fundamental conditions in Canada are sound, and
The sale realized $1,845,125, representing an average price of
that there is no reason for apprehension as to the ultimate a share. Under the terms of the auction, conducted by Henry $92.253-f
J. Leaks
future of this country, was the keynote of the address for the firm of Adrian H. Muller & Son, auctioneers, on behalf of the
Equitable Trust Company, the stock was offered in lots of 500 shares and
delivered at the annual meeting on Dec. 2, of the Bank a
minimum bid of $70 a share was required. Shares of the bank had closed
of Montreal by Sir Charles Gordon, its President. In view on the previous day at a bid and asked price of $86 to $88 and opened
of existing conditions, unusual interest was manifest in the yesterday morning virtually unchanged. By the time the auction was
at noon, however, the price in the over-the-counter market had
meeting, there being an overflowing attendence which in- called
risen to above $90.
cluded many of the leading business men of the Dominion.
The first lot was bought at $90 a share by a private investor. It was
"There never was a time in the history of Canada," said the lowest figure paid. Thereafter the bids rose steadily until the final
lot was sold at $953-f a share, the highest price of the sale.
Sir Charles, in summing up conditions, "when business as
Lehman Brothers Get 5,000 Shares.
a whole has been at a higher peak than during the year
The principal buyers were Lehman Brothers, private bankers, whose
under review, or when the developed sources of our wealth representative took about 5.000 shares at prices ranging from 91 1 to 9331;
were more wide and varied than they are today, and never the American Founders Corporation, investment trust, which bought about
shares at from 903-i to 923i; J. C. Traphagen, Vice-President of the
a time when the earning power of our people was sus- 4,500
Equitable Trust Company, buying on behalf of himself and a group of
tained in so many channels of production. We must not friends, who bought in about 4,500 shares; S. W. Lawson, broker, who
allow a, temporary reaction, the result of a purely specu- bought 1.500 shares, including the last and highest-priced lot; Clinton
Gilbert, bank stock dealer, who bought 1,000 shares, and Broomhall.
lative orgy in the stock markets, unduly to distort our Killough & Co., investment brokers,
who also bought 1,000 shares. Other
view."
purchasers included W. B. Wertheimer and Alexander Jacobs.
Bidding
started
at
shares
for
the
$85.
There was one faint murmur of
In a comprehensive review of the commercial situation
$72, but it was completely overlooked by both auctioneer and bidders.
In Canada, he remarked:
From $85 the bid progressed rapidly, first by points, then half points and
"It should be kept in mind that there have been five years of almost finally quarter points, to $90, at which price the block was knocked down.
uninterrupted expansion. In that brief period Canada has achieved a The big bidders held back during the early stages of the sale, apparently
degree of development quite unprecedented. Not in one of two direc- expecting a falling off of bids later. ...
tions, but practically in all remarkable material progress has occurred—
Prices Rise Steadily.
in agriculture, in many lines of manufacturing, in mining forestry,
The American Founders Company's representative took the centre of
trading, water power reduction, and building construction.
the stage after the first block had been disposed of and bid in five lots in a
H. B. Mackenzie who made his first appearance before row at prices from 903-i to 913-f. Lehman Brothers took the sixth lot.
Prices improved steadily as the sale progressed and it became evident that
the shareholders as general manager of the Bank said:
there was little prospect of obtaining lower levels. The bids crossed $92
"A review of trade conditions in the various provinces exhibits, upon a share on the 13th lot. Lehman Brothers bid in the 30th lot at $93
and
the whole, not a banner year for Canada nor a quite cloudless sky then the price rose to 933-i, at which level the next to the last block was sold.
but sound basic conditions and, allowing for a temporary lull in busiAs the final lot came upon the block bidding started slowly, picked up
ness, ample ground for confidence in our future growth and prosperity. with a rush and went to 95%,the highest price realized.
The chief disappointment is the crop in the Prairie Provinces, but too
much should not be made of one lean year. The West is a country of
proved agricultural richness and over a series of years nothing is more ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
dependable than seedtime and harvest."
Arrangements were reported made this week for the transfer of a New York Stock Exchange membership for $375,000,
F. Abbot Goodhue Elected President of American ex rights. The last preceding sale was for $360,000.
Acceptance Council at Annual Meeting.
The American Acceptance Council held its annual business
Arrangements for the sale of two New York Curb Exmeeting and election of officers at the Chamber of Commerce change memberships were reported this week, one for $200,of the State of New York Thursday, Dec. 5. The reports 000, an advance of $50,000 over the last preceding sale, and
of President Howard J. Sachs and Executive Secretary Rob- the other for $215,000.
ert H. Bean reflected the results of the most active year of
The New York Coffee & Sugar Exchange membership of
the Council and showed the development of bankers' acceptances to record level. The following officers were chosen Alfred D. Levy was sold this week to S. A. Schonbrunn for
$15,000, unchanged from the last previous sale.
for the year 1929-1930:
President, Fl Abbot Goodhue, President International Acceptance Bank,
Inc., New York.
Vice-President, H. G. P. Deans, Vice-President Continental IllInoisBank
& Trust Co., Chicago, Ill.
Treasurer. Percy H. Johnston, President Chemical Bank & Trust Co.,
New York.
Secretary, Robert H. Bean, New York.
The United States Trust Co. of New York announces that
Alton S. Keeler and William G. Green have been appointed
Vice-Presidents; Henry B. Henze and Carl 0. Sayward,
Assistant Vice-Presidents; Lloyd A. Waugh, Assistant
Comptroller, and Henry E. Schaper, Harry M. Mansell and
Executive Committee.
George F. Lee, Assistant Secretaries of the institution.
York.
Bank,
New
Chairman, Charles S. McCain,President Chase National
First Vice-Chairman, Harry Sallnger, Vice-President First National Bank,
Chicago. Ill.
Second Vice-Chairman. George E. Pierce. Vice-President National Shawmut Bank, Boston, Mass.
Executive Secretary, Robert H. Bean, New York.
E. W Decker
W. H. Patrick
Jerome Thralls
Paul M. Warburg
F. J. Leary
Robert A. Lovett
Fred I. Kent
F. M. Howe
E. W. Davenport
0..1. Stephenson
Herbert Salomon
Charles S. McCain
Lynn P. Talley
E. C. Wagner
C. E. Hunter
Charles S. Wall
J. 8. Curran
J. G. Geddes
Challis A. Austin
J. P. Butler, Jr
Knight Woolley
Henry S. Morgan
R. P'. Loree
Jean DeSieyes
More than 13,000 employees and officers of the National
City Bank of New York and affiliated institutions throughout the world are to be given the opportunity to subscribe
to shares of the bank's stock on an installment basis in
proportion to their earnings, according to an announcement
made Dec. 3 by Charles E. Mitchell, Chairman of the bank.
The offer is being made, Mr. Mitchell declared, as a result
of the suggestion of the Committee of Thirteen, representing
the staff in the Metropolitan area. The committee is underThe new President of the Council, Mr. Goodhue, succeeds stood to have drawn up the plan, which was approved on
Dec. 3 by the directors of the National City Bank of New
Mr. Sachs, whose term of office expired.
Mac. 7 1929.]
FINANCIAL CHRONICLE
3579
of 350,000,000 candlepower being visible on a clear night
York, the National City Co., and the City Bank Farmers'
a distance of 100 miles.
for
es
employe
to
stock
of
offer
Trust Co. The last previous
and officers was made in December 1924, at which time
At a regular meeting of the executive committee of the
the bank's personnel totaled about 6,000. Subscriptions for National City Bank of New York, on Dec. 3, Ernest L. Brig20,000 shares were received at that time. The present ham was appointed Assistant Cashier.
offer is expected to result in subscriptions to about 45,000
shares. Mr. Mitchell's announcement reads as follows:
The proposed merger of the First Trust & Deposit Co. of
ng the staff
"At the suggestion of the Committee of Thirteen, representi
, N. W., and the City Bank & Trust Co. of that
Syracuse
dehas been
at head office, an instalknent payment stock purchase plan
National City city, under the name of the former institution, was approved
veloped under which all members of the operating staff of the
of the National
ders of the respective institutions at special
organization (other than such officers as are also directors
Farmers' by the stockhol
City Bank of New York, the National City Co., or the City Bank
on Nov. 27, according to advices from Syracuse on
Trust Co.) will be offered the opportunity to subscribe for shares of stock meetings
salaries and that date to the "Wall street Journal." Reference to the
their
to
ate
proportion
amounts,
moderate
in
bank,
the
of
a price
means, and to pay for the same over a period of four years, at
consolidation of these banks was made in our
ons from approaching
of $200 a share, which price will be made possible by contributi
9 and Nov. 16, pages 2960 and 3118, reNov.
of
issue
the affiliated institutions.
the
of
directors
of
board
the
by
approved
to-day
spectively.
"The plan has been
the City
National City Bank of New York, the National City Co., and
N. Y.,
Bank Farmers' Trust Co., respeotively.
The Genesee River National Bank of Mt. Morris,
and
home
at
"Subsoriptions from members of the staff and officers
capiboth
Y.,
N.
Morris,
Mt.
emand
Bank,
officers'
State
regular
the
of
and the Bingham
abroad will be received by the trustees
available.
merged on Nov. 30 under the title
were
ployees' stock trust to the extent of the limited amount of stock
$50,000,
at
talized
in
No one is urged to subscribe, although the advantage to the institution
Genesee River National Bank & Trust Co. of Mt.
the exercise of a character of thrift that stimulates loyalty and effort is of the
.
is
it
than
Morris. The new bank is capitalized at $100,000
recognized. No one will be allowed to subscribe for more stock
prudent for him or her to agree to take and pay for within four years.
Subject to this general limitation, any member of the operating organizastated that
In its issue of Dec. 5 the Boston "Transcript"
tion whose present annual compensation is less than $6,000 will be afforded
securities affiliate
an opportunity to subscribe at $200 a share for not exceeding the number the Webster & Atlas Corp., newly formed
of shares which might be purchased with a sum equal to 40% of one year's of the Webster & Atlas National Bank of Boston, will have
the
compensation at the existing rate. To pay for stock so subscribed, a
capital of $250,000, the funds being supplied by
monthly deduction from salary will be made of $4.25 per share for the an initial
receive
will
it
which
for
the
of
Bank,
months
16
the
remaining
National
for
share
&
$4
Atlas
per
Webster
first 32 months and
four-year payment period. Such salary deductions will begin Jan. 15 1930. through trustees named by the directors of the bank, the
The subscriber will receive the dividends on the shares subscribed for,
shares of no par value stock of the securities
and the proceeds of any 'rights' accruing on such Mares will be applied entire 10,000
meet1
1932,
Jan.
after
any
time
corporation. Stockholders of the bank,at their annual
against the balance due on the subscription. At
but not before, any such subscriber may pay the balance due and take log on Jan. 14 next, will be asked to approve a plan to transdown his stock, provided he satisfies the trustees that it is prudent for
ion from the bank's assets $250,000 in
him to do so. In the event the subscriber dies or leaves the service fer to the corporat
before the stock is fully paid for, the, amount deducted from his salary cash and securities, it was said.
will be returned with 5% interest.
'Subject to the general limitation of prudence, any member of the
Charles Frederick Allen, a Vice-President of the State
operating organization whose present annual compensation is $6,000 or
more, but less than $10,000 shall have the right to subscribe on the fore- Street Trust Co. of Boston, Mass., and associated with that
going terms for not exceeding the number of shares of stock of the bank
more than 26 years, died at his home in
which might be purchased with a sum equal to 50% of one year's compensa- institution for
Allen
n
the
on
his
subscriptio
to
make
his
option,
or
at
rate,
tion at the existing
Salem, Mass., on Dec. 1, after a short illness. Mr.
terms provided for those whose annual compensation is $10,000 or more. was born in Salem and received his education in the public
"Members of the operating organization receiving a present annual
city. His first banking experience was with
compensation of $10,000 or more, may make application for such amount schools of that
joining the
of stock as they deem it prudent to agree to take at the subscription price the First National Bank of Boston. Before
of $200 per share, but the trustees of the Officers' and Employees' Stock State Street Trust Co. he had been connected successively
Trust will have the right to allot to any subscriber less than the amount
institutions: The National Exchange,
of stock applied for. Any such subscriber will be required to pay an with the following
interests,
installment of 6% of his subscription on July 1 1930, and six further City National, and Elliott National. Among other
of the
and
Bank
Installments of 6% each on the first day of each January and July thereSavings
Salem
he was a trustee of the
after to and including July 1 1933, and the balance on Jan. 1 1934, and
banker was
deceased
The
Corp.
y
Cemeter
on
annum
the
per
unpaid
5%
Grove
at
lly
y
semi-annua
Harmon
meanwhile to pay interest
balance of his subscription. Any of such payments may be anticipated 62 years of age.
at the option of the subscriber. Dividends on the stock subscribed for
Motley was
will be credited against such interest, and the proceeds of any 'rights'
On Tuesday of this week, Dec. 3, Edward
which may accrue on such stock will be applied on the balance due on the
National
Atlas
&
Webster
the
of
nt
-Preside
any
will
subscriber
have
Vice
before,
a
not
but
appointed
subscription. After Jan. 1 1932,
for the
and
n
take
his
director
down
a
subscriptio
his
been
on
has
due
he
the right to pay the balance
of Boston, of which
is fully paid, Bank
"Transcript" of
Boston
stock. If he dies or leaves the service before his stock
the
to
g
accordin
years,
five
5% interest, unless a past
the amount paid by him will be returned with
a partner in the
by the trustees.
that date. Mr. Motley was for many years
different basis of settlement is considered equitable
be furnished to the
will
of their comagreements
charge
in
Sanger,
&
Curtis
"Further details and subscription
of
firm
ons must be Boston
staff through managers and department heads. Subscripti
nt.
departme
mercial paper
made promptly.
"New York, Dec. 3 1929.
"CHARLES E. MITCHELL,
Stockholders of the Concord National Bank of Concord,
"Chairman, the National City Bank of New York;
PresMass., at a special meeting on Dec. 2, at which Judge
"Chairman, the National City Co.;
pro"Chairman, City Bank Farmers' Trust Co.;
Keyes, President of the bank, presided, ratified a
cott
$100,000 to
"Chairman, International Banking Corp.;
from
capital
on's
instituti
the
in
increase
"President, the National City Bank of New York posed
with
$200,000, authorized all necessary steps in connection
(France), S. A.;
the
"President, Banque Nationale de la Republique d'Haiti ; this increase, and further voted to accept the offer of
stock,
"President, the National City Safe Deposit Co.;
new
the
purchase
Old Colony Corp. of Boston to
"President, National City Realty Corp."
continu-
The National City Bank of New York opened for business
on Dec. 2 its new branch bank building in the heart of the
business and financial section of Buenos Aires. The new
building conforms to the type of structure decided upon
some time ago by the National City management as suitable
for reproduction anywhere in the world with minor alterations in detail. Practically all units established since the
new design was standardized consist of exteriors of limestone, the chief feature being the decoration over the main
entrance consisting of conventionalized American eagles
carved on either side of the bank's seal, which is wrought
in gold. The building rises six stories above the street level
and has two floors below the street for modern vaults. The
upper three floors of the building are to be occupied by the
American Club of Buenos Aires. The lobby of the bank,
40 feet high, 55 feet wide, and 65 feet long, is finished in
various imported marbles with Botticino marbles predominating. The first modern airship beacon in South America
will be mounted on the rtiof of the new building, its beam
according to the Boston "Herald" of Dec. 3, which,
ing, said:
and the Old Colony
The bank, by so voting, will double Its capital stock,
rs to subscribe to the new
Corp., by buying the rights of all stockholde
stock, thus purchases an interest in the Concord bank.
personnel of
Two important changes were made in the
of Newark,
Co.
Trust
the New Jersey National Bank &
of Nov. 30.
"News"
Newark
the
to
g
N. J., recently, accordin
promoted
was
Cashier,
Frederick J. Kugelmann, heretofore
Cashier of
formerly
Hill,
W.
Roger
and
t,
to a Vice-Presiden
d Cashier
the Colonial Trust Co. of Newark, was appointe
John J.
of
request
the
At
nn.
Kugelma
Mr.
to succeed
Bank &
National
Jersey
Stamler, President of the New
Colonial
the
of
t
Presiden
I.
Kessler,
Samuel
Co.,
Trust
will assume
Trust Co., consented to release Mr. Hill and he
was born in
his new duties on Dec. 9. Mr. Kugelmann
Broad &
Orange, N. J. He began his banking life with the
runner, rising
Market National Bank & Trust Co. as a
ve promotions.
through the various departments by successi
3580
FINANCIAL CHRONICLE
[Vol. 129.
Mr. Hill, on the other hand, began his banking career in capital of the consolidated
institutions will exceed $38,000,the Brookline Trust Co., Brookline, Mass., in 1912 as a 000, and total resources will be
more than $220,000,000.
measenger. Three years later he entered the Merchants'
National Bank of Boston and subsequently (1922) became
Incident to the $3,592,000 shortage in the Union Industrial
Colonial Trust Co. of Newark in 1927.
Bank of Flint, Mich. (our last reference to which appeared
in the "Chronicle" of Nov. 30, page 3423), advices from
Advices to the New York "Times" from Passaic, N. J., on Flint on Nov. 30 to the "Wall Street Journal" stated
that
Nov. 27 stated that William A. Dougherty, City Treasurer the guarantee of Charles S. Mott, President of the
Bank,
of Garfield, N. J., had been appointed President of the that depositors would lose nothing through the defalcations
Garfield Trust Co. to succeed George F. Wright, former of the 16 former officers and employees of the institution, has
Republican leader of Passaic County, who died recently, been taken over by the stockholders. The dispatch said in
and that James N. Wright, son of the former President, had part:
At a meeting held Nov. 29, attended by 250 stockholders of the bank,
been made a director of the institution.
it
On Nov. 30 the proposed consolidation of the First National Bank of Scranton, Pa., capitalized at $3,000,000, and
the Traders' National Bank of that city, capitalized at
$1,000,000, was consummated under the title of the First
National Bank of Scranton, with capital of $5,000,000. The
approaching union of these banks was indicated in the
"Chronicle" of Sept. 28, page 2014.
According to last night's (Dec. 6) Brooklyn "Eagle",
Joseph R. Wilson, Jr. has been appointed Executive VicePresident of the newly organized Fidelity Bank & Trust Co.
now in process of organization in Wilmington, Del., and
which is controlled by the First Trust Bank Stock Corp. of
535 Fifth Ave., New York. The "Eagle" went on to say:
Mr. Wilson was formerly manager of the Natonal City Bank branch in
Havana. also manager of the Chase National Bank branch in Havana and
in the New York City office of the National City Bank he was asst. cashier.
The Fidelity Bank & Trust Co. is being organized, using a 30-year-old
title and trust charter, which has lain dormant. A. I. duPont was one of
the original organizers. It will have $12,000,000 capital.
was voluntarily agreed that they would post 25% of the value of
their
holdings pending investigation of the loss which is estimated at a maximum
of $3,582,000. Net loss of the bank with resources of over
i30.000,000
and capital and surplus of $3,000,000, is not expected to be more
than
32,000,000.
The "Michigan Investor" in its Nov. 30 issue, with reference to the affairs of the Flint bank, stated that H. R.
Wilkin, the Executive Vice-President of the institution, had
announced the appointment as Asst. Cashier of Charles J.
French, Secretary and Manager of the Flint Citizens' Loan
& Investment Co. and prominent in the city's affairs. The
same paper also stated that Grant J. Brown, former President of the Union Industrial Bank, had tendered his resignation as President both of the Peoples' State Bank of Flushing,
Mich., and the Lennon State Bank at Lennon, Mich. Mr.
Brown, as noted in our issue of Nov. 30, page 3423, is now
at liberty under a $100,000 bond for alleged swearing to a
false statement to the Michigan Banking Department as to
the condition of the Union Industrial Bank on Dec. 31 1928.
In its issue of Nov.30, the Milwaukee "Sentinel" reported
The proposed organization of the Wilmington bank with that a new financial institution to be known
as the State
capital of $12,000,000, was noted in our issue of Oct. 12, Bank of Milwaukee, would open on that day
in its building
page 2489.
on Fourth St., between Wisconsin Ave. and Wells St. The
new bank begins with a capital of $400,000 all of which has
As of Nov. 26, the Merchants' & Farmers' National Bank been paid in (having been
oversubscribed) and surplus of
of Greensburg, Pa., capitalized at $150,000, was placed in $100,000. It will do a general
banking business, and will
voluntary liquidation. The institution was absorbed by have a safe deposit department
and a night depository.
the Union Trust Co. of Greensburg.
George F. Ruez heads the insitution with B. V. Dela Hunt,
Vice-President, and Merwin M.
The proposed union of the City National Bank of Com- was formerly a Vice-President Meyer, Cashier. Mr. Ruez
and a director of the Mermerce, Columbus, Ohio, and the Commercial National Bank chants' & Manufacturers' Bank
of Milwaukee. For many
of the same city, both capitalized at $600,000, became effec- years he was President of the
Badger Talking Machine Co.
tive on Nov. 30. The new organization, the City National and the Interstate Sales Co., and before going
to Milwaukee
Bank & Trust Co. of Columbus, is capitalized at $1,200,000. was in the investment business in Northern
Michigan. Mr.
It has one branch in Columbus, namely, the former branch Hunt for many years was an active official of the
Merchants'
of the City National Bank of Commerce. An item with & Manufacturers' Bank, and Mr. Meyer was formerly
assoreference to the proposed consolidation appeared in our ciated with the First National Bank of Milwaukee
and later
issue of Oct. 12, page 2338.
was a director of the Sherman Park State Bank of that city.
The Lorain Street Savings & Trust Co. of Cleveland, Ohio,
The Board of Directors of the Merchants' National Bank
announces the consolidation of the Community Bank of of Watertown,
Wis., announce the death of their President,
Lakewood (P. 0. Cleveland) with the institution. F. W. Charles E. Frey
on Nov. 24 1929.
Staffeld has been elected a Vice-President of the combined
institutions and will continue in charge of the Lakewood
From the Milwaukee "Sentinel" of Nov. 30, it is learned
office. The announcement says:
that at their regular meeting on Jan. 2 next, the stockholders
The many facilties of The Lorain Street Savings & Trust Co., including of the
National Bank of Commerce of Milwaukee will vote
trust and fiduciary powers, will afford the people of Lakewood an opporon a proposed reduction in the par value of the bank's shares
tunity to enjoy the service of a long-established institution.
The Lorain Street Savings & Trust Co., in addition to its from $100 to $10 a share and an increase in the capital from
main office at 16010 Detroit Ave., Cleveland, maintains an $1,000,000 to $2,000,000, recently recommended by the
office at Lorain Ave. at W. 130th St., known as the West directors. If the proposals are approved by the shareholders,
130th office. Vice-President A. L. Weyland is in charge of the bank will have a capital of $2,000,000, consisting of
of this office. The personnel of the enlarged bank is as 200,000 shares of the par value of $10 a share, making it,
follows: A. H. Tinnerman, President; E. Rice, Henry Hertel, according to the "Sentinel" the second largest bank in point
A. F. Leopold, F. W. Staffeld and A. L. Weyland, Vice- of capital in Milwaukee, exceeded only by the First Wisconsin
Presidents; John R. Cleary, Treasurer; R. W. Hones, Sec- National Bank. It is believed, the paper mentioned said,
retary; L. F. Acklin and R. W. R,eitsman, Asst. Treasurers; that present stockholders will be asked to waive rights to
R. C. Elmer and C. Ward Bettes, Asst. Secretaries; Adeline purchase the new stock in order that a wider distribution may
Reinker, Auditor; W. C. Markworth, Asst. Auditor, and be obtained as part of the bank's expansion program. As
Carl W. Schaefer, Trust Officer and Counsel. The Lorain of Oct.4,the date of the last National bank call, the National
Bank of Commerce had deposits of $9,106,000 and resources
Street Savings & Trust Co. was established in 1891.
of $12,941,000. Officers of the institution are as follows:
Herman
Proposed union of the Foreman National Bank,of Chicago, E. A. Fehr, President; Alfred G. Schultz, W. G. Whyte,
Reddeman, and Walter C. Georg, Vice-Presidents;
the Foreman Trust & Savings Bank, and the State Bank of H.
W. Zummach, Cashier; M. F. Bahr, Assistant to the
Chicago, to form the Foreman-State National Bank and the
President, and W. J. Steiner, Arthur C. Murray, B. G.
Foreman-State Trust & Savings Bank, was ratified by the Daily
and R. W. Meinicke, Asst. Cashiers. The "Sentinel"
respective stockholders of the institutions on Dec. 4, accordfurthermore
said in part:
ing to advices from that city on Dec. 5, appearing in the
The decision of the directors to increase their capital is Interpreted
as
"Wall Street News." The dispatch further stated that the Indicating that the bank
will continue as an independent institution. It
, securities affiliate of the banks will be known as the Foreman- was rumored early this fall that a plan was being worked out for the affiliaof the National Bank of Commerce with two or three other large downState Corp. As stated in the "Chronicle" of Nov. 9, page tion
town banks in a group somewhat similar to that headed by the First
Wis2962 (our last previous reference to the merger), the invested consin
DEC. 7 1929.]
FINANCIAL CHRONICLE
A little later both the Northwest Bancorporation of Minneapolis and the
First Wisconsin National Bank were believed to be negotiating for control
of the National Bank of Commerce.
Organization of a new bank at Litchfield, Minn., as an
affiliate of the First Bank Stock Corp. of Minneapolis to
take over the operations of the Bank of Litchfield was
announced recently by P. J. Leeman, Vice-President and
General Manager of the corporation. The new bank takes
the name State Bank of Litchfield. It assumes the deposit
liabilities and acquires the assets of the old bank. The
new bank is to be capitalized at $100,000 with a paid-in
surplus of $25,000 and undivided profits of $25,000. The
operating bank had deposits of $1,088,492 and total resources
of $1,213,492 as of Oct. 4, the date of the last call statement. Organized in 1890, the Bank of Litchfield is one of
the largest in Meeker County. In recent years T. F. McClure
and E. W. Campbell of Litchfield have been its principal
owners. The new bank becomes the 35th affiliate in Minnesota of the holding company, which now includes 74 banks
and trust companies in the Ninth Federal Reserve District,
with resources in excess of $440,000,000.
Acquisition of the St. John State Bank at St. John, N. D.,
and its consolidation with the First National Bank of
Rolla, N. D., was also announced by Mr. Leeman. The
consolidation added deposits of $62,483 to the Rolla bank.
Since the above, Mr. Leeman has announced the affiliation
of two more Minnesota banks with the Corporation, namely
the First National Bank of Windom, and the First National
Bank of Spring Valley. Concerning the first named institution, a statement by the Corporation says in part:
3581
The Leeds-American National Bank of Leeds, Ala., has
changed its title to the Leeds-American National Bank.
Three Fairmont, West Va., banks were consolidated on
Nov. 27, namely, the People's National Bank (capital,
$200,000), the Fairmont Trust Co. (capital, $200,000), and
the Home Savings Bank (capital, $100,000). The new institution is known as the Union National Bank of Fairmont,
and is capitalized at $420,000.
That depositors of the defunct People's Bank of Jacksonville, Fla. (the failure of which on July 5 last was referred
to in our issues of July 6 and July 13, pages 81 and 228,
respectively), would receive an initial dividend of approximately 20%, beginning Monday of this week (Dec. 2), was
announced on Nov. 28 by Joseph R. Dunn, receiver for the
institution, according to the Florida "Times-Union" of
Nov. 29. Mr. Dunn's statement follows:
"Joseph R. Dunn, receiver for the People's Bank of Jacksonville, has
declared a dividend of 20% for the depositors in this band, which closed
its doors on the 5th day of July 1929.
"He now has in his possession checks on the Treasurer of the State
of Florida for 20% for all the depositors who have filed their proofs of
claim, and would very much like to have the depositors come into the
bank and get their dividend checks."
The payments will total approximately $120,000, or 20%
of $600,000, which is the amount covered by proof of claims
filed up to date, according to Mr. Dunn. While the initial
payments, it was said, would be made to only about one-third
of the depositors, Mr. Dunn stated that the others would
receive a similar dividend as soon as they file their proof
of claim and make application for the money. The receiver
For many years the First National of Windom has been one of the was also reported as saying that he could not predict defi"honor roll" banks of Minnesota for its maintenance of large capital
retierve in addition to its corporate capitalization. It is capitalized at nitely when another dividend would be paid.
$75,000 with surplus of $75,000 and undivided profits of $30,000, a
total capital structure of $180,000. Deposits are $1,258,487 and resources
$1,574,899.
The corporate organization is as follows: W. J. Clarke, President;
Carl Nelson, Vice-President; T. A. Perkins, Cashier ; N. M. Nelson, Assistant
cashier; O. J. Nelson, Assistant Cashier. . . . There will be no change
in the management. Mr. Clark has been with the bank since 1885, when
it was changed from a private bank into a State chartered depositary
and has been its president since 1912. Ile was formerly Mayor of Windom.
Mr. Perkins, the son of the late A. D. Perkins, one of the founders of the
bank, joined the staff in 1897 and became cashier in 1912.
With reference to the First National Bank of Spring
Valley, the acquisition of which by the Corporation was
announced on Thursday of this week (Dec. 5), a statement
by the Corporation contains the following:
Southern Minnesota units of the group now number 14. The Spring
Valley bank is the 76th affiliate of the corporation in the Ninth Federal
Reserve district and total resources of the group are approximately
$447,000,000.
The present organization will continue in charge at Spring Talley. It
Is composed of Lyle Hamlin, President; C. A. Gilbert, Vice-President;
E. M. Lloyd, Vice-President; George C. Gullickson, Cashier, and Clifford
J. Bowers, Assistant Cashier. . . .
Organized by Winona interests in 1902 as the successor to a private
bank, the First National of Spring Valley soon passed into the hands of
'local owners. In recent years its stock has been held by 35 residents of
Spring Valley. The bank is capitalized at $50,000 with surplus of $35,000
and undivided profits of $17,036, a total capital structure of $102,036.
As of Oct. 4, the date of the last national bank call, deposits were
$1,236,342 and total resources $1,574,899. . .
Affiliates of the First Bank Stock Corporation in Southern Minnesota
now include the First National Bank of Rochester, the Austin National
and the First National of Austin, the Farmers National and First National
of Blue Earth, the First National of Fairmont, the First National of Heron
Lake, the First National of Mankato, the Northfield National Bank & Trust
Co.; the First National of Owatonna, the Pipestone National Bank of
Pipestone, the Security National Bank & Trust Co. of Red Wing and the
First National of Windom.
Advices by the Associated Press from Grand Rapids,
Mich., on Nov. 21, printed in the Detroit "Free Press" of
the following day, reported that the Industrial Bank of
Grand Rapids would open for business on Nov. 25 as the
Union Bank of Michigan, continuing its present business.
The dispatch went on to say:
It has been granted a new charter and its capital and surplus of
$1,000,000 has been fully subsoribed. It is explained the change is merely
to expand its business. John E. Frey will be President.
A charter was issued by the Comptroller of the Currency
on Nov. 26 for the Security National Bank & Trust Co. of
Red Wing, Minn. The new institution, which succeeds the
Security Bank & Trust Co., is capitalized at $100,000. W. H.
Putnam is President and R. W. Putnam, Cashier.
The directors of the United States National Bank of
Omaha, Neb., announce the organization of a trust department to furnish complete fiduciary service, succeeding to
the trust business formerly conducted by its affiliated institution, the United States Trust Co.
Announcement was made on Nov. 27 of the appointment
of Everett H. Seaver as President of the Western National
Bank of Los Angeles, Calif., according to the Los Angeles
"Times" of the following day. Mr. Seaver, who heretofore
was an active Vice-President of the institution, succeeds
Wade E. Hampton, who resigned recently to devote his
time to outside business interests. Mr. Hampton remains
with the bank as a director. Prior to entering the Western
National Bank as a Vice-President, Mr. Seaver was in the
general investment business. Other officers of the institution besides the new President are: J. B. McCook, Chairman of the Board of Directors; S. C. Hookstratten, VicePresident, and Cecil Casey, Cashier. The paper mentioned
went on to say:
Deposits of the Western National have shown a consistent growth, according to the last statement. Between Dec. 10 1928 and Oct. 4 last, the date
of the last bank call, deposits increased from $969,408.26 to $2,102,439.79.
Announcement was made in Portland, Ore. on Nov. 29
that negotiations had been completed for the purchase of a
controlling interest in the Columbia National Bank of that
city, formerly the Brotherhood National Bank, by the
Calitalo Investment Corp.(a holding company) of San Francisco, according to the Portland "Oregonian" of Nov. 30.
Purchase of two other Northwest banks, the Brotherhood
Co-operative National Bank of Tacoma, Wash., and the
North Coast Bank & Trust Co. of Seattle, also was announced. Stockholders of the Portland bank, it was said,
recently voted to increase the capital from $200,000 to $500,000 and to change the name of the institution. The bank's
statement as of Oct. 4 1929 showed deposits of $2,196,404
and resources of $2,676,004. The institution was organized
in January 1924, as the Brother Co-operative National Bank,
and was owned until the present deal by the Brotherhood of
Locomotive Engineers with headquarters in Cleveland, Ohio.
Officers of the institution are: Dan J. Allman, President;
Bert V. Chappell, First Vice-President; Frank N. Wells,
Vice-President; H. C. Baker, Cashier, and Sydney H.
Kromer, Asst. Cashier. Mr. Chappell, the First VicePresident, was reported as saying:
"We do not anticipate any change in the personnel or policies of the
Columbia National. The Calitalo corp. has owned the City National
Bank of San Francisco since last April and hasshown a disposition to let the
bank directors manage its affairs without dictation from the holding company."
The "Oregonian" furthermore said:
The Calitalo corp. now controls six banks, including the three in the
Northwest. The others are the City National of San Francisco, the Delta
Bank of Rio Vista (Cal.) and the Bank of Courtland (Courtland, Cal.).
It is reported that the corporation has a five-year program in view to acquire
a chain of banks from the Mexican to the Canadian borders. COararl to
rumors,it is said to have no connection with the Bancitaly corp., one of the
Giannini companies
3582
FINANCIAL CHRONICLE
The tenth ann..1 report of the British Overseas Bank,
Ltd. (head office London), covering the fiscal year ended
Oct. 31 1929, was presented to the shareholders at their
general annual meeting on Dec. 3. The statement shows
net profits for the period, after allowing rebate of interest
and providing for all bad and doubtful debts, and income
tax, of £159,928, which, when added to £58,202, the balance
to credit of profit and loss brought forward from the last
account, made £218,130 available for distribution. From
this sum £30,000 was deducted to pay an interim dividend
on the "A" ordinary shares at the rate of 6% per annum
(less income tax) for the six months ended April 30 1929,
and income tax thereon, leaving a balance of £188,130,
which was allocated as follows: 130,000 to take care of a
dividend of 6% per annum (less income tax) for the half
year ended Oct. 31 1929, with income tax thereon; £60,000
to pay a dividend on the "B" ordinary shares at the rate of
6% per annum (less income tax) for the year ended Oct 31
1929, together with income tax thereon; 125,000 transferred
to reserve fund; 15,000 applied to reduction of premises
account, and £10,000 contributed to pensions and allowance
fund, leaving a net balance of 158,130 to be carried forward
to the current year's profit and loss account. Total assets
are shown in the report as £12,056,449, and current deposit
and other accounts at £5,113,907. The bank's paid-up capital stands at £2,000,000 and its reserve fund (including
the £25,000 mentioned above) at 1225,000. The Right Hon.
Viscount Churchill, G.C.V.O., is Chairman of the Board of
Directors, and Arthur C. D. Gairdner, Dep. Chairman and
Managing Director.
The Standard Bank of South Africa, Ltd. (head office
London), through its New York agent, announces that the
Board of Directors have resolved, subject to audit, to pay
to the shareholders an interim dividend for the half-year
ended Sept. 30 last, at the rate of 14% per annum, subject
to income tax. Dividend warrants will be posted on Jan. 24
next. The bank's investments stand in its books at less
than the market value as at Sept. 20, and all usual and
necessary provisions have been made.
Barclays Bank (Dominion, Colonial and Overseas) has
declared a final half yearly dividend for the year ending Sept.
30 1929, amounting to 234% and making the total dividend
for the year 4M%. This compares with dividends of 334%
for 1926-1927 and 4% for 1927-1928
Norman C. Stenning, President of the Anglo-South American Trust Co., is in receipt of advices from the home office
in London announcing that at an extraordinary meeting of
shareholders of the Anglo-South American Bank, Ltd., it
was unanimously authorized to issue 1,265,340 "B" shares
of £1 each fully paid up. These shares will rank pani passu
for dividend with the existing £10 shares (£5 paid up) up
to 10% per annum, and any dividends distributed in excess
of 10% shall belong to the old class of shares which are
now designated "A" shares. No preferential rights will
be attached to either class and dividends will be noncumulative. "B" shares will be offered to existing shareholders of record of Nov. 28 in the proportion of ten to
every seven "A" shares now held, excluding fractions of
"B" shares at a premium of 5/ each. Letters of rights to
existing shareholders have been posted. The present
authorized capital of the bank is £10,000,000, of which
£8,734,660 had previously been issued in shares of £10 each,
and £4,367,330, or £5 each paid np. The new issue will
Increase the issued capital to £10,000,000—the paid up capital to £5,362,670. The bank's reserve fund at June 30 1929
was £3,356,604.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been fairly bouyant the present
week, though at times there have been brief periods of
irregularity due to profit taking that have temporarily
checked the general advance. On Monday speculative
interest was directed toward the so-called specialties, but
as the week advanced these were superceded by the railroad
shares and industrial issues. Public utilities also have attracted a generous share of the buying, but oil stocks and
motor shares have lagged behind most of the time. The
weekly statement of the Federal Reserve Bank made public
[vor.. 129.
at the close of business on Thursday showed a further reduction of $58,000,000 in broker's loans. Call money renewed at 434% on Monday and remained unchanged at
that rate throughout the week. The outstanding feature
of the week was the announcement on Thursday by the
Treasury of an offering of $325,000,000 of nine-months
3%3% certificates of indebtedness as part of its December
financing program. This will be supplemented on Dec. 10
by an offering of about $100,000,000 of 90-day non-interestbearing treasury bills.
Stocks displayed considerable firmness as trading was resumed on Monday, after the three day recess, though the
market eased off toward the final hour and most of the
active issues closed with only moderate advances above
Wednesday's close. One of the features of the day was the
sharp bulge in Columbia Carbon which bounded forward
to 173 with a gain of 28 points, though it slipped back to 170
and closed at that figure with a net gain of 255% points on
the day. United Carbon shot ahead 7 points and closed at
525% while Union Carbide gained 3 points and closed at 80.
General Electric also ran up to 220 with an advance of 6
points and Westinghouse improved 3 or more points as it.
closed at 1363'2. In the specialties group J. I. Case was the
outstanding feature as it forged ahead nearly 13 points to
2073/2, followed by Johns-Manville which scored a gain of
5 points as it reached 122. In most of the other groups the
range of prices were confined within comparatively narrow
limits, American Tel. & Tel. for instance was up about a
point as it closed at 2245%„ Montgomery Ward was off
fractionally at 56%, and United States Steel, common sold
up to 1623/2 but slipped back to 1613/2 with a loss of %
points, Copper shares were heavy as rumors of a coming out
in the price of metal were again frequently heard.
On Tuesday the market again moved upward with renewed
buoyancy and a substantial increase in the volume of trading
was recorded in a large part of the list, particularly in the
railroad and industrial groups. Wabash was one of the
outstanding strong stocks as it surged forward 8 points and
crossed 51, followed by Missouri Pacific which sold above
76 with a gain of over 7 points. Other noteworthy gains
in this group were Kansas City Southern 4 points to 82,
Erie 2 points to above 56, New Haven 4 points to 115,
Western Maryland 7 points to above 29, Atchison 534 points
to 22334, Chesapeake & Ohio 334 points to 200, Atlantic
Coast Line 2 points to 180 and Missouri, Kansas and Texas
3
Copper stocks came back active and
55% points to 43%.
strong under the leadership of Anaconda which gained 4
points to 803'2, Kennecott shot ahead 3 points to 609j, and
American Smelting was up nearly 2 points at 733/2. J. I.
Case added 12 points to its gain of the preceding day and
closed at 220, Sear Roebuck improved more than 8 points
and closed at 103. J. C. Penny advanced about 3 points to
close at 813/2. The largest gains in the industrial list included General Electric 103( to 231, Westinghouse Electric
63/2 to 143; Amer. Tel. & Tel. 25% points to 227; Allied
Chemical & Dye 5 to 252; Amer. Can 45% points to 1185%;
Columbia Gas & Electric 534 points to 765%, United States
Steel common, 55% points to 1665% and Standard Gas &
Electric 15% to 1275%. Motor stocks were in strong demand
and moved briskly forward under the guidance of Auburn
Auto which scored an advance of 24 points to 174, followed
by General Motors, Chrysler, Hudson, Hupp, Nash and
Mack Truck with substantial gains. Oil shares and merchandising stocks also were higher.
The market maintained an active and buoyant tone on
Wednesday, though there was more or less irregularity in the
final hour and some stocks eased off somewhat from the
highest levels of the day. Tobacco stocks attracted a lot of
speculative attention, particularly Porto Rican American
Tobacco(A)shares, which shot ahead about 10 points to
745%. Liggett & Myers,(B)stock improved about 3 points to
993/2 and R J. Reynolds was up about 3 points as it closed at
515%. The best gains of the day were established by Allied
Chemical & Dye 8 points to 260, Sears Roebuck 35% points
to 1055%, Columbian Carbon 17 points to 1885%, General
Electric 734 points to 23834, American Can about 3 points
to 121, and Timken Roller Bearing 4 points to 79. Public
utilities were represented on the upside by American Water
Works & Electric which improved 12 points to 102, American
& Foreign Power 43/2 points to 855%, Detroit Edison 19
points to 2143/
2, Brooklyn Union Gas 55% points to 143%,and
Standard Gas & Electric 43/2 points to 1315%. Railroad
shares were again in the foreground and surged upward under
the leadership of Atchison which moved briskly forward 63/2
3583
FINANCIAL CHRONICLE
DEC. 7 1929.]
EXCHANGE
TRANSACTIONS AT THE NEW YORK STOCK
points to 230 followed by Rock Island with a gain of about
DAILY, WEEKLY AND YEARLY.
3 points to 119M, and Missouri Pacific which advanced 33i
United
State,
Railroad,
Stocks,
points to 834. New York Central gained 23 points at
StaMs
Mtaitcipal &
&c.,
Number of
Week Ended Dec. 6.
Bonds.
Bonds.
Foreign
Bonds.
Shares.
1773.', New Haven 13 points at 113, Norfolk & Western
HOLI DAY
7M points as it crossed 236, and Pere Marquette 5 points as Saturday
8346,000
84.635.000
2.513,240 812,463,000
Monday
372,000
3,773.000
It closed at 155. The motor shares made little progress with Tuesday
11,346,000
3.809.150
543,000
3.502,000
15,990,000
4,437,460
Wednesday
the possible exception of Auburn motor which jumped up- Thursday
1.429,000
3,168.000
10,744,000
4,377,110
889,000
2,162,000
9.548,000
4.714.800
Friday
ward 8 points to 182.
13.579.000
10 6.01 onn tan noi ono 117.200.000
m........,
On Thursday the market turned irregular after a strong
and bouyant opening due in a measure to unusually heavy
Jars. 1 to Dec. 6.
Week Ended Dec.6.
Sales at
realizing among the stocks that registered advance during
New York Sock
1928.
1929.
1928.
1929.
Exchange.
the forepart of the week. Public utility stocks were in
strong demand throughout the session and advances ranging Stocks-No.of shares_ 19,851,760 28,033.410 1,060,983.040 831,992,919
Bonds.
from three to six or more points were recorded in this group. Government
3172,597.750
8129,823.000
bonds--- 83.579,000 82.642,000
709,844.135
611,493,650
sold
which
Works
Water
foreign bonds 17,200,000 14,055,000
State
American
and
included
stocks
The strong
2,118,944,176
2,049.100,800
34,602,000
60,091.000
Railroad & misc. bonds
up to 108 and closed at 103 with a net gain of one point.
880,870.000 851.299,000 82.790.417.450 $3,001,386.061
Total
American & Foreign Power which scored a net advance of
AT THE BOSTON. PHILADELPHIA AND
Gas
Union
TRANSACTIONS
Brooklyn
and
DAILY
two points and closed at 873.,
BALTIMORE EXCHANGES.
which sold up to 1513‘ and closed,at 147M with a net gain
Baltimore.
Philadelphia.
of 38% points. New York Traction issues were unusually
Boston.
Week Ended
active especially Interborough which bounded forward 23/2
Bond Sales.
Shares.
Sates.
Bond
Shares.
Sales.
Bond
Shares.
Dec.6 1929.
points to 223( and Brooklyn Manhattan.Transit which reHOLI DAY
DAY
HOLI
DAY
HOLI
Saturday
18,800
3,596
6,500
850,000 a87.220
corded a gain of 23/i points as it closed at 63. The specialties Monday
.82,950
27,400
3,107
40,000
41,000 a84,467
*79,359
21,600
4,558
were represented in the advances by Columbia Graphophone Tuesday
7,000
0114,025
38,000
*77,667
Wednesday
25,000
3,875
32,600
28,000 6135,613
*67,414
which showed a gain of two points at 333/i and by General Thursday
38,000
3,384
22,000 117,400
68.915
Friday
Railway Signal which advanced 33/2 points to 93M. Trading
18,520 $130.800
886,100
376,305 8179,000 538,725
Total
was somewhat sluggish during the early part of the session
on Friday but following the announcement, about mid- Preto scoolr rovisuarl
•In addition sales of rights were: Monday, 175; Tuesday, 198; Wednesday, 216:
session of a four to one split up of General Electric shares Thursday,
285.
a In addition sales of rights were: Monday. 77,200; Tuesday. 93,000; Wednesday,
moved
the
market
dividends
in
increase
a
with prospective
169,700; Thursday, 162,200.
vigorously forward and substantial gains were recorded all
along the line. General Electric was in immediate demand
ENGLISH FINANCIAL MARKET-PER CABLE.
and crossed 250 with a gain of more than 20 points. Westdaily closing quotations for securities, &e., at London,
The
inghouse followed with a jump of 10 points to 151M and
as follows the past week:
Allis Chalmer shot ahead 4 8 points to 79. United States as reported by cable, have been
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sal.,
Steel, common, was particularly strong and forged ahead
Dec. 6.
Dec. 5.
Dec. 4.
Dec. 3.
Dec. 2.
Noy. 30.
2254
227-16
224
22 7-16
4. Allied Chemical & Dye was in sharp Silver, p. oz-d_ 22 9-16 22%
seven points'to 1713
Gold. p.fine os 843.1110. 84s.11 3d. 849.1lytd. 848.1110. 846.11%d. 846.1130.
demand and closed with a net gain of 14 points as it crossed Consola.254V
5284
5214
528
52
53
---9914
9984
99II
998(
-9914
6%------279. Other stocks noteworthy for their strength were Air British.
9354
9354
9354
9354
354
British, 454
Reduction which gained 334 points to 136M, Brooklyn French Rentes
81.25
81.20
81
80.80
(in Paris)_fr_ ---..
4, American French
Union Gas which improved 63( points to 1533
War L'n
106
105.85
105.70
105.55
---Paris)_fr_
Can which crossed 122 with a gain of 43 points and Amer.
The price of silver in New York on the same days has been:
4 with a gain of 33( points. Silver
Tel. & Tel. which closed at 2303
in N.Y.. per ca. (eta.):
4954
4954
4954
4934
Holiday 4914
The final tone was good.
Foreign
Course of Bank Clearings
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, Dec. 7) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will be 7.8% smaller than for the corresponding week
last year. Our preliminary total stands at $13,844,878,562,
against $15,021,943,980 for the same week in 1928. At this
centre there is a loss for the five days ended Friday of 8.3%.
Our comparative summary for the week follows:
1929.
1928.
Per
Cent,
$7,589,000.000
639,989.922
618,000.000
491,000,000
115,867,945
136,300,000
179.528.000
168,379.000
162,033,511
160,758,755
123,791,279
87.383,165
63,651,105
$8,275,000,000
880,641,360
586,000,000
461.000,000
124,597,294
131,800,000
211,496,000
199,186.000
165,860,516
196.000,000
122,622,508
96,459.133
72,435,946
-8.3
-6.0
-I-5.5
+6.5
-7.0
+3.4
-15.1
-15.5
-2.3
-18.0
+1.0
-9.4
-12.1
Thirteen elles,5 days
Other cities. 5 days
810.535,682,682 811,323,098.757
1,001,716,120
1,225,805,030
-7.0
-18.3
Total all cities.5 days
All cities, 1 day
111.537,898,802 312,548,903,787
2,307,479,760
2,473,040,193
-8.1
-6.7
113.844.878.562 115.021.943.980
--7 a
Clearings--licturns by Telegraph.
Week Ending Dec. 7.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly in the above the last day
of the week has in all eases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Nov. 30.
For that week there is a decrease of 18.7%, the aggre-
gate of clearings for the whole country being $10,397,865,999,
against $12,782,952,729 in the same week of 1928. Outside
this city the decrease is 5.7%, the bank exchanges at this
centre having recorded a loss of 24.9%. We group the cities
now according to the Federal Reserve districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, there is a decrease of
24.5%, but in the Boston Reserve District clearings are
larger by 4.9% and in the Philadelphia District by 25.2%.
The Cleveland Reserve District has suffered a loss of 7.3%,
the Richmond Reserve District of 8.5% and the Atlanta
Reserve District of 15.7%. The Chicago Reserve District
falls 23.6% behind the St. Louis Reserve District 16.4%
and the Minneapolis Reserve District 16.6%. In Kansas
City Reserve District the loss is 3.1% in the Dallas Reserve
District 19.7% and in the San Francisco Reserve District
14.3%.
SUMMARY OF BANK CLEARINGS.
Week End. Nov. 30 1929.
1929.
1928.
Inc.or
Dec.
1927.
1926.
8
8
8
8
%
Federal Reserve Diets.
661,761,814
619,786.603
569,558,861 +4.9
597,529,247
1st Boston- - --12 cities
6,600,221,680 8,740,740,020 -24.5 7,753,931,558 6,132,563,741
2nd New York_11 "
648,330,699
664,288,182
573,035,169 +25.2
713,737,917
3rd Philadel la_10 "
437,692.004
436,962,304
388,341,146 -7.3
369,117,384
4th Cleveland-- 8 "
218,898,575
222,990,357
161,769,867 -8.5
148,103,407
5th Richmond _ 6 "
213,729,152
191,412,083
172,108,170 -15.7
145,160.045
6th Atlant,s_-13 "
782,065,119 1,024,156,656 -23.6 1,020,826,35 1,023,764,845
7th Chicago .....20 "
248,041.416
-16.4
226,514,432
216,635,453
181434,855
8
Louis-85.
8th
150,131,521
128,343,933
125.086,450 -16.6
104.245,785
9th Minneapolis 7 "
539,469.819
204,054,803 -3.1
253,563,487
197,824,948
10th KansasCity 12 "
88,006,132
85,026,967 -19.7
68,307,827
96,646.572
5 "
11th Dallas
625,645,537
672,434,16 -14.3
490,417,786
678,499,339
12th San Fran 17 "
129 elites 10,397.868,999 12,782,952,729 -18.7 12,279,917,156 10,501,057,736
Total
3.929,055,756 4,165,803,033 -5.7 4,674,888,790 4,512,711,049
Outedde N. Y. City
„
.
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of November. For
that month there is an increase for the entire body of clearing
houses of 15.7%, the 1929 aggregate of the clearings being
$65,484,149,746, and the 1928 aggregate $56,615,581,897.
3584
FINANCIAL CHRONICLE
[VOL. 129.
November
Jan. 1 to Nov. 30The 1929 total at $65,484,149,746 while it does not establish
(000,0003
1929. 1923. 1927. 1926. 1929. 1928. 1927. 1926.
a new high total among all the months, is the highest figure
om(tted.)
$
3
$
$
ever reached in the month of November. The greater part Buffalo
280
255
228
220 3,169 2,586 2,429 2,287
Paul
113
146
151
141
1,323 1,476
1,413
1,472
of the increase is due, however, to the increase of the clearings St.
111
106
101
1,188
Indianapolis
99
1.109 1,104 1,089
178
174
159 1,702 1,695 1,581
123
1,539
at New York City, where the gain for the month of November Denver
Richmond
236
224 2,120 2,106 2,299 2,277
228
214
131
142
133
115
1,128
1,043
is 20.6%. In the New York Reserve District the clearings Memphis
1.077 1,095
Seattle
208
208
200
193 2,475 2,324 2,155 2,158
show an expansion of 20.6%,in the Boston Reserve District Hartford
68
59
971
826
751
81
71
732
84
81
935
860
822
97
83
833
of 32.5% and in the Philadelphia Reserve District of 23.7%. Salt Lake City
Total
81,179 52.626 44.286 37,271 630.470 530.747 460.635 433,026
The Cleveland Reserve District shows a gain of 5.7% and Other
cities
4,305 4,031 3.958 3,821 44,081 42,134 41,663 43,445
the Ricmond Reserve District of 5.1% but the Atlanta
Total all
65,484 56.657 48.244 41,092 674,551 572,881 502,298 476,471
Reserve District has suffered a loss of 4.1%. The Chicago Outside of N.Y.C.22,394 20,941 20,159 18,840 230,408 220,371 212.974 212.831
Reserve District falls 1.0% behind the St. Louis Reserve
The following compilation covers the clearings by months
District 4.2% and the Minneapolis Reserve District 7.6%. since Jan. 1 in 1929 and 1928:
The Kansas City Reserve District suffers a decrease of 1.2%,
MONTHLY CLEARINGS.
the Dallas Reserve District of 5.4% and the San Francisco
Clearings,
Total
Clearings Outside New York.
All,
Reserve District of 1.2%.
31 A.
In the following we furnish a summary by Federal Reserve
1929.
1929.
1928.
1928.
%
%
districts:
$
3
8
$
November
1929.
Federal Reserve Diets.
1st Boston
13 Mies
2nd New York_ _14 "
3rd Phlladelpla 14 "
4th Cleveland__15 "
5th Richmond .10
6th Atlanta_18
7th Chicago _29 ••
BO St. Louis_ _..10 .•
9th MInnearalle13
10th KanaasCIty 16
llth Dallas
12
12th San Fran-211 ••
$
3,327.800,067
43,967.891.979
3,411.706,069
2,018.759,780
880.673,062
848,925,388
4,781.396,410
1,014,100 724
618,306,357
1,248,346,134
693.296,922
5798,946,868
November Inc.or November
1928.
Dec.
1927.
8
5510,979,379 +32.5
36,458,354,969 +20.6
2,756,901,711 +23.7
1,908.209,662 +6.7
819,259,612 +5.1
884,978.471 -4.1
4,831.078,911,
1.058,212,918 -4.2
667,252.3541
1.265075,419 -1.2
627,560,8341 -5.4
2,831,717,857,
2,795,249,831
28.761,331.831
2.668,709,087
1.752,132,878
889,057,132
948,250.942
4,318,544,212
1.047,555340
687,283,181
1,270,044,707
603,341,606
2.599,750.373
Jan.. _ 66,131.376,486 51,499,545,411 +28.2 22,227,710,616 20,456,065,482 +8.7
Feb_ _ 54.668,507,884 44,568,430,792 +22.7 18.738,749,534 17,744,304,726 +5.6
Marc tt 63,226,050,132 55,817,421,912 +13.3 20.907,211,454 20,363,588,823 +2.7
November
1926.
1st q i_ 184025934482 151885398 115 +21.261.873.671,604 58,563.957,031 +5.7
2.344,255,737
22,887,705869 April ... 56,171,872,704 51,718,442,536 +6.720.174.319.300 19,678,582,063 +2.5
2.507,373,200 May _ _ 56,913,490,597 57.893,281,349 -1.7 20,131,551,005 21.188,294,482 -5.0
.53.918,142,206 55,235.318,947 -2.4 19,357,496,068 20.496.576,935 -5.6
1,760,915978 June.
865,691.630
842362,481 28 q _ 168003505507 164847042832 +0.4 59,863,366,373 61,363,453,480 -2.8
4,864,998,765
955,286,240 6m _ 350029 439989 316 732440947 +10.5 121 537037977 119 927410 511 +1.3
626,708,169
1,277,085,737 July _.61.643,007,678 46,909,410.422 +31.4 21,435.258.718 19,153,952,924 +11.9
623,830.708 Aug._.60,085,748,471 45,612,687,866 +31.7 20,886,523,862 18,633.637,959 +12.1
2,336,719,709 Sept._ 59.102,084,59749.366.570.895 +19.7 20,148,667,910 19.264,242,535 +4.5
3d qr _ 180830385,728 141888669,183 +27.462.470,450,49157.051,833,418 +9.5
Total
193 cities 65,484,149.748 56,615,581,897 +15.7 48,237,284,200 41,092,508,126
22.394.448,608 20,899,842.710, +7.2 20,152,044,911 18,840.929,340
Outside N. Y.City
Canada
29 cites
2,352,558,631
2.466,218,067 -4.8 2,238,328,084
1,732,482,285
We append another table showing the clearings by Federal
Reserve districts for the eleven months back to 1926:
Eleven Months.
1929.
1928.
Dicer
Dec.
Federal Reserve Diets.
let Boston
_14 cities 28,703,633,383 26,575943,381
Ind New York..14 " 453,644,416,408 360,270,327,641
31d Philadelpla 14 " 30,891,603,281 25,512.306.363
4th Cleveland 16" 22.662.868.983 20,702,250,065
9.016,328,097 8.929,665919
5th Richmond _10 "
9.308.711.387 8,194,921.093
flth Atlanta___ _18 ••
51,939.110.696 51.431,106.958
7th Chicago _29
10,809.495,900 10,1237,615,679
8th St. Louia__10
5,663,569,181 8,530.393,960
9th Mlnneapolle10
14.350,412,658 14,005,821,876
10th KansasClty 16
6,332.050,833 6,034,132,430
11th Dallas
12 ••
30,228,875,848 29,785,937,635
12th San Fran28
Oct .
.78,207,086,190 57,644,318,783 +35.724,006,967,281922.402.5719,680 +8.7
_ 85.484_140_746 MI 615 Mil 507 4.110 2 22 204 446 MIR Ofl ROO 64.9 7119 .1-719
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
November and the eleven months of 1929 and 1928 are given
below:
1926.
1927.
Month of November.
+80 28.754,631.974 25,659,994,419
+25.7 296,782,754,742 270,866,400.539
+8.3 27,792.858,679 28,645.576,889
+9.5 23,105,995,718 19,665888,621
+0.9, 9,436,281,199 9,943,846,373
1.2, 10.121,675,768 11,414.871.555
1.1 48,142,464,208 47,262.968,739
-0.3 10,706,094.680 10.750.615.666
,
+20
8,178,648,657
+261 13,558,723,390 13,643.673,832
+5.5 5.970,860,108 6,172,687,278
+1.5 28,712963,178 28,355.135.002
t
193 Oittee 674,551,061,653 572,881,010,810 +17.7502.296.079.919 478,471,092.550
Total
230,408,902.265 220,371,666,319 +4.5212,973.888.809 212631,490.928
Outside N. Y. City
Canada
9 mos_ 530859825.717 45,8621 110,130 +15.8 184007488,468 176979243,929 +4.0
1929.
1929.
1928.
1928.
Stock, number of shares.
828,824,475
72.455,420 115,360,075 1,041,129,840
5
Railroad and misc. bonds 8207,615,000 2153,822,500 $1,984,964,303 21,834.812,650
State, foreign, dm., bonds 66,110,000 54,360,000
595,235,150
695,209,925
U.S. Government bonds_
126,656,800
169,955,750
15,468,000 11,086,500
Total bonds
$289,193,000 2219,269,000 52,708,858,250 $2,699,978,325
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for
the years 1926 to 1929 is indicated in the following:
29 dike 23;131,022,392 22,340,108,496 +3.5 18,186,187,424 15,910,208,807
1928.
1927.
1926.
No. Shares.
No. Shares.
No. Shares.
1929.
The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
(000,0003
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Eleven Months.
Description.
. No. Shares,
Month of January
February
March
•
•
110,805,940
77,968.730
105,661,570
56,919,395
47,009.070
84,973,869
34,275,410
44.162.496
49,211,663
38,987.885
35.725.989
52,271.691
BANK CLEARINGS AT LEADING CITIES.
294,436,240 188,902,334 127,649,569 126,985,565
lit quarter
November
Jan. 1 to Nov. 3049,781,211
80.478,835
30,326.714
Month of April
82,600.470
1929. 1928. 1927. 1926. 1929. 1928. 1927.
1926,
46,597,830
23,341,144
82,398,724
$
$
s
s
$
$
May
91,283,550
3
s
47,778,544
63,886,110
38,254,575
69,546,040
43,090 35,716 28,086 22,252 444.142 352.509 289.324 263,640
June
3,231 3,211 2,949 2.716 33,824 34,530 32,852 31.912
91.922,433
2d quarter
243,430,060 226,763,669 144.157,585
3,026 2,233 2,523 2,093 25.426 23,557 23,906 22,868
3,232 2,587 2,390 2,331 28,902 26,512 25.789 26,660
589 6,660 6,906 6,746 6,850
627
6 months
664
537,866,300 415.666,003 271,807,154 218,907,998
606
752 9,482 8,603 8.505 8.361
721
810
845
38.575.576
39,197,238
38,691,187
936
762 10.074 10,480 9,128 8,956 Month of July
93.378,690
978
957
67,191,023
51,205,812
329
441
44,491,314
3,621
303
3.570 3,537 5,470
95,704,890
323
August
90,578,701
51,578,590
721
37,030,168
466
4,864 4,822 5.136 3,547
416
451
September._ _ 100,056,120
621
6.869 6.657 8,653 6,626
590
578
615
504 7,348 8,285 5,889 5.643
512
3d quarter
289,139,700 196,966,962 141,367,978 118,212,667
594
658
255
2,505 2,652 2.769
265
258
240
2,813
50,289.449
98.831,435
381
40,437,374
4,318
141,688,410
416
4,024 3,798
408
404
3,771 Month of October
51.076.335
72.455.420 115.360.075
138
31,313.410
165
1,793
November_ _ _
1,754 1,712
152
149
1,629
697 10,733 9.458 8,012 8.089
715
950
893
183 1.688
187
1,988
179
2,059
152
2,014
statement showing the figures
detailed
We
now
add
our
711 10,203 9,840 8,533 8,108
790
958
889
and since Jan. 1 for
81
807
742
660
67
69
653 for each city separately for November
81
173
2,212 2,133
178
1,928
181
1.834 two years and for the week ended Nov. 30 for four years:
193
CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING NOV. 30.
,
Month of November.
Clearings at
1929.
1928.
$
1929.
1928.
$
%
$
$
+57.8
22,884,017
33,018.904 -0.5
+8.4
204,897,811
183,467,646 +11.6
+35.5 25.425.747,878 23,557,067,876 +7.9
64,297.045
-13.7
78,660,698 -18.3
30,957,138
+13.5
32,341,048 -4.3
59,944,967
+0.6
56,955,440 +5.3
60,353,422
+6.2
53.018,934 -3.2
267,526,382
270,665,780 -1.2
-9.5
180,892,785
-2.3
171,027.021 +5.8
970,932,607
+13.6
825,710.503 +17.6
436,329,469
417,483,753 +4.5
+2.4
126,182,100
121.088,200 +4.3
+12.3
807,096,600
741,816.500 +8.8
+17.5
33.623,078 +5.9
35,611,162
+8.1
3,327,800,067 2,510,979,379 +32.5 28,703,633,383 26,575,943,381
+8.0
476,802
3,455,155
553,000,000
983.331
009,525
4,142,980
515.000,000
1,169,998
909,471
702,007
3,720,076
2,635,530
12,592,593
6,446,264
1,036,495
1,036,665
5,444,722
3,037,143
16,553,149
7,289,748
11,628,400
979,618
13,560,900
777,536
597,529,247
569,558,861
Inc. or
Dec.
1927.
$
I+
%
1928,
111111
Total(14 clties)
1929,
Week Ended November 30.
Inc. or
Dec.
:N6i.4,6,64 .4,6
$
$
First Federal Rese rye District- Boston2,497,071
3,939,390
Me.-Bangor
18,287,314
16,870,335
St Portland
3,026,281,505 2,233,317,431
Mass.-Boston
7,619.174
Fall River
6,575,934
3,178,395
3,608.724
Holyoke
5,468,469
Lowell
5,499,749
New Bedford
5,846.188
6,208,665
Springfield
25.593,087
28,270.641
16.493.446
Worcester
16,111,741
Conn.-Hartford
81,191,650
71,446,707
New Haven
38,321,185
37.417,016
Waterbury
10,471.500
11,758,000
It. 1.-Providence--80,889,400
68,813,900
N. 28.-Manchester
3,269,106
3,533,723
Eleven Months,
Inc. or
Dec.
+4.9
1926.
$
819,720
4,519,053
554,000,000
2,145,692
831,646
4,213,641
502,000,000
2,032,243
1,281,868
1,244,337
6,163,234
3,634,293
18,588,850
0,037,423
1.165,283
1,584,829
6,528,278
3,862,998
16,399,486
7,428,825
16,602,100
1,750,033
14,091,300
1,625,287
619,786,603
561,781.814
3585
FINANCIAL CHRONICLE
row.7 1929.]
CLEARINGS-(Continued.)
1929.
1928.
Week Ended November 30.
Eleven Months.
Month:of November.
Clearings at--
'Int. 07
Dec.
1929.
1928.
Inc. or
Dee.
Second Federal Re serve District -New York310,536,994
304,209,737
32,223,657 -12.3
28,269,105
N. Y.-Albany
65,524,412
72,052,150
6,183,093 +5.9
148.310
Binghamton_
2,586,133,167
3,159,261,748
+9.9
254,689,879
280,099.409
Buffalo
53,131,367
55,324.279
4.848,928 -22.9
3,738,790
Elmira
64,094,690
65,672.672
5,776.085 +2.6
6,926,114
Jamestown
43.089,703,238 35,715.739,187 +20.6 444,142,159,388 352,509,344,491
New York
76.003,418
73,430,316
6.958.508 -6.6
5,578,857
Niagara Falls
705,665,411
787,971,304
67,233,142 -0.3
67,030,058
Rochester
319,231,351
361,864.353
+0.6
31,179.209
31,372,697
Syracuse
198.258,736
218,181.479
16,594,234 +22.7
20,666,389
Conn.-Stamford_
42,239,324
46.015.362
3,629,946 +25.4
4,551,237
N. J.-Montclair_124,789,707 +38.5 1,701,806.529 1,373,603,027
172.851,218
Newark
1,987,567,668
179,027.569 +35.7 2,570,531,221
242.939,057
Northern N. J
78,993,585
87,925.860
7,481,925 +15.2
8,617.500
Oranges
Total(14 cities)-
1929.
1928.
5,891,644
4,831,310
-2.0
1,107,510
1,270,929
+10.0
49,799,287
47,725,415
+22.2
1,026,349
659,048
+4.2
986,770
1,140,795
+2.5
+26.0 6,468,810,244 8,617,151,696
-2.8
13,251,572
10,411,162
+11 7
5,242,041
4,920,547
+13.4
4,326,757
4,130,399
+9.0
847,750
763,298
+8.9
+23.9
41,108,644
55,558,533
+29.4
+11.4
Inc. or
Dec.
1927.
1926.
7,950,270
6,913.685
-18.0
1,105.600
1,123,700
+14.7
57.264,610
62,014,944
-4.2
1,052,807
997,247
-35.8
1,079,191
1,258,645
+15.6
-24.9 7,605.028,366 5,988,346,687
-21.4
-6.1
-4.5
-9-9
15,721,419
7,645,256
3,065,280
1,331,688
16,557,024
7,447,958
3,050,706
1,419,507
+35.2
48,831,328
47,265,381
6,600,221.680 8,740,740,020 -24.5 7,753.931,558 6,132,563,741
43,967,891.979 36,456,354,969 +20.6 453,644,416,408 360,370,327,641 +25.9
Third Federal Rea erve District- -Philadelphia
6,648,795
6,188.854
Pa.-Altoona
19,007,996
21,588,287
Bethlehem
5,441.375
5,006,732
Chester
20,695.767
20,188,709
Harrisburg
7,669,565
8,913,477
Lancaster
2,433,502
2,853,978
Lebanon
4,177,636
4,690,680
Norristown
3,232,000,000 2,587,000,000
Philadelphia
18,423,907
18,797,010
Reading
25,241,765
30,938,217
Scranton
18.038,119
17,197,981
Wilkes-Barre
8,563,366
8,538,473
York
11,057,732
11,428,794
N.J.-Camden
22,129,083
23,748,000
Trenton
73,931,784 -1.5
72,825,233
- 6.9
228,989,909 +12.2
256,911,433
+13.4
62,134,312 -5.2
58,904,561
+2.0
223,104,870 +1.5
226,382,921
-2.4
103.858.363 -2.5
101,223,393
+16.2
30,082,349 +7.7
32,403,470
+17.3
47,927,317 -8.7
43,737.071
+12.3
+24.9 28,902,000.000 26,512,000,000 +10.3
+2.6
203.081,471
208,307,42
-2.0
300,231.492 +4.2
312.867,25
+22.6
191,385,186 -0.4
190.087,26
-4.7
97.234,144 +7.4
104,474,60
-0.8
120,042,828 +1.9
122.408,57
+3.4
318,202,438 -18.6
259,066,06
+7.3
Total(l5 cities)---- 2,016,759,780 1,908,209,662
Fifth Federal Rose rve District-Richmond5,356,839
5,225,403
W.Va.-Huntington_
21,483,951
22,469.791
Va.-Norfolk
214,381,000
227.688,000
Richmond
10.978,158
12,447,378
N.C.-Raleigh
10.353.211
9,104,831
S. C.-Charleston_ _ _
9.669,529
10.273,031
Columbia
415,971,353
450,675.085
Md.-Baltimore
2,004.036
Frederick
1,985,782
3,446,418
3.450.905
Hagerstown
120,261,738
D. C.-Washington122,706,245
329,609.000
233,963.978
3,621.035,612
7,348,320,868
834,329,800
68,329.647
22,446,280
101.731.600
302,969.674
27.401,871
10,474,630
71,384,671
9,481,652,210
96.781,378
222,336,743
1,482,484 -21.4
4,779,070 -15.2
1,039,442 -18.3
1,605.439
4,758,160
1,293,481
1,765,655
4,160,695
1,626.597
1.539,854
1,541,387
1,947,354
1,863,474
630,000,000
4,782,700
6,722.415
4,000,350
1.985,474
614,000,000
5,109,463
6.639,474
4,612,809
1,868.036
688,000,000
3,413,159
5,259.796
3,013,177
1,586,200
545,000.000 +26.2
4,132,526 -17.4
5,197,949 +1.2
3,675,512 -18.0
1,717,277 -7.6
7,192,809
6.684,496
+8.3
713,737,917
573.035,169 +25.2
664,288,182
648,330,699
335,521,000 -1.8
204.606,972 +14.3
3,570.454,883 +1.4
16.9
6,284.790,312
819,633.500 +2.0
54,932,525 +6.2
+8.7
20,646.196
93,976,006 +8.3
280,539,859 +8.0
34.328,319 -20.2
18.5
12,550.047
71,058,545 -7.8
8,602,558,394 +10.2
93,178.152 +4.0
223.477.365 -4.8
4,464.000
3,395.817
56.196,000
121.892,288
13.344,400
1,438.598
6,814,000 -34.5
3.393.643 +0.2
63,214,894 -11.1
120,409,930 +1.2
14,776,100 -9.7
1,421.188 +1.2
6.250,000
3,603,417
82,104,643
133.587.963
18,802.800
1.659,562
6,236,000
3,645.697
80,856,311
129,914,613
19.145,800
2,242,171
5,822.531
5,271,199
Total(14 cities)_.,_ _ 3,411,706,069 2,756,901,711 +23.7 30,891,600,281 28,512,306,363
Fourth Federal Re serve District -Cleveland
29,225,000 -23.3
22,420,000
Ohio-Akron
17.673.123 +18.1
20,864,980
Canton
303,240,414 +6.6
323,266,854
Cincinnati
594,016.130 +10.8
658.011,028
Cleveland
71,965,200 +4.6
74,248.500
Columbus
4,510,207 -1.0
4,463,335
Hamilton
1,952,800 +8.2
2,112,887
Lorain
7,845,219, +14.1
8,951,251
Mansfield
25,279,3011 -8.9
23.018,042
Youngstown
2,805,190 -17.2
2,321.405
Pa.-Beaver Co
879,280 +6.5
936,579
Franklin
3,881.714
6,139,363 -44.8
Greensburg
845,184,101
810,266,674 +4.
Pittsburgh
7,422,188 -15.
6,269,017
Ky.-Lexington
21,009,187
24,989,573 -15.
W. Va.-Wheellng- _
1,165,359
4,050,589
849,482
+5.7 22,662,858,983 20,702,250,055
4,860,301
4,469,522
4,837,257
5,169,981
163,549.024
173,141,410
-5.5
185,131.388
190.380,213
+9.5
369,117,384
388,341,146
-7.3
436,962.304
437,692.004
1,596,915
8,393.404
58,200,000
2,219,692
2.069,361
10.958,462
55,650.000
2,251,894
120,613,931
120,266,494
+2.5
-4.4
-13.8
-11.8
-12.1
-6.0
+8.3
+0.9
+0.1
-2.0
56.826.077
223,333,034
2,120,293.333
114,058,954
104,945,205
107,174,907
4,864,347,179
22,584,330
37,445,979
1.365,318.099
58,696,280 -3.2
244,665,033
2,105,844,149 +0.7
119,801,386 -4.8
108,077,831 -2.9
102,981,090 +4.1
4,822,119,292 +0.9
22,527,899 +0.3
39,209,768
+4.6
1,303,744,191
984,864
4,361,478
44,801,000
1,304,016
1,115,195 -11.7
5,091,593 -14.3
44,730,000 +0.2
2,067,929 -37.0
76,640,534
84,230,036
819,259,612
+5.1
9,016,326,097
8,929,666,919
+0.9
148,103.407
Sixth Federal Res erve District -AtlantaTenn.-Knoxville __ _
12,753,900
12,685,000
Nashville
99,468.128
99,034,066
247.099,631
262.560,941
Oa.-Atlanta
10,536,674
9,894,580
Augusta
5.478.020
5,433,856
Columbus
•12,700,000
7,297.587
Macon
62,799.878
55,585.422
Fla.-Jacksonville
9,211,000
10,601,000
Miami
13,141,853
7,528,121
Tampa
113,132,759
109,534.995
Ala.-Birmingham
9,791.812
9,744,248
Mobile
8,052.447
8.720,671
Montgomery
7,310,000
5.802,000
Miss.-Hattiesburg - 8,897,244
10,419,653
Jackson
3.929,037
3.512,350
Meridian
2,067,018
1.168,507
Vicksburg
258,163.017
239,848,642
La.-New Orleans..
-0.4
+0.4
+2.2
+6.5
-0.8
-42.5
-11.5
+15.1
-42.7
-3.2
--1.2
+8.8
--20.6
--14.6
--10.6
--43.5
--7.1
147,307,018
1,140,707,110
2,706,359,701
104,386,864
57,958,774
83,083,941
713,579.355
129,740.000
127,041,001
1,170,710.832
100,150,079
81,483,383
79,449.000
103,319,176
41,841,077
18,388,945
2,505,305.251
156,407,256
1,074,120,192
2,412,855,424
93.371.891
53,718,397
111,213,780
762,267,395
132,388,000
168,309.721
1,169.421,204
85.777.068
79,644.080
82,824,000
99,655,147
41.901,391
20,272,842
2,651,773,307
+5.8
+6.2
+12.2
+ 11.8
+7.9
-25.3
4-0.1
4-16.8
4-2.3
---4.1
4-3.5
---0.1
--19.2
---5.5
197.429
44,263,895
516,436 -61.8
54.544,443 -18.8
884,978,471
+4.1
9,308,711,387
9,194,921,093
+1.2
145,160,045
+0.2
13,741,868
12,819,517 +7.2
+9.1
45.939.221 +10.4
50.734,797
-5.8 10,733.065,792 9,457,891.182 +13.5
-9.0
207,007,543
187.617,015 +26.8
-27.5
364,010.906
408.390,809 -10.9
-13.5
97,876.501
99,861,412 -2.0
+10.6
190,459,741
153,975,462 +23.7
+23.6
192.118.252
158,400,513 +34.5
-2.7
272,740,500
273,627,585 -0.3
+4.5 1,187.931,000 1.103,572,163 +7.6
-4.7
153.922.81)6
148,706,344 +3.5
+11.7
259,499,453
253,348,828 +2.4
-18.8
148,469,988
171,387,013 -13.4
-15.2 1,686.138.948 1,987,753,390 -15.2
-12.6
45.940,264
49,042,910 -6.3
+8.0
+9.2
152,877,507
140.031.801
+14.2
609,501,485
568,508,822 +7.2
+27.3
484,493,108
478,100,236 +1.3
-14.6
23,524,048
23,935,770 -1.7
+2.7
335.133,115
332,026.737 +0.9
+5.3
77,356.011
87,277,013 + 15.0
-8.9
61,705,707
64,239.423 -3.9
-4.0
95,717,911
88,845.667 +24.4
+0.6 33.823,513,309 34,529,955,943 -2.0
-15.5
61,717.46
62,974,358 +8.0
+5.8
286,210,94
260,063,568 +23.2
+8.2
189,913,40
172.075.862 +10.4
-3.6
133,796,32
130,738,464 +6.8
Total(10 cities)--
Total(17 cities)._ _
860 673,052
848.925,386
Seventh Federal R swerve Diatric t--Chicago1,177,879
1,094,399
Mich.-Adrian
4,072,398
4,442,558
Ann Arbor
949,738,009
892,688,131
Detroit
17,590,137
16,006,435
Flint
37,785,945
27,393,856
Grand Rapids
9.004,102
7,791,574
Jackson
13,555,977
14,987,604
Lansing
15,134,188
18,707,104
Ind.-Ft. Wayne_ _25,225.966
24,541,512
Gary
105,964,762
110,729,000
Indianapolis
14,052,794
13,390,120
South Bend
22,068,541
24.650,011
Terre Haute
14,243,711
11,569,879
Wis.-Madison
179,122,550
151,872,629
Milwaukee
4.607,263
4,026.297
Oshkosh
11.967,490
12,920,260
oWa-Cedar Ra olds51,684.917
59,031,113
Davenport
39,221,473
49,935.359
Des Moines
2,247.113
1,917,951
Iowa City
25.755,728
26,448,273
Sioux City
6,262,038
6,591,186
Waterloo
5,746,644
5,236,367
111.-Aurora
7.666.742
7,357,178
Bloomington
3,230,866,053 3,211,133,383
Chicago
6,178.688
5,219,049
Decatur
23,172,438
24,454,501
Peoria
15,137,388
16,384,110
Rockford
11,143,901
11,560.917
Springfield
Total(28 cities)
4,781.396,410 4,831.078,911
Eighth Federal Re serve District -St. Lou is24,082,060
20,405,890
Ind.-Evansville
830.094
702,405
New Albany
643,938.941
605,661,866
Mo.-St. Louis
152,203,203
148,715,856
1.514.604
1,692.965
Owensboro
9,361,679
12,128,798
Paducah
141,539,115
130,628,185
Tenn.-Memphla _ _ _
77,448,928
86,279,695
Ark.-Little Rock _ _ _
1,403,107
1,737.086
Ill.-Jacksonville - _ _
5,893.187
6,147,978
Quincy
Total(10 cities)._
1,014,100,724 1,058,212,918
-1.0 51,939,110,696 51,431,106,958
-15.3
--15.4
-5.9
-2.3
4-11.8
4-29.6
-7.7
4-11.4
4-23.8
4-4.3
255,945,319
8,760,515
6,660,470,011
1,792,928,574
19,081,202
120,000,462
1,127,893,252
732,674,470
19.207,305
72,454,790
--2.0
+1.0
235,063,375 +8.9
8.223,110 +6.5
6,905,782,131 -2.5
1,754,373,086 +2.2
+4.8
18,207,801
108,841,563 +10.2
1,042,617,430 +8.2
674.985.216 +8.5
17,310,373 +14.9
72.211.594 +0.3
-4.2 10,809,495,900 10.837.615.679
-0.3
-9.0
24,535,114 -18.4
27.974.633
31,494,146
-8.5
218,998,575
222,990.357
1.987,775
16,779.111
42.890,028
1,786,067
2,414,375 --17.7
19.478,412 --13.9
50,457,837 --15.7
1,913.209
3,330.792
23,296,064
604,952,237
1,974,759
3,000,000
22,665,987
53,852,274
2,289.996
1.326,825
10,774.870
2,097,000
.2.800.000
-52.6
12,855.270 -16.2
1,900,000 +10.4
2,223.287
16,950.684
3,808,000
2,159,121
23,709,505
9,005,395
19.950,921
1,651,389
21,318,048 -6.4
2.396,140 -31.1
28,408,318
1,633,250
27.076,121
2,285.244
1,659,000
1.707,000
385.964
69.564,397
473,816
43,387.654
172,108.170 -15.7
213.729.152
191.412,083
176.390
786,361
158,807,909
176.013 +0.2
991,604 -20.7
205,134,566 -22.6
238,353
1,130,316
168,551,566
264.657
1,392,007
162,892,008
5,007,262
7,906,199 -36.7
8,169,094
8,336,225
2,411,317
3,026.752
2,710.052 -11.0
3,123,649 -3.1
2.481,982
3,835,346
2,531,065
3,116.333
19,116,000
1,891,517
4,552,331
19,675,000 -2.8
2,538,100 -25.5
4,467,076
+1.9
23,118,000
2,823,900
5,187,793
21,964,000
3.124,014
5,162.464
26,021,588
35,803,791 -27.3
45,312.513
40,352,216
20,011,515
1,454,735
181,769,867
1,514,000
2.516,211
2,387,810
+5.4
2,980,290
3,799,844
7,693,060
7,469.242
+3.0
10,611,234
13,135,108
4,996,04$
1,207,115
4,995,993
1,195,169
+0.1
+1.1
5,821,534
1,245,592
6.155,336
1,344,385
1,357,178
531,387,321
1,093,589
4,961.880
2,979,564
2,075,731
1,579,509
712,288,816
1,370,639
4,673,170
3,383,682
2,281.576
-14.1
-25.4
-20.2
+6.2
-11.9
-9.0
1,680.163
724,750,044
1,254,048
5,171,437
3,943,091
2,520,061
1.690.510
736.968,698
1,250,704
5,107.154
3,317,634
2,860,483
782,065.119 1,024,151,656 -23.6 1,020,826,357 1,023,764,845
3,631,714
4,792.935 -24.3
5,993,682
4,992,429
114,000,000
26,759,656
433,478
130,400,000 -12.6
30,316,165 -12.4
318,301 +36.2
152,500,000
39,139,736
395,783
145,500.000
31,199,865
394,251
22,248,209
12,975,302
286,001
1,070,495
32,805,464 -32.2
16,502,310 +8.9
299,738 -4.6
1,198,540 -10.7
30,906,623
17,250,929
358,495
1,496,168
25,603,117
16,801,026
372,509
1,651,235
181,134,855
216,635,453 -16.4
248,041,416
228,514,432
1[3586
[Vox,. 129.
FINANCIAL CHRONICLE
CLEARINGS.-(Concluded.)
Week Ended November 30.
Eleven Months.
Month of November.
Clearings at1929.
Inc. or
Dec.
1928.
1929.
Inc. or
Dec.
1928.
1929.
Inc. or
Dec.
1928.
Ninth Federal Rea erve District -311nneapoll 5Minn.-Duluth
47,982,213 ---31.5
32,884,890
403,860,742
408,028.991 ---1.0
Minneapolis
2,984,272
2,700,984 A-10.8
Rochester
145,514,729 --22.5
112,902,044
St. Paul
9,421,391
N. D.-Fargo
A-5.9
9,077,493
8,653,000 +36.6
9.087,000
Grand Forks
2,444,434 --6.7
2,280,577
Minot
8,437.919 --10.3
S. D.-Aberdeen_ 5.771,660
7.685,434
7.020.446
A-9.5
Sioux Falls
4,102,549 --13.1
Mont.-Billings
3.566,789
6,599,119
7.741,882 --14.8
Great Falls
18,174.991 --1.2
17,962,554
Helena
1,030,845 --27.8
743,783
Lewistown
1927.
1926.
$
$
359,054,436
4,318,392.712
30,072.957
1,322,698,819
100,401,874
79,153,000
23,853,312
58,385,811
91,666,492
35,584,193
66,927,302
171,896,264
7,182,009
401,146,213
4,023,724,427
30,066,917
1,476,094,746
94,487,210
66,028,000
20,582,313
86,386,097
78.690,448
35,218,323
62,813,150
186,975,883
8,767,453
-10.5
+7.3
+0.1
-10.4
-32.0
+19.9
+15.9
-12.0
+16.5
+1.0
+6.5
+2.9
-18.1
4,470,772
71.368,059
9,457,717 -52.8
79,262,181 -10.0
10,534,133
98,206,294
6.202,232
81,825,934
21,293,083
1,977,493
29,137,587 -26.9
1,774,252 +11.5
35,128,903
2,007,792
32,597,496
2,011,241
1,438.402
1,485,371
•1,300,000
1.237.376
686.378
717,337
-4.3
817,997
785,585
3,150,000
3,500,000 -10.0
3,898,000
3,456,074
667,252,354
+7.6
8,663,569,181
6,530,980,980
+2.0
104,245,785
125,086,450 -16.6
150,121,521
128,343,933
Tenth Federal Res errs District -Kansas Cit
1.322,101
1,490,196
Neb.-Fremont
2,240,496
1,985.951
Hastings
17,535,117
14,526,585
Lincoln
181,058,237
192,710,817
Omaha
8,891,844
Kansas-Kansas City
9.074,999
12.611.357
14,723,605
Topeka
31.630,216
36.525.701
Wichita
.6,000.000
5.755,389
Mo.-Joplin
615.028,155
577.595.499
Kansas City
27,501,958
25.638,000
St. Joseph
140,953,914
149,827,000
Okla.-Okla. City_ _ _
51,188,022
57.570,977
Tulsa
5,603,472
5,821,067
Colo.-Colorado Spas.
123.329,212
178.493,214
Denver
7,652.852
7.135,800
Pueblo
y-11.2
-11.4
-17.1
+6.4
+2.0
-14.3
-13.4
+4 2
+6.5
-6.8
+6.3
-11.1
+3.9
-30.8
+7.2
18,330,923
27,879,976
193,347,077
2,212,135.044
104,872,455
173,339,787
405,980,871
63,381,260
6,868,999,557
334.094,516
1,401,388.573
590.750,922
69.609,210
1,701,762,558
83,339.619
19.172,474
26,298,989 +6.0
228.285.211 -5.2
2,133,417.895 +3.7
99,866.679 +5.0
177,474,270 -2.3
440,665.204 -7.9
63.917.202 +2.6
6,657,482,929 +3.2
335,998,906 -0.6
1,422,634,249 -1.5
570,938,854 +3.5
+7.9
64.526.176
+0.4
1,694,758.881
70,383,757 +18.5
263,976
352.025
.4,000,000
37,153,638
263,090 +0.1
416,881 -15.5
3,804,895 +5.1
34,127,242 +8.9
352,963
506,069
5,282.489
41.423,321
372,767
466.007
4,891,322
40,710,878
2,183,305
5,853,636
2,809,866 -22.3
7,594,302 -23.0
2,881,465
8,036.071
3,016,029
8.235,588
-6.4
-8.3
+1.8
140,721,109
6,710,951
28,513,272
156,653,374
6,801,348
30,211,160
788,104 +38.2
a
a
1,412,295 -9.9
742,782
a
1,328,326
1,383,852
230,499,819
253,562,487
Total(13 cities)
Total(lb cities)_.,
616,306,357
1,248.346,134 1,263,075,419
-1.2 14,350,412,658 14,005,821,676
Eleventh Federal Reserve Diatr ict-DallasTexas-Austin
7.450,206
7.836,665 -4.9
9,170,000
Beaumont
8,490,000 +8.0
242.138,357
Dallas
268,579,277 -9.8
El Paso
29,060,969
28,548.692 +1.8
68,638.159
Fort Worth
70,398,000 -2.5
24,310,000
Galveston
31,780.000 -23.5
170,876,807
Houston
169,883,839 +0.6
3.694.394
Port Arthur
2,449,133 +50.8
3,032,224
Texarkana
2,959,413 +2.5
Wichita Falls
10,006,000
10,800,000 -7.3
La.-Shreveport
24.919.806
25,835.615 -3.6
+2.5
90,623,004
104,639,692
2,615,926,948
294,569.961
681,198,891
260.688.000
1,829,300,885
39.217,743
30,504,701
119,836,246
285,545,757
86.646.013
93,614,000
2,524,045,874
265,985,093
656,109,147
277,355,000
1,648,811,129
26,639,385
30,447,827
121,724,013
272,754,965
+4.8
+11.8
+3.6
+10.7
+3.7
-6.0
+11.0
+47.2
+0.2
-1.5
-2.6
6,332.050,833
8,004,132,430
+5.5
Twelfth Federal R eserve DIstric t-San Franc tacoWash.-Bellingham...
4.795,000
3,433.000 +39.7
42,790.000
39,324,000
Seattle
207,551,511
205.809,636 +0.8 2,474,690,410 2,324,045,095
Spokane
58.307,000
57.987,000 +0.6
823,173.000
640,224,000
Yakima
10.161,450
8,733,702 +16.3
79,688,720
74,584,193
Ida.-Boise
8,215,309 +27.3
7.912.187
67,703.509
61,106,373
Ore.-Eugene
2,191,500
2,309,000 -5.1
24,510,724
23,154.856
Portland
185,266,683 +4.6 1,909,202,941
193,859,251
1,816.507,280
Utah-Ogden
9,564,984 +8.7
10,392,456
87,816,801
85,216,295
Salt Lake City
83,380,649 +15.9
96.672,076
934,759,835
860,466,827
Mrs.-Phoenix
20.181,000 +6.6
21,520,000
221,688.000
176,481,000
Calif.-Bakersfield_ _ _
7,221,901 +10.0
7.943,838
88,372,526
62,603,249
21,632.491
22,630,740
Berkeley
214,813,130
+4.6
241,581,617
Fresno
21.695,410 +7.5
26,323,793
215,290,939
184,191,773
Long Beach
35,930.331 +3.0
37,012.997
420,507.649
387,990,160
Los Angeles
889,181,000
957.764,000 -7.2 10,203.349,000 9,839.590,000
Modesto
4,803.942 +11.7
5.144,295
49,132.973
45,797,161
Oakland
84.485,770 +7.6
90,891,586
938,545,995
948,047,009
Pasadena
28,189,166
29,618,5.52 -4.9
338,291,751
327,498,239
Riverside
4.426,602
3,660,351 +20.9
57,134,624
49.343,128
Sacramento
32.946,799
30,355.264 +8.5
359,213,711
352,345,839
San Diego
28,130,229
25.869,482 +8.7
296,414.144
271,248,672
San Francisco
977,764,818 -2.2 10,073,673,473 10,480,340,159
956.536,734
San Jose
20,813.161
17,854,014 +16.6
174,755,100
159,608,126
Santa Barbara
9,573,170
8,503.886 +12.6
97,350,604
83.421,746
Santa Monica
8,492,222 +6.3
9.028,956
95,443,859
104,612,460
Santa Rosa
2,467,689
2,307,780 +6.9
24,852,628
24,683,378
Stockton
12,343,700
11,076,700 +11.4
124,695,700
123,935,200
+8.8
+6.5
-2.6
+6.8
+10.8
+5.8
+5.1
+3.1
+8.6
+25.6
+9.2
-11.1
+16.9
+8.4
+3.7
+7.3
-0.8
+3.3
+15.8
+1.9
+9.3
-3.9
+9.5
+4.2
-8.8
+0.7
+0.5
Tots (11 citles)-_ _
593,296,922
827,560,634
Tots (27 cities).- 2,796,946,866 2,831,717,857
+5.4
-1.2 30.228,875,846 29,785,937,635
+1.5
107,723,635
4,733.523
33,200,000
1,089,178
1.272,032
197.824,948
115,070,449
5,159,733
32,817,946
204.084,803
-3.1
840,174
1,197,728
1.883,084 --35.7
1.594,262
1,649,219
45,632.088
56,685,808 --19.5
58,608.585
57,398.348
11,990,665
4,869,000
14.065,112 --14.7
7,122,973 --31.8
15,270,529
7,362,000
18,159,139
12,918,000
4,618,348
5,290,010 -12.7
5,250,756
5,521,888
68,307.827
85,026,967 -19.7
88,088,132
95,646,572
37,856,759
10,253.000
.1,910.589
45,428,398 --18.7
12,117,000 --15.4
1,794,170 +6.5
49,790,929
14,504,000
2,104,208
47,202.744
12,841,000
1,756,627
32,701,202
38,634,539 -15.4
42,272,688
45,585,097
19,637,503
19,397,211 + 12.9
24,864,674
22.826,783
5,082,310
7,295.418
159,111,000
4,132.255 +23.0
8,056,158
195,665.000 -18.7
6,246,653
7.645,948
190,172.000
6,141,191
7,414.007
180.053.000
15,295.339
.5,303,159
18,899,884 -19.1
8,081,259 -12.8
19,023,435
8,576,250
20,447,008
8,624,410
5.585,633
4.864,191
172,169,831
7,772,759
1,853,265
1,710.627
5,287,559 +5.6
5,057,426 -3.8
203,146,000 -15.2
3,303,903 -64.7
1,761,921 +5.2
1,751,904
8,633,404
5,450.508
240,313,000
3,966,668
1,781,833
2,172.339
9,603,609
6,546,706
202,018.000
3,157.575
1.469,995
2,419.407
2,016,200
490,417.785
+4.9
2,127,000
2,392.200
572,434,167 -14.3
625,645,537
578,499,339
1,921,600
Grand total(193 cities)165.484.149.746 56,615,581,897 +15.7 674,551.061,653 672,881,010,810 +17.7 10 397 865 999 12 782 952 729 -18.7 12 279 917 156 0501 057 736
Outside New York.-- 22,394.446,508 20.899.842,710
+7.2 230,408,902.265220,371,656,319
+4.5 3.929,055,755 4,165,801.033
-5.7 4,874.888,790 4.512,711.049
CANADIAN CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING NOV. 28.
Month o November.
Eleven Months,
Clearings at
1920.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Mocee Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
3arnla
$
824,660,681
686.378,688
335,179,707
102,195,408
42,127,304
36,325,427
16,793,232
30,242,906
60.915,328
12,456,710
11,911,345
15,822,983
30,002,837
.40,000.000
3,403,487
.4,000,000
.12,000,000
8,996,833
6,784,249
5,479,436
4.505,932
2,338,467
4,311,747
4,680.509
.6,000,000
22,700,522
2.807.892
5,285,773
4,385,775
3,902,585
4,893,078
1928.
$
789,430,280
751.937.803
405,227,118
99,999,439
45.907,943
36,266.488
18,686,258
30,711,472
65.169,034
13,865.634
11,582,707
16,118.327
32,800,516
37,890,582
4,725,351
3,834,557
14.748,039
8.013,318
5,909,331
6,236,971
4,029,557
3.153,507
4,447.988
4,591.358
6,017,088
56,986,648
2,632,695
4,561,118
4,160,302
4,733,734
3,842.996
Total(31 cities)._ 2.352,558,631 2.466,218,057
Inc. or
Dec.
%
+4.5
-8.7
-15.8
+2.3
-8.2
+0.2
+0.6
-1.5
-8.5
-10.1
+2.8
-1.8
-8.8
+5.6
-8.7
+4.4
+1.7
-12.7
+14.5
-12.1
+11.7
-25.8
-3.1
+1.9
-0.3
-15.9
+0.6
+15.9
+5.4
-15.5
+27.3
1929.
$
7,628,498,210
7,160,228,877
5,150,657,085
1,151,797.409
405.428,433
341,596,347
180,181,128
319,558.778
846,331.118
140,912,325
139,968,687
168,483,504
296.713,586
314,316.873
32,622.552
35,487,018
134,484,011
66.834.021
70,642,819
48,238,339
47,788.531
24.481,820
47,206.483
50,328,748
84,928.562
282,055.406
22,957,908
48,328,489
43.066.058
37,990,519
40,342,742
1928.
Week Ended November 28.
Inc. or
D.C.
1928.
Inc.or
Dec.
1927.
1926.
5
7,340,512,962
7,006,465,746
3,133,478,252
1,010,750,152
391,886.765
327,304,518
169,044,586
309.286,434
599.797.371
136,934,949
122.361,141
164,912.989
317,490,491
281.895,598
85,045,682
37,236,147
125,477,744
66,191,881
66,327,956
53,938,562
40,884.133
24,033.424
44,524,841
46,176,238
60.098,800
245,217,070
22,772,621
44,370,486
42,327,319
39,167,008
34.198,629
%
+3.9
+2.1
---19.4
+14.0
+3.5
+4.4
+6.6
+3.3
+7.8
+2.9
+14.4
+2.4
-6.5
+11.5
-8.9
-4.7
+7.5
+1.'
+6.5
-10.6
+16.9
+1.9
+6.0
+9.0
+8.0
+15.0
+0.8
+8.9
+1.7
-3.0
+18.0
$
161,285.013
130,660,062
59,100,030
21,947,448
7,703,289
7.244,482
3,516,515
6,804,573
13,345,588
2,653,491
2.470.875
3,113,408
.7,000,000
*6,500,000
587,960
773,048
2,825,095
1,300,557
1,462,070
1,161.187
1,090,300
470,897
875,958
900,252
1.492,252
5,175.824
.550,000
1,113,742
834,142
877,237
925,568
$
185,371,266
175.811,076
96,214,335
21,744,654
9,162,415
7,803,723
3,762,792
7,575,064
14,670,558
3,031,499
2,409,022
3,338,221
6.795.792
6,347,504
850,131
707,812
3,086,043
1,573,241
1,290,990
1,105.082
912,345
373,377
897,118
951,928
1,456,048
6,487.780
542.393
968,265
809,433
1,154,501
814.612
%
-13.0
-25.7
-38.8
+0.9
-15.9
-7.2
-6.5
-10.2
-9.0
-12.5
+2.6
-8.7
+3.0
+2.4
-33.2
+9.2
-8.5
-17.3
+13.2
+5.1
+19.5
+26.1
-2.4
-5.4
+2.5
-20.2
+1.4
+15.0
+31
-24.0
+13.8
$
213,287,499
167,778,587
05,497,879
21,055,651
8,553,062
8,880.215
2,950,229
5,931,348
13,340,432
2,739,419
2,038,338
4,480,526
6,926,823
6,924,785
774,208
870,6.56
3,153,550
1,826,429
1,504,339
1,366.027
797,240
486,554
876,239
929.732
1,299,705
5,034,381
558,049
971,282
994,518
656,954
613,980
$
137,910,201
112,130,441
82,210.138
18,021,703
7,323,671
10,695,644
2,798,961
5,580,089
10,207,426
2,418,487
2,066,983
3,002,692
4,633,795
8.042,572
742,329
673,875
2,312,290
1,677,138
1,221,615
1,508,134
768,916
302,418
913,078
870,634
970,685
4,163,552
476,385
923,476
749,427
700.158
574,902
-4.8 23331,022,392 22,340,108.495
+3.5
464,740.641
588,739,018 -18.8
583,098,636
424,591,815
a Manager of clearing house refuses to report clearings for week ended Saturday. •Estimated.
1929.
DEC. 7
3587
FINANCIAL CHRONICLE
1929.]
INDIAN CURRENCY RETURNS.
THE CURB EXCHANGE.
Nov. 15. Nov.7. Oa.31.
(In lacs of rupees)
18483
18443
18426
in circulation
A strong tone prevailed on the Curb Exchange this week Notes
11358
11304
11287
Silver coin and bullion in India
India
of
out
bullion
coin and
and prices made good gains, the volume of business also Silver
3222
OH
3222
Gold coin and bullion in India
and bullion out of India
increasing materially. Public utility issues continue the Gold coin (Indian
at)?
e;
z
Si
i
8
3
,
ss
Government)
Securities
feature. Allied Power & Light corn. rose from 367 to 4434, Securities (British Government)
the close to-day being at 4334. Amer. & Foreign Power
The stocks in Shanghai on the 16th inst. consisted of about 83,800.000
in sycee, 132.000.000 dollars and 5,300 silver bars, as compared
silv
warrants advanced from 50 to 71 and finished to-day at ounces
sycee. 135,000,090 dollars and 5,780 silver
with about 83,600,000 ounces
on the 9th inst.
69. Amer. Gas & Elec. corn. gained 22 points to 132 easing bars
Quotations during the week:
Bar Gold per
-Bar Silver per Oz. Std.off finally to 1257. Amer. Light & Traction corn. weakOz. Fine.
84s. 1134d.
22 13-16d.
22 9-16d.
ened from 2277 to 216 but recovered to 2387, the final Nov. 14
11 d.
84s.
ci
22%.
9-16d.
22
15
84s. 11 d.
transaction to-day being at 235. Commonwealth Edison Nov.
22 13-16d.
22 9-16d.
Nov. 16
84s. 11%d.
22%cl.
11-16d.
22
18
Nov.
from 245 reached 256, the close to-day being at 25534. Nov. 19
84s. 10fid.
23d.
22 13-16d.
84s. 106.
74d.
22,
22 11-16d.
Elec. Bond & Share corn. sold up from 757 to 91% and Nov. 20
11.12d.
84s.
22.854d.
22.646d.
rested finally at 90. Northern States Power advanced over Average
are
delivery
months'
two
and
cash
for
to-day
The silver quotations
%. Standard each Md. above those fixed a week ago.
31 points to 1843
% closing to-day at 1843
Power & Light corn. improved from 897 to 1223
% and ends
the week at 122. Investment trusts were a center of interest,
antINtiscentmeons
Lehman Corp. advancing from 717 to 80 and resting goinmercial
corn.
improved
Invest.
finally at 797. insull Utilities
Breadstuffs figures brought from page 3659.-All
3
National Investors
from 54 to 59, closing to-day at 57%.
regarding the movement of graincorn. sold up from 127 to 164 and at 16 finally. Goldman the statements below
supply, &c., are prepared by us
visible
exports,
receipts,
Sachs Trading advanced from 387 to 44. Tr -Continental
New York Produce Exchange.
the
by
collected
figures
from
Allied Co. from 53 jumped to 6234, the close to-day being
Western lake and river ports
at
receipts
the
give
we
First
an
for
conspicuous
at 603/
8. Corroon & Reynolds pref. was
and since Aug. 1 for
Saturday
last
ending
week
the
for
3 to 82%
3 . Among miscellaneous issues
advance from 74%
years:
three
last
the
of
each
269.
to
240
from
up
sold
com.
Aluminum Co. of Amer.
Rye.
Midland Steel Products after an advance during the week Receipts at- Flour.
Barley.
Oats.
Corn.
Wheat.
from 62 to 64% to-day jumped to 78%,the close being at 78.
bls.1981bs , h.6Oibs.,ush.56 lbs. bush. 32 lbs. , .48 lbs. , .56 tbs.
224.000
64.111
250.000
54,000 2,024.'''
195,000
Oil shares made good gains. Chesebrough Mfg. from 149 Chicago
89.000
547,000 315,000
529000
1,427,100
Minneapolis..
70.000
to 1597, with the final figure to-day 1577. Eureka Pipe Duluth
79,000 191,000
44.000
718.000
8,000
5,010
61.000 193,000
378,000
62,000
Milwaukee.-Line advanced from 45 to 5434 and rested finally at 5434. Toledo
14,001
2.000
266,000
28,000
4,000
8,000
16,000
Humble Oil & Refg. moved up from 877 to 937. Illinois Detroit
1.000
36,000
21,000
627.000
Indianapolis
2.000
Pipe Line gained 10 points to 320, Indiana Pipe Line over St. Louis... _ _ 127,000 273,000 316,000 258,000 16,000
2,000
22.000
769.100
87,000
46,111
36.000
Peoria
three points to 4134, the latte: closing to-day at 41. Cosden Kansas City
98,000
730,111
448.000
206,000
780,000
176,111
Oil com, sold up from 75 to 8234, the close to-day being at Omaha
10.000
164.000
Bt. Joseph-..229.111
16,111
263,000
82. Gulf Oil of Pa. rose from 1327 to 14494 and finished Wichita
1.000
1.000
50.000
438,000
10,000
Sioux Cityto-day at 14334.
397.000
807.000
6.555,100
1,714,000
420,111
4,234,000
Total wk. '29
A complete record of Curb Exchange transactions for the Same
wk. '28 501,000 11,192,000 8,833,000 2,442,000 1.628,000 503.000
8,897,000 4,216,000 2,661,000 1.840,000 911.000
459.
Same wk. '2
week will be found on page 3618.
RCM
lo.nArenevirrerra.04.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
Dec. 6.
Stocks
(No. Shares)
Rights
Domestic
Foreign
Government
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,070,300
1,398,600
1,449,700
1,432,100
1,523,100
HOL1 DAY
$2,121,000
133.000
1,484,000
83,000
1,703,000
94,700
1,648,000
67,600
1,583,000
74,700
9629,000
381,000
561,000
396,000
237.000
Total
6.873.800
453.000
88.539.000
32.204,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 20 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £131,928,886 on the 13th inst. (as compared with £131,262,400 on the previous
Wednesday).and represents a decrease of £21,977,429 since April 29 1925
when an effective gold standard was resumed.
This week's arrival of gold from South Africa amounted to .£848,000, of
which about £768,000 was disposed of yesterday, when £125,000 was
taken for France, £35.000 for India and £63,000 for the Home and Continental trade at Ms. 10%d. per fine ounce. To-day about £46,000 was
available of which E12,000 was secured for the Trade. The Bank of Eng
and obtained £540,000 yesterday and £34,000 to-day at its official buying price.
The following movements of gold to and from the Bank of England
have been announced, showing a net influx of £165.226 during the week
under review:
Nov. 14. Nov. 15. Nov. 16. Nov. 18. Nov. 19. Nov. 20.
£547,110 E34,000
£5,296
Received
2,000
181.675 £7,153 £5.155 £225,197
Withdrawn
The withdrawal on the 14th Lust. was in bar gold for France and about
£200,000 on the 18th inst. was for the same destination.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the llth inst. to mid-day on the 18th inst.:
ExportsImports-£10,624 France
£580,541
France
32.740 Germany
68.157
British West Africa
61.606
1.066.166 Switzerland
British South Africa
225 Austria
Other countries
10.900
British India
35.038
Other countries
16.785
£1,109,755
£773.025
SILVER.
Although the market has been quiet a little steadier tone has prevailed
and prices have shown a small advance on those touched last week. Except
for some reselling, offerings have been restricted and with Eastern advises
indicating more steadiness there has been some improvement in demand
from India and China. Small sales have been made on Continental account, but America has been more disposed to acquire silver for near
delivery.
The premium on silver for two months' delivery has varied between
3-16d. and Xd.
The folio ydng were the United Kingdom imports and exports of silver
registered from mid-day on the 11th inst. to mid-day on the 18th inst.:
ExportsImports£266,156 Germany
Mexico
E33.026
Irish
Free State
18,265
Canada
10,886
6,798 Other countries
France
15,719
4,924
British West Africa
677
Other countries
£296,820
£59,631
Shwa Aug.1
1929
1928
I 11.107
4
8,200,00025.111,000 76,752,000 73.236.00043,905,000 13,239.000
9,062,11001295,689,000 84.588.000 69,031.000 64.796.000 17,611,000
a ono mem')2Rft nnn 75908.000 67 840 00042.658 00025.747.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Nov. 30,follow:
Receipts at-
Flour.
Oats.
Corn.
Wheat.
Rye.
Barley.
bbis.1981bs. bush. 60 Ms bush.56 lbs bush. 32 lbs.bus. 48155. • .56 lbs.
10,000
16,000
30,000
158.0001
New York... 215,000 3,277.000
2.000
10.000
5.000
46.000
39.000
PlalladelPhia.14,000
12,000
188.000
14,110
Baltimore-1.000
Newport Ne
15,000
33.000
87,000
48,000
New Orleans*
25.000
Galveston6,0001
38.000
•
Boston
18,000
10,000
203,000
80.000
Total wk. '29 355,000 3,601,000
Since Jan.1'2922,814,000157.792,000 16,994,000 15,330,00024,372.000 3.414.000
60,000
272,000 1,344.000
846,000
595.000 5,749,000
Week 1929-Sines Jan.1'28 23,037,000 265.015,000 12,932,000 32,453,000 52,194.000 17,930.000
Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Nov. 30, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
Montreal
Wheat.
Corn.
Bushels. Bushels.
908.000
16,000
56,000
412,000
730,000
2,431.000
8,000
Total week 1929._ 4.553.000
Same week 1928_ 9.168.651
8,000
408.131
Oats.
Flour.
Rye.
a
Barley. I
Barrels. Bushels. Bushels. Bushels.
20,000
10,000
50,294
9.000
4,000
1.000
1.000
47,000
15,000
40,000
14,000
167,294
267.762
24,000
523.366
17.000
185.000
87.000
882.255
The destinat'on of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
Since
Week
and Since
Nov. 30 July 1
July 1 to1929.
1929.
United Kbagdom_
Continent
So.& Cent. Amer_
West Indies
Other countries-.
Total 1929
Total 1928
Wheat.
Week
Nos. 30.
1929.
Since
July 1
1929.
Corn.
Week
Nov. 30.
1929.
Since
July 1
1929.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
30,000
95,417 1,614,014 1,130,000 30,840,000
39,252 1,691,568 3,395.000 42,008,000
481,000
28.000
4.000
216,000
14,000
44.000
31.000
4,000
234,000
8.000
143.000
484.000
202,711
10.625
167,294 3.958,293 4,553,000 73,844,000
267.762 5.175.391 9.168.657 164.078.000
8.000
217.000
406.131 1 ins um
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 30, were as follows:
3588
FINANCIAL CHRONICLE
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye,
Barley,
United Statesbush,
bush.
bush,
bush.
bush.
New York
1,756,000
13.000
190,000
38,000
264,000
" afloat
335,000
Boston
326,000
8,000
3,000
Philadelphia
1,020,000
10,000
247.000
14,000
4,000
Baltimore
5,219,000
15,000
107,000
28,000
97.000
Newport News
725,000
New Orleans
3,719,000
51,000
137.000
427,000
8,000
Galveston
2,824,000
16,000
303,000
Fort Worth
5,430,000
85,000
9,000
523,000
196,000
Buffalo
9,040,000
582,000 3,375,000
379,000
570.000
" afloat
9,217,000
383,000
233,000
225,000
Toledo
3,239.000
12,000
206,000
5,000
11,000
" afloat
210,000
919,000
Detroit
228.000
9,000
30.000
11,000
17,000
Chicago
25,142,000
856,000 5,192,000 4,306,000
610.000
•
afloat
370,000
619,000
Milwaukee
619,000
303,000 4,289,000
67,000
530,000
Duluth
23,238,000
1,288,000 3,319,000
623,000
" afloat
357,000
Minneapolis
32,897,000
23,000 6,812,000 2,251,000 4,819.000
Sioux City
975,000
125,000
539,000
16,000
17.000
St. Louis
4,197,000
65,000
290,000
12,000
99,000
Kansas City
23,571,000
23,000
14,000
21,000
176,000
Wichita
7,279,000
1,000
St. Joseph, Mo
5,883,000
58,000
8,000
54,000
Hutchinson
1,935,000
Peoria
63,000
43,000 1,152,000
130,000
Indianapolis
2,171,000
248,000
926.000
9,000
35,000
Omaha
10,777,000
225,000
898,000
258,000
201,000
On Lakes
1,825,000
505,000
261,000
441,000
On Canal and River____ .
12.000
Total Nov. 30 1929...184,602,000 3.267,000 27,534,000 11.869,000 9,849,000
Total Nov.23 1929...186.781,000 2,419,000 27,605,000 11,964,000 9,735,000
Total Dec. 1 1928_136,781,000 6,367,000 13,236,000 5,575,000 9,501,000
Note.-Bonded grain not included above: Oats, New York. 330,000 bushels:
Philadelphia, 3,000; Baltimore, 4,000; Buffalo, 315,000; Duluth, 18,000: total,
670,000 bushels, against 711,000 bushels in 1928. Barley, New York, 690,000
bushels; Buffalo, 1.310,000; Buffalo afloat, 542,000; Duluth, 95,000: on Lakes,
529,000; total. 3,166,000 bushels, against 3.970.000 bushels in 1928. Wheat, New
York, 5.171,000 bushels; Boston, 1,712,000: Philadelphia, 3.263,000; Baltimore,
4,022,000; Buffalo. 7.790,000; Buffalo afloat, 10,236,000; Duluth, 187,000; Toledo
afloat, 123,000; on Lakes, 2,715,000; Canal, 83,000; total, 35,302,000 bushels,
against 21,664,000 bushels in 1928.
CanadianMontreal
1,494,000
1,420.000
432,000 1,058,000
Ft. William & Pt. Arthur 46,992,000
4,224,000 3,974,000 13,008,000
Other Canadian
21.969,000
4,355,000 1,297,000 1,635,000
Total Nov. 30 1929._ 75,455,000
9,999,000 5,703,000 15.701,000
Total Nov.23 1929... 78,424,000
10,279,000 5,435,000 15.594.000
Total Dec. 1 1928... 42,460,000
5,936,000 2,252,000 7,478,000
SummaryAmerican
184,602,000 3,267,000 25,534,000 11,869,000 9,849,000
Canadian
75,455.000
9,999,000 5,703,000 15,701,000
Total Nov. 30 1929...259,057,000 3,267,000 35,533,000 17,572,000 25,550,000
Total Nov. 23 1929_ _205,205.000 2.419,000 37,884,000 17,399,000 25,329.000
Total Dec. 1 1928...179,241,000 6,367,000 19,172.000 7,827,000 16,979,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Nov. 29, and since July 1 1929 and 1928,
are shown in the following:
Wheat.
1929.
Exports-
Week 1 Since
Noe. 29.
July 1.
Corn.
1928.
Since
July 1.
1929.
Week
Nov. 29.
Since
July 1.
1928.
I 9,868.000285,822,000 358,335.000 4.537,000 118,100,000 166,994,000
New York City Banks and Trust Companies.
(All prices dollars per Mars)
Banks
Trust Co..
Ask
N. F.(Cels.) Bid Ask
N. F.(Con.) Bid Ask
148 Seward
98
108 Fidelity Trust 43
47
180 U 5 1st UV
75
78 Fulton
600 650
75 Yorkville _.
220
Yorktown*
210 Guaranty _ _
693 697
Central
160
Chaim
165 168
Brooklyn
nt'l Germanic 47
54
Chath Phenix
Globe Exche_ 275 325 nterstate...- 34
37
Nat Bk & Tr 113 118 Peoples
400
rving Trust.- 5815 5915
Chemical _ _ _ _ 77
80 Prospect
190 215
Commercial_ _ 480 510
Lawyers Trust
Continental* _ 39
42
Born Exch.._ 190 192 Trust Co..
Manufacture 135 140
New York.
Murray Hill__
275
Fifth Avenue_ 2850 3150 Banes Coral*
Mutual(WestItalians Tr_ 320 345
5050 5150
First
chester).--- 400 450
. Bank of N Y_
600
Grace
& Trust Co_ 655 675 N Y Trust... 250 255
Harriman..._ 1600 1675 Bankers Trust 150 153 Times Square. 55
70
160 175 Bronx Co Tr_ 80
Lefeourt
90 Title Gu & Pr 147 153
115 125 Cent Hanover 320 323 United States. 2700 400
Liberty
Chelsea Bank
Westches7 Tr 1060
Manhattan*._ 130 132
& Trust Co
68
60
National City 240 244County
230 260
Brooklyn.
Penn Ezell
122 Empire
417 426 Brooklyn __- 795 810
.
82
New
Port Morris- 11:1
86 Kings County
000
Equitable Tr_ 197
Public
135 144
100 Midwood
215 260
•State banks. t New stock. z Es-dividend. p Es-stock div. y Ex-rights.
Banks
Bid
New Yea
143
America
Amer Union*.
Bryant Park*
Public Debt of the United States-Completed Returns
Showing Net Debt as of Sept. 30.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Sept. 30 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Sept. 30 1929. Sept. 30 1928.
Balance end of month by daily statement, dee
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_ _ _ _
Settlement warrant checks
Total
Balance, deficit (-) or surplus (4-)
407,637,360
209,858,208
-3,424,870
-2,330,027
404,212,490
207,528,181
26,407.761
70,120,525
5,567,555
1,593,582
31,630,616
72,001,440
6,276,045
1,281,840
112,689,422
111,189,940
+291,523,068
+96,338,241
INTEREST-BEARING DEBT OUTSTANDING,
Interest Sept. 30 1929. Sept. 30 1928.
Title of LoanPayable.
$
3
2s Consols 01 1930
Q.-J. 599,724,050
599,724,050
2.9 of 1916-1936
Q.-F.
48,954,180
48.954,180
25 of 1918-1938
Q.-F.
25,947.400
25,947,400
3s of 1961
Q.-M.
49,800,000
49,800,000
35 conversion bonds of 1946-1947
Q.-J.
28,894,500
28,894,500
Certificates of indebtedness
J.-J. 1,659,267,000 1,739,342,300
3345 First Liberty Loan, 1932-1947
J.-J, 1,397.683,700 1,397,686,200
4s First Liberty Loan converted, 1932-47
J.-D,
5,155,4505,155,460
414s First Liberty Loan, converted, 1932-47_ _ _J.-D. 532,810,000
532,820,150
4)s First Liberty Loan,2d converted, 1932-47.J.-D.
3,492,150
3,492,150
4 Hs Third Liberty Loan of 1928
M.-S.
4 Hs Fourth Liberty Loan of 1933-1938
A.-0. 6,268,303,400 6,284,041,800
4 Hs Treasury bonds of 1947-1952
758,984.300
758,984,300
4s Treasury bonds of 1944-1954
1,036,834,500 1,036,834,500
35s Treasury bonds of 1946-1958
489,087.100
489,087,100
3,4s Treasury bonds of 1943-1947
493,037,750
493.037,750
3,4s Treasury bonds of 1940-1943
359,042,950
359,042,950
4s War Savings and Thrift Stamps
130,111,896
234s Postal Savings bonds
J.-J.
18,053,360
15.875,560
5145 to 5145 Treasury notes
J.-D. 2,657.121,550 2,918.713.550
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
16,432,193,340 16,917,545,786
237,942,187
238,082,6,13
49.698,605
211,876,650
Total debt
a16,719,974,588 17,367,364,623
Deduct Treasury surplus or add Treasury deficit__ +291,523,068 +96.338,241
Net debt
616,428,451,520 17,271.026,382
a The total gross debt Sept. 30 1929 on the basis of daily Treasury statements
was $16,719,982,771.63 and the net amount of public debt redemption and receipts
In transit, &a., was $8,183.25.
b No reduction is made on account of obligations of foreign governments or other
Investments.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
North Amer_ 6,516.000147,206,000 264,636.000
56.
1,906,000 4,274,000
Black Sea-- 832.000 13,203,000 1,688,000 1.045,000 2.952,
1,717.000
Argentina- 1,216,000 87,908,000 48,423,000 2,441,000 93,064,000 143,162,000
Australia
192,000 19,949,000 21,368.000
India
320,000 1,064.000
0th. countr's 1,112,000 17,236,000 21,156,000 995,000 20,178,000 17,841,000
Total
[Vox.129.
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED
WITH TITLES REQUESTED.
Capital.
Nov. 26-The First National Bank in La Habra. Calif
$50,000
Correspondent. N. M. Launer, La Habra. Calif.
Nov.26-The Minnesota National Bank of East Grand Forks,
Minn
50.000
Correspondent, Edgar A. Massee, East Grand Forks,
Minn.
Nov.30-The First National Bank of Odessa, N. Y
25,000
Correspondent, Ray D. Horton, Odessa, N. Y.
CHARTER ISSUED.
Nov. 26-The Security National Bank & Trust Co. of Red Wing,
Minn
100,000
President, W. H. Putnam; Cashier, R. W. Putnam.
'Succeeds the Security Bank & Trust Co. of Red Wing,
Minn.
CHANGE OF TITLE.
Nov. 20.-First National Bank In Pawhuska, Okla.. to "The
Live Stock National Bank of Pawhuska."
Nov. 21.-The James River National Bank of Jamestown, N.
Dak., to "The James River National Bank and Trust
Co. of Jamestown."
Nov. 22.-The La Salle National Bank, La Salle, Ill,, to "La
Salle National Bank and Trust Co."
Brotherhood National Bank of Portland, Ore., to
"Columbia National Bank of Portland."
Nov. 29-The Leeds-American National Bank of Leeds, Ala., to
"The Leeds-American National Bank."
VOLUNTARY LIQUIDATIONS.
Nov. 25-The First National Bank of Yuma, Ariz
100,000
Effective Nov. 20 1929. Liq. Agent, C. L. Patterson,
Yuma, Ariz. Absorbed by the Yuma National Bank,
No.0608.00 Feb. 27 1926. The Yuma National Bank
was formally reported in voluntary liquidation on Aug.
211929. effective as of June 22 1929, and was succeeded
by the Yuma Valley Bank, Yuma. Ariz.
Nov. 26-The First National Bank of Omemee, N. D.
25,000
New York City Realty and Surety Companies.
Effective Nov. 20 1929. Liq. Agents, A. R. Bade and
W. P. Campbell, Omemee, N. D. Absorbed by the
dollars
(All prices
per *Aare
Merchants Nat. Bank of Willow City, N. D., No.
7332.
Bid Ask
Bid Ask
Bid Ask
Nov. 26-The First National Bank of Quinton. Okla
25,000
Effective Nov. 9 1929. Lig. Agent. L. I'. Coblentz,
Alliance R'lty 80 105 Lawyers WestN. Y. Inv't're
Quinton, Okla. Absorbed by the Farmers State Bank
Am Surety...... 108 118
1st pref.... 98 -.
chest MALT 240 235
of Quinton. Okla.
Bond & Mtg0
--- Nov. 26-The
2d pref..._ 97
Bridgeport National Bank, Bridgeport, Tex
25,000
($20 par)._ 85
89 Mtge Bond_ 193 203
Effective Nov. 11029. Lig. Agent, L. D. Kirkpatrick,
HomeTltle Ins 64)
65 NY Title &
Westchester
Wells,
Mineral
Tex.
Williams,
care
Absorbed
of
J.
P.
Lawyers Mtge 50
4415 Title lc Tr_ 130 170
Mortgage- 43
53
by the First Nat. Bank of Bridgeport, Tex., No. 8731.
Lawyers Title
Nov. 29-The Merchants ez Farmers National Bank of Greens& Guarantee 270 290 US Casualty
95 100
burg. Pa
150,000
Effective Nov.26 1929. Liq. Committee,C. B. Moore,
Robert W. Smith Jr., John E. Kunkle and Fred W.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Hudson, care of the liquidating bank. Absorbed by
the Union Trust Co. of Greensburg, Pa.
17114.
1114.
Maturity.
Rate. Bid. Asked.
Rate. Bid. Asket.
Maturity.
CONSOLIDATIONS.
Nov. 27-The Peoples National Bank of Fairmont. W. Va
200,000
Dc. 15 1929_ 434% 100
1001n Sept. 15 1930-32 34% 992'n 100
Fairmont
Trust
Co., Fairmont. W. Va
200.000
1d6r. 15 1930.-- 54% 1001,n 1001.n Mar. 15 1930-32 314% 99,,g, 100
Home Savings Bank. Fairmont. W. Va
100,000
.7966 16 1930.... 434% 100,42 1004, Dot. 15 1930-32 34% 991% 100
Consolidated Nov. 27 under the Act of Nov. 7 1918. as
1-1.e, la 1090
41.1.91 inn
Inni..
amended Feb. 25 1927. under the charter of the Peoples
DEC. 7 1929.]
Nov.
FINANCIAL CHRONICLE
National Bank of Fairmont, No. 9645. and under the
corporate title of "The Union National Bank of Fairmont," with capital stock of $420,000.
-The First National Bank of Scranton,Pa
The Traders National Bank of Scranton. Pa
1,000,000
Consolidated Nov. 27 under the Act of Nov. 7 1918,
under the charter and title of"The First National Bank
of Scranton," No.77, with capital stock of $5,000,000.
-The Genesee River National Bank of Mt. Morris, N.Y50,000
The Bingham State Bank ,Mt. Morris, N.Y
50,000
Consolidated Nov.
under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of the Genesee
River National Bank of Mt. Morris, No. 1416, and
under the corporate title of "Genessee River National
Bank & Trust Co. of Mt. Morris," with capital stock of
$100,000.
-The City-National Bank of Commerce of Columbus,
Ohio
600,000
The Commercial National Bank of Columbus, Ohio
600,000
Consolidated Nov.
under the Act of Nov. 7 1918
under the charter of the City-National Bank of Commerce of Columbus, No.7621,and under the corporate
title of"The City National Bank & Trust Co.of Columbus, with capital stock of $1,200,000. The consolidated bank has one branch located in the City of Columbus, which was a branch of the City-National Bank of
Commerce of Columbus, and which was in operation on
Feb. 25 1927.
30
Nov.
3,000,000
30
30
Nov.
30
30
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Nov.
City National Bank & Trust Co.of Columbus, Ohio.
Location of branch, 9 East Long Street, Columbus.
30-The
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ Per Sh.
12 Boston Nat. Bank
l784
10 Nat. Rockland Bank. par 520.-100
10 Samoset Cotton Mills. common_ 19
1 Naumkeag Steam Cotton Co.- _ - 90
5 B. B. & R. Knight Corp. pref.
v. t. c
'
55E
20 Naumkeag Steam Cotton Co___- 90
25 Naumkeag Steam Cotton Co__ 90
40 Naumkeag Steam Cotton Co_ __ 90
60 U. S. Worsted Corp. lot pref.:
300 common
$10 lot
135 Naumkeag Steam Cotton Co.- 90
10 Connecticut Mills Co. 1st pref.- 10
8 Central Vermont Ry
25c.
100 Suburban Elec. Securities Co.
26 pre
33E
85 Flintkote Co. class A
25
17 Van Norman Machine Tool Co.
pref., par $25
5
810 Horns Oil CO., par $1
$1 lot
83 Brockton G. L. Co. v. t. c., par
$25
NT§
50 Mass. Bonding & Ins. Co., par
$25
140
3 Draper Corp
62 ex-div.
8special units First Peoples Trust__ 3
5 Amer. Tissue Mills pref
8614
20 Great North. Paper Co., par $25 53
30 Converse Rubber Shoe Co. prof..
200. lot
2 units First Peoples Trust
18
2 special units First Peoples Trust
3
25 Chain Store Invest. Corp. cornmoo, par $5
10
5 New England Pub. Sem Co. $13
cum. pref
81
1,100 Memphis Corp., par 510_,
50e.
85 Shepard Stores, Inc., cl. Al_8-10
25 Saeo-Lowell Shops, Inc., lst pref. 4734
Shares. Stocks.
$ per Sh.
30 Dennison Mfg. Co.7% pref_103 & div.
4 New England Power Co.6% pf-107
2 Boston Insurance Co
750
3 Attleboro Steam & Elec. Co.(undeposited), par $25
100
1 Boston Wharf Co
110 ex-div.
75 New Eng. Pub. Ser. Co. commoo, par $10
23
226 Wickwire Spencer Steel Corp.
common elf. of deposit
$14 lot
15 Graton & Knight Co. common__ 6%
2 New England Power Assoc. com_ 974
2 New England Power Assoc. 6%
'preferred
89
166 Old Colony Invest. Trust__15-1514
55 New Eng. Pow. Assoc.6% pref- 90
10 Laconia Car Co. 1st pref.: 10
2d prof
1214 on 1st pfd.
22,683 Nixon Nevada Consol.
Mines Co.. par $1; 28,550 FravelPaymaster Min. Co., par 51;
49,000 Congress Copper Co., par
$1: 1,000 Nevada-Douglas Cons.
Cop. Co., par $5; 10 Carson Hill
Gold Min. Co., par 51; 500 Bargraves Silver Mines, Ltd., Dar
$1; 100 Bolivian Petroleum Co.;
$500 Bagdad Silver Mines Co.
cony. 8% note; $1,080 demand
note of Charles H. Rodda; $775
notes of Antoine J. Lorance and
Anna G. Lorance
$30 lot
BondsPer Cent.
$31,000 Detroit Ry.St Harbor Term.
1st 614s, May 1945, ctf. of dep., 8 flat
83,500 Virginia Food Products Corp.
let 7s. Jan. 1924; $1,500 1st 7s,
Jan. 1925, ctfs. of dep
$5 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
per Sh.
200 Federal Nat. Bank, par $20-110
5 American Trust Co
404
100-102
80 U.S. Trust Co., par $25
101
25 U.S. Trust Co.. rar $25
20 Nat. City Bank, N. Y., par $20.223
50 Dwight Mfg., Co., par $25
10
15 Whitman Mills
20
190 Conn. Mills, 1st pref
2
25 Conn. Mills, 2nd pref
190 Conn. Mills, corn. A, par $10- 35o
25 Naumkeag Steam Cotton Co_- 8034
76
50 Springfield St. Ry., prof
2 Boston Insurance Co
750
105 Tri Utility Corp., $3 pref. with
40
warrants
60 Merchants & Mfrs. Finance Corp.,
500
common and pref., par $50
1
800 Sentry Co
'525.140
10 Maas. Bond.& Ins. Co., pa,
90 Guanajuato Reduction & Mines
Co., par El; $3,000 Guanajuato
Reduction & Mines Co. let 6s.
July 1944, coup. Jan. 1928& sub.
on; 300 Poland Mining Co., par
$10; $3,000 Poland Mining Co.
7% spec, contract bonds No. 1
coupon & sub. on; 100 Santa Rita
Mining Co., par $10: 833 Bee
Hive Mining Co., par $1
$175 lot
20 Heywood Wakefield Co., corn- 7
15 Robbins & Meyers Co., corm;
15 pref., par $25
$7 lot
1 Boston Athenaeum, par $300._725
50 Bower Mining Co., Ltd
41 lot
100 Cheney Bigelow Works, pref.,
5
Par $50
15 Mass. Bond.& Ins. Co., par 825.140
20£. J. Grovers Sons Co., pref _ _5150 lot
52 Maas.
Assoc., pref., par $50 33
46 Atlantic Maritime Co
$15 lot
Shares. Stocks.
$ Per Sh.
2,400 Red Mountain Rd. mining st.
Smelting Co., corn., par El--8431 lot
3 Boston Insurance Co
750
6 Trinity Copper Co., par $5; 60
L'Creato Gold & Silver Mines
Co., par $2; 100 Utah Consolid.
Mining Co., par $5; 1 5-15 Bonanza Develop. Co., par $1
$1 lot
329 Bay State Film Co., pref., par
$10: 405434 corn., par $1
$2 lot
750 Peerless Underwear Co., cl. B;
100 class A
$3 lot
4 units First Peoples Trust
18
4,076 American Protein, corn... _100. lot
42 Amer. Protein Co. Founders fibs. 1
1 Saco Lowell Shops, 1st pref
4734
15 Amer. Glue Co., Prof
118
15 Amer. Glue Co., corn
50
36 Plymouth Cordage Co
88
200 Heywood Wakefield Co., corn - 8
Bonds.
Per Cent.
$2,000 Detroit Ry. & Harbor Term.
7s, May 1935, ctf. of del)
$40 lot
$41,783.46 demand notes to order of
R. E. Paine given by Texas Salt
Co. & endor'd without recourse _$10 lot
$32,800 demand notes to order of
R. E. Paine given by YOQUIVO
Develop. Co., and endorsed without recourse
35 lot
Note of Charles E. Caldwell, payable to Chas. L. Ayling for $1,000
dated Mar. 16 1921, payable 5
months after date
El lot
Demand note for $10,000 dated
Boston. Dec.8 1928, to the order
of J. Lewis Stackpole and given
by Lincoln Hill Poultry Farm,
Inc
$200 lot_
By A. J. Wright & Co., Buffalo:
per Sh.
Shares. Stocks.
35 lot
1,004 Camden Paper Mills, Ltd
Receipt for 150 she. Guild Business
Corp. prof. and 500 she. common
$8 lot
when, as and if issued
97 Iroquois Mtge. Corp
$46 lot
108 Mutual Planning Co., Inc- _ _531 lot
$1 lot
5 Weibull° Realty Corp
5 units tract of land Charlotte Co.,
Fla., part of sec. 18 & 19, Twp.
41, Range 23
$800 lot
60 Public Reserve Financial Co.,
50c. lot
Inc., class B, no par
20 Public Reserve Financial Co.,
Inc., class A. par 550
500. lot
100 Alpena Leather Corp., 1st pref_52 lot
Shares. Stocks.
Per Sh.
200 Texas Electric Ry
$10 lot
50 Eleven Ten Corp., no par
$5 lot
250 Colegrove 011 Co., Inc, let
pref., par $20
$150 lot
25 Colegrove Oil Co., Inc., 26
pref.. par $20
$1 lot
450 Colegrove 011 Co., Inc., com.,
no par
$1 lot
2,348 140-180 Wickwire Spencer
Steel Co.. trust Ws., no par_
$13 lot
SON. Y. Oil Co.. par $25
$4405 lot
$9,500 Weibull° Realty Corp.,
mtge. Participating 8% loan... $4 lot
$1,125 Wickwire Spencer Steel Co.,
7% class A notes
$13 lot
3589
By Adrian H. Muller & Son, New York:
250 Fonda Johns. & Glov. RR__ $100 lot 200 Pinelawn Cemetery Corp.-..$170 lot
100 Hudson Trust Co. (Union
200 Union Discount Co., Inc.,
Common
City, N.J.), par $25
18534
$10 lot
100 Great Northern Lumber Co.
235 Amer. Constitution Fire As1st pref.; 50 common, par $1
surance Co. par $20
40
$38 lot
190 First Nat. Bank of Sioux City,
190 Amer. Home Fire Assurance
Co., par $20
Iowa
4034
$50
250 Wooabury Realty Co. of Sioux
78 Industrial Fire Ins. Co.(Akron,
2514
Ohio), par $10
City. Iowa
$1
911 4344-10,000 Sioux City Brick dc
100 Nat. Fire & Marine Ins. Co.
12734
Tile Co
(Elizabeth), par $50
$1
40 Amer. Woman's Realty Corp.
18 Nor.Ins. Co.of N.Y., par $25 120
200
100 Hibernia Trust Co
common, par $50; 80 pref
ROO lot
500 North Amer. Theatres, Inc.,
25 Washington Square Nat. Bank..130
class A, less liquidating diva ag2,258 Ga. Ac Fla. RR. pref
$200 lot
gregating $18 per eh. endorsed
3,312 Ga. & Fla. RR. common,
thereon, no par; 1,000 class B.
$175 lot
no par
no par
$15 lot
15 Vinasse Fertilizer Operating Co.
200 Penn Seaboard Steel Corp., no
(N. Y.), pref.; 15 common (no
par
$2101
$15 lot
par)
39 1-16 Richland Gardens, Inc.,--32 lot
900 Amer. 8. Foreign Invest. Corp.
(N. Y.), full paid subscription
7 Coral Groves, Inc
$3 lot
SS lot
$9,000 lot 24 Quicksilver Mining Co. pref
receipts, Par $10
85 Eastern Steel Co. common
$2 lot
10 Automatic Rivet Corp.(N. Y.)
315 lot 1 Amer. Woman's Realty Corp.
prof.; 10 common, no par
pref.: 1 common
500 Madison Finance Corp.(N. Y.)
$1534 lot
par $5
32,500 lot 10 Post Road Hotel Corp. pref.;
10 common
$205 lot
100 United Grape Products, Inc.
(Del.), pref.; 100 com., no par.$500 lot 40 Westchester First Nat. Corp..
Prof.: 40 class A common; right
500 United Grape Products, Inc.
to subscribe for 20 she, class A
(t)el.). prof.: 500 corn., no par$2,000 lot
common (expired Sept. 1 1929);
50 Theatre Classics, Inc.(Del.),7%
right to subscribe to 20 abs. class
cum. pref.; 50 corn. no par_ ___510 lot
A common (expires Sept. 1 1930),
300 Magazine Repeating Razor Co.
$255 lot
(N. J.), class A, no par; 930 cia.ss
B, no par
$200 lot 400 Unified Investors Corp. corn._550 lot
$1 lot
26 Spans Novelty Corp
200 N. Y. Novol Corp. pref., no
par; 3,000 common, no par
$10 lot 160 Aquatone Corp. corn. ben.int_511 lot
124-10 Larvex Corp. corn. v. t. c.
50 En Route Service, Inc., class B
'
$10 lot
with expired rights for 124-10she.
common, no par; 50 pref
common v. t. c
$21 lot
100 Amer. Rediscount Corp., no
$250 Tol 30 Cumberland Coal Products Corp.
Par
$100 lot
no par
200 N. Y. Novol Corp. pref., no
par; 3,000 common, no par
$10 lot 66,683 Continental Kirkland Mines,
Ltd.. Par $1
$500 lot
20 Argent Financial Corp., no par$150 lot
100 Benson & Hedges,corn., no par_ $3
100 General Appliance Corp., no
par
$20 lot 10 United Chemicals, Inc., common, no par
$100 lot
250 Compair Oil Co. corn., no par;
50 preferred
$100 lot 1,000 Super-Gas Corp. class A v.t.c.
non-voting, par $10; 1,000 class B
1,090 Invest. Secur. Co. (Fia.) 1st
install, paid, no par; 7,433 1st
v. t. c., voting, no par
$40101
installment paid, no par
5100 lot 125 William Cramp & Sons Ship &
Engine Bldg. Co
$200 lot
500 Phosphate Mining Co
50
100 Amer. Onyx Corp
•
52 lot 14,880 Dolores Esperanza Corp.,
20,000 Out West Consol. Oil Co.,
par $2
$1,200 lot
14,880 Dolores Esperanza Corp..
par 10.; 2,300 Hutton Lake 011 &
par $2
$1,150 lot
Gas Co., par $1; 500 Mack Oil
Co., par $1; 2 units Comet Oil
6,100 Olympia Imp. Co.(Fla.)___ ..$5 lot
Syndicate, par 550; 10,500 Herta1,665 San Marco Corp. pref.(Fla.)_55 lot
Wyoming 011 Co., par 10c
$8 lot 2,135 San Marco Corp.corn.(Fla.)_53 lot
$5 lot 200 Magazine Repeating Razor CO.
400 Marpers Corp., no par
class A, no par; 361 9-10 class B,
669 Gilliland Oil Co. common
$300101
no par
887 lot
trust ctfs., no par
200 Magazine Repeating Razor Co.
1,200 Manhattan Transit Co., par
Sc.
class A. no par; 362 7-10 class B.
$20
$600 101
no par
10 Premier Guaranteed Mtge. Bond
Corp.common; 10 preferred__ _$205 lot 100 Ramapo Water Co.(N. Y.)..$2 lot
30 United Grape Products, Inc.. 7%
$5
BondsPer Cent.
cum. prof
$43,500 prin. amount Ga. & Fla.
30 United Grape Products, Inc..
50c.
RR.deb.(is, 1951
81,100101
common v. C. c., no par
$10,000 Second Ave. RR. cons. 5s.
37 Lake Land Stages, Inc., 1st
Feb. 1 1948, Aug. 1908 & subs.
$3 lot
prof., no par
$20 lot
coup. attached
25 Boonton Caldwell N. Y. Bus Co.
Preferred
$3 lot $500 Broadway Temple Bldg. Corp.
2d 5s
$75101
370 Boonton Caldwell N. Y. Bus
$2 lot $11,000 Second Ave. RR. 58, 1948,
Co. common, par $5
Aug. 1908 & subs, coup. at2631 N. .1. Bankers Securities Co.,
$31 lot
tached
$231c$
no par
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
Per Sh.
3 Phila. Life Insur. Co., par $10___ 23
10 Penn National Bank, par $10___ 7034
10 Phila. National Bank, par 520_ _137;i
90 Dank of Phila. 8, Trust Co..
3434
par $10
25 Adelphia Bk.& Tr. Co., par 510_ 18
36 Commercial Nat. Bank & Trust
34
Co., par 310
134
98 Union Bank & Trust Co
10 Citizens Nat. Bank S. Trust Co..
100
Jenkintown, Pa
10 Suburban Title & Trust Co.,
85
Par 520
3 Susquehanna Title sS. Trust Co.,
1551
Par $50
Bankers Tr. Co.. par $50,as follows:
5 at 82: 35
25 at 90: 31 at 84
at 81: 29 at 81.
5 Broad St. & Trust Co., par $50...60
10 Market St. Title & Trust Co.,
350
par 550
22 Market St. Title dr Tr., par 550.340
10 Bryn Mawr (Pa.)'Fr., par $10.. 604
15 Broadway Merchants Trust Co.,
Camden, N. J., par $20
65
25 Bankers Securities Corp., corn.,
65
vot. tr. ctfs
5 Bankers Securities Corp., corn.,
81
vot. tr. ctfs
14 Mitten Bank Securities Corp.,
24
pref.. par $25
15 units Fidelity Mtge.& Guar. Co_ 75
160 N. Broad Nat. Bank
20
9 Real Est. Land Title & Trust,.... 48
132 Northern Central Trust
34
100
52 Aberfoyle Mfg. Co., corn
Shares. Stocks.
$ Per Sh.
200 Aguacate Mines Co., par U.__ 1
500 Mizpah Extension Co. of Tonopah, par $1
• 7
10 No.4035 Chestnut St. Corp..pfd.
(with 10 abs. corn, bonus)
13E
5 No. 4111 Walnut St. Corp., pref.
(with 5 abs. corn. bonus)
134
100 Arkansas River 011 & Gas Co.,
no par, vot. tr. ctfs
$5 lot
30 Buffalo Creek Coal & Coke Co.,
pref
$35 lot
30 Buffalo Creek Coal & Coke Co..
common
$2 lot
5 Behr Gordon Safe Bldg. & Loan
Ass'n, second series
1457 lot
100 Electric Shovel Coal Corp., pfd.
20
no par
70
25 Central National Bank
2 Bankers Bond & Mtge., guar__ _ 15
2 City National Bank & Trust.._ _205
10 City National Bank & Trust. _ _185
80 Homellght Food Corp., corn.; 80
Homelight Food Corp., prof. _8200 lot
Per Cent.
Bonds39,000 Bond & Mtge,John Zimmerman & Jennie Zimmerman to
Morris Zimmerman, assigned to
Israel Heck,on premises 802 West
$45 lot
State St., Trenton, N. J
$20,000 Superior Elevator, 1st 6345,
5
due 1945
510,000 Arkansas River Oil dc Gas
Co. 10-yr sink. fund 78, 1929, ctf.
$25 lot
of deposit
$8,000 No, 1701 Locust St., 2nd 68,
5
1935
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Nat114 of Company.
Railroads (Steam)
Atch Topeka & Santa Fe preferred
AUKUSta & Savannah
Extra
Beech Creek (quer.)
Clue. N.0.& Texas Pacific common_ _
Common (extra)
Columbus & Xenia (extra)
Erie RR. hat and 2nd preferred
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
*234 Feb. 1 *Holders of rec. Dec. 27
"234 Jan. 5 *Holders of rec. Dec. 15
525c. Jan. 5 *Holders of rec. Dec. 15
50c. Jan. 2 Holders of rec. Dec. 160
"4
Dec. 24 *Holders of rec. Dec. 7
*3
Dec. 24 "Holders of rec. Dec. 7
10c.
2
Dec. 31 Holders of rec. Dec. 16
3590
Per
When
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusive.
Railroads (Steam) (Concluded).
Gulf Mobile & Northern pref.(guar.).Jan. 2 *Holders of rec. Dec. 20
Joliet & Chicago (guar.)
•134 Jan. 6 *Holders of roe. Dec. 26
Lehigh Valley common (guar.)
8734c Jan. 2 Holders of rec. Dee. 14
Common (extra)
Jan. 2 Holders of ree. Dec. 14
$1
Preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 14
Little Schuylkill Nay., RR.& Coal
•$1.13 Jan. 15 *Holders of rec. Dec. 13
Missouri Pacific pref. (guar.)
*11.4 Dec. 31 *Holders of rec. Dec. 13
Preferred (acc't accum. diva.)
*134 Dec. 31 *Holders of rec. Dec. 13
New York J.c Harlem corn. & pref
$2.50 Jan. 2 Holders of rec. Dec. 160
Northern Securities
434 Jan. 10 Dec. 25 to Jan. 10
Old Colony (guar.)
*134 Jan. 2 *Holders of rec. Dec. 14
Pittsb. hicKeesp. & Yough. (quar.)_ _ _ _ 81.50 Jan. 2 Holders of rec. Dec. 163
Reading Company 2d pref. (guar.)
50e. Jan. 9 Holders of rec. Dec. 19a
•114 Jan. 2 *Holders of rec. Dec. 14
Texas & Pacific common (guar.)
*114 Dec. 31 *Holders of rec. Dec. 14
Preferred (guar.)
*134
Public Utilities.
(b) Feb. 1 *Holders of rec. Jan. 4
Amer. Cities Pow. ds Lt. class A (guar.)
(5) Feb. I *Holders of rec. Jan. 4
Class B (guar.)
Associated Tel. & Tel., class A (guar.)
*81 Jan. 2 *Holders of ree. Dec. 17
•250. Jan. 2 *Holders of rec. Dec. 17
Class A (partcipating dividend)
+114 Jan. 2 *Holders of rec. Dec. 17
7% preferred (guar.)
•$1.50 Jan. 2 *Holders of rec. Dec. 17
$6 preferred (guar.)
Amer. & Foreign Power, $7 pref. (qu.). $1.75 Jan. 2 Holders or rec. Dec. 14
$1.50 Jan. 2 Holders of rec. Dec. 14
$6 preferred (guar.)
25c. Jan. 2 Holders of rec. Dec. 12
Amer. Gas ,k Elec.. corn. (guar.)
Jan. 2 Holders of rec. Dec. 12
Common (1-50 share common stock)_ _
$1.50 Feb. 1 Holders of rec. Jan. 10
Preferred (guar.)
Amer. Power & Light, $6 pref. (guar.) __ $1.50 Jan. 2 Holders of rec. Dec. 14
75c. Jan. 2 Holders of rec. Dec. 14
$5 preferred (guar.)
Amer. Public Utilities, prior pref. (qu.). 134 Jan. 2 Holders of rec. Dec. 14
Jan. 2 Holders of rec. Dec. 14
Participating preferred (guar.)
Jan. 2 Holders of rec. Dec. 10
$1.
Amer. Superpower Corp., com
41.50 Jan. 2 }folders of rec. Dec. 10
First preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 10
$6 preference (guar.)
Arkansas Natural Gas. pref. (guar.)- - - - •15c .Ian. 2 *Holders of rec. Dee. 20
Dec. 31 *Holders of rec. Dec. 18
Barcelona Tract. Lt. & Pr., pref. (qu.).
British Columbia
50c. Jan. 15 Holders of rec. Dec. 3
'Power, class A
Buff. Niagara ,k Eastern Power, pf.(qu.) •400. Jan. 2 °Holders of rec. Dec. 18
*81.25 Feb. 1 +Holders of rec. Jan. 15
First preferred (guar.)
California-Oregon Yower, 7% pt. (qu.). 1% Jan. 15 Holders of rec. Dec. 31
134 Jan. 15 Holders of rec. Dec. 31
6% Preferred (quar.1
Central Atlantic States Serv., pref. (q11.) 134 Jan. 1 Holders of rec. Dec. 20
Cincinnati & Sub. Bell Telephone (quar.) $1.12 Jan. 2 Holders of rec. Dec. 18
52 53 Dec. 30 Holders of ree. Nov. 30a
Continental Pass. Sty. (Philadelphia) _
Dakota Central Teton., corn. (guar.)... $2 Jan. 1
Common (guar.)
•$2 Apr. 1
*134 Jan. 1
634% preferred (guar.)
*1% Apr. 1
634% preferred (quar.)
Electric Power & LightAllotment ctfs., full paid (guar.)
$1.75 Jan. 2 *Holders of rec. Dec. 10
Allotment ctts. 50% paid (quar.)___ _ $1.05 Jan. 2 Holders of rec. Dec. 10
I
East. Mass St Ry . adj. stock (quar.).
;an. 2 Holders of rec. Dec. 16
Empire Gas & Fuel,6% pref.(monthly)_ •500. Jan. 2 *Holders of rec. Dec. 14
634% preferred (monthly)
•54 1-6c Jan. 2 *Holders of rec. Dec. 14
7% preferred (monthly)
58 I-30 Jan. 2 *Holders of rec. Dec. 14
8% preferred (monthly)
66 2-3e Jan. 2 *Holders of rec. Dec. 14
Federal Water Service, $7 pref.(quar.)__ $1.75 Jan. 1 Holders of rec. Des, 160
$64
1 preferred (quar.)
$1.625 Jan. 1 Holders of rec. Dec. 16a
$6 preferred (quar.)
$1.50 Jan. 1 Holders of rec. Dec. 160
Gen. Water Works & Elec.. corn. A (qu.) *500. Jan. 2 *Holders of rec. Dec. 16
$6 Preferred (quar.)
81.625 Jan. 2 *Holders of rec. Dec. 18
$7 preferred (quar.)
41.75 Jan. 2 *Holders of rec. Dec. 16
Indianapolis P. & t..., 634% pref. (qu.).
134 lan. 1 Holders of rec. Dec. 5
Inland Utilities, class A (guar.)
0234c Jan. 1 Holders of rec. Dee. 13
Internat. Superpower, corn. (quar.).__ _ *25c Jan. 1 *Holders of rec. Dec. 15
Common (payable in common stock)_ *f234 Jan. 1 *Holders of rec. Dec. 15
87I4c Jan. 15 Holders of rec. Dec. 300
Internat. Utilities, class A (quar.)
$7 preferred (quar.)
$1.75 Feb. 1 Holders of rec. Jan. 18
Jersey Central Power & Lt.7% pi.(qu.)_
Jan. 1 Holders of rec. Dec. 16
6% preferred (guar.)
134 Jan. I Holders of rec. Dec. 16
Long Island Lighting pref. A (guar.)..._
134 Jan. 1 Holders of rec. Dec. 16
11; Preferred B (guar.)
134 Jan. 1 Holders of rec. Dec. 18
Mackay Cos.
Cos.. common (guar.)
1
Jan. 2 Holders of rec. Dec. 13
Preferred
13( Jan. 2 Holders of rec. Dec. 13
Memphis Power & Light, $7 pref. (qu.). $1.75 Jan. 2 Holders of rec. Dec. 14
$6 preferred (quar.)
41.50 Jan. 2 Holders of rec. Dec. 14
Montreal Tramways(quar.)
234 Jan. 15 Holders of rec. Jan. 6
Nat. Elec. Power. 7% pref.(quar.)
*134 Jan. 1 *Holders of rec. Dec. 16
•114 Jan. 1 *Holders of rec. Dec. 16
6% preferred (guar.)
New York Telephone. pref.(quar.)
134 Ian. 15 Holders of rec. Dec. 20
Northern Oblo Power & Lt.6% Pf.(qu.) 134 Jan. 2 Holders of rec. Dee. 13
7% preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 13
North West Utilities, prior pref.(qu.)
*13.4 Jan. 2 *Holders of rec. Dec. 14
Nova Scotia L. & P. corn.(No. 1)
Jan. 2 Holders of rec. Dec. 16
•31
1,
4 Jan. 1 Holders of rec. Dec. 20
Ohio Bell Telephone, pref. (USar.)
14 Jan. 1 Holders of rec. Dec. 16
Ohio Electric Power 7% pref.(guar.)._
6% preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 18
Pacific Telco. & Teleg com.(guar -- -- •134 Dec. 31 *Holders of rec. DCC. 20
'134 Jan. 11 *Herders of rec. Dec. 31
Preferred (guar.)
•13.1 Jan. 2 *Holders of rec. Dec. 13
Panama Power & Light pref.(guar.)._
Penn Central Lizta & Pow. $5 pfd. (qu.) $1.25 Ian. 1 Holders of rec. Dec. I6a
Penn Central Lt. & Pow.$5 pref. (qu.)__ $1.25 Jan. 1 Holders of rec. Dec. 16
70c. Jan. 1 Holders of rec. Dee. 16
$2.80 preferred (quar.)
Ph lade,ph la Elee . Power, pref (quar.)- - *50c Jan. 1 *Holders of rec. Dec. 10a
134 Jan. 2 Holders of rec. Dec. 13
Postal Teleg. dr Cable 7% pref. (qu.)___
30c. Jan. 2 Holders of rec. Dec. 14
Providence Gas(guar.)
20e. Jan. 2 Holders of rec. Dec. 14
Extra
Jan. I Dec. 21 to Jan. 2
Public Serv. Co. of Oklahoma com.(qu.) 2
134 Jan. 1 Dec. 21 to Jan. 2
7% prior lien stock (guar.)
134 Jan. 1 Dec. 21 to Jan. 2
6% prior lien stock (guar.)
*6234c Jan. 10 *Holders of rec. Dec. 20
Shawinigan Water & Power (guar.)
Southern Calif Edison, pref.ser. C(qu.) _ 3414c. fan. 15 Holders of rec. Dec. 20
500. Jan. 15 Holders of rec. Dec. 20
Original preferred (guar.)
Southwestern Light & Power, corn. A_ _ _ *$3 Dec. 31 *Holders of rec. Dec. 16
Ian. 1 *Holders of rec. Dec. 16
*$1.50
Preferred (guar.)
Springfield Gas & Elec. pref. A (qu.)-_ $1.75 Jan. 2 Holders of rec. Dec. 14
*134 Jan. 1 *Holders of rec. Dec. 15
Texas-Louisiana Power, pref. (guar.) _
Jan. 2 Holders of rec. Dec. 14
Twin City Rap.Tr. Minneap..com.(qu.) 1
1% Jan. 2 Holders of rec. Dec. 14
Preferred (guar.;
Jan. 1 Holders of rec. Dec. 140
$4
(Philadelphia).
_
_
Union Passenger fly.
•$1.50 Jan. 1 *Holders of rec. Dec. 9
Union Traction (Philadelphia)
150. Feb. 1 Holders of rec. Jan. 15a
United Lt. & Pow.,new com.A &B (qu.)
75e. Feb. 1 Holders of rec. Jan. 15a
Old common A & 13(guar.)
$1.50 Jan. 2 Holders of rec. Dec. 163
Preferred (guar.)
$1.75
Jan. 2 Holders of rec. Dec. 5
Utah Power & Lt., $7 pref.(guar.)
$1.50 Jan. 2 Holders of ree. Dec. 5
$13 preferred (guar.)
2 Holders of rec. Dec. 7a
v500.
Jan.
A
(guar.).class
Utilities Power & Light
25c. Jan. 2 Holders of rec. Dee. 7
Utilities Power & Light, com.(quar.)___
50c. Jan. 2 Holders of rec. Dec. 7
Class A (guar.)
250. Jan. 2 Holders of rec. Dec. 7
Class B (guar.)
134 Jan. 2 Holders of rec. Doe. 7
7% preferred .quar.)
Jan. 1 Holders of roe. Dec. 16
134
Virginia Public Service 7% pref. (quar.)_
134 Jan. 1 Holders of rec. Dee. 16
11 6% preferred (guar.)
West Penn Elec. Co., class A Mar.)- $1.75 Dec. 30 Holders of rec. Dec. 17
134 Feb. 1 Holders of rec. Jan. 4
West Penn Power Co.. 7% pref.(guar.).
134 Feb. 1 Holders of rec. Jan. 4
6% Preferred (guar.)
$4.25 Jan. 1 Holders of rec. Decc.14a
West Philadelphia Pass. Ry
134 Jan. I Holders of rec. Dec. 15
Western Pow.,Lt.& Telep. pt. A (qu.)
114 Jan. 1 Holders of rec. Dec. 6
Winnipeg Elec. Co. pref.(guar.)
Wisconsin Pow. & Lt. 7% Pf.
*134 Dec. 16 *Holders of rec. Dec. 2
(1)
114
•114
134
Banks.
$1.125 Jan. 2 *Holders of rec. Dec. 16
Bank of America N. A.(guar.)
Bancamerica-Blair Corp. (guar.).-}.
Jan. 2 Holders of rec. Dee. lla
Chase National (guar.)
$1
Chase Securities Corp.(guar.)
Chatham Phenix Nat. Bank & TrustJan. 2 'Holders of rec. Dec. 16
New $20 par stock (guar.)(No. 1)._.._ *El
Jan. 2 Holders of rec. Dec. 20
$1
Public Nat. Bank & Trust (guar.)
[VOL. 129.
FINANCIAL CHRONICLE
}
Name of Company.
Banks (Concluded).
National City Bank (guar.)
National City Co.(guar.)
City Bank Farmers Trust (guar.)
Trust Companies.
Banes Commerciale Italians Trust (qu.)
Bank of Europe Trust (qua'.)
Extra
Bankers (guar.)
Guaranty (qua'.)
U. S. Trust (qua'.)
Fire Insurance.
Rossla (guar.)
Per
When
Cent. Payable.
$1
Jan.
Books Closed,
Days Inclusive.
1 Holders of rec. Dec. 7
•234 Jan. 2 *Holders of rec. Dec. 16
75c. Jan. 2 Holders of rec. Dec. 20
25c. Jan. 2 Holders of rec. Dec. 20
73.6 Jan. 2 Holders of rec. Dec. 11
5
Dec. 31 Holders of rec. Dec. 11
15
Jan. 2'Holders of rec. Dec. 20
•55c. Jan.
2'Holders of rec. Dec. 14
Miscellaneous.
*5"c. Jan. 1 *Holders of rec. Dec. 18
Abbott Laboratories (quar.)
Jan. 2'Holders of rec. Dec. 20
Acme Steel (quar.)
Feb. 15 "Holders of rec. Feb. 1
Stock dB,.(sub), to meeting Jan. 21)._ *e25
•2
Dec. 20
Alexander & Baldwin, Ltd. (extra)
Jan. 1 *Holders of rec. Dee. 14
Allied Motor Industries pref. (guar.)._ +51.
+75c. Feb. 15 *fielders of rec. Jan. 24
Allis-Chalmers Mfg. (guar.)
83c. Jan. 2 Holders of rec. Dec. 19
Aloe (A. S.) Co. common (guar.)
114 Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
*134 Jan. 1 *Holders of rec. Dee. 14
Aluminum Co. of Amer. pref. (guar.) _
750. Jan. 15 Holders of rec. Dec. 27
Amalgamated Elec. Corp., Ltd., pf.(qu.)
Amer. Brown Bowe,Inc.. pref.(quar.)_ *81.75 Jan. 1 *Holders of roe. Dec. 20
$1.50 Jan. 1 Holders of rec. Dee. 16
Amer. Car & Fdy. common (quar.)
194 Jan. I Holders of rec. Dec. 18
Preferred (guar.)
134 Jan. 2 Holders of rec. Dot. 14
American Cigar pmf. (quar.)
Amer. Commercial Alcohol com.(quar.)_ *400. Jan. 15 *Holders of rec. Dee. 20
Jan. 15 'Holders of rec. Dec. 20
*.f2
Common (payable in corn.stock)
*51.75 Feb. 1 *fielders of rec. Jan. 10
Preferred (quar.)
40e. Jan. 2 Holders of ree. Dec. 14
Amer. Cyanamid corn. A & B (quar.)._
American Express (quar.)
'134 Jan. 2 *Holders of rec. Dec. 13
American Founders Corp., corn.(one-soy enth s hare co mmon stock)
Feb. 1 *Holders of rec. Jan. 15
Old common (extra)
*El
Amer. Founders Corp. new corn.(spec.)_ 33 1-3c Feb. 1 Holders of rec. Jan. 15
Feb. I Holders of rec. Jan. 15
New common (1-70th sh. corn. stock).
8734c Feb. 1 Holders of rec. Jan. 15
7% first pref. series A (guar.)
7% first pref. series B (guar.)
87)40 Feb. 1 Holders of rec. Jan. 15
70e. Feb. 1 Holders of rec. Jan. 15
6% first pref. series D (guar.)
3734c Feb. 1 Holders of rec. Jan. 15
6% second pref. (guar.)
Amer. Furniture Mart Bldg. pref.(qu.). •154 Jan. 2 *Holders of rec. Dec. 20
75e. Jun. 2 *Holders of rec. Dec. ha
American Snuff, com.(guar.)
50c. Jan. 2 Holders of roe. Dec. lla
Common (extra)
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. Ila
Amer. Steel Foundries, com.(quar.)____ •75c. Jan. 15 *fielders of rec. Jan. 2
.1194 Dec. 31 *Holders of rec. Dee. 14
Preferred (guar.)
50c Jan. 15 Holders of rec. Jan. 4
Amer. Vitrified Products, corn.(guar.)._
Feb. 1 *Holders of rec. Jan. 20
Preferred (quar.)
75e Jan. 2 Holders of rec. Dec. 18
American Wringer. corn
800 Jan. 2 Holders of ree. Dec. 20
Anchor Cap Corp., corn. (guar.)
31 625 Jan. 2 Holders of me. Dec. 20
Preferred (guar.)
'82.50 Jan. 1
Arcadia Mills common & preferred
75c Jan. 1 Holders of rec. Dec. 16
Arrow-Hart & fleceman Elec. com.(cu.)
51.625 fan. 1 Holders of rec. Dec. 16
Preferred (guar.)
550e Jan. 2 *Holders of rec. Dec. 16
Art Metal Construction (guar.)
53734c Jan. 2 *Holders of rec. Dec. 11
Extra
50c Dec. 30 Holders of rec. Dec. 14
Associated Brewerles, corn. (guar.)
134 Jan. 1 fielders of rec. Dec. 14
Preferred (quar.)
Associated Laundries of Am., corn.(qu.) 'Sc. Jan. 2 'holders of rec. Nov. 29
l
Jan. 2 'Holders of rec. Nov. 29
Common (payable In common stock) _ _
Apr. 1 Holders of rec. Mar. 20
Babcock & Wilcox Co. (ariar.)
2
Jan. 2 Holders of rec. Dec. 20
Extra
+50c. Jan. 2 *fielders of rec. Dec. 20
Backstay Welt Co.(guar.)
•10c. Jan. 2 'Holders of rec. Dec. 20
Extra
•el
Jan. 2 *Holders of rec. Dec. 20
Stock dividend
Bancroft (Joseph) & Sons Co.. corn.(qu.) 623.4c Dec. 31 Holders of rec. Dec. 16a
Bankshares Corp., class A and B-Divi dend o mitted
80e. Jan. 2 Holders of rec. Dec. 16
Beath(W.D.)& Son. Toronto, class A _ _
30c. Jan. 2 Holders of rec. Dec. 20
Berry Motor (guar.)
Sinks Mfg.. el. A cony. pref.(guar.)._ _ _ 5614e fan. 1 Holders of rec. Dec. 20
4125c. Jan. 2 *Holders of rec. Dec. 26
Bird & Sons (guar.)
*5614e Mar. 1 *fielders of rec. Feb. 20
Bobbs-Merrill Co.(guar.)
•5634c June 1 *Holders of rec. May 20
Quarterly
1% Jan. 1 Holders of rec. Dec. 21)
Brunswlek-Balke-Collender, pref. (qu.)_
Bunker Hill & Sullivan Mining &
*25c. Dec. 5 *Holders of rec. Nov. 29
Concentrating (quar.)
4125e. Dec. 5 *Holders of rec. Nov. 29
Extra
.25c. Dec. 5 *Holders of rec. Nov. 29
Extra
*75e Tan. 2 +Holders of rec. Dec. 20
Burnham Trading Corp. (qtr.)(No. 1)
+50c Dec. 31 *Holders of rec. Dee, 13
Butte & Superior Mining ,quar.)
•11.4 Feb. 1 *Holders of rec. Jan. 13
Byers(A. M.) Co. pref. (quar.)
*50c. Dec. 23 *Holders of rec. Dec 16
Byllesby (H. M )Co. A & B (quar.).
Dec. 23 *Holders of rec. Dec. 16
*$1
Class A & Ti (extra)
*50e. Jan. 2 *fielders of rec. Dec. 20
California Ink class A
•500. Jan. 2 *Holders of rec. Dec. 20
Class 13 (quar.)
•50c Jan. 1 'Holders of rec. Dec. 15
Campo Corp. common (guar.)
•50c Apr. 1 *Holders of rec. Mar. 10
Common (guar.)
'154 Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
Preferred (guar.)
'134 May 1 *Holders of rec. Apr. 15
37340 Jan. 2 Holders of rec. Dec. 16
Canadian Gypsum & Alabaster
*83.50 Dec. 31 *Holders of ree. Dee. 17
Celanese Corp. of Amer. 1st pref
*I% Dec. 31 *Holders of rec. Dec. 17
7% cum. prior pref. (guar.)
.75c. Dec. 31 "Holders of rec. Dec. 14
Celotex Co. common (guar.)
Preferred (guar.)
•134 Dec. 31 *Holders of rec. Dee. 14
3734c
Jan. 2 Holders of roe. Dec. 21
Central Aguirre Associates (quar.)
Central Coal & Coke pref. (guar.)
*134 Jan. 15 *Holders of rec. Dec. 31
•3734c Jan. 1 *Holders of rec. Dee. 20
Chain Store Products pref. (guar.)
'31340 Jan. 15 *Holders of net. Dec. 25
Chapman Ice Cream (quar.)
Checker Cab Mfg. (monthly)(No. Is-- *35c. Jan. 2 *Holders of rec. Dec. 16
•350. Feb. 3 *Holders of rec. Jan. 16
Monthly
*35e Mar. 3 *Holders of rec. Feb. 17
Monthly
Cherry Barren Co. common (guar.).-'6234t Feb. 1 *Holders of rec. Jan. 15
•11/4 Feb. 1 *Holders of rec. Jan. 15
Preferred (quar.)
Chicago Pneumatic Tool pref. (guar.)._ _ *873-4c Jan. 1 *Holders of rec. Dec. 20
"25c. Dec. 31 *Holders of rec. Dec. 15
Cincinnati Ball Crank corn.(guar.)
•56, Dee. 31 *Holders of rec. Dee. 15
Preferred (guar.)
'3134c Jan. 1 *Holders of rec. Dec. 15
Clark (D. L.) Co. (quar.)
•50e. Apr. 1 *Holders of rec. Mar. 15
Cleveland Builders Supply (guar.)
$1.25 Dec. 16 Holders of rec. Dec. 5
Cleveland Cliffs Iron pref.(quar.)
194 Ian. 2 Holders of rec. Dec. 21
Cluett. Peabody & Co. pref. ,quar.)-*3714c Jan. 15 'Holders of rec. Dec. 31
Coen Cos.. class A (guar.)
Ian. 1 *Holders of rec. Dec. 13
Coleman Lamp & Stove common (guar.) *$1
Colts Patent Fire Arms Mfg.(quar.)_ _ _ •50e. Dec. 31 'Holders of not. Dee. 13
50e. Dec. 31 Holders of rec. Dee. Ila
Commercial Credit common (guar.).-75c. Dec. 31 Holders of rec. Doe. Ila
Class A convertible (guar.)
134 Dec. 31 Holders of rec. Dec. ha
634% first preferred (guar.)
50e. Dec. 31 Holders of rec. Dec. ha
8% preferred (guar.)
4334e Dec. 31 Holders of ree. Dec. lla
7% first preferred (guar.)
50c Jan. 2 Holders of rec. Dee. 17
Conde Nast Publications, Inc.. com.(gu)
25e. Jan. 1 Dec. 18 to Dec. 31
Conduits Co., Ltd.. com. (guar.)
13( Jan. 1 Dec. 18 to Dee. 31
Preference (guar.)
Consolidated Cigar common (guar.)...- $1.75 Jan. 7 Holders of rec. Dec. 20a
134 Feb. 1 Holders of rec. Jan. 15a
Prior preferred (guar.)
Jan. 2 *Holders of roe. Dec. 16
42
Continental Baking pref. (guar.)
Jan. 2 *Holders of rec. Dec. 14
*4
Continental Casualty (guar.)
Continental Diamond Fibre (quar.)_ _ •75e Dec. 31 *Holders of rec. Dec. 14
'134 Jan. 1 *Holders of rec. Dec. 18
Continental Steel pref.(quar.)
134 Jan. 2 Holders of rec. Dec. 14
Coronet Phosphate
Cortleelli Silk, pref. dividend omitted.
Jan. 2 *Holders of rec. Dee. 10
•25e.
Crown Cork Internat. class A (quar.)_.
25e. Jan. 15 Holders of rec. Dec. 310
Crown Zellerbach Corp., corn.(guar.).- 234 Dec. 3 Holders of rec. Dec. 3
Crunden-Martin Mfg., corn
Dee. 15 Holders of rec. Nov. 30
Deck Manufacturing, pref. (guar.)
2
20c. Jan. 2 Holders of roe. Dee. 14
Detroit & Cleveland Navigation (qua'.).
Place. El. Mfg.,corn.(Chirstmas div.)
•500. Dec. 30 *Holders of rec. Dee. 20
+114 Dec. 31 *Holders of rect. Dec. 20
Preferred (guar.)
Diesel-Wemmer-Gilbert Co., corn. IWO •3740 Dec. 16 *Holders of reo. Dec. 10
Doehler Die Casting 7% pref.(Goar.)
'87340 Jan. 2 *Holders of rec. Dee. 21
*31.75 Jan. 2 *Holders of rec. Dee. 21
$7 preferred (guar.)
*194
194
DEC. 7 1929.]
Name of Company.
3591
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed,
Days Inchalve.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
National Breweries common (quar.)____ $1Jan. 2 Holders of rec. Dec. 16
1.34 Dec. 31 Holders of rec. Dee. 23
Dominion Rubber pref. (guar.)
134 Jan, 2 Holders of rec. Dec. 16
Preferred
(guar.)
rec.
Dec.
16
"Holders
of
1
•300.
Jan.
Dominion Stores (guar.)
1.34 Dec. 16 Holders of rec. Nov. 30
National Brick preferred (guar.)
*25c Dec. 21 *Holders of rec. Dee. 14
Donahoes, Inc., class A (guar.)
"4354e Jan. 1 "Holders of rec. Dec. 12
National Candy common (guru.)
*10c Dec. 21 *Holders of rec. Dec. 14
Class A (extra)
.1.34
Jan. 1 *Holders of rec. Dec. 12
preferred
second
First
and
14
rec.
Dec.
Dec. 21 *Holders of
•1
Preferred (guar.)
*50c. Jan. 1 "Holders of rec. Dec. 15
National-Erie Co. class A (guar.)
50c Feb. 15 Holders of rec. Feb. 1
DupIan Silk Corp., corn
2
Jan. 6 Holders of rec. Dec. 14
common
Fireproofing
National
15
rec.
Dec.
Holders
of
2
Jan.
2
Preferred (quiz'.)
50c. Jan. 2 Holders of rec. Dec. 20
National Steel Car
Jan. 1 *Holders of rec. Dec. 18
Dunham (James H.)& Co.;corn.(qu.)-- *1
75c. Dec. 31 Holders of rec. Dec. 13
_
Nevada Consol. Copper Co.(guar.)
Jan. 1 *Holders of rec. Dec. 18
'1
First preferred (guar.)
•37l40 Jan. 1 *Holders of rec. Dec. 21
New Haven Clock common (guar.)
•13,
1 Jan. 1 *Holders of rec. Dec. 18
Second preferred (quar.)
Jan. 15 Holders of rec. Jan. 6
3
New York Investors 1st Pre!
1.12l4 Jan. 1 *Holders of rec. Dec. 15
Eastern Gas& Fuel Assoc. pr.
•75c. Dec. 31 *Holders of rec. Dec. 20
(guar.)
common
Steel
Newton
Dec.
15
of
rec.
I
*Holders
Jan.
•1
6% preferred (guar.)
Jan. 31 *Holders of rec. Jan. 15
*51.50
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 16a
37
Eastern Rolling Mill kquar.)
Dee. 31 'Holders of rec. Dec. 18
50c Jan. 1 Holders of rec. Dec. 16a North American Creameries corn. A(gu.) .350. Jan. 2 Holders of rec. Dec. 10
Extra
13.4
011
pref.
Central
Texas
(guar.)
North
rec.
Dec.
16a
e2 Jan. 1 Holders of
Stock dividend
Dec. 16 Holders of rec. Dec. 6
31
lie
Ohio Confectionery ((ivar.)
Eastern Steamship Lines,corn.(qu.)
- *11 Jan. 2'Holders of rec. Dec. 18
154 Jan. 2 Dec. 14 to Jan. 1
Ohio Seamles Tube prof.(guar.)
•1% Jan. 2 'Holders of rec. Dec. 18
First preferred (guar.)
Jan. 1 'Holders of rec. Dec. 10
*750.
(guar.)._
Equip.
COM.
pref.
FfinIrt
Oliver
'8734o Jan. 2 *Holders of rec. Dec. 18
Preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dee. 10
Prior pref. series A (guar.)
6e. Jan. 1 Holders of rec. Dec. 10
Ecquadorlan Corp.. Ltd.,corn.(guar.)-Jan, 1 Holders of rec. Dec. 14
40c.
preferred
Ovington's
participating
Holders
of
rec.
Dec.
10
314 Jan. 1
Preferred
Owens Illinois Glass*$1.50 Jan. 1 *Holders of rec. Dec. 14
Electric Auto-Lite Co.. corn.(guar-)- Jan. 1 *Holders of rec. Dec. 16
Common (payable in common stock)_ _ *is
"1U Jan. 1 *Holders of rec. Dec. 14
Preferred (guar.)
•134 Jan. 1 *Holders of rec. Dec. 16
Preferred (quar.)
Endicott Johnson Corp.,corn.(guar.) -- 51.25 Jan. 1 Holders of rec. Dec. 18
Jan. 15 *Holders of rec. Dec. 31
*300.
Pacific Coast Glass common (quar.)
154 Jan. 1 Holders of rec. Dec. 18
Preferred (guar.)
Dec. 20 *Holders of rec. Dec. 2
*$1
Common (extra)
30c Dec. 15 Holders of rec. Dec. 4
Equitable Financial Corp., cl. A (qu.).
Jan. 2 Holders of rec. Dec. 20
_
$1
(qu.)_
corn.
Page-Hershey Tubes. Ltd..
*Holders of rec. Nov. 29
Equitable Investing Corp.. el. A (cm.). •114
114 Jan. 2 Holders of rec. Dec. 20
Preferred (guar-)
•30e Jan. 2 *Holders of rec. Dec. 15
Excellent Tool Corp.common (quar.)
*51.50 Dec. 31 *Holders of rec. Dec. 20
•I
Penney (J. C.) Co. pref.(quar.)
Exeter Oil (monthly)
Dec. 15 *Holders of rec. Dec. 1
Feb. 1 *Holders of rec. Jan. 15
*3
Penn Traffic
Federal Ainevi co rom (quar.)
..30c Jan. 2 *Holders of rec. Dec. 14
*50c. Dec. 16 'Holders of rec. Dec. 5
Petroleum Exploration (guar.)
Federated Business PublicationsDec. 16 *Holders of rec. Dec. 5
*250.
Extra
1st preferred (guar.)
'623.4c Jan. 2 *Holders of rec. Dec. 20
21
Pettibone Mulliken Co. pref. (quar.)... "Ilif Jan. 1 *Holders of rec. Dec
Foote Bros. Gear & Mach. corn.(quar.). •30e Jan. 1 *Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 19
40c.
(guar.)._
A
Inc..
class
Philippe(Louis)
Preferred (guar.)
•154 Jan. 1 *Holders of rec. Dec. 20
Dec.
14
rec.
of
Holders
1
Jan.
50c.
Pie Bakeries of Am.class A (quar.)
Fox
Jan. 15 Holders of rec Dec. 30
eltiSS A and 13 (guar.)
51
154 Jan. 1 Holders of rec. Dec. 14
Preferred (guar.)
•1
Jan. 1 *Holders of rec. Dee. 16
General Electric common (guar.)
31
Dec.
roe.
*Holders
of
Jan.
20
'13.4
Plymouth Cordage (guar.)
Special stock (guar.)
'15() Jan. 1 "Holders of rec. Dec. 16
•114 Dec. 20 'Holders of rec. Dec. 4
Extra
General Mills, inc., pref.(quiz.)
Holders of rec. Dec. 14a
1
Jan.
20
Dec.
roe.
*Holders
of
10
Jan.
*51.75
(qu.)
cl.
A
Tobacco
Amer.
RiC9.11
Porto
General Public Utilities, pref.(guar.)
Holders of rec. Dec. 14
51.7. Jan.
Dec. 20
Class A (acc't accumulated dividends). *51.75 Jan. 10 *Holders of rec. Dec.
General Railway Signal, corn. (guar.)._ $1.2 Jan. 1 Holders of rec. Dec. 10
16
Jan. 2 *Holders of rrc.
"51
Pratt & Lambert Co.(guar.)
Holders of roe. Dec. 10
1 3.4 Jan.
Preferred (guar )
Dec.
16
rec.
"Holders
of
2
Jan.
SI
Extra
General Steel Castings pref. (quar.).- •51.50 Jan. 2 *Holders of rec. Dec. 18
6c. Jan. 4 Holders of rec. Dec. 11
Premier Gold Mines (quiz.)
Gerlach-Barklow Co. corn. (guar.)
•30c. Jan. 1 "Holders of rec. Dec. 20
Dec. 19
Reliance Mfg.(Illinois) common (guar.) 3734c Jan. 1 "Holders of rec.
Preferred (guar.)
*50c. Jan. 1 'Holders of rec. Dec. 20
'154 Jan. 1 *Holders of rec. Dec. 19
Preferred ((marl
GladdIng McBear Co.corn.(guar.)
•750. Jan. 1 *Holders of rec. Dec. 20
Holders of rec. Dec. 14
Jan.
2
35c.
pref.
(guar.)
Investing
Republic
Glen Alden Coal (guar.)
Jan.
10
'Holders
of
rec.
•82.50 Jan. 2'
Jan. 1 Holders of rec. Dec. 15
$3
Reynolds Investing $6 pref
Godchaux Sugars. Inc., pref. (guar.)... lit Jan. 1 Holders of rec. Dec. 19
Reynolds(R.J.) TobaccoGoldman Sachs Trading Corp.Jan,
2 Holders of rec. Dec. 18
75c.
(quar.)
common
B
and
Common
Stock dividend (guar.)
el34 Jan. 1 Holders of rec. Dec. 15
75c. Jan. 1 Holders of roe. Dec. 20
Richman Bros. common (guar.)
Golden Cycle Corp. (guar.)
40e. Dec. lf Holders of rec. Nov.30
'4354c Feb. 1 'Holders of me. Jan. 4
Richfield Oil, preferred (quar.)
Goodyear Textile Mills pref.(guar.).- 51.75 Jan. 2 *Holders of rec. Dec. 19
*75c. Jan. 1 *Holders of roe. Dec. 20
Ross Gear & Tool. common (quar.)
Goulds Pumps, Inc., common (guar.).- 2
Jan. 2 Holders of rec. Dee. 20
13
Royal Baking Powder,common (quiz'.). .250. Dec. 31 *Holders of rec. Dec.
Preferred (guar.)
1.54 Jan. 2 Holders of rec. Dec. 20
Dec. 31 *Holders of rec. Dee. 13
'134
Preferred
4,250
Ian.
Holders
of
Dec.
(W
T
(guar.)
rer.
12
Grant
Co.. rem.(quar.)
30
rec.
Nov.
*Holders
of
Dec.
14
*El
Ruberold Co
Gray Processes Corp
•500. Jan. 2 *Holders of rec. Dec. 16
Safeway Stores, Inc., common (guar.).* o41.25 Jan. 1 *Holders of rec. Dec. 11
Extra
•50c. Jan. 2 *Holders of rec. Dec. 16
Jan. 2 *Holders of rec. Dec. 21
.53
Dec. 31 *Holders of rec. Dec. 17
Granite City Stee'(guar.)
St. Croix Paper preferred
•31
Dec. 6
$I
'
Extra
Great Lakes Towing, corn. (guar.)
134 Dec. 31 *Holders of rec. Dec. 15
500. Mar. 20 Mar. 8 to Mar.20
'700. Jan. 2 'Holders of rec. Dec. 14
Great Western Sugar. corn.(guar.)
St. Joseph Lead Co.(guar.)
250. Mar. 20 Mar. 8 to Mar.20
Extra
Preferred (guar.)
154 Jan. 2 'Holders of rec. Dec. 14
50c. June 20 June 10 to June 20
Quarterly
Greif Bros. Cooperage, corn. A (guar.)._ •800. Jan. 1 'Holders of rec. Dee. 15
250. June 20 June 10 to June 20
*50e. Jan. 2 'Holders of rec. Dec. 16
Grigsby-Grunow Co. (guar.)
Extra
50c. Sept.20 Sept. 10 to Sept.21
Quarterly
Guardian-Detroit Group, Inc.. (guar.). *50c Dec. 31 *Holders of rec. Dec. 10
250. Sept.20 Sept. 10 to Sept.21
*25c Dec. 31 *Holders of rec. Dec. 10
Extra
Extra
50c. Dec. 20 Dec. 10 to Dec. 21
Quarterly
$50
Tan. 2 Holders of rec. Dec. 16
Guenther Publishing Corp.(annua)
250. Dec. 20 Dec. 10 to Dec. 20
*50c Jan. 2 *Holders of rec. Dec. 20
Extra
Guenther (Rudolph)-Russell Law, Inc
50c.
Dec. 30 Holders of rec. Dec. 16a
(ou.)
corn.
Co.,
Pac
Harnischfeger Corp., corn. (cm.)(No. 1) *450 Jan. 1 *Holders of rec. Dec. 15
St. L.Rocky Mtn.&
134 Dec. 30 Holders of roe. Dec. 113a
Preferred (guar.)
*51.75 Jan. 1 'Holders of rec. Dec. 15
Preferred (guar-)
10
St. Regis Paper, new common (guar.)_ _ _ *25c. Jan. 2 *Holders of rec. Dec.
Homestead Funds Corp.,corn.-Dividen d omit ted
"151 Jan. 2 *Holders of rec. Dec. 10
Preferred (guar-)
*50c Dec. 5 *Holders of rec. Nov. 25
Hawaiian Comml & Sugar (extra)
`10c. Jan. 2 *Holders of rec. Dec. 15
Salt Creek Consol Oil (quar.)
Houdaille-Hershey Corp., el. A (guar.). '6214r Jan. 2 *Holders of rec. Dec. 20
'3734c Jan. 2 *Holders of rec. Dec. 15
Schlessinger (B. F.) Co. class A (qu.)
Class B (guar.)
*50e Tan. 2 *Holders of rec. Dec.20
"134 Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
Household Finance Corp.
"1.% Jan. 2 *Holders of rec. Dec. 12
The. Tan. 15 Holders of roe. Dec. 31a Schulte Retail Stores. pref. (guar.)
1. Participating pref.(guar.)
r Participating pref. (extra)
123.4c Jan. 15 Holders of me. Dec. 31a Scruggs-Vandervoort-Barney Dry Goods
Jan. 2 Holders of rec. Dec. 21
3
First preferred
"50e Jan. 1 *Holders of rec. Dec. 12
Humble Oil& Refining (guar.)
334 Jan. 2 Holders of rec. Dec. 21
Second preferred
250 Jan. 2 Holders of rec. Dec. 10
Hygrade Lamp. corn. (guar.)
650 Jan, 1 Holders of rec. Dec. 16
Service Stations, Ltd., Can., cl. A (qu.)_
$1.62r Jan. 2 Holders of rec. Dec. 10
Preferred (quar.)P
Selected Industries 5514 Prior stock (qu.) 51.375 ma. 2 Holders of rec. Dec. 160
Imperial Tob. of Canada, ord. interim- *8 5ie Dec. 30 "Holders of rec. Dec. 6
Sloss-Sheffield Steel & Iron. pref.(quar.) '13.4 Jan. 2 *Holders of rec. Dec. 20
•10c Dec. 30 *Holders of rec. Dec. 6
Final
*50c Dec. 30 *Holders of rec. Dec. 14
South Penn 011 (guar.)
Instill Utilities Investment
*123.4 Dec. 30 *Holders of rec. Dec. 14
*Holders
of
rec. Dec. 16
Extra
"51.37 Tan. 2
Prior preferred (quar.)
154 Jan. 1 Holders of roe. Dec. 10
Southwest Dairy Products. pref. (qu.)
International Equities Corp. el. A (qu.) 8714c Tan, 2 Holders of rec. Dec. 20
51 Dec. 31 Holders of rec. Dec. 16
South West Pa. Pipe Lines (guar.)
Dec. 20 Holders of rec. Dec. 12
51
International Paint (Canada) A & B
Dec. 15 Holders of rec. Dec. 5
6214c
Smallwood Stone (guar.)
750 tan. 2 Holders of rec. Dec. 10
International Shoe, corn. (guar.)
*550 Dec. 31 *Holders of rec. Dec. 30
Square D Co. class A (guar.)
International Tea Stores, Ltd.
Dec. 31 Holders of rec. Dec. 16
25c
(guar.)
_
common
11
"Holders
of
rec.
Sparks-Withington
Co.
sul2
fan.
Dec. 14
Amer. den. rlohts for ord. reg. shs_.
134 Dec. 16 Holders of rec. Dec. 6
Preferred (guar.)
•15c. Dee. 15 *Holders of rec. Dec. 10
Investment Fund of N. J. (guar.)
250 Jan. 2 "Holders of rec. Dec. 16
•15c. Dec. 15 *Holders of rec. Dec. 10
Standard Commercial Tobacco com.(gu.) .
Investment Trust of N. J. (guar.)
'334 Jan. 2 *Holders of rec. Dec. 16
Preferred
• 51.621 Ian. 2 *Holders of rec. Dec. 10
Preferred (guar.)
*500. Jan. 2 'Holders of rec. Dec. 15
•50, 'far. 1 *Holders of rec. Feb. 15
Standard Dredging pref. (guar.)
Iron Firemen bite.(extra)
Corp.
Wetumka
Royalties
Standard
Jackson Motor Shaft-Dividend omitted
lc. Dec. 14 Holders of roe. Nov.30
'rec. 2 *Holden; of rec. Nov.26
.1'37
Preferred (monthly)
Johansen Bros Shoe, core.(guar.)
"25c fan. 2 "Holders of me. Dec. 14
Standard Royalties Wewoka Corp.
Kermath Mfg.(guar.)
le. Dec. 14 Holders of rec. Nov.30
'134 an. 2 *Holders of rec. Dec. 20
Preferred (monthly)
King Philip Mills (guar.)
s5
lee. 24 *Holders of rec. Dec. 3
Standard Royalties Wichita Corp.Extra
lc.
Dec. 14 Holders of rec. Nov.30
"hie.
20
Holders
of
50c
rec.
(monthly)
Dee.
10
Preferred
Knapp-Monarch Co., corn
134 Jan. 1 Holders of rec. Dec. 16
8110 Jan, 1 Holders of rec. Dec. 16
Standard Textile Products p1. A (qu.)
Preferred (guar.)
*1 )4 Jan. 2 "Holders of rec. Dec. 11
134 Jan. 1 Holders of rec. Dec. 16
Preferred class B (Quinn.)
Koppers Gas & Coke, pref. (guar.)
7
"52 Jan. 2 "Holders of rec. Dec. 17
Steel Co. of Canada corn. & pf.(guar.)._ 4354e Feb. I Holders of rec. Jan. 20
Lambert Co.(guar.)
*50c. Jan. 1 *Holders of rec. Dee.
"250 Dec. 31 "Holders of rec. Dee. 20
Sterling Motor Truck pref. (guar.)
Leath & Co. common (No. 1)
Dec.
18
of
roe.
Holders
15
Jan.
$2
1
Feb.
*Holders
of
rec.
Jan.
Webster,
Inc
41
(guar.)
Stone &
20
Liquid Carbonic Corp.
Jan. 1 'Holders of rec. Dec. 18
Strauss (Nathan) Inc. com.(qu.)(No. 1) '3734c Jan. 2 *Holders of rec. Dec. 16
Loose-Wiles Biscuit, let pref. (guar.).__
'154 Jan. 1 *Holders of rec. Dec. 15
'154 Jan. 2 'Holders of rec. Dec. 16
Strawbridge & Clothier 7% pt.(gu.)_
Lorillard (P.) Co., pref.(guar.)
'
2
*Holders
2734c Jan. 1 'Holders of rec. Dec. 23
of rec. Dec. 16
•75c. Jan.
Superior Portland Cement cl. 4(qu.)_.
Loudon Packing (guar.)
Jan. 1 Dec. 11 to Jan. 9
2
*e25 Feb. 1 *Holders of roe. Jan. 15
Swift St Co. (guar.)
Stock dividend
Jan. 2 Holders of rec. Dec. 10
6234e
Jan.
10
*Holders
of
rec.
Dec.
31
*33
Publications
preferred
Taylor Milling (guar.)
Macfadden
•150 Feb. 1 'Holders of rec. Jan. 17
*51.50 Dec. 31 'Holders of roe. Dec.. 16
Teck Hughes Mines (guar.)
Mack Trucks. Inc.(guar.)
*30c Jan. 1 *Holders of rec. Dec. 20
Thompson Products class A (guar.)
*154 Jan. 2 *Holders of rec. Dec. 16
Manhattan shirt Preferred (guar.)
•30c Jan. 1 *Holders of rec. Dec. 20
Class A (extra)
Mfrs.& Merchants Securities corn. A(qu) '373-4c Jan. 2 'Holders of rec. Dec. 16
'134 Mar. 1 'Holders of rec. Feb. 20
•51.75 Jan. 15 *Holders of rec. Jan. 2
Prior preferred (guar.)
Preferred (guar.)
Jan. 1 Holders of rec. Dee. 10
$1.50
10
Holders
Jan.
of
rec.
SOC.
pref.
(guar.)
Dec.
20
(quar.)
Thompson Spa Inc.
Margery Oil Corp.
'
Dec. 25 *Holders of rec. Dec. 15
*1
373.4c Dec. 15 *Holders of rec. Dec. 1
Traung Litho. & Label class A (guar.)._
Mascot Oil (monthly)
134 Jan. 1 Holders of rec. Dec. 16
'373.4c Jan. 1 'Holders of rec. Dec. 14
Tr -Continental Corp. pref.(guar.)
Maytag Co. common (guar.)
•30e Jan. 15 *Holders of rec. Dec. 26
*50c. Jan. 1 'Holders of rec. Dec. 14
Truscon Steel Co.(guar.)
Common (extra)
Mar. 6 "Holders of me. Jan. 6
•e6
750. Jan. 1 Holders of rec. Dec. 20
McKee (A. G.) & Co. class A (guar.) _
Stock dividend
*Holders
of
2
rec.
Jan.
Wacker
Drive
Bldg..
Dec.
(guar.)
_
Chicago
*El
16
Plate
common
Twenty
McKeesport Tin
*51.50 Jan. 15 *Holders of rec. Dec. 31
*50c. Jan 2 *Holders of rec. Dec. 16
Preferred (guar.)
Common (extra)
Ili Jan. 2 Holders of rec. Dec. 130
•75c. Jan. 1 "Holders of rec. Dec. 15
United Dyewood prof. (guar.)
Mead Johnson & Co. (quar.)
250 Dec. 31 Holders of rec. Nov. 27
•250. Jan. I *Holders of rec. Dee. 15
United Thrift Plan corn. A (qu.)(No.1)
Extra
*50e. Jan. 2 'Holders of rec. Dee. 15
United National Corp. partic. pf.(spec.) "250 Dec. 10 *Holders of roe. Dec. 20
Mercantile Discount pref. A (quar.)
334
Jan. 1 Holders of rec. Dee. 13
Distributing
new
pref
S.
Merchants & Miners Transp.(guar.)- '623.-4c Dec. 31 *Holders of ore. Dec. 14
U.
Jan. 1 "Holders of rec. Dee. 16
U.S. Elec. Light & Power Shares. Dm.
Mesta Machine common (guar.)(No.1)_ *$3
75c Dec. 1
Jan. 1 "Holders of rec. Dec. 16
ill
Common (extra)
Trust ct(s. series A (guar.)
Jan. 2 Holders of rec. Dec. 16
$1
*100. Dec. 20 'Holders of rec Dec. 10
Metalcraft Corp. common (special)
U. B. Tobacco common (quar.)
154 Jan. 2 Holders of rec. Dec. 16
"30.3. Jan. 2 *Holders of rec. Dec. 14
Preferred (guar.)
MetroPolitan Ice preferred
Jan.
2 *Holders of rec. Dec. 13
"50e
Jan.
20
*Holders
(guar.)
*3
of
Products
rec.
_
Dec.
31
common
(guar.)
_
Universal
Petroleum
Mexican
$4
Dec. 31 Holders of rec. Dec. 13
*2
Jan. 20 *Holders of rec. Dec. 31
Utah Col/Per (guar.)
Preferred ((Mar.)
Dee. 31 Holders of rec. Dee. 13
$4
Jan. I *Holders of rec. Dec. 12
Extra
Midland Steel Products common (guar.) $1
71c. Jan. 1 *Holders of rec. Dec. 12
Van de Earn ps HollandCommon (extra)
*50c. Jan. 2 *Holders of rec. Dec. 18
2
Jan. 1 *Holders of rec. Dec. 12
Dutch Bakes (guar.)
Preferred (guar.)
•500 Jan. 2 *Holders of rec. Dec. 14
1
Jan.
134
"Holders
of
rec
Dec.
12
Vogt Mfg. (guar.)
Preferred (extra)
•50e
Apr. 1 *Holders of rec. Nfar. 15
Quarterly
Milgrim (H.) & Bros., Inc., pf. (qu.).- 51.75 Jan, 1 Holders of rec. Dec. 10a
.0134 Jan. 1 *Holders of roe. Dec. 20
*250. Jan 1 *Holders of rec. Dee. 16
Walgren Co. prof.(guar.)
Milner Co.. Inc., common (guar.)
Jan.
1 *Holders of rec. Dec. 15
•500
(guar.)
common
Motors
*50c.
Feb.
15
*Holders
of rec. Feb. 4
Waukesha
Minneapolis Honeywell Regula. (extra).
Webster Eisenlohr. Inc.. prof. (qu.).... •154 Jan. 2 "Holders of rec. Dec. 20
Mock, Judson, Voehringer Co. pf. Mu.). 154 Jan. 1 Holders of tee. Dec. 14
Jan.
6
*Holders of rec. Dec. 20
'13.4
Dee.
31
•
75c.
'Holders
Coast
Oil
of
West
pref.
(guar-)
rec.
(guar.)
Dec. 10
Mohawk Carpet Mills
Dec. 20 Holders of rec. Dec. 5
Western Grocers. Ltd.(Canada). 111-1411) '154 Jan. IS *Holders of roe. Dec. 20
Moloney Electric common A (guar.).- $1
10c. Dec. 6
Western Royalty (monthly)
2
Dec. 27 Holders of Me. Dec. 23
Mortgage-Bond Co. (guar.)
40e. Jan. 2 Holders of rec. nee. 140 Wheatsworth. Inc.. common (guar.)._ *250. Jan. 1 *Holders of rec. Dec. 20
Mountain Producers (guar.)
Dec. 15 Holders of rec. Dec. 10
Willard(W.E.)& CO.. Die., common... 10
"75e. Jan. 2 *Holders of rec. Deo. 16
Nachmann Springfield (guar.)
3592
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Wilson & Co. pref. (quar.)
1% Jan. 2 Holders of rec. Dec. 16
Yale dr Towne Mfg. (guar.)
Jan 2 Holders of reo. Dec. 14
$1
Young (L. A.) Spring & Wire corn.(qua _ *75c Jan. 2 *Holders of rec. Dec. 12
Youngstown Sheet & Tube corn. (qu.) *$1.25 Jan.
*Holders of rec. Dec. 14
Preferred (guar.)
*Holders of rec. Dec. 14
*154 Jan.
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern ord
Deo. 27 Holders of rec. Nov. 27
$2
Ordinary (extra)
$1.50 Dec. 27 Holders of rec. Nov. 27
Preferred
Feb. 13 Holders of rec. Jan. 10
$2
Preferred (extra)
$1.50 Feb. 13 Holders of rec. Jan. 10
Atlanta Birmingham & Coast pref
2;4 Jan'. 2 Holders of rec. Dec. 13
Atlantic Coast Line Co.(guar.)
112.50 Dec. 10 *Holders of rec. Nov. 30
Atlantic Coast Line RR., corn
334 Jan, 10 Holders of rec. Dec. 120
Common (extra)
134 Jan. 10 Holders of rec. Dec. 12a
Bangor dr Aroos.,com.(old & new)(guar.) 870. Jan. 1 Holders of roe. Nov.300
Preferred (guar.)
Itt Jan. 1 Holders of ree. Nov. 30a
Boston & Albany (quar.)
234 Dee, 31 Holders of rec. Nov.30
Buffalo & Susquehanna, pref
Dec. 30 Holders of rec. Dec. 100
Canadian Pacific,corn.(guar.)
2;4 Dec. 31 Holders of rec. Dec. 20
Central of Ga. By
334 Dec. 31
Chesapeake Corp.(guar.)
75c Jan. 1 Holders of rec. Deo. 60
Chesapeake & Ohio. corn.(guar.)
234 Jan. 1 Holders of rec. Dec. 60
Preferred (guar.)
ag Jan, 1 Holders of ree. Dec. 60
Chicago & North Western, corn
234 Dec. 31 Holders of rec. Dec. 20
Preferred
3M Dec. 31 Holders of rec. Dec. 20
Chic. R.I.& Pacific, corn.(guar.)
154 Dec. 31 Holders of rec. Nov. 29a
7% Preferred
334 Dec. 31 Holders of rec. Nov. 2Pa
6% Preferred
Dec. 31 Holders of rec. Nov. 290
Cincinnati Union Terminal. pref
1M Deo, 31 Holders of roe. Dec. 20
Com:dictated ER:., of Cuba pref. cqua _
134 Jan. 2 Holders of rec. Dec. 10a
Cuba Northern Rye., common
$4.40 Dec. 27 Holders of rec. Dec. 270
Cuba RR., pref. (quar.)
a Febl'30 Holders of me. Jan. 150
Delaware & Hudson Co.(guar.)
234 Dec. 20 Holders of rec. Nov. 260
Pittsburgh
Erie &
(quar.)
87 Mc Dec. 10 Holders of rec. Nov. 300
Erie RR.,first ds second Prof
2 Dec. 31 Holders of rec. Dec. 160
Hocking Valley, corn.(guar.)
234 Dec. 31 Holders of rec. Dec. (la
Illinois Central leased lines
2
Jan. 2 Holders of rec. Dec. ha
Little Miami special guaranteed (guar.)- *50c. Dec. 10 *Holders of rec. Nov. 26
Original guaranteed (guar.)
*$1.10 Dec. 10 *Holders of rec. Nov. 26
Maine Central, common (guar.)
1
Jan. 2 Holders of rec. Dee. is
Midland Valley, corn. (extra)
$1
Dec. 30 Holders of rec. Dec. 140
Missouri-Kan.-Texas pref. A (auar.)
134 Dee. 31 Holders of rec. Dec. 14a
Mobile & Birmingham, preferred
Jan. 2 Holders of rec. Dec. 20
Morris & Essex
$2.125 Jan. 2 Holders of rec. Dec. 70
N.Y. Chicago & St. Louis, corn.(qu.)_
134 Jan. 2 Holders of rec. Nov. 150
Preferred series A (guar.)
134 Jan. 2 Holders of rec. Nov. 15n
N.Y.Lackawanna & Western (guar.).Jan. 2 Holders of reo. Dec. 140
N.Y.,N.H.& Hartford, corn.(qua
134 Jan. 2 Holders of rec. Dec. 60
Preferred (quar.)
Jan. 2 Holders of rec. Dee, Oa
Norfolk & Western, corn. (quar.)
Dec. 19 Holders of rec. Nov. 30a
Common (extra)
4 Dec. 19 Holders of rec. Nov.300
Pere Marquette,corn.(quar.)
144 Jan. 2 Holders of rec. Dec. 6a
Prior pref. and pref.stocks(quar.)_ - 134 Feb. 1 Holders of rec. Jan. 3a
Pinta,. Ft. Wayne & Chic., corn.(qua
144 Jan. 2 Holders of rec. Dec. 10a
Preferred (guar.)
144 Jan. 7 Holders of rec. Dec. 10st
Pittsburgh & West Va.,corn.(quar.)_. 134 Jan. 31 Holders of rec. Jan. 15a
Co..
let preferred (attar.)
Reading
50c. Dec. 12 Holders of rec. Nov. 210
Rich., Fredericksburg & Potomac
Common stock and div. obligations*4
Dec. 31 'Dec. 22 to Jan. 2
Com.stock and div.°brig.(extra).-- *4
Dec. 31 *Dec. 22 to Jan. 2
St. Louis-San Francisco, corn.(quar.)
$2
Jan. 2 Holders of roe. Dee. 2a
Preferred (guar.)
1;4 Feb. 1 Holders of rec. Jan. 20
Preferred (qual.)
1;4 May 1 Holders of rec. Apr. 12a
Preferred (guar.)
134 Aug. 1 Holders of rec. July la
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. la
St. Louis Southwestern pref. (quar.)......
134 Deo.d31 Holders of rec. Dec. ha
Southern Pacific Co.(guar.)
134 Jan. 2 Holders of reo. Nov. 25a
Union Pacific, cont.(quar.)
234 Jan, 2 Holders of roe. Dec. 2a
Name of Company.
[VOL. 129.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
General Gas & Elec. class A & B (qua -- n3710 Jan. 2 Holders of tee. Nov. 220
Corn. A & B (extra)
n50e Jan. 2 Holders of rec. Nov. 30a
$7 preferred A (quar.)
$1.75 Jan. 2 Holders of roe. Nov. 29a
$8 preferred A (quar.)
$2
Jan. 2 Holders of tee. Nov. 29e
$6 preferred (quar.)
$1.50 Dec. 15 Holders of rec. Nov. 15
$6 pref. series B (guar.)
51.50 Dec. 15 Holders of rec. Nov. 15
General Public Service, corn.(In stock) _ _
13 Dec. 31 Holders of rec. Dee. 20
vs 1.3754 Feb. 1 *Holders of rec. Jan. 10
$5.50 preferred (guar.)
$6 preferred (guar.)
411.50 Feb. 1 *Holders of rec. Jan. 10
Germantown Pass. Ry.(Phila.)(qu.)_*$ 1.3134 Jan. 7 *Holders of rec. Dec. 17
Illinois Bell Telephone (guar.)
*2
Dec. 31 *Holders of rec. Dec. 30
Illinois Power.6% pref.(guar.)
134 Jan. 2 Holders of rec. Dec. 16
7% Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 16
Indiana Hydro-Elec. Pow., pref.(qu.)154 Dec. 15 Holders of rec. Nov.30
Indianapolis Water Co., pref. ser A (qu.) 134 Jan. 1 Holders of rec. Dec. 12a
Internat. Power Securities, common.... $1
Dee. 15 Holders of rec. Nov.30
$6 preferred A
$3
Dee. 15 Holders of ree. Nov.30
Interstate Power,$7 Prof.(guar.)
$1.75 Jan. 2 Holders of rec. Dee, 5
$6 preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 5
Kan. City Power & Light, pref. B (qua - $1.50 Jan. 1 Holders of rec. Dec. 14a
Kansas City Pub.Serv., pref. A (qua
$1
Jan. 1 Holders of rec. Dee. 14
Kentucky Securities, corn.(guar.)
114 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 20
Laclede Gas Light, corn. (guar.)
234 Dee. 16 Holders of roe. Dec. 20
Preferred
234 Dec. 16 Holders of roe. Dec. 20
Lexington Utilities, pref. (guar.)
134 Dee. 16 Holders of rec. Nov.29
Long Island Lighting 7% pref.(qua
•154 Jan. 1 *Holders of rec. Dee. 16
6% Preferred (guar.)
1.134 Jan. 1 *Holders of rec. Dee. 16
Louisville Gas & Elec., corn. A & B (qu.) 4344c Dec. 24 Holders of roe. Nov. 300
Manhattan Ry, modified guarantee
Deferred rental of Jan. 1 1928
51.25 Dec. 17 Holders of ree. Nov. 290
Mohawk & Hudson Pow., 2d pref. (qu.) $1.75 Jan. 2 Holders of rec. Dec. 20
Monongahela West Penn Pub. Service
Preferred (guar.)
4334c Jan. 1 Holders of rec. Dec. 14
Nassau & Suffolk L(g., pref. tquar.)
154 Jan. 1 Holders of rec. Doe. lo
National Power & Light, $7 pf.(quar.). $1.75 Jan. 2 Holders of rec. Dec. 10
National Public Service, corn. A (quar.)_
40e. Dee. 15 Holders of rec. Nov. 27
New England Pow. Assn., corn.(quar.)_ *50e. Jan. 15 *Holders of rec. Dec. 31
Prefen ed (quar.)
134 Jan. 2 Dec. 11 to Jan. 1
New England Public ServicePrior lien preferred (guar.)
•$1.75 Dee, 15 *Holders of ree. Nov.30
New England Tel. & Tel.(guar.)
2
Dee. 31 Holders of rec. Dee. 10
N.Y.& Queens El. Lt. & Pr.. com.(qu.) *87;4c Dec. 14 *Holders of rec. Nov. 29
New York Steam Co., 7% pref. (qu.).... 134 Jan, 2 Holders of rec. Dee. 14a
6% preferred (guar.)
134 Jan, 2 Holders of rec. Dec. 14e
N. Y. Water Service, pref. (guar.)
*$1.50 Deo. 15 *Holders of tee. Dec. 5
Niagara & Hudson Power, corn.(guar.)
10c. Dec. 31 Holders of ree. Nov. 30aNorth American Co.,corn.(In corn.s(k) 4234 Jan, 2 Holders of rec. Dee. 5a
Preferred (guar.)
760. Jan. 2 Holders of tee. Dec. 50
North Amer. Utility Sec., 1st pf.(qu.) _ $1.50 Dee. 16 Holders of rec. Nov.30
Northern Ontario Power, corn.(quar.)_
50o. Jan. 25 Holders of rec. Dee. 31
Preferred (guar.)
1.34 Jan. 25 Holders of rec. Dec. 31
Northwestern Telegraph
•21.50 Jan. 2 *Holders of rec. Dec. 16
Oklahoma (las & Elec., pref.(guar.) _
154 Dec. 16 Holders of roe. Nov.30
Penn.-Ohio Pow.& Lt., $6 pref.(quar.) $1.50 Feb. 1 Holders of rec. Jan. 20
154 Feb. 1 Holders of rec. Jan. 20
7% Preferred (qua?.)
7.2% preferred (monthly)
600. Jan, 2 Holders of rec. Dec. 20
7.2% preferred (monthly)
60e. Feb. 1 Holders of rec. Jan. 20
55c. Jan. 2 Holders ot rec. Dec. 20
6.6% Preferred (monthly)
6.0% preferred (monthly)
550. Feb. 1 Holders of ree. Jan. 20
Pennsylvania Gas & El.Co..$7 VC(qua - *$1.75 Jan. 1 *Holders of rec. Dec. 20
7% preferred (guar.)
*154 Jan. 1 *Holders of rec. Dec. 20
Pennsylvania Water & Power (guar.)_ _ _
75e, Jan. 2 Holders of rec. Dec. 13
Peoples Gas, preferred
3
Jan. 1 Holders of rec. Dec. 12a
Peoples Light & Power class A (guar.)._ _ Mo.Jan. 2 Holders of rec. Dec. 7
Philadelphia Electric new corn.(quar.)
*55c. Dec. 30 *Holders of rec. Dec. 10
$5 preferred (guar.)
•$1.25 Feb. 1 *Holders of reo. Jan. 10
Piedmont & Northern By.(guar.)
'h34 Jan. 10 *Holders of rec. Dee. 31
Power Corp. of Canada, Gem. (Interim) 51 Dec. 20 Holders of rec. Nov. 30
114 Jan, 15 Holders of rec. Dee. 31
6% Preferred (guar.)
750. Jan. 15 Holders of me. Dec. 31
6% partici. pref.(guar.)
Public Service Corp. of N. J., corn.(qu ) 650, Dec. 31 Holders of rec. Dee. 20
2
Dec. 31 Holders of rec. Dee. 2.
8% preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 20
7% Preferred (guar.)
$5 preferred (guar.)
$1.25 Doe. 31 Holders of rec. Dec. 20
500. Dec. 31 Holders of rec. Dec. 2
6% pref. (monthly)
Public Serv. Elec.& Gas,7% pref.(qua
134 Dec. 31 Holders of rec. Dec. 2
134 Deo, 31 Holders of rec. Dee. 2
634% preferred (guar.)
Queens Boro Gas & Elec.6% pref.(qua- *134 Jan. 1 *Holders of rec. Dec. 20
Radio Corp. of Amer., pref. A (qu.)._. 873to Jan. 1 Holders of rec. Dec. 20
$1.25 Jan. 1 Holders of rec. Dec. 20
Preferred B (guar.)
35e. Jan 1 Holders of roe. Dec. 2.
Original Prof
San Joaquin Light & Power 7% pt. A(qu) *ig Dee. 14 *Holders of rec. Nov. 30
*134 Dec. 14 *Holders of rec. Nov.30
6% preferred B (guar.)
Jan. 1 Dec. 2 to Jan. 1
Second & 3rd Sta. Pass. Ry., Phils.(qu.) $3
Southern Calif. Edison, pref. A (qual.). 4354e. Dec. 15 Holders of rec. Nov. 20
Preferred B (guar.)
374e. Dec. IS Holden of rec. Nov. 20
Southern Canada Power 6% pref. (qu.). 114 Jan, 15 Holders of roe. Dee. 20
Southern Colorado Power, pref. (qua
1,3 Dec. 16 Holders of roe. Nov. 30
Southwestern Gas & Elec., pref.(qu.)..... 4.134 Jan. 2 *Holders of reo. Dec. 18
Standard Gas & Elec.. pref.(quar.)
Dec. 18 Holders of rec. Nov. 30a
81
Superior Water, Light & Pow., pf.(qua al% Jan. 2 *Holders of roe. Dec. 14
Tennessee Eiee Power.5% 1st pf.(qu.)
134 Jan. 2 Holders of rec. Dec. 14
6% hat preferred (quar.)
134 Jan, 2 Holders of rec. Dee. 14
7% lot preferred (guar.)
1% Jan. 2 Holders of roe. Dee. 14
7.2% lot preferred (quar.)__,
$1.80 Jan. 2 Holders of rec. Dee. 14
6% let preferred (monthly)
500. Jan. 2 Holders of roe. Dec. 14
7.2% 1st preferred (monthly)
60e. Jan. 2 Holders of rec. Dec. 14
Union Natural Gas (Canada)(quar,)_._ *350. Dec. 27 *Holders of roc. Nov.30
Extra
*5e. Dec. 27 *Holders of rec. Nov.30
Stock dividend
Dec. 27 *Holders of rec. Nov. 30
se5
United Corporation, Prof. (quar.)
75e. Jan. 2 Holders of rec. Dec. to
United Gas & Elec. Corp. pref.(quit.).. 134 Jan. 1 Holders of reo. Dec. 16
United Gas dr ImprovementNew common (qua?.)(No. 1)
25e. Dec. 31 Holders of roe. Nov.300
81.25 Dec. 31 Holders of rec. Nov. 300
85 preferred (guar.)
Virginia Elec. & Power,7% pref.(qu.).
154 Deo, 20 Holders of ree. Nov. 29a
1H Dec. 20 Holders of rec. Nov. 29a
6% Preferred (guar.)
Wisconsin Public Sera., pref.(qu.)
IM Dec. 20 Holders of rec. Nov. 30
134 Dec. 20 Holders of roe. Nov. 30
854% Preferred (guar.)
Public Utilities.
Amer. Telep. & Teleg.(quar.)
234 Jan. 15 Holders of roe. Dee. 20a
Amer. Wat. Wks.& Elec. $6 1st Pf.(qU.) $1.50 Jan. 2 Holders of roe. Dec. 12a
Associated Gas & Elec., class A (qu.).-- *5500. Feb. 1 *Holders of reo. Jan. 10
Bell Telephone of Canada (guar.)
2
Jan 415 Holders of rec. Dec. 23
Bell Tel. of Pa., 634% pref. (quar.).-- 134 Jan. 15 Holders of rec. Dec. 20a
Boston Elevated Ry.com.(guar.)
'134 Jan. 2 *Holders of ree. Dec. 10
First preferred
*4
Jan. 2 *Holders of rec. Dec. 10
Preferred
'334 Jan, 2 *Holders of rec. Dec. 10
Brazilian Tr., Light & Pow., prof.(qu.)_
134 Jan. 2 Holders of rec. Dec. 16
Bklyn.-Manh. Tran. pref. aer. A (qu.)- - $1.50 Jan15 30 Holders of roe. Deo. 310
Preferred. aeries A (guar.)
$1.50 Apr15110 Hold, of reo. Apr. 1 '30o
$1.25 Jan. 2 Holders of rec. Dec. 2a
Brooklyn Union Gas(guar.)
Buff., Niagara & East. Pow., corn. (qu.) •3734c Dec. 30 *Holders of rec. Dec. 15
Class A (Qua?.)
*37%c Dec. 30 *Holders of ree. Dec. 15
15e. Jan. 25 Holders of rec. Dec. 31
Canada Northern Power, corn. (quar.)
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
Central III. Pub. eery., $6 pref. (guar.) $1.50 Jan. 15 *Holders of rec. Dec. 31
Central Public Service, class A ((Mara
04334c Dec. 15 Holders of rec. Nov.25
$1.50 Jan. 1 Holders of rec. Dec. 12
$6 preferred (guar.)
87 preferred (guar.)
$1.75 Jan. 1 Holders of rec. Dee. 12
10e. Jan, 1 Holders of rec. Dec. 5
Central States Elec. Corp., corn. (quar.)
Common (payable in common stock)_ f2 A Jan. 1 Holders of rec. Dec. 5
7% pref., Issue of 1912 (guar.)
134 Jan, 1 Holders of rec. Dec. 5
6% preferred (guar.)
i34 Jan. 1 Holders of rec. Dec.
Cony. pref., series 01 1928 (quar.)__.. (s) Jan, 1 Holders of rec. Dec. 5
Cony. pref., series of 1929 (guar.)---- (c) Jan. 1 Holders of rec. Dec. h
Central States Power & Light, pref.(qu.) $1.75 Jan. 2 Holders of rec. Dee. 5
Central States Utilities Corp., pfd .(qu.) $1.75 Jan. 2 Holders of rec. Dec. 5
Cities Service Power & Light•41 2-3c Dec. 15 *Holders of rec Dec 1
$5 preferred(monthly)
* 58 1-3c Dec. 15 *Holders of rec. Dec. 1
$6 preferred (monthly)
*50e. Dec. 15 *Holders of rec. Dec. 1
$7 preferred (monthly)
Banks.
elyi Jan. 1 *Holders of rec. Dec. 26
Cleveland By. common (guar.)
Flatbush National(No.1)
ml
Jan. 1 Holders of rec. Dec. 15
Columbia G.&E.Corp..corn.(in stk.)-- 125 Mar.31 Holders of rec. Feb. 28
Congo!. Gas El L.& P.,Balt„corn.(qu.)- *900. Jan. 2 *Holders of rec. Dee. 14
Trust Companies.
'134 Jan. 2 *Holders of req. Dec. 14
5% preferred A (guar.)
Chelsea Bank & Trust (guar.)
6214 o Jan. 2 Holders of rec. Dee. 204
•Iti Jan. 2 *Holders of rec. Dec. 14
6% Preferred D (quar.)
Continental Bank & Trust (guar.)
30c. Dee. 10 Hnalr, of rec. Dee. 70
Jan. 2 *Holders of rec. Dec. 14
535% preferred E (guar.)
Irving Trust(guar.)
40e. Jan, 2 Holders of rec. Dec. 3
Dec. 16 Holders of ree. Nov. 1ln Manufacturers (qua?,)
Consolidated Gas(N.Y.) corn.(guar.)._ $1
*$1.50 Jan. 2 *Holders of rec. Dec. 16
$1.25 Feb. 1 Holders of rec. Dee. 280
Preferred (quer.)
Fire Insurance
$1.25 Jan 2'30 Holders of roe. Dee. 14
Consumers Power, $5 pref.(guar.)
Brooklyn Fire (guar.)
300. Jan1'30 Holders of roe. Dec. 20
134 Jan 2'30 Holders of rec. Dec. 14
6% Preferred (quit.)
Special
45c. Dee. 20 Holders of rec. Dee. 10
1.65 Jan 2'30 Holders of reo. Dec. 14
1.6% Preferred (Mara
North River (guar.)
50o. Dec. 16 Holders of rea. Dec. 6
154 Jan 2'30 Holders of ree. Dec. 14
7% Preferred (guar.)
50e. Jan 2'30 Holders of rec. Deo. 14
6% Preferred (monthly)
Miscellaneous.
6.6% preferred (monthly)
550. Jan 2'30 Holders of roe. Dec. 14
Abitibi Power & Paper,7% pref.(guar.) 134 Jan, 2 Holders of rec. Dec. 20
Continental Gag & Elec., COLO.(guar.).- $1.10 Jan. 2 Holders of rec. Dec. 12a
6% Preferred (guar.)
134 Jan, 20 Holders of rec. Jan. 100
7% prior preferred (guar.)
lg Jan. 2 Holders of rec. Dec. 12a Acme Glove Works (Montreal)Detroit Edison (guar.)
2
Jan. 15 Holders of rec. Dec. 200
lgt preferred (guar.)
Me Dec. 15 Holders of reo. Nov. 30
Duke Power common (guar.)
• 134 Jan, 2 Holders of rec. Dec. 14
Second preferred (quar.)
75e. Dec. 15 Holders of rec. Nov. 30
Common (payable in corn,stock)
f2
Jan. 2 Holders of rec. Dec. 14
Adams Express, new corn.(guar.)
*40e. Dec. 31 *Holders of ree. Dec. 18
Preferred (guar.)
13.4 Jan. 2 Holders of rec. Dee. 14
Preferred (guar.)
'13.4 Dee. 31 *Holders of rec. Dec. 18
East Kootenay Power, pref.(guar.)
l'i Dec. 16 Holders of rec. Nov. Sc
Addreasograon Internat., corn.(guar.)- *3734e Jan. 10 *Holders of rec. Dec. 21
Electric Power & Light pref.(guar.).- $1.75 Jan. 2 Holders of rec. Dec. 10a Ainsworth Mfg.stock div.(guar.)
Marl 30 *Holders of roe. Feb. 20
•sl
El Paso Electric Co., pref. A (guar.).- •i3( Jan. 2 *Holders of rec. Jan. 15
4tock dividend (guar.)
Jun 230 *Holders of roe. May 20
'ii
Engineers Public Serv., corn. (quar.).-25e. Jan. 2 Holders of rec. Dec. 20 Airways Elec. Appliance, corn.(quar.)_ 6234c Jan. 2 Holders of rec. Dee. 200
$5 cony. preferred (guar.)
$1.25 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
•154 Jan. 2 *Holders of rec. Dec. 20
$5.50 cum. pref. (guar.)
81.375 Jan. 2 Holders of rec. Dec. 24 Aldred Investment Trust, common
50c. Dee. 2 Holders of rec. Nov. 30
Federal Light & Tract.. corn.(guar.).- 3734c Jan. 2 Holders of rec. Dec. 134 Allied Chemical & Dye Corp. corn.
$1.50 Feb. 1 Holders of roe. Jan. 150
(qu.)
Corn.(payable in corn. stock)
fl
Jan. 2 Holders of rec. Dec. 130
Common (one-twentieth ah. corn. stk. (f) Jan. 3 Holders of rec. Dec. Ila
Frankford & Southwark By.(quar.).--- $4.50 Jan. 1 Dec. 2 to Jan. 1
Preferred (quar.)
154 Jan. 2 Holders of rec. Dee. 110
DEC. 7 1929.]
Name of Company.
FINANCIAL CHRONICLE
1W/en
Per
Cod. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Allegheny Steel, corn. (monthly)
15e. Dec. 18 Holders of rec. Nov. 30
Common (extra)
25e. Dec. 18 ITolders of rec. Nov.30
Alliance Investment, corn. quar.)
.20c Jan. 2 *Holders of rec. Dec. 13
Common payable in corn. stock)
.of 1 Jan. 2 *Holders of rec. Dec. 13
Allied Products Corp., coin. A (quar.). _ _ *87 tic Jan. 1 *Holders of rec. Dec. 16
Aluminum Mfrs.. corn. (quar.)
•50e Dec. 91 *Holders of roe. Dee. 13
Preferred (guar.)
•1N June 30 *Holders of roe. June 15
Preferred (guar.)
•1ii Sept. 30 *Holders of reo. Sept. 15
Preferred (quar.)
Dec. 31 *Holders of ree. Dec. 15
*1
Amer. Art Who., corn. dr of.(quar.)
1 5 Jan. 15 Holders of rec. Dec. 31
American Bakeries common (quar.) _ _ .75e. Jan. 1 *Holders of rec. Dec. 16
Preferred (quer.)
'1% Jan. 1 *Holders of rec. Dec. 16
American Bank Note, corn.((Mar.)
50e. Jan. 2 Holders of rec. Dec. 100
Common (extra)
El
Dec. 30 Holders of rec. Dec. 10a
Common (payable in common stock) 110
Dec. 30 Holders of rec. Dec. 10a
Preferred (quar.)
75c Jan. 2 Holders of rec. Dee. 100
American Can, corn. (quar.)
$I
Feb. 15 Holders of ree..Tan. 31 a
Preferred (quar.)
18 Jan. 2 Holders of ree. Dec. 160
Amer. Chain, pref. (quar.)
Dec. 31 Holders of rec. Dec. 21a
1
American Chicle, corn. (guar.)
500. Jan, 1 Holders of rec. Dec. 12a
Common (extra)
250. Jan. 1 Holders of rec. Dec. 12a
Amer. Coal of Allegany Co.(extra)
1)ec. 21 Holders of rec. Nov.30a
$1
Amer. Colortype. corn.(quar.)
60c. Dec. 31 Holders of rec. Dec. 12
American Depositors Corp.
Corporate Trust shares (extra)
110 Dec. 31
Amer. Encaustic Tiling, corn. (quar.)__ _
50c. Dec. 23 Holders of rec. Dec. 12a
Amer. Fork & Hoe, COM.(quar.)
2
Dec. 14 Holders of rec. Dec. 5
•1
Amer. Hardware Corp. (quar.)
Jan2'30 *Holders of reo. Dec. 17
Amer. Hawaiian S. S. common
Jan. 2 Holders of rec. Dec. 140
32
Amer. Home Products Corp.(mthly.)_ _
350. Jan. 2 Holders of rec. Dec. 140
American Locomotive, coal. (guar.)._ _ $2 Dec. 31 Holders of rec. Dec. 13
Preferred (clear.)
Dec. 31 Holders of rec. Dec. 13
Amer. Maize Products. com.(quar.)_ _ _ *50c. Dec. 31 *Holders of rec. Dec. 12
Common (extra)
"80e. Dec. 31 "Holders of rec. Dec. 12
Preferred (quar.)
•1 fi Dee. 31 *Holders of rec. Dec. 12
American ManufacturingCommon (Guar.)
750. Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
U' Dec. 31 Holders of rec. DOC. 15
Amer. Pneum. Servlee, 1st pref.(quer.). '871St Dec. 31 *Holders or rec. Dec. 21
Second preferred (quar.)
•75e. Dec. 31 'Holders of rec. Dec. 21
Amer. Radiator & Std. Sanitary Corp.Common (quar.)
Dec. 31 Holders of rec. Dec. Ito
37
Preferred (quar.)
185 Nov. 30 Holders of rec. Nov. 150
Amer. Roiling Mills, corn.(quar.)
talle Ian. 15 Holders of rec. Dec. 310
Amer. Safety Razor (oust.)
$1.25 Jan. 2 Holders of rec. Dec. 10a
Amer. Shipbuilding, cons. (quar.)
2
Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)
in' Feb. 1 Holners of rec. Jan. 15
American Stores (guar.)
50e Jan. 2 Holders of rec. Dee. 140
Amer.Sugar Refg. common ((ivar.)
111 Jan. 2 Holders of rec. Dec. 50
Preferred (quar.)
115 Jan. 2 Holders of rec. Dec. 50
American Surety (quar.)
31.50 Dec. 31 Holders of rec. Dee. 14a
American Thread, Preferred
12Sie. Jan, I Holders of rec. Nov. 30a
American Tobacco preferred (guar.)._ .._
115 Jan. 2 Holders of rec. Dee. 103
Amer. Writing Paper, pref. (quar.)
75e. Dec. 31 Holders of rec. Dec. 20
Amer. Yvette Co., pref. (guar.)
*50c. Jan. 2 *Holders of rec.,Dec. 16
Amer.Zinc, Lead & Smelt. pref.(qu.).
31.50 Jan. 1 Holders of rec. Dec. 12a
Amrad Corp. (quar.)
*25c. Jan. 1 *Holders of rec. Dec. 20
5e4
Stock dividend
Dec. 31 *Holders of rec. Dec. 20
Anchor Post Fence, corn.(tsar.)
*50c Jan. 1 *Holders of rec. Dec. 14
s5
Anglo-Persian 011, corn. (Interim)
Dec.d28 *Holders of rec. Dec. 2
'Armour & Co. of Del.. Pref. (quar.)____
181 Jan. 2 Holders of rec. Dec. 10a
Armour & Co. (III.), pref. (quar.)
115 Jan. 2 Holders of rec. Dee. 10a
Armstrong Cork, corn. (quar.)
.50c. Jan. 1 *Holders of rec. Dec. 16
Common (extra)
*37Sic Jan. 1 *Holders of rec. Dec. 16
Artloom Corp.. corn. ((luail.)
50e. Jan. 1 Holders of (ec. Dec. 160
Preferred (quer.)
In' Dec. 2 Holders of rec. Nov. 15a
Associated 011 (quar.)
50e. Dec. 31 Holders of rec. Dec. 9a
Associates Investment Co., corn. (quar.) *S1 Dec. 31 *Holders of rec. Dec. 21
Atlantic Gulf & West Indies B.S. Lines,
Preferred (guar.)
Dec. 31 Holders of roe. Dec. 11•
$1
Atlantic Refining (quar.)
25e. Dec. 16 Holders of rec. Nov. 21a
Extra
25c. Dee. 16 Holders of rec. Nov. 2Ia
Atlantic Steel, corn.(quar.)
*135 Dec. 31 *Holders of rec. Dec. 20
Common kestrel
*2
Dec. 31 *fielders of rec. Dec. 20
AU. Terra Cotta Co., prior pref.(quar.)13.5 Dec. 16 Holders of rec. Dee. 5
Preferred (quar.)
Dec. 23 Holders of rec. Dec. 5
Atlas Powder, corn.(Ouar.)
St
Dee. 10 Holders of rec. Nov. 295
Common (extra)
81
Dec. 10 Holders of rec. Nov. 29a
Autocar Co., Pref.(quar,)
Dec. 15 Holders of rec. Dec. 5
Automatic Washer preferred (guar.).- - *50c. Jan. 1 *Holders of rec. Dec. 15
Automobile Finance
+25e. Dec. 20 *Holders of rec. Nov. 30
Autostrop Safety Razor, 01. A (quar.)__ _
75c. Jan. 2 Holders of rec. Dec. 10a
Babcock & Wilcox Co.(Omer.)
*IN Jan. I *Holders of rec. Dec. 251
Baker (J. T.) Chemical Co., corn. (qu.) *18Nc Dec. 31 *Holders of rec. Dec. 14
•11Sic Dec. 31 *Holders of rec. Dec. 14
Common (extra)
Bakers Share Corp.. corn. (On.)
Jan l'30 'Holders of rec. Nov. I
Balaban & Katz. corn.(qr.)
•75e. Dec. 27 'Holders of rec. Dec. 16
•1
Preferred (quar.)
Dec. 27 *Holders of rec. Dee. 16
Baldwin Co.6% pref. A (quar.)
Dec. 14 *Holders of rec. Nov. 30
Baldwin Locomotive Works, new corn_ 87 Y,',C Ian. 1 Holders of roe. Dec. 6a
Preferred
385 Jan. 1 Holders of rec. Dec. 6a
.37 Sic Dee. 31 *Holders of rec. Dec. 20
Baldwin Rubber, pref. A (quar.)
Bankers Capital Corp., Prof.(quar.)__ *32
Jan1510 *Holders of rec. Dec. 31
Barker Brothers Corp. corn. (quar.)__ _ _
50e Jan. 1 Holders of rec. Dec. 14a
Convertible preferred (quar.)
135 Jan. 1 Holders of rec. Dec. 14a
$1 Jan. 2 Holders of rec. Dec.d14a
Beatrice Creamery, corn. (quar.)
Preferred (quar.)
115 Jan.; 2 Holders of rec. Dec.014a
Beech-Nut Packing (quar.)
750 Jan. 10 Holders of rec. Dec. 24
Dec. 12 Holders of rec. Dec. 250
e5
Stock dividend
Belding-Corticelli, Ltd.. Pref. (quar.)_ _ _
31 Dec. 14 Holders of rec. Nov. 30
115 Jan. 2 Holders of rec. Dec. 4
Belize Canadian Paper, Prof. (quar.)__ _ _
Bendix Aviation ,quar.)
50c Jan. 2 *Holders of rec. Dec. 10
Best & Co. new corn.(quar.)(No. 1)
50c. Dec. 16 Holders of rec. Nov. 25a
Bethlehem Steel common (quar.)
•81.50 Feb. 15 *Holders of rec. Jan 18a
•13.1 Jan. 2 *Holders of rec. Dee. 6s
Preferred (quer.)
Blaw-Knox Co. common (extra)
300. Dec. 23 Holders of rec. Dec. 13a
Blumenthal(Sidney)& Co., Inc.pf.(qui
135 Jan. 2 Holders of rec. Dec. lea
Blyn Shoes, Inc., pref.-Dividend passed
I3ohack (II. C.) Co., coin. (extra)
*62 Sic Dec. 15 'Holders of rec. Nov. 30
Bohn Aluminum dr Brass (guar.)
750. Jan. 2 Holders of rec. Dec. 13a
Boise Chien.011 Corp., class A kquar.)
20c. Dec. 15 Holders of rec. Nov. 35)
Bonner Company, class A (qual.)
373.5 Dec. 31 Holders of rec. Dec. 15
Borg-Warner Corp. common (quar.)___ SI
Jan. 2 Holders of rec. Dee. 16a
Preferred (quar.)
•51.75 Jan. 2 *Holders of roe. Dec. 16
Boston Wharf Co
335 Dec. 31 fielders of rec. 1)ec. 2
Boston Woven Hose & Bubb., com.orru.) $1.50 Dee. 16 Holders of rec. Dec. 2
Common (extra)
Dee. 16 Holders of rec. Dec. 2
$2
Preferred
3
Dec. 16 Holders of rec. Dec. 2
Brach (E. J.) & Sons (guar.)
*50e. Dec. 20 *Holders of rec. Nov. 16
Briggs dr Stratton Corp.(guar.)
50e. Dec. 31 Holders of rec. Dec. 20a
kWillo Mfg., corn. (guar.) (No. 1)
'30c. Jan. 2 *Holders of rec. Dec. 15
*50e. Jan. 2 *Holders of rec. Dec. 15
Class A (Oust.)
*1M
Brockway Motor Truck pref. (quar.)_._
Jan. 1 *Holders of rec. Dee. 10
Brown Durrell Co.. 515% Pref. (quar.). •1% 1/1/30 'Holders of rec. Dec. it
Dec. 14 Holders of rec. Nov. 22
Si
Buckeye Pipe Line (guar.)
Dec. 10 'holders of rec. Dec. 3
Buckeye Steel Castings, corn. (extra) _ _ *S1
25e. Jan. 2 Holders of rec. Nov. 270
Bucyrus-Erie Co., common (coar.)
62 Sic Jan. 2 Holders of rec. Nov. 27a
Convertible preferred (guar.)
Preferred (guar.)
135 Jan. 2 Holders of rec. Nov. 27a
250. Dec. 31 Holders of rec. Dec. ion
Budd Wheel, corn. (quar.)
105 Dec. 31 Holders of rec. Dec. 10a
First preferred (quar.)
40e, Dec. 31 Holders of rec. Dec. 170
Bullard Co. common (quar.)
•135 Jan. 1 *Holders of rec. Dec. 13
Burns Bros. pref.(quar.)
20e. Dec. 10 Holders of rec. Nov. 25a
Burroughs Adding Mach..(clear.)
*50c. Feb. 1 *Holders of rec. Dec. 27.
13ush Terminal common (guar.)
Common (Payable In common stook)-- '11 35 Feb. 1 *Holders of rec. Dec. 27
Debenture stock (quar.)
'135 Jan. 15 *Holders of rec. Dec.
nosh Terminal Bides. preferred Marl_ '1'S Jan. 2 *Holders of rec. Dec. 27
17
50e. Dec. 24 Dec. 10 to Dec. 25
Butte Copper & Zinc Co
25e. Dec. 24 Holders of reo. Dec. 106
BY-Products Coke Corp.(quer.)
Si
Dec. 18 Holders of rec. Nov. 30a
alifornla Packing Corp.(quar.)
Name of Company.
3593
Per
Irhen
Cent. Payable.
Rooks Closed,
Days Inclusive.
Miscellaneous (Continued).
Calumet & Arizona Mining Joel.)
82.50 Dec. 23 Holders of ree. Dec. Ca
Calumet & Ueda Cons. Copper Co.‘qu.) 51.50 Dec. 31 Holder, of rec. Nov. 30a
Canada Cement, pref. (quar.)
135 Dec. 31 Holders of rec. Nov. 30
Canada Dry Ginger Ale (quar.)
$1.25 Jan. 15 Holders of rec. Jan. 2a
Canada Malting (guar.)- 373.5c Dec. 16 Dee. 1
to Dec. 14
Canada Permanent Mtge. Corp. (guar.) 3
Jan. 2 Holders of rec. Dec. 14
Canada Steamship Lines pref. (quar.)__
13.5 Jan. 2 Holders of rec. Dec. 16
Dec. 15 Holders of rec. Nov. 30
Canada V) in, ar Cable, class A (quar.)__ El
Dec. 15 Holders of rec. Nov. 30
Preferred (quar )
Canaidan Car & Fdy., Ltd., pref. (qu.) _
44c. Jan. 10 Holders of rec. Dec. 26
Canadian General Elec.. pref. (quar.)__ 8731e Jan. I Holders of rec. Dec. 14
Canfield 011, oom.& pref.(quar.)
$1.75 Dec. 31 Holders of rec. Noy.20
Capital Administration Co., pref. (qu.)_
135 Jan. 1 Holders of rec. Dec. 166
Jan. 1 'Holders of rec. Dec. 7
Carey (Philip) Mfg. common (auar.)._ *S2
Common (payable in common stock)_ •12
Jan. 1 *Holders of rec. Dec. 7
Preferred (quar.)
•131 Dec. 31 *Holders of rec. Dec. 21
Carnation Co., pref. (quar.)
.13) Jan. 2 *Holders of rec. Dec. 20
Preferred (guar.)
•135 Apr. 1 *Holders of rec. Mar. 20
Carnation Milk ProductsJan 2'30 *Holders of tee. Dec. 21
Common(payable In common stock)- •1
Carpel Corp
*37(Sc Jan. 1 *Holders of rec. Dec. 20
Carter (William) Co., pref. (quar.)
•115 Dec. 16 *Holders of rec. Dec. 9
Case (J. I.) Co., corn. (guar.)
185 Jan. 1 Holders of rec. Dec. 120
Preferred (quar.)
131 Jan. 1 Holders of rec. Dec. 120
Central Alloy Steel Corp., com.(quar.)_
50c. Jan. 10 Holders of rec. Dec. 240
1% Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
Century Electric Co. common (quar.)_-_
1
Jan. 1 Holders of rec. Dec. 15a
Champion Shoe Mach., pref.(quar.)___ _ '135 Jan. 1 *Holders of rec. Dec. 25
Chelsea Exchange Corp., cl. A & B (qu.)
25e. Feb. 15 Holders of rec. Jan. 31
Class A & B (guar.)
250. May 15 Holders of rec. May 1
Chesebrough Mfg. Consol. (quar.)
Dec. 30 Holders of rec. Dec. 10a
$1
Extra
Dec. 30 Holders of rec. Dec. 10a
$I
chicago Flexible Shaft, corn. (quar.)
*30e. Jan. 1 'holders of rec. Dec. 20
Common (guar.)
*30c. Apr. 1 *Holders of rec. Mar. 20
*30c. July 1 *Holders of rec. June 20
Common (guar.)
Common (quar.)
*350. Oct. 1 "Holders of rec. Sept. 20
Chicago Yellow Cab (monthly)
250. Jan. 2 Holders of rec .Dec. 200
Monthly
25c. Feb. 1 Holders of ree. Jan. 200
Monthly
1125e. Mar. 1 Holders of rec. Feb. 190
Chickasha Cotton Oil (quar.)
75e. Ian. '2 Holders of rec. Dec. 10
Childs Co.. corm (quar.)
60e. Dec. 10 Holders of rec. Nov. 220
Preferred (coar.)
135 Dec. 10 Holders of rec. Nov. 22a
Chile Copper Co. (quer.)
87,Tr Dec. 30 Holders of rec. Dec. 90
Extra
$1.50 Dec. 30 Holders of rec. Dec. 43
Chrysler Corp. (Ouar.)
75e. 112130 Holders of rec. Dec. 20
Cincinnati Advertising Products (qu.)__ '500. Dec. 31 *Holders of rec. Dec. 20
Extra
Dec. 15 *Holders of rec. Dec. 1
*51
Stock dividend
*e10 Jan. 15 *Holders of rec. Jan. 1
Cities Service, corn. (monthly)
2350 Jan. 2 Holders of rec. Dec. 15
Common (payable in common stock).. 135 Tan. 2 Holders of rec. Dec. 15
Preference & preference BB (mthly.).
50e. Jan. 2 Holders of rec. Dec. 15
Preference 11 (monthly)
be. Jan. 2 Holders of rec. Dec. 15
Clark Equipment, corn. (quar.)
750. Dec. 16 Holders of rec. Nov. 290
Claude Neon Elec. Prod. (qu.)
*250..Ja
of rec. Dec. 19
Jan
o
f:30'Holders
,3
Stock dividend
'Holders of rec. Dee. 19
Stock dividend
*3
July1'30 *Holders of rec. Jan. 20
Cleveland Automatic Mach., pref. (qu.) 131 Dec. 31 Holders of rec. Dec. 13
Coca Cola Bottling See. (guar.)
•250. Jan. 15
Quarterly
*25e. Apr. 15
*25c. July 15
Quarterly
*250. Oct. 15
Quarterly
Coca-Cola Co.. common (guar.)
SI
Jan. 1 Holders of rec. Dec. 120
Class A
51.50 Jan. 1 Holders of rec. Dec. 120
Coca-Cola Internat. Corp., corn.(qu.)._ 52
Jan, 1 Holders of rec. Dee. 120
53
Class A
Jan. 1 Holders of rec. Dec. 12
Colgate-Palmolive-Peet Co. corn. (qu.).. 62350 Jan
7 Holders of rec. Dec. 16
155 Jaul'30 Holders of rec. Dec. 7
Preferred (quar.)
Columbia Invest.. corn. (qu.) (No. 1)... .300. Feb. 1 *Holders of rec. Jan. 25
Columbia River Packers Assn,(quar,).. '37850 Dec. 20 *Holders of rec. Dec. 5
Commercial Credit Co.(Louisiana) pf__
2 Dec. 31 Holders of rec. Dec. 21
Commercial Invest. Trust, tom. (quar.)
40c. Jan. 1 Holders of rec. Dec. 50
Common (payable In common stock)_ 1135 Jan. 1 Holders of rec. Dee. 555
1+5 Jan, 1 Holders of rec. Dec. 50
7% first preferred (quar.)
685% first preferred tallar.)
IN Jan. 1 Holders of rec. Dec. 50
Cony. preference opt.ser. of 1929 (qu.) (u) Jan. 1 Holders of rec. Dec. 551
Comm. Solvents, new eons.(No. I)(qu.)
23c. Jan. 1 Holders of rec. Dec. I3a
Commonwealth & Southern Corp.Community State Corp.. A .1k B (Quar.). 1 3i Dee. 81 Holders of roe. Dec. 20
*S1.25 Jan. 2 *Holders of rec. Dec. 14
Congress Cigar (Ouar.)
"25c. Jan. 2 *Holders of rec. Dec. 14
Extra
Consol. Gold Fields of South AfricaAmer. dep. recta, for ord. bearer she- - (I) Dec. 18 Holders of rec. Nov. 21
Consolidated Ice (Pittsburgh). pref
'135 Dec. 15 'Holders of rec. Dec.
Consumers Co., prior preferred (quar.)
'135 Jan. 1 'Holders of rec. Dec. 14
30c. Jan, 1 Holders of rec. Dec. lla
Container Corp. of Am.class A (quar.)_ _
Preferred (quar.)
135 Jan. 1 Holders of rec. Dec. 11
Continental Can. pref. (guar.)
135 Jan. 1 Holders of rec. Dec. 16a
250. Jan. 2 Holders of rec. Dec. 16
Continental Shares, Inc., corn.(qu.)..Prof. ser.I3 sh. and cony. pref. (quar.). 13.5 Dec. 16 Holders of ree. Dee. 2
Dec. 16 Holders of rec. Nov. 30
Cooksville Co., Ltd., Prof.(quar.)
1
Copper Range Co.(quar.)
*50e. Jan. 15 *Holders of rec. Dec. 14
Coty,Inc.(quar.)
50c. -fee. 31 Holders of rec. Dec. 16a
4335e. Dec. 16 Ilolders of rec. Nov. 30
Crane Co., com. (guar.)
Preferred (quar.)
135 Dec. 16 Holders of roe. Nov. 30
Crosley Radio (quer.)
25e, Jan. 1 Holdere_of rec. Dec.‘,200
Stock dividend
e4 Dee. 31 Holders of roe. Dec. 30
Crosse & Blackwell. $3.50 pref.(quar.)-- •87350 Nov. 30 *Holders of rec. Nov. 20
Crowley Milner & Co., cons.(guar.)._ _ _ •50e. Dec. 31 *Holders of rec. Dec. 10
Crown Cork Sr Seal, pref. (quar.)
•68c. Dec. 16 *Holders of rec. Nov. 30
Crown Willamette Pap.,corn (qu.)(No.1) SI
Dec. 15
First preferred (quar.)
$1.75 Jan. 1 Holders of rec. Dec. I30
51.50 Jan. 1 Holders of rec. Dec. 13
Second preferred (quar.)
Crucible Steel, pref. aquar.)
135 Dee. 31 Holders of rec. Dec. 16a
Cuban Tobacco, corn
$I
Dec. 31 Holders of rec. Dec. 14
Preferred
235 Dec. 31 Holders of rec. Dec. 14
Cumberland Pipe Line (quar.)
El
Dec. 16 Holders of rec. Nov. 30
Cuneo Press, pref. (guar.)
•154 Dec. 15 *Holders of roe. Don. 1
Preferred (guar.)
•155 Mar. 15 *Holders of rec. Mar. 1
Curtis Manufacturing (quar.)
•62 Sic Jan. 2 *Holders of rec. Dec. 14
Curtis Publishing, corn. (monthly)
50c. Jan. 2 'Holders of rec. Dec. 200
1 14 Jan 1'30 Holders of rev. Dee. 200
Preferred (guar.)
Curtiss Aeroplane & Motor (quar.)
500, Dec. 28 Holders of rec. Dec. 10
Cutler-Hammer, Inc. (quar.)
88c, Dec. 16 Holders of rec. Dec. d50
Stock dividend
e20 Jan. 15 Holders of rec. Jan. 2
David & Frere. Ltd., Canada,el. A (qu.)
56e. Dec. 15 Holders of rec. Nov. 13
Decker (Alfred) dr Cohn Co., corn.(qu.)_ *50c. Dec. 16 *Holders of rec. Dec. 5
Deco Refreshment, Inc.. corn. ((lu.)_ _ .25c. Jan. 1 *Holders of rec. Dec. 20
*87 Tic Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
•I
Deere & Co., corn.(quar.)
.run. 2 *fielders of rec. Dec. 14
Del. Lackawanna & West. Coal.(qu.)___ *$2.50 Dec. 16 *Holders of rec. Dec. 2
Dennis Bros., Ltd. Amer dep, reefs
for ord. shs. 2 shillings, 10 pence per oh.
ic )Dec. 12 *Holders of rec. Nov. 25
Detroit Motor Bus, corn
*20e. Dec. 16 *Holders of rec. Nov. 30
Diamond Elec. Mfg.common (quar.)__ _ 050e. Dec. 30 *Holders of rec. Dee. 20
Common (special)
*50c. Dec. 22 *Holders of rec. Dec. 20
Common (payable In corn. stock)
•/2
Dec. 30 *Holders of roe. Dec. 20
2
Dec. 16 Holders of rec. Nov. 300
Diamond Match (guar.)
Dome Mines, Ltd. (quar.)
25c. Jan. 20 Holders of rec. Dec. 310
115 Jan. 2 Holders of rec. Dec. 16
Dominion Glass, corn.& pref. OW
Draper Corp.((luar.)
*El Jan. I *Holders of red. Nov. 30
.51 Jan. 1 *Holders of rec. Nov. 30
Extra
In 15'30 Holders of rec. Dec. 310
Dunhill Internat. common. (quar.)_ _
$1
11
Jo 15'30 Holders of rec. Dec. 810
Common (payable in corn.stock)
A pl 5'30 Holders of roe. Apr. la
$1
Common (quar.)
rl
Common (payable in corn. stock)
Apt5'30 Holders of rec. Apr. la
Du Pont(EL.) de Nem.& Co., com.(qu 51
Dec. 11 Holders of roe. Nov. 276
Common (extra)
70e. Jan. 4 Holders of rec. Nov. 27a
Debenture stock (quer.)
135 Jan. 25 Holders of rec. Jan. 10a
Flastern Bankers Corp.. prof. (guar.)._ 51.76 Febl'30 Holders of rec. Dee. 31
East Butte Copper Mining Co
25e. Dec. 21 Holders of rec. Nov. 20
East Michigan Steel Fdy.com(In covn.stk) 235 Dec. 15 Holders of rec. Dec.
1
3594
Name of Company.
When
Per
Cent, Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Eastern Utilities investing Corp$1.25 Jan2'30 Holders of roe. Nov. 30
Prior preferred (guar.)
31.25 Jan. 2 Holders of rec. Nov. 300
Eastman Kodak. corn. (guar.)
75e. Jan. 2 Holders of rec. Nov. 30a
Common (extra)
1 % Jan. 2 Holders of roe. Nov. 300
Preferred (gnat.)
75e, Feb. 1 Holders of roe. Jan. 15
Eaton Axle dr Spring (guar.)
Edison Bros. Stores, Inc., pref. (guar.). 134 Dec. 16 Holders of rec. Nov. 30
134 Dee. 16 Holders of roe. Dec. 20
EitingonIld Co.. 1st pref.(guar.)
3734c Dec. 14 Flolaers of roe. Nov. 29
El Doraao 011 Works (guar.)
50c Jan. 2 Holders of rec. Nov. 29
Extra
Electric Controller & Mfg., corn. (guar.) $1.25 Jan. 1 Holders of roe. Dec. 20
Elec. Star. Bat., corn. & pf. (In corn stk.) 100 S ubj. to etkhldrs. meeting Apr. 16
Electric Storage Battery. corn.& pf.(WI) 31.25 Jan. 2 Holders of rec. Dec. 90
Emerson Bromo-Seitzer. A (No. 1)(go.) *50e. Jan. 2 *Holders of rec. Dec. 14
*50e. Jan. 2 *Holaers of rec. Dec. 14
Class 13 (No. 1) ,quar.)
Jan. 2 *Holders of rec. Dec. 14
*$I
Preferren (No. 1)
500, Dee. 24 I Itolg,nrq it1 rec Nov 300
• ewer] onrn (mar.)
-••• • •
Jan. 2 Holders of rec. Dec. 20
234
Guar
Title
Equitable Mtge.&
2% Jan. 2 Holders of tee. Dec. 20
Extra
Equitable Office Bldg. Corp.,com.(gu.) 62)40. Jan. 2 Holders of rec. Dec. 16a
134 Jan. 2 Holders of rec. Dec. 16a
Preferred (Quer 1
Jan. 1 Holders of rec. Dec. 28
2
Erskine-Danforth Corp., pref. (gu.)
700 Dem 31 Holders or ree Dec. i20
ia
NiOrSe lt CO.. corn.(guar.).
Dee. 17
6234c Jan. I
F warless Bobber (guar.)
Federal Mining & Smelt., pref.(gust.).. 134 Dec. 16 Holders of rec. Nov. 25a
tee. Dee. 160
of
2
Jan.
20c.
Holders
(guar.)
Federal Motor Truck
Dec. 16 *Holders of rec. Dec. 5
*2
Federal Terra Cotta (guar.)
Dec. 16 *Holders of rec. Dee. 5
*2
Extra
. flu.) 1 % Jan. 1 Holders of rec. Dec
Feltie4n & Curiae Shoe Stores. pf.
50c Dec. 31 Holders of rec. Dec.413a
Ferry Cap & Screw,corn.(guar.)
16c Dec. 30 Holders of rec Dec. 130
(guar.)
Securities
Bus
Ave.
Fifth
First Bank Stock Corp. (Minneapolis)- *25e Dec. 31 *Holders of rec. Dec. 21
6234c Jan. 2 Holders of rec. Dec. 15a
First National Stores, corn.(guar.)
134 Jan, I Holders of rec. Dec. lte.
Florshclni Shoe, pref. (guar.)
700 Dee. 15 Holders of rec. Nov. 300
Follansbee Bros., common (guar.)
114 Dec. 15 Holders of rec. Nov. 30
Preferred (guar.)
65e Dec. 16 Holders of rec. Dec. 5
Foote-Burt Co.. corn. (guar.)
glee Jan1'30 *Holders of roe Dec 1
Formica Insulation (Qtmo)
50e. Jan. d2 Holders of rec. Dec. 12a
Foster Wheeler Corp., corn.(guar.)
$1.75 Jan. d2 Holders of rec. Dee. 120
Preferred (guar.)
Foundation Investment,6% pref.(qu.)- *1% Dec. 15 *Holders of rec. Nov.30
'134 Jan 110 *Holders of rec. Dec. It
Frank , A B.) co.. pref. (guar.)
'134 Aprl'30 *Holders of rec. Mar. lb
Preferred (guar.)
*144 Jul 1'30 *Holders of rec. June 18
Preferred (guar.)*134 Oct 1'30 *Holders of roe. Sept. US
Preferred (guar.)
334 Dec. 16 Dec. 1 to Dec. 10
French (Fred F.) Investing Co., prof
334 Dec. 16 Dec. 1 to Dec. 16
French (Fred F.) Security Co., pref._
Fuller(George A.)Co., panic. pr. Pf.(qu.) $1.50 Jan. 1 Holders of rec. Dec. 10
1 Holders of rec. Dec. 10
Cum. partic. 2de prefrence (guar.).- 51.50 Jan
El 25 Dec. 16 Holders of rec. Dec. fla
Gamewell Co.. corn. (guar.)
300. Jan. 2 Holders of rec. Dee. 14
Garlock Packing, corn.(guar.)
General Amer.Investors,6% pfd.(go.). *1% Jan. 1 *Holders of reo. Deo. 20
General Amer 'rank Car,
Jan. 11 *Holders of rec. Dec. 13
*81
Common (guar.)
*/1 Jan l'atr •Holaers of rec. Dee. 13
Common (payable in corn. stock).
Dec. 18 Holders of rec. Nov. 200
General Asphalt, corn. (guar.)(No. 1).. $1
25e Dec. 30 Holders of rec. Dee. 16
General Development Co
75c Dec. 12 Holders of rec. Nov. 23e
General Motors Corp.. coml.(gust.)....
30c Jan. 3 Holders of rec. Nov. 23a
Common (extra)
134 Feb. 1 Holders of rec. Jan. 8a
6% debenture stock (guar.)
114 Feb. 1 Holders of rec. Jan. 00
6% Preferred (guar.)
141 Feb. 1 Holders of rec. Jan. 60
7% preferred (guar.)
General Paint Corp.. class A (guar.).- *50e Jan. 1 *Holders of rec. Dee. 17
'3734c Jan. 1 *Holders of rec. Dec. 17
Clams B (guar.)- .
$1.75 Dec. 18 Holders of roe. Dec. 2
Giant Portland Cement, prof
(hearer (7ond•ine 11 arvester(gu.)(No. 1) .25e Jan. 1 *Holders of rec. Dec. 15
*50c. Jan. 2 *Holders of rec. Dec. 12
Glidden Co., corn. (guar.)
fl Jan. 2 Holders of rec. Dec. 12a
Corn.(payable in corn, stock)
134 Jan. 2 Holders of rec. Dee. 12a
Prior, preferred (guar.)
Jan. 1 Holders of rec. Dec. lb
Godman (H. C'.) Co. (payable In stock). fel
Goldberg (s. M.)Stores. $7 Pref• (Gluon) $1 .75 Dec. 16 Holders of rec. Dec. 2
Jan. I *Holders of rec. Dec. 10
.3734c
1
Goldblatt Bros..(guar.)
$1..S) Dec. 31 Hollers of roe. Dec. I70
Gold Oust corp., pref. (guar.)
1 Si Ian. 2 Holders of rec. Dee. 10.
Goodrich (B F.) Co . pref. %quer.)
Goodyear Tire & Rubber,corn.(guar.)._ $1.25 Feb. 1 Holders of roe. Deo. 310
51.75 Jan. 1 Holders or rec. Nov. 30a
First preferred (guar.)
Gotham Silk Hosiery Co.,corn.(gust.)... 8214c Jan. 1 Holders of rec Dec. 12a
*25e. Dee. 31 *Holders of roe. Dec. 20
Grand Rapids Varnish (gust.)
Great Northern Iron Ore PropertiesDec. 28 Holders of rec. Dec. 13a
$2
Certificates of beneficial Interest
Jan. 6 Holders of roe. Dec. 12
$2
Greene Cananea Copper (guar.)
(qu.)
2 Holders of rec. Dec. 14
Jan.
pref.
134
6%
&Die,
Tap
Greenfield
2
Jan. 2 Holders of rec. Dec. 14
8% preferred (guar.)
*500. Arrl'30 *Hold.of roe. Feb. 18'30
Gruen Watch, common (guar.)
*IN Febl'30 Hold. of roe. Jan. 21 '30
Preferred (guar.)
2 Holders of rec. Dec. 16a
Jan
1
Gulf States Steel. corn.(guar.)
194 Jan 210 Holders of roe. Dec. 168
(guar.)
Preferred
25o. Jan, 2 Holders of roe. Dee. 2a
HabIrshaw Cable & Wire (guar.)
*3734r Dec. 16 Holders of rec. Dec. 2
Hall (C. M.) Lamp Co.(guar.)
•123.4c Dec. 10 Berbers of rec. Dec. 2
Extra
Hamilton Bridge (Canada) pt. (go.)- 134 Feb. 1 Holders of rec. Jan. 15
184 Jan. 1 Holders of rec. Dee. 20
Hanes(P. H.)Knit.. pref.(guar.)
1% Dec. 20 Holders of rec. Dec. 5a
Hanna(M. A.) Co., let pref. (quar.)
Hansen Storage(Milwaukee), common.. 134 Dec. 31 Holders of rec. Dee. 31
Dec. 31 Holders of roe. Dec. 31
4
Firstand second preferred
134 Jan. 20 Holders of rec. Jan. 100
HarMson-%% alker Retrae ,pref.(guar.)
1'30 Holders of rec. Nov. lbe
Jan
e20
dividend)...
(stock
Pineapple
Hawaiian
Jan2'30 Dee 25 to Jan. 1
Hayes Body Corp.(guar.) (pay. In stk.) 2
*25e. Dec. 15 Holders fo roe. Nov. 15
Hecia Mining (guar.)
Helms (George W.) Co. corn. (guar.)... $1.25 Jan. 2 Holders of rec. Dec. 100
Jan, 2 Holders of rec. Dec. 10a
52
Common (extra)
134 Jan. 2 Holders of rec. Dee. 10a
Preferred (guar.)
75e. Dec. 24 Holders of rec. Dec. 130
Hercules Powder common (guar.)
Dec. 24 Holders of rec. Dec. 13a
31
Common (extra)
35e. Dec. 27 Holders of rec. Dee. 22
Hibbard.ripence.lsartlett & Co.(mthli.)y6234c Jan. 2 Holders of rec. Dec. 16a
Holland Furnace, corn.(gear.)
25e. Jan. 2 Holders of rec. Dec.Ita
Common (extra)
2 Holders of rec. Dec. 18
*334 Jan
Preferred
Dee. 16 Holders of rec. Dec. 5
050e.
011
Cense].
(guar.)
Honolulu
Holders of roe. Dee, 5
16
Dee.
*50e.
Extra
*75c. Dee. 10 Holders of rec. Nov. 30
Honolulu Plantation Co.(guar.)
Holders of tee Nov. 30
10
Dec.
42
Extra
4.130e. Dec. 31 *Holders of rec. Dec. 15
Hoskins Mfg.(guar.)
of rec Dec. 15
*Holders
31
Dec.
*60e.
Extra
500. Jan. 2 Holders of roe. Dec. 14a
Household Products (extra)
31.25 Jan, 2 Holders of rec. Dec. lie
Hudson Motor Car (guar.)
Hydro-Elec. Securities, corn.(gust.).... *50c Dec. 14 *Holders of rec. NOV. 14
*50o. Jan. 15 *Holders of rec. Jan. 3
Illinois Brick (guar.)
*60e. Apr. 15 *Holders of rec. Apr. 3
Quarterly
*60e. July 15 *Holders of rec. July 3
Quarterly
41300. Oct. 15 *Holders of rec. Oct. 3
Qrlarterty
Dee. 18 Nov. 19 to Dec. 4
310
Illinois Pipe Line
Imperial Chemical IndustriesDec. 7 *Holders of rec. Oct. 16
*w3
receipts
deposit
American
Dec. 7 *Holders of rec. Oct. 15
Full paid sub. rein. 3.38d. per share
Improved Glass Process, founders shame *300. Dee. 20 *Holders of rec. Dec. 14
10o. Dec. 20 Holders of rec. Nov. 25
Incorporated Investors (extra)
50o. Jan, 2 Holders of rec. Dec. 20
Industrial Acceptance common (guar.).Jan. 2 Holders of rec. Dec. 20
134
First preferred (guar.)
Jan, 2 Holders of rec. Dec. 20
2
Second preferred (gust.)
190o. Jan. 2 Holders of roe. Dec. 20
Second preferred (extra)
Dec. 31 Holders of roe. Dec. 9a
Ingersoll Rand Co. common (special)... $1
Jan. 2 Holders of rec. Dec. 00
3
Preferred
Jan. 6 Holders of rec. Dec. 19
(gust.)..
31
Co.
Copper
Consol.
Inspiration
21a
Internat. Business Machines (gust.).... 21.50 Jan. 10 Holders of tee. Dee. 21a
Jan. 10 Holders of rec. Dec.
86
Stock dividend
ha
Dec.
rec.
of
Holders
31
Dec.
International Cement common (01211%).. $1
International Harveater. com. ((Mar.).- 8234e Jan. 15 Holders of rec. Dee. 244
Jan, 15 Holders of roe. Dee. 28a
31
Inteenattonal Match common (guar.)
Jan. 15 Holders of tee. Dee. 260
31
Participating preferred (guar.)
(VOL. 129.
FINANCIAL CHRONICLE
Nam of Company.
When
Per
Cent. Payable
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
25e Dee. 31 Holders of roe. Nov. 30a
Internet Nickel of Canada, corn. (go.)
25e. Dec. 16 Holders of coup. No.23
Internat. Petroleum bearer stock
25o. Dee. 16 Dec. 8 to Dec. 16
Registered stock
75e. Feb. I Holders of rec. Jan. 130
Inter nut Printing Ink, corn.(guar.).134 Feb. 1 Holders of rec Jun. 13a
Preferren (guar
Internat. Proprietaries class A (gust.).. *85e. Dec. 15 *Holders of roe. Nov. 25
*10o. Dec. 15 Holders of rec. Nov. 25
Class A (extra)
134 Jan. 2 Holmes of roe Dec. 160
International salt (guar.)
60e Jan. d2 Holders of roe Dee 15
Internattonal Shoe. pref.(mthly)
134 Jan. 1 Holders of rec. Dec. 12a
International Silver, pref.(qu.)
700. Jan. 2 Holders of roe. Dec. 7
International Text Book
Jan. 2 Holders of roe. Dec. 16
2
Intertype Corp. 1st pref.(guar.)
Jan. 2 Holders of roe. Dec. 18
8
Second preferred (guar.)
50e. Jan. 1 Holders of rec. Dec. (6a
Investors Equity. corn. (guar.)
Jan. 1 Holders of rec. Dec. 16
$3
$8 preferred Set. A
$2.75 Jan. 1 Holders of rec. Dec. 16
25.50 preferred See. B
50c. Dec. 31 Holders of rec. Nov.80
Isle Royale Copper Co.(guar.)
*75c. Jan. 2 *Holders of roe. Dee. 14
Jefferson Electric, corn. (guar.)
73.' Jan. 15 Holders of rec Dee 31a
.1 40, Tea e,.mmon (guar.)
75e. Jan. 16 Holders of roe. Dec. 260
Johns-Manville Corp., corn. (gust.)....
141 Jan. 2 Holders of rec. Dec. 120
Preferred (guar.)
*50c. Jan. 2 'Holders of rec. Nov. 15
Joint investors. common A (guar.)
*25e. Jan. 2 *Holders of rec. Nov. 15
Common A (extra)
.0400 Dec. 20 *Holders of rec. Dec. 10
Common A (stock dividend)
*53 Jan. 2 *Holders of rec. Nov. 15
Preferred
154 Jan. 2 Holders of rec. Dec. 13a
Jones & Laughlin pref.(guar.)
Kalamazoo Vegetable Parchment(go.).. •15e. Dec. 31 *Holders of rec. Dee. 21
50e. Dec. 15 Holders of rec. Nov. 30
Katz Drug Co., corn. (guar.) (No. 1)
25e, Dee. 15 Holders of rec. Nov.30
Common (extra)
$1425 Jan. 1 Holders of rec. Dee. 14
Preferred (guar.)
Kaufmann Dept. Stores, pref.(gust.)... 134 Jan, 2 Holders of rec. Dec. 10
'62)4c Jan. 15 •Holders of roe. Dec. 81
Kawneer Company (guar.)
Kelly Island Lime dr Transport (gust.).. 6234r Jan. 1 Holders ot rec. Dec. 20
50e. Jan. 1 Holders of rec. Dee. 20
Extra
50c. Jan. 2 Holders of rec. Dec. 200
Kelsey-Hayes Wheel, corn. (guar.)
31.25 Jan. 2 Holders of rec. Nov. 29a
Kennecott Copper Corp.(guar.)
Dec. 16 Holders of roe. Nov. 3
*1
Kilburn M111(guar.)
Kimberly-Clerk Corp., corn.(guar.)- _ 6234c Jan. 1 holders of rec. Dec. 120
134 Jan. 1 Holders of roe. Dec. 120
Preferred (guar.)
50e. Jan. 1 Holders of roe. Dec. 12a
( omwon (extra)
200. Jan. 2 Holders of rec. Dee. 17a
Kinney (G. R.) Co., Inc., corn.(gu.)..
'134 Deo. 10 Holders of roe. Nov.30
Kirby Lumber (guar.)
.$1.50 Dec. 16 Holders of roe. Nov. 15
Knox Hat. corn.(guar.)
*51.50 Dec. 16 *Holders of rec. Nov. 15
New corn. non-voting (guar.)
*373.4c Jan. 1 *Holders of roe. Dec. 12
Kraft-Phenix Cheese. com.(guar.)
134 Jan. 1 *Holders of rec. Dec. 12
Preferred (guar.)
40c, Dee. 31 Holders of rec. Dec. 10a
Kresge (S. S.) Co.. corn.(guar.)
154 Dee. 31 Holders of roe. Dec. 100
Preferred (guar.)
31 Jan, 2 Holders of roe. Dec. 240
Kuppenhelmer (B.) & Co., corn
*750 Jan. 2 *Holders of roe. Dee. 20
Laboratory Products (guar.)
Jan. 15 *Holders of rec. Dec. 20
.0e3
Stock dividend
75c Dec. 15 Holders of rec. Nov.20
Lake Erie Bolt & Nut(quer.)
30e Dee. 16 Holders of roe. Dec. 2
Lake Shore Mines, Ltd.(guar.)
6214,3 Dec. 15 Holders of rec. Nov.20
Lamson & Sessions, corn.(guar.)
Dec. 15 Holders of rec. Nov.20
$1
Common (extra)
*76e. Dec. 81 *Holders of roe. Dee. II
Landers, Frary & Clark (q0111%)
500. Jan. 1 Holders:of roe. Dec. 18
Lane Bryant,Ino. new com.(qu.)(No. 1)Laugendorf United Bakeries.50e. Jan. 30 *Holders of rec. Dec. 30
Class A and B (guar.)
*8734c Jan. 2 *Holders of tee. Dec. 15
Lfsith & Co.. pref. (guar.)
Lehigh Portland Cement. prof.(gust.).. 154 Jan. 2 Holders of tee. Dec. 14a
Lehigh Val. Coal Corp. pref.(guar.).- 750 Jan. 2 Holders of rec. Dee. 120
Dee. 31
to
900 Dec. 31 Dec 13
Lehigh Valley Coal Sales (guar.)
Lerner Stores Corp., corn.(guar.)(N0.1) *50c Dec. 16 *Holders of rec. Dee. 8
of
.56e.
2
*Holders
15
Dee.
Dec.
rec.
Leslie California Salt (guar.)
25e Dee, 31 Holders of rec. Dec. 11
Lessings, Inc.(guar.)
Sc. Dee. 31 Holders of rec. Dee. 11
Extra
*314 Jan. 1 *Holders of rec. Doe. 20
Libby McNeil & Libby, preferred
Dec. 31
•orl
Liberty Shares Corp.stock dividend_
Mar31'30
*el
Stock dividend
134 Jan. 1 Holders of roe. Dec. 10
Liggett dr Myers Tobacco. pref.(qu.)_
Lily Tulip Cup Corp., corn.(go.)(No. 1) 3714c Dec. 16 Holders of rec. Dee. 2
154 Dee. 31 Holders of rec. Deo. 18
('referred (guar.)
*154 Jan 4 *Holders of reo. Deo. 21
Lindsay Light, pref.(guar.)
75e. Dec. 31 Holders of rec. Dec. 130
twIeW e, Inc., common (guar.)
75e. Dec. 31 Holders of rec. Dec. 134
Common (extra)
234 Jan, 2 Holders of rec. Dec. 170
Lord & Taylor,com.(guar.)
Dee. 10 Holdere of roe. Nov. 16a
5
Common (Christmas div.)
*13734e Dec. 14 *Holders of roe. Dec. 4
Lunkenhelmer Co., corn.(guar.)
Dec. 81 *Holders of reo. Dec. 21
*194
Preferred (guar.)
Lyons (J.) & Co., Ltd.
Am.dep. rts. for ord. A shs.(lab.8d) (w) Dec. 7 *Holders of ree. Nov. 14
*3734e Jan. 1 *Holders of rec. Dec. 15
Lyons-Magnus, Inc., cl. A (guar.)
*50e. Feb. 15 *Holders of rec. Jan. 24
Macy (R. H.) & Co.(guar.)
*85 Feb. 15 *Holders of rec. Jan. 24
Stock dividend
*3734c Jan. 15 *Holders or rec. Dec. 31
Magnin (L) & Co.(quar.)
154 Jan, 1 Holders of rec. Dec. 20e
MallInson (H.R.)& Co.. pref.(quar.)
Marl'30 *Holders of rec. Feb. 20
Manischewitz (B.) Co., corn.(In stk.).- of1
J'nel'30 *Holders of rec. May 20
Corn (pay. In corn. stock)(gust.)....
1 Holdersof rec. Dee. 18
Jan.
Manes Consol. Mfg.(guar.)
darchant Calculating Mach. (guar.)... 470560. J'n15'80 *Holders of roe. Dec. 31
*30c. Dec. 31 *Holders of rec. Dec. 2
Marine Midland Corp.(gu.)(No. 1)..
50o. Jan. 2 Holders of roc. Dec. 17a
Mathleeon Alkali Works, corn. (gust.)..
154 Jan. 2 Holders of rec. Dec. 17e
Preferred (guar.)
150. Dec. 15 Holders of rec. Nov. 15
McColl-Frontenac 011, Ltd
%fcKesson &Robbins. Inc..pf. ser.A(qu.) 87%o. Dec. 18 Holders of rec. Dec. 20
$1 Jan 2'30 Holders of rect. Dec. 17
Merck Corp.. preferred (guar.)
41.50 Dee. 31 Holders of ree. Dee. 4a
Mergenthaler Linotype (guar.)
250. Dec. 31 Holders of rec. Dec. 4o
Extra
25c. Jan. 15 Holders of rec. Jan. I
1)_
(No.
(gu.)
Metal Textile Corp.. corn.
25e, Jan. 15 Holders of rec. Jan. 1
Participating preferred (extra)
Metro-Goldwyn Pictures, pref.(guar.).- 4734c Dec. 14 Holders of ree. Nov. 30e
134 Jan. 1 Holders of rec. Doe. 13
Metropolitan Paving Brick, pref. (ralL)
Jan, 2 Holders of rec. Doe. 15
$1
Metropolitan Title Guaranty (No. 1)Dee. 16 *Holders of roe. Dee. 5
*50o.
(gu.)-.
Aildland Royalty Corp.,$2 prof.
Midland United Co., corn. (In COM.stk.) r134 Dee. 24 Holders of roe Nov. 30
Jan. 1 Holders of rec. Dee. 14
31
Midvale Co.(guar.)
*13734c Jan. 1 Holders of roe. Deo. 15
Miller & Hart, Inc., pref.(guar.)
50e. Jan. 1 Holders of rec. Doc. 14
Miller (I.) & Sons, corn.(guar.)
451.50 Feb. 15 *Holders of tee. Feb. 4
MIneapolls-HoneYweil Reg.. corn
12140. Dec. 19 Holders of rec. Dec. 4
Mining Corp. of Canada
134c. Dec. 10 Holders of rec. Nov. 30
Monarch Royalty, pref.(mthly.)
1234c Dec. 10 Holders of rec. Nov. 30
Preferred A (monthly)
*450. Jan. 1 Holders of tee. Dee. 20
Mon/ghan Mfg., corn. A (guar.)
1 Holdersof rec. Dec. 14
Monroe Chemical.corn.(guar.)
1 Holders of rec. Dec. 14
an
e Jan.
37}lc
87
Preferred (guar.)
Holders of roe. Deo. 14
2
Jan.
•31340
Works
Chemical
(guar.)
Monsanto
*8134 Jan. 2 Holders of roe. Dec. 14
Stock dividend (guar.)
Montgomery Ward & Co., class A (gu.)_ *81.75 Jan. 1 Holders of rec. Dec. 21
134 Dec. 15 Holders of rec. Nov. 30
Montreal Cottons, Ltd., corn. (gust.)
lg Dec. 15 Holders of rec. Nov. 30
Preferred (guar.)
Dec. 18 Holders of rec. Nov. 30
Montreal Loan dr Mortgage (guar.).- 3
90o. Dee. 15 Holders of rec. Nov. 26
Morrell (John)& Co., corn.(guar.)
200. Dec. 31 Holders of rec. Dec. 9a
Mother Lode Coalition Mines
75e. Dee. 10 Holders of rec. Nov. 200
Motor Wheel Corp., corn. (guar.)
Jan. 2 Holders of rec. Dec. 15
21
Muskegon Piston Ring (guar.)
Dec. 14 Holders of rec. Dec. 4
$4
Muskogee Company
50o. Dec. 31 Holders of rec. Dec. 144
Myers(F. E.) dr Bros.Co.,oom.(War.)
141 Dec. 81 Holders of rec. Dec. 14
Preferred (guar.)
25e. Jn 15'30 Holders of rec.Jan.2'30a
Nat. Hellas-Hess, new C0111.(gust.
Jan. 15 Holders of rec. Jan. 20
el
Stock dividend (guar.)
31.50 Jan, 15 Holders of rec. Dec. 300
Natkmal Biscuit, corn.(guar.)
Jan. 2 Holders of roe. Dec. 30
50e.
National Dairy Products, corn.(Oust.)..
Jan. 2 Holders of rec. Dec. 30
Common (payable in corn. stk.)(gu.). fI
Apr. 1 Holders of roe. Mar. 30
Corn.(payable In coin.stock (gust.)... fl
July 1 Holders of rec. June 34
Corn.(payable In corn. stock)(gust.). 11
Oct. 1 Holders of rec. Sept. 30
Corn.(Payable In corn.(dock)(gust.). ft
•194 Jan. 1 Holders of n3c. Dec. 3
Preferred A (guar.)
Dee. 31 Holders of rm. Dec. 21
3
National Grocers, pref
2,4 Jan. 1 Holders of rec. Deo. 100
National Investors, 534% pref
Name of Company.
3595
FINANCIAL CHRONICLE
DEC. 7 19291
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Cowman,.
Pet
Wan
CPU. Payabio.
Books Closed
Days Inelusivs.
Miscellaneous (Continued).
Miscellaneous (C.etiffnued).
124e Dec. 16 Holders of rec. Nov. 30
National Lead, corn. (guar.)
134 Dec. 31 Holders of rec. Dec. 13a Segal Lock & Hardware, COCO. (quar.)_
*50e. Jan. 1 *Holders of rec. Dec. 7
Preferred A (guar.)
134 Dec. 14 Holders of rec. Nov.296 Sbeffield Steel, corn. (guar.)
Jan. I *Holders of rec. Dec. 7
*11
Common (payable In corn. stock)
1;4 Feb. I Holders of rec. Jan. 170
Preferred class B (guar.)
•1).4 Jan. I *Holders of rec. Dee. 7
*Holders of rec. Nov. 30
Preferred (quar.)
National Securities (stock dividend)
010
Dee. 31 Holders of rec. Dec. 50
35e.
corn.
(guar.)
Union
Oil
Corp.
roe.
Dec.
20
Shell
Jan.
2'Holders
of
*75e.
NationalStandard Co.(guar.)
144 Jan. 2 Holders of rec. Dec. 9
51.1% cum. cony. pref.(guar.)
Extra
"25e. Jan. 2 *Holders of rec. Dec. 20
400 Dec. 31 Holders of rec. Dec. 14
Sherwin-Williams Co. Canada com.(cm.)
National Sugar Refining (guar.)
50e. Jan. 2 Holders of rec. Dec. 2
Sc. Dec. 31 Holders of roe. Dec. 14
Common (extra)
National Supply Co., coin. (extra)
$2 Dec. 24 Holders of roe. Dec. 14o
1)1 Dec. 31 Holders of rec. Dec. 14
Preferred (guar.)
$1.25 Jan. 2 Holders of roe. Dec. 170
National Surety (guar.)
Dec. 10 *Holders of rec. Nov. 30
B
'43)1c
Gas
class
A
&
(aunt.)..
Signal
Oil&
Holders
of
roe.
Dec.
14
Jan.
1
National Tea common (quar.)
50e.
*50c Dee. 15 *Holders of rec. Nov.30
Signal Royalties(guar.)
*25c. Dec. 16 *Holders of roe. Nov. 30
National Transit (guar.)
*50c Jan. 2 *Holders of rec. Nov. 22
Simmons-Boardman Pub.(special)
Extra
*25e. Dec. 16 "Holoers of roe. Nov. 30
400. Dec. 14 Holders of rec. Nov.296
6234e Jan. 2 Holders of rec. Dec. 146 Simms Petroleum (guar.)
Nebel(Oscar) Co., Inc.,common (qu.)
500. Jan. 15 Holders of rec. Dec. 14a
Sinclair Consolidated 011 (guar.)
I 'Holders of rec. Dec. 16
Nehl Corporation, it Tref (quar.)_ ..*$ 1.31.. Ian
50e. Dec. 16 Holders of rec. Nov 156
(guar.)
Skelly
011
Holders
of
rec.
Dec.
2
50e. Dee. 16
Neptune Meter. cl. A & B (aunt.)
$1.25 Dee. 20 Dee. 1 to Dec. 11
Solar Refining
1 *Holders of rec. Dec. 16
Newberry (J J.) Co., corn.(guar.)
'2734c Jan
750. Dee. 15 Holders of roe. Dec. 10
Southern Acid &Sulphur
Dec. 10 Holders of rec. Nov. 20
New Jersey Zinc (extra)
$1
Dec. 31 *Holders of rec. Dec. 2
*$1
Southern Pipe Line
40c Jan. 15 Holders of rec. Dec. 27
New York Transit (guar.)
50c. Jan. 2 Holders of rec. Dec. 10a
South Porto Rico Sugar corn.(guar.)_ _
10e Jan. 15 Holders of rec. Dec. 27
Extra
Jan. 2 Holders of rec. Dee. 106
2
Preferred (corer.)
New York Transportation, corn. (guar.) *50c Dec. 28 *Holders of roe. Dec. 13
Southwest Dairy Products. pref. (guar.) *1;4 Jan. 1 *Holders of rec. Dec. 10
.4344c Jan. 2 *Holders of roe. Dec. 20
Nichols Copper Co CMOs A (quar.)
50c. Jan. 15 Holders of rec. Dee. 28a
Spalding (A. G.) & Bros.. core (quar.)..
*75c Jan. I *Holders of rec. Dec. 20
Noblitt Sparks Industries (guar.)
134 Jan. 1 Holders of rec. Dec. 14e
Spang, Chalfant & Co., Inc., pf. (qu.).
Stock die.(6% pay. 134% quar.)
_ •e1;4 Jan. 1 *Holders of rec. Dec. 20
75e. Dec. 31 Holders of rec. Dec. 15
Sparta Foundry Co., corn. (guar.)
Niagara Share Corp. common (guar.)
*12
Jan. 15 *Holders of roe. Dee 31
50c. Dec. 31 Holders of rec. Dec. 15
Common (extra)
60c Jan. 3 Holders of roe. Nov. 306
Nickel Holdings Corp (guar )
Common (payable in common stock)_ /25 Jan, 16 Holders of rec. Dec. 31 I
NipIssing Mines, I.td. (guar.)
*7;4e Jan. 20 *Holders of rec. Dec.1.31
37Sic Jan. 2 Holders of roe. Dec. 66
Standard Brands, corn. (qu.)
Noranda Mines (guar.) (No. 1)
75e Jan. 2 Holders of rec. Dec. 10
$1.75 Jan. 2 Holders of rec. Dec. 60
Preferred series A (guar.)
North American Provision. Pref. (guar.) '14 Jan. 2'Holders of roe. Dec. 10
Dec. 2( Holders of rec. Nov.20
$1
Standard Chemical (guar.)
Northern Paper Mills common (quar.).... *50e. Dec. 31 *Holders of rec. Dec. 15
62%e Dec. 16 Holders of rec. Nov. 166
Northern Pipe Line
Standard 011 (Calif.) (guar.)
$2
Jan. 2 Holders of roe. Dec. 16
Dec. 16 Holders of rec. Nov. 16a
2
Northland T;Tevliotind lin*.(No. 1)
Extra (payable in stock)
.7(k. in. 1 'Holders of rec. Dee. 20
*6234c Dec. 16 'Holders of rec. Nov. 16
Standard Oil(Indiana)(guar.)
Northwest Bancorp., corn. (quar.)
*45e. Jan. 1 *Holders of rec. Dee. 20
Dec.
lf *Holders of rec. Nov. 16
*25c.
Extra
*1;4
Ohio Electric & Controller (guar.)
Dec. 14 *Holders of rec. Dec. 10
50e. Dec. 16 Holders of rec. Nov. 300
Ohio 011 (guar.)
Standard 011 (Kansas) (guar.)
.50e Dec. 14 *Holders of rec. Nov. 15
25e Dee. If Holders of rec. Nov 300
Extra
Extra
"50e Dec. 1 *Holders of rec. Nov. 15
*40e. Dec. 31 Dee. 17 to Dec. 30
Oil Shares, Inc., common (guar.)
37 o Deo. 20 Holders of tee. Dec. 10a Standard 011(Kentucky)(guar.)
*40o. Dec. 31 Dec. 17 to Dec. 30
Oliver United Filters, Inc cl. B
Extra
*50e. Jan. 2 *Holders of roe. Dec. Str
62%c. Dee. 21 Nov. 30 to Dec. 20
Omnibus Corporation, pref. (quar.)___ 2
Jan. 2 Holders of rec. Dee. 136 Standard 011 of Nebraska (guar.)
25c. Deo. 21 Nov. 30 to Dec. 20
Oneida Community corn. & pfd.(qu.)__ _ 43)1c Dec. 14 Holders of rec. Nov 30
Extra
250. Dec. 16 Holders of rec. Nov. 150
Otis Elevator, corn. (extra)
Dec. 12 Holders of roe. Nov. 27a Standard 011 of N. J.(guar.)
32
25c Dec. 16 Holders of rec. Nov. 150
Extra
Preferred (guar.)
115 Jo 15'30 Holders of rec. Dec. 31a
Standard 011 (N. Y.) (guar.)
400. Dec. 16 Holders of rec. Nov. 156
Otis Steel, corn. (guar.)
562)1c Jan. I *Holders of rec. Dec. 19
62)1e Jan, 2 Holders of rec. Dec. 6
Preferred (guar.)
*144 Jan. 1 *Holders of roe. Dec. 19
Standard 011 (Ohio) corn. (guar.)
Pacific American Co.(guar.)
Standard Textile Products, pref. A ((iu.) 134 Jan. 2 Holders of roe. Dee.d113
*50e. Feb. 1 *Holders of rec. Nov. 18
Pacific A.,.oriatra foliar
Preferred B (guar.)
134 Jan. 2 Holders of tee. Dee.d16
*50e. Feb. 15 *Holders of rec. Jan. 31
Stanley Works common (Iii COM. ateek)- "125 Dee. 14 *Holders of rec. Nov. 18
Pacific Portland Cement corn. (special). *2
Dec. 18 *Holders of too. Dec. 14
Packard Motor Car
16e. Dee. 31 Holders of roe. Deo. 124 Stewart-Warner Corp.
e2
Feb. 15 Holders of rec. Feb. 50
Paepcke Corp., corn. (guar.)
New $10 par stock (in stock)
*134 Feb. 15 *Holders of rec. Feb. 8
Preferred (guar.)
'1.44 Jan. 1 *Holders of res. Dec. 24
*750 Dee. 21 *Holders of roe. Dee. 10
Stroock (S.) Co. (guar.)
Paraffine Cos (guar.)
Sun 011, corn. (guar.)
25c Dec. 16 Holders of rec. Nov. 250
21
Dec. 27 Holders of rec. Dec. 17
Stock dividend
19
Dec. 16 Holders of rec. Nov. 256
2
Dec. 27 Holders of rec. Dec. 17
Corn. (Payable in CAM. stock)
Paramount Famous Lasky Cori).
25e Dec. 16 Holders of roe. Nov. 30a
Tennessee Copper & Chem. Corp.(qu.)_
Common (guar.)
75e. Dec. 28 Holders of rec. Dee. 8a Texas Corporation (guar.)
736 Jan. 1 Holders of rec. Dec. 66
Park & Tilford, Inc. (guar.)
Dec. 16 Holders of rec. Dec. 2a
75e. Jan. 14 Holders of tee. Dec. 30o Texas Gulf Sulphur (guar.)
$1
1
Stock dividend
Jan. 14 Holders of rec. Dec. 30o Texas Pacific Coal & Oil (pay-In stock)... e214 Dec. El Holders of rec. Des. 56
Quarterly
75e. Apr. 14 Holders of rec. Mar. 29a ThatcherMfg. corn. (guar.)(No. 1)..... _
400 Jan. 2 Holders of rec. Dec. 200
1
Apt. 14 Holders of rec. Mar. 29.e Third National investors Corp.. nom
Stock dividend
21
Jan. 1 Holders of roe. Dec. 104
Parmelee Transport. Co., corn. (mthly.) 12)2c Dec. 10 Holders of rec. Nov. 29a Thompson-Starrett Co., Inc., pfd. (qu.) 8734e Jan. 1 Holders of ree. Dec. 11
Patine Mines & Enterprises111 Jan. 2 Holders of rec. Dec. 96
Tide-Water Assoc. Oil, pref.(quar.)
Dec. 24 *Holders of roe. Dec. 7
20e Dee. 31 Holders of rec. Dec. 96
Interim dividend-4 shillings
Tide-Water Oil, corn. (guar.)
254 Dec. 16 Holders of rec. Dec. 2a Timken Detroit Axle, corn.(qu.)
136 Jan, 2 Holders of rec. Dec. 200
Penick & Ford, Ltd.. common
1% Jan. 1 Holders of rec. Dec. 13a
10c Jan, 2 Holders of rec. Dec. 200
Preferred (guar.)
Common (extra)
Dec. 14 *Holders of rec. Dec.
.$1
11
Dec. 9
See note (2)
Penn-hlex Fuel
Tobacco Securities Trust Ltd. ord
*3714c Dee. 31 *Holders of rec. Dee. 18
Perfection Steve (monthly)
(z) Dec. 9
See note (z)
Deferred
3714c Jan. I Holders of rec. Dec. lla Todd Shipyards (guar.)
Pet Milk common (quar.)
$1
Doe. 20 Holders of rec. Dee. 5
1% Jan. 1 Holders of rec. Dee. 11
Preferred (guar.)
6234e Jan. 2 Holders of rec. Dec. 26
Trico Products Corp.. corn.(guar.)
Petroleum Corp. of Am (qu.)(No. 1)_ 37 ii( Deo. 31 Holders of rec. Dec. 2
Tudor City Eighth Unit, new pref
3
Dec. 16 Dee. 1 to Dec. 16
75e ran. 2 Holders of rec. Dec. 6a
Phelps Dodge Corp. (quar.)
4
Jan. 2 Dec. 21 to Dec. 31
Wen & Co.8% preferred
50o. Jan. 2 Holders of roe. Dec. 16a
734% preferred
Phillips Petroleum (guar.)
331 Jan. 2 Dec. 21 to Dec. 31
Holders of rec. Dec. 160 Underwood Elliott Fisher Co.
e5
Stock dividend
2
Dec. 25 Holders or rec Dec ie
$1.25 Dec. 31 Holders of rec. Dec. 12a
Pichwrek( or. . Po; pref (guar.)
Common (guar.)
I% Dec. 31 Holders of rec. Dee. 12a
Pittsburgh Plate Glass, corn. (quar.).. *50c. Dec. 31 *Holders of rec. Dee, 10
Preferred (guar.)
Dec. 31 *Holders of toe. Dec. 10
1131
$1.75 Dec. 30 Holders of rec. Dec. 30
Common (extra)
Preferred series B (guar.)
*1
Jan. 2 *Holders of roe. Dec. 28
65c Jan. 1 Holders of rec. Nov. 290
Pittsburgh Steel common (guar.)
Union Carbide & Carbon (guar.)
*236. Dec. 31 *Holders of rec. Dec. 23
Pittsburgh Steel Foundry common (211.) *25e. Jan. 15 *Holders of roe. Jan. 2
Union Twist Drill, corn.(guar.)
10250. Jan, 15 *Holders of tee. Jan. 2
*134 Dec. 31 *Holders of rec. Dec. 23
Common (extra)
Preferred (guar.)
'1(4 Jan. 2 Holders of roe. Dee. 15
75e. Jan. 1 Holders of rec. Dec. 106
Preferred (guar.)
United Aircraft & Transport, pref. (qu.)
250. Dec. 20 Holders of tee. Nov.20
Pittsmont Copper Co.. cam
United Carbon, panic. pref.(quar.). 334 Jan E30 Holders of rec. Dec. 16
Jan. 2 *Holders of rec. Dec. 20
Polymet Mfg., new stk.(payable in stk.) "el
United Founders Corp.
Dec. 15 Holders of rec. Nov. 30
Jan. 2 Holders of rec. Nov. 30
Port Alfred Pulp & Paper, pref.(quar.)_ _
Corn.(1-17th share corn.stock
Dec. 16 Holders of rec. Dee. 2
$1
Jan. 2 Holders of rec. Dec. 4a
Powdrell & Alexander. Inc.. corn.(spee'l) $1
United Fruit(guar.)
136. Dec. 16 Holders of roe. Dec. 2
'134 Jan. 2 *Holders of tee. Dee. 18
United Pacific Corp. partic.pf.(mthly.)..
Preferred (guar.)
50c. Dec. 31 Holders of roe. Nov.30a United Piece Dye Was.634% pf.(qu.)_
154 Jan2'30 Holders of tee. Dee. 200
Prairie Oil& Gas (guar.)
250. Dec. 81 Holders of too. Nov. 306 United Securities, Ltd. pref.(qu.)
134 Jan. 2 Holders of rec. Dec. 20
Extra
750. Dee. 31 Holders of reo. Nov.30a U.S. Cast Iron Pipe & Fdy., corn.,(qu.)
50e Jan. 20 Holders of rec. Dec. 310
Prairie Pipe Line (guar.)
50o. Dec. 31 Holders of rec. Nov.30a
30e Jan, 20 Holders of rec. Dec. 31a
First & second pref. (guar.)
Extra
75e Dec. 10 Holders of rec. Nov. 18a
'134 Jan. 1 *Holders of roe. Dee. 12
U. S. Freight (guar.)
Pressed Metals of Amer., pref.(quar.)
134 Dec. 31 Holders of rec. Dee. 2a U.S. Gypsum common(guar.)
*40e Dec. 31 *Holders of roe. Dec. 14
Pressed Steel Car, pref. (guar.)
1)( Dec. 14 Holders of rec. Nov. 25a
*154 Dec. 31 'Holders of rec. Dec. 14
Preferred (guar.)
Procter & Gamble Co. pref.(guar.)
1% Dec. 16 Holders of rec. Nov.30
151 Jan, 2 Holders of roe. Dee. 10a
Pro-phy-lac-tio Brush, pref.(guar.)
U. S. Leather, prior pref.(quar.)
236. Dec. 16 Holders of roe. Nov. 15
*81
Jan. 1 *Holders of ree. Dec. 21
Public Investing Co. (guar.)
U. S. Playing Card (guar.)
1231c Dec. 16 Holders of rec. Nov. 15
*236 Jan. I *Holders of toe. Dec. 21
Extra
Extra
1% Jan. 2 Holders of rec. Dee. 10
$1.2 Dec. 16 Holders of rec. Nov. 156
U. S. Realty & Improvement
Pure Oil 51i% prof. (guar.)
1% Jan. 2 Holders of rec. Dec. 10
U.S. Steel Corp.,corn.(guar.)
134 Dec. 30 Holders of roe. Nov. 30a
6% Preferred (guar.)
2
Jan. 2 Holders of rec. Dec. 10a
1
Dec. 30 Holders of rec. Nov. 30a
Common (extra)
8% preferred (guar.)
Jan. 15 *Holders of rec. Dee. 31
*236. Dec. 31 'Holders of rec. Dec. 27
United Thrift Plan, A (guar.)(No. l)
Quaker Oats common (guar.)
Feb. 28 *Holders of rec. Feb. 1
Universal Coln Radio, Inc.(monthly)Holders of roe. Dec. 20
Preferred (guar.)
65e Dee. 16 Holden of rec. Dec. 24
1
Special
Ray bestos-M aeh attan, Inc. (guar.)
Holders of tee. Deo. 20
Real Silk Hosiery Mills. corn.(quar.)-- $1.25 Jan. 2 Holders of rec. Dec. 13a Upper Canada Investment Trust. pf (qu) 1)(
Holders of rec. Nov. 15
Jan.
2
Holders
I%
of
rec.
Dec. 13a Vacuum
(guar.)
31
Dec. 20 Holders of rec. Nov. 30
Preferred (guar.)
4.3731e Dec. 15 *Holders of roe. Nov. 30
Special
236. Dec. 20 Holders of rec. Nov. 30
Reeves(Daniel) InCl. corn.(guar.)
.0131 Dee. 15 *Holders of rec. Nov. 30
Valvoline 011 common (guar.)
I% Dec. 17 Holders of rec. Dec. 14
Preferred (guar.)
2
Preferred (guar.)
Jan. 1 Holders or rec. Dec. 18
Reliance Grain (Canada) pref. (quar.)_.. 1% Dee, 1 Holders of tee. Nov. 30
Jan. 1 Holders of roe. Dec. 15
Vanadium Alloys Steel
Reliance Mfg. (Massillon. 0.) (guar.).-$1
*21
Dec. 31 *Holders of rec. Dec. 20
50e Jan. 1 Holders of rec. Dec. 70 Vanadium Corp. (extra)
21
Dec. 16 Holders of rec. Dec. 20
Remington-Band Co. corn. (special)-__
1% Jan. 1 Holders of rec Dec. 7a Vapor Car Heating. Prof. (guar.)
First preferred (guar.)
'134 Dee. 10'Holders of rec. Dec. 2
Jan. 1 Holders of rec. Dec. 7a Viking Pump
2
Second preferred (guar.)
*60c Dec. 15 *Holders of roe. Dec. 1
prof
'
(qua
"
*Holders of rec. Dec. 7
*1)1 Jan.
Volcanic 011 & Gas (guar.)
*35c Dec. 10 *Holden of rec. Nov. 30
Remington Typewriter let pref. (qu.)
Jan. 1 *Holders of roe. Dec. 7
*2
Extra
*be Dec. 10 *Holders of tee. Nov.20
Second preferred (guar.)
20o Jan. 2 Holders of rec. Dec. 10a Vortex Mfg., corn
RN)Motor Car eonimon (guar.)
50c. Jan, 2 Holders of rec. Dec. 16
$1
Jan. 1 Holders of rec. Dee. lea
Yulcau Detinning pref.(qua?)
Republic Brass class A (guar.)
134 Jan. 20 Holders ol rec. Jan. 90
1% Feb. 1 Holders of too. Jan. 10a
Preferred (acet accum. diva.)
Preferred (aunt.)
64
Jan. 20 Holders of rec. Jan. 9a
1% Jan. 2 Holden( of rec. Dec. 120
Preferred A (guar.)._
Republic Iron & Steel, pref. (guar.)
194 Jan. 20 Holders of rec. Jan. 96
*75c Jan. 15 "Holders of rec. Jan. 1
Republic Supply (guar.)
Preferred facet accum
24
Jan. 20 Holders of rec. Jan. 9a
15
*Holders
of
Apr.
rec.
1175c
Apr.
1
Wahl Co.. pref.(guar.)
Quarterly
*194 Jan. 2 *Holders of rec. Dec. 19
*75c July 15 *Holders of reo. July 1
Quarterly
Waltt & Bond. class B (guar.)
*35e. Dec. 31) *Holders of rec. Dec. 14
*75e. on. 15'Holders of rec. Oct. 1
Quarterly
Waldorf System Inc. cow.(guar.)
3740 Jan. 2 Holders of rec. Dec. 20a
Jan. 1 Holders of rec. Dee. 10a
Preferred (guar.)
Revere Copper dr Brass class A (quar.)_ $1
20e. Jan. 2 Holders of rec. Dec. 20
I% Feb. 1 Holders of roe. Jan. 10a Walker (Hiram), Gooderham
Preferred (guar.)
Feb.
1
*Holders
of
*25e.
see.
Jan. 15
Worth (guar.)
Rich lee Cream Co.,common (extra).
250. Dec. 16 Holders of rec. Nov.30
.55c. Jan. 2 *Holders of roe. Dec. 14
Rike-Kumler Co. common
Walworth Co.. corn.(Qum.)
506. Dec. 16 Holders of rec. Dec. 5a
'134 Jan. 2 *Holders of me Dec. 20
Preferred (guar.)
Preferred (guar.)
75e. Dec. 31 Holders of rec. Dec. 20
bidet
(r)
roe. Jan.61980
21
Warner Co.. corn. (guar.)
50e. Jan. 15 Holders of rec. Dec. 31a
Rio Grande Oil
Dec. 16 Holders of reo. Dec. 14
31
Common (extra)
Soc. Jan. 15 Holders of rec. Dec. 310
Rogers Paper Mfg., class B
Dec. 15 Holders of rec. Dee, 1
144 Jan, 2 Holders of rec. Dec. 20a
Preferred (guar.)
Royalty Corp. of Am. part. pf. (mthly.) 1
31 Dec. 15 Holders of rec. Dec. 1
warner-Quinlan Co.,corn.(guar.)
Participating preferred (extra)
50o. Jan. 2 Holders of rec. Dec. 12a
Dec. 10 *Holders of rec. Nov. 29
2
Warren Bros.. corn.(guar.)
Jan. 2 Holders of roe. Dee, 16o
St. Mary's Mineral Land
134 Jan. 2 Holders of rec. Dec. 13
1
Common (extra)
Jan. 2 Holders of rec. Dec. 16a
St. Maurice Valley Corp., pref.(gu.)
*50e. Jan. 1 *Holders of rec. Dec. 10
75e. Jan. 2 Holden of roe. Dec. 16a
First preferred (guar.)
Sangarno Elec., corn. (guar.)
4.134 Jan. 1 *Holders of rec. Dec. 10
Second preferred (guar.)
8711c. Jan. 2 Holders of ree. Dec. 16
Preferred (guar.)
*134 Feb. 15 *Holders of rec. Feb. 1
Warren Foundry & Pipe(guar.)(No. 1)_ *50e. Jan. 2'Holders of roe. Dec. 15
Savage Arms Corp., 2d pref.(goar.)
50c. Dec. 15 Holders of rec. Nov. 30
Wayagamack Pulp & Paper (quar.)Schiff Co. common (guru.)
144 Dec. 15 Holders of rec. Nov.30
23e. Jan. 2 Holders of rec. Nov. 15
For month of December
Preferred (guar.)
*3734c Dec. 30 *Holders of rec. Dec. 16
Wellington 011 (guar.)
'Sc.Dec. 16 *Holders of roe. Nov.30
Schletter & Zander. corn. (guar.)
*1214c Dec. 30 'Holders of rec. Dec. 16
Extra
'Sc. Dec. 16 *Holders of rec. Nov. 30
Extra
35e. Dec. 31 Holders of rec. Dec. 176 Wesson Oil & Snowdrift, own
60c. Jan. 1 Holders of rec. Dec. 14a
Scott Paper, common (guar.)
Dec. 31 Holders of rec. Dec. 176
134 Jan. 2 Holders of rec. l)ec. 14a
eetern Reserve Invest, part. pf. (qm.)
Common (payable in common stock)_ 12
Jan. 1 *Holders of rec. Dec. 16
*al
Western Rae.Inv. Corp.6% pref.(au.)_
Scoville Mfg. (Ouar.)
1% Jan. 2 Holders of recTDec. 14a
Westmoreland, Inc. (qua?.)
3Cle. Jan. 2 Holders of rec. Dee.d18a
Sears, Roebuck & Co. stock div. (guar.) el Feb. 1 Holders of rec. Jan. 154
el
May 1 Holders of rec. Apr, 140
Special
Stock dividend (guar.)
20e. Dec. 16 Holders of rec. Dec. 5a
21.25 Jan. 1 Holders of rec. Dee. 105
Special
Second National Investors. pref.(au.)
80e. Jan. 2 Holders of rec. Dec 18a
•134
3596
FINANCIAL CHRONICLE
Name of Company.
Miscellaneous (Concluded).
Weston Electrical Instrument,
Common (quar.) (No. 1)
Class A (guar.)
West Point Mfg.((mar.)
Extra
Wextark Radio Stores, corn. tquar.)_
Wheeler Metal Products, corn. (quar.). _
White Motor (quar.)
White Motor Securities pref. (quar.)_
White Rock Mineral Springs, corn. cqu.).
Common ‘extra)
First preferted quar.)
Second preferred ,quar.)
Second preferred (extra)
Wilcox Rich Corp., class A (quar.)
Class B (quar.)
Will & Baumer Candle, pref. (quar.)_
Ilys-Overland Co. preferred (quar.)- Winters & Crampton Mfg.. cl. B (spec.) _
Winton Engine, pref. (civar.)
Wilshire Med'I Bldg.(Los Angeles), corn.
Wood (Alan) Steel, pref. (quar.)
Worthington Pump & Mach., pt. A (qu.)
Prof. A (acet. accum. dividends)
Preferred B (quar.)
Preferred B (acct. accum. dive.)
Wrigley (Wm.) Jr., Co.(monthly)
Monthly
Monthly
Monthly
Monthly
Yale & Towne Mfg. (Special)
Yellow Taxi of N.Y.(quar.)
Young (L. A.) Spring & Wire, corn.(qu.)
When
Per
Cent. Payable.
Boot, Closed,
Days Inclusive.
25c. Jan. 2 Holders of rec. Dec. 19a
50c. Jan. 2 Holders of rec. Dec. 198
2
Jan. 2 Holders of rec. Dec.d16
1
Jan. 2 Holders of rec. Dec.d16
.50c. Jan. 1 *Holders of rec. Dec. 10
50c. Dec. 14 Holders of rec. Dec. 4
500. Dec. 31 Holders of rec. Dec. 120
31.75 Dec. 31 Holders of rec. Dec. 12
75c. Jan. 2 Holders of rec. Dec. 200
51
Jan. 2 Holders of rec. Dec. 20a
1% Jan. 2 Hohtera of rec. Dec. 20
3% Jan. 2 Heide's of rec. Dec. 20
Jan. 2 Holders of rec. Dec. 20
5
62 Ac Dec. 31 Holders of rec. Dec. 20a
500. Dec. 31 Holders of rec. Dec. 200
2
Jan. 2 Holders of rec. Dec. 16
15i Jan 2'30 Holders of rec. Dec. 163
*25c. Dec. 20 *Holders of rec. Dec. 5
.75c Dec. 15 *Holders of rec. Nov. 20
*51.50 Dec. 15 *Holders of rec. Dec. 1
1% Jan. 1 Holders of rec. Dec. 110
1% Jan. 2 Holders of rec. Dec. 100
h1% Jan. 2 Holders of rec. Dec. 100
130 Jan. 2 Holders of rec. Dec. 100
hl'( Jan. 2 Holders of rec. Dec. 108
250. Jan. 2 Holders of rec. Dec. 20a
25c. Feb. 1 Holders of rec. Jan. 200
50c. Mar. 1 Holders of rec. Feb. 200
25c. Apr. 1 Holders of rec. Mar. 20a
25c. May I Holders of rec. Apr. 19a
31
Dec. 14 Holders of roe. Dec. 20
*75c. Dec. 16 *Holders of rec. Dec. 2
75c. Jan. 2 Holders of rec. Dec. I20
* From unofficial sources. t The New York Stock Exchange has ruled that stock
The
will not be quoted ex-dividend on this date and not until further notice.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
b Amer. Cities Power & Light dividends are payable as follows: On class A stock
at option of stockholders, 75c. cash or 1-32 share of class B stock; class B, 24% in
class B stock.
•
I Payable in common stock. g Payable In scrip. h On account of accumulated
dividends. 3 Payable in preferred stock.
I North American Co. stock dividend Is at rate of 1-40th share for each share held.
k Payable either in cash or one-fortieth share class A stock for each share held.
1 Unless stockholder notifies company by close of business Dec. 18 of his election
to take cash, Utilities Power & Light dividends will be paid in stock as follows:
Common. one-fortieth share corn, stock; class A, one-fortieth share class A stock:
class B, one-fortieth share class B stock.
m Stockholders of Safeway Stores have option of taking cash or 1 3 % in stock by
notifying Chase Nat. Bank up to Dec. 23.
n Payable in common A stock at rate of $25 per share unless written notice of
election to take cash Is given prior to Dec. 23.
o Or 2 A % in class A stock.
r Rio Grande 011 stock to be placed on a $2 per ann. basis. The company declared
Si payable July 25 1929 and intends to declare another RI payable on or before
Jan. 25 1930. The stock dividends are 1 A shares on each 100 shares, the first
% having been declared payable April 25 with the intention to declare a second
134% payable on or before Oct. 25.
q Holders have option of applying dividend to purchase of additional shares at
rate of 1-40th of a share for each share held.
s Central States Electric cony. pref, dividend payable in corn, stock at rate of
3-32 share of cora, on each share of 1928 series pref. and 384 share common on
each share of 1929 series pref.. or $1.50 cash.
Consolidated Gold Fields of South Africa dividend Is 15 pence per share, less tax
and deduction for expenses of depositary.
u Payable in common stock at rate of 1-52 share common for each share cony.
pref. opt. series of 1929 unless holder notifies company of his desire to take cash
as rate of $1.50 per share.
O Or 2 A % in class A stock at stockholders' option.
to Less deduction for expenses of depositary.
z Tobacco Securities deferred dividend is 2.742 pence on each five shillings.
Transfers received in London up to Nov. 21 will be in time for payment of dividend
to transferee
y Payable in cash or 2% In common stock.
z Holder must notify company on or before Dec. 18 of his desire to take cash,
otherwise dividend will be paid in class A common stock at rate 01 1-56 share.
Weekly Return of New York City Clearing House.Beginning with Mar. 311928, the Now York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. NOV. 30 1929.
Clearing House
Members.
*Capital.
Net Demand
Deposes
Average.
Time
Deposits
Average.
$
$
14,240,000
69,016,000
43,228,400 195,405,000
39,281,300 180,290,000
126,952.400 a1130024,000
21,317,400 239.709,000
198,809,000 /804,050,000
f19,380,500 159,051,000
70,033,800 399,745,000
22,804,200 188.265,000
102,357,300 261,411.000
82,750,000 349,545,000
12,653,000
11,275,400
136,206,100 0857,251,000
24,660,000
3,814,100
45,238,500 5550,448,000
82,753,300 e450,002,000
37,430,000
24,498,700
40,565,000
55,617,400
20.160,000
4,508,200
34.047,700 189,158,000
48,926,000
8,116.700
35,728,000
2,322,200
$
10,317,000
45,163,000
56,186,000
216,995,000
17,965,000
110,480,000
36,827,000
44,554,000
30,176,000
14,944,000
60,731,000
607.000
83,842,000
908,000
57,444,000
50,781,000
1,536,000
5,116,000
1,902,000
22,974,000
8,618,000
6,019,000
8,272,000
3,009,000
1,439,000
5,417,000
arm 59,1 9111) 1 191 301 nnn a 204 773 000
890.071.000
Bank of N.Y.& Tr. Co__
Bk.of the Manhattan Co_
Bank of America N. A...
National City Bank
Chemical Bank & Tr. Co_
Guaranty Trust Co
Chat.Ph.Natilk.&Tr.Co.
Cent. Han. Bk.& Tr. Co_
Corn Exch. Bk.Trust Co_
First National Bank
Irving Trust Co
Continental Bk.& Tr. Co.
Chase National Bank..
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co.._
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Cowl Nat. 13k. & Tr. Co_
Harriman N.B.Jr Tr. Co_
$
6,000,000
22,250,000
35,775,300
110,000,000
15,000,000
90,000,000
f16,200,000
21,000.000
12,100,000
10,000,000
50,000,000
6,000,000
105,000,000
500,000
46,500,000
25,000,000
10,000,000
56,000,000
3,000,000
12,500,000
7,000,000
1,500,000
Clearing Non-Members.
City lik. Farmers Tr. Co_
Nfech'es Tr. Co., Bayonne
10,000,000
500,000
Tnrolim
*Surplus and
Undivided
Profits.
11,093,900
860,500
* As per official reports: National, Oct. 4 1929; State. Sept. 27 1929; Trust companies, Sept. 27 1929 f As of Oct. 8 1929. g As of Oct. 2 1929.
Includes deposits in foreign branches: (a) $310,855.000; (1) 8162,670,000: (r)
$12,882,000; (5) 5154,956.000:(e) $71,903,000.
[VOL. 129.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Nov. 29:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, NOV. 29 1929.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res.. Dep., Dep. Other
Including N. F. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Coa.
Loans.
ManhattanS
Bank of U. S____ 231,528,000
Bryant Park 13k_
2,758,200
Chelsea Exch.13k. 20,535,000
Grace National__ 22,329,782
Port Morris
3,502,900
Public National_ 148,964,000
BrooklynBrooklyn Nat
7,894,800
Peoples Nat
7,500,000
Gross
Deposes,
$
X
$
$
X
102,000 6,804,000 29,930,000 2,351,000 215,151,00
276,100
____ 203,000
2,277,401
1,572,000 2,072,000
18,382,001
2,500 105,618 2,188,717
52,673 21,115.11,
38.300 105,000
163,000
2,894,901
30,000 2.414,000 10,138,000 22,107,000 155,090,00
17,000
5,000
72,800
126,000
397,800
549.000
452,500
60,000
4,738,201
7,300,001
TRUST COMPANIES-Average Figures.
Loans.
Cash.
Reeve Dep., Depos.Other
N. F. and Banks and
Elsewhere. Trust Cos.
ManhattanS
$
$
American
47,609,200 11,026.700 1,201,300
Bank of Europe & Tr. 16,299,100
829,430
137,450
Bronx County
25,860,979
836,242 1,456,934
Empire
85,871,900 *5.491,000 6,557,800
12,728,359
156,041
1,149,240
Federation
18,5915,300 *2,332.600
Fulton
680,900
372,41:5,000 3,812,000 54,330,000
Manufacturers
88,467,485 4,800,000 8,016,698
United States
Brooklyn114,226,000 2,446.000 20,277,000
Brooklyn
Kings County
24,830,432 1,804,522 3,247,432
Bayonne, N. J.Mechanlea
8.800.420
237.052
727.026
Gross
Deposits
5
1
23,800 48,483,901
15,478,40(
25,570,069
3,236,600 84,873,201
165,743 16,676,783
16,290,701
2,738,000 352,905,001
74,652,92£
110,439,001
33,301,664
300.310
* Includes amount with Federal Reserve Bank as follows: Empire, 53,702.400:
Fulton, $2,203,206.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Dec. 4
1929.
Changes from
Previous Week
Nov. 27
1929.
Noe. 20
1929.
82,975,000
82.975,000 Unchanged
Capital
82,975,000
121.270,000 121,279,000
121,279.000 Unchanged
Surplus and profits
Loans, disc'ts & invest'ts_ 1,183,093,000 -7,355,000 1,190,448,000 1,192,199,000
+448,000 729,119,000 752,243,000
729,567,000
Individual deposits
164,903.000 -5,264,000 170,167,000 182,006,000
Due to banks
273,738,000
+506,000 274,244,000 274,165,000
Time deposits
4,212,000
-625,000
3,587,000
4,880,000
United States deposits_ _ +7,422,000
38,795.000
46,217,000
48.963,000
Exchanges for Ceg House
Due from other banks_ _ _
90,737,000 -12,068,000 102,895,000 125,755,030
89,062,000
92,351,000
91,277,000
+2,215,000
Heave in le8a1 deposit's
8,095,000
+391,000
8,188,000
Cash in bank
8,486,000
2,445,000
4,250,000
+727,000
3,172,000
Res've excess in F.R.Ilk_
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Nov. 28, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaroes" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Nov. 28 1929.
Two Ciphers (00)
omitted.
Trust
Members of
F.It. System Companies.
Capital
61,685,0
Surplus and profits_ _ 213,828,0
Loans, discts. Jr invest. 1,122,133,0
Each, for Clear. House
42,102,0
Due from banks
101,703,0
Bank deposits
142,567,0
Individual deposits_ -- 629,138,0
Time deposits
210,693,0
Total deposits
982,398,0
Res, with legal depos_ _
71,100,0
Res. with F. R. Bank_
Cash in vault*
12,888,0
Total res. Jr cash held.
83.988,0
Reserve required
Excess reserve and cash
In vault
Nov. 21
1929,
Nov. 14
1929,
Total.
69,185,0
69,185,0
7,500,0
69,185,0
16,671.0 230,499,0 230,499,0 230,499.0
69,454,0 1,191,587,0 1,198,734,0 1,206,188,0
42,613,0
42,428,0
53,444,0
326,0
13,0 101,716,0 105,966,0 115,151,0
883,0 143,450,0 149,443,0 147,522.0
31,869,0 661,007,0 666,348,0 682,334,0
16,582,0 227,275,0 224,839,0 224,225,0
49,334,0 1,031,732,0 1,040,630,0 1,054,081,0
71,100,0
71,788,0
70,004,0
5,530,0
5,118,0
5,988,0
5,530,0
14.219,0
13,478.0
13,178,0
1,331,0
90,349,0
90,384,0
89,170,0
6,861,0
*Cash in vault not counted as r verve for Federal Reserve member
DEC. 7 1929.]
FINANCIAL CHRONICLE
3597
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, Dec. 5, and showing the condition
if the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
88 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'
kecounts (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 3564, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF Tun FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 4 Ins.
Dec. 4 1929. Nov. 27 1926. Nov. 20 1929. Yoe. 13 1929 Nov.6 1929. Oct. 30 1929. Oct. 23 1929. Oct. 16 1929. Dec. 51928.
$
RESOURCES.
iIold with Federal Reserve agents
1,642,065,000 1,629,465,000 1,548,485,000 1,550,885,000 1,476,471,000 1,543,841,000 1.546,526,000 1,547,526,000 1,150,080,000
73,150,000
68,069.000
66.810,000
Dorn redemption fund with U. S. Tress_
76,287,000
65,939,000
76,247,000
76,247,000
76.287,0001 76,287,000
Gold held exclusively sad. F. R. notes 1,718,352,000 1,705,752,000 1,624.772,000 1,627,132.000 1,552,718,000 1,609,780,000 1,614,595,000 1.614,336,000 1.223,230,000
leld settlement fund with F.R. Board
550,717,000 593,449.000 718,728,000 733,907.000 801,196,000 791,887,000 779,661,000 758,685.000 768,422,000
lold and gold certificates held by banks. 723,897.000 688,227,000 698,195,000 678,131,000 664,990,000 619,284,000 640.757,000 631,815.000 625,948,000
Total gold reserves
Reserves other than gold
2,992.966,000 2.987,428,0003,041,695,000 3,039,170,000 3,018,904,000 3,020,951,000 3,035,013.000 3,004,836,000 2,617,600,000
145,782.000 147,192,0001
153,933 147 808,000 151,727,000 156,057,000 154,833,000 153.523,000 119,532,000
Total reserves
ion-reserve cash
gllle discounted:
Secured by U. S. Govt. oblIgatIona
Other bills discounted
3,138,748,000 3,134,620,000 3,195,628,000 3,186,978.000 3,170,631,000 3,177,008.000 3,189,846,000 3.158,359,000 2,737,132,000
53,028,000
79,945,000
70,746,000
79,883.000
91,042,000
85,276.000
79,061,000
81,996,000
92,617,000
665,864,000
346,318,000
424,932,000
447,378,000
463,173,000
449,176,000
429,160,000
470,398,000
470,342.000
501,013,000
512,632,000
478,248,000
532,388.000
458,650,000
372,352,000
424.006,000
401,458,000
447,477,000
Total bills discounted
:1111s bought in open market
U 8. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
872,310,000
256,518,000
912,349,000
257,315,000
899,558,000
283.831,000
971,355.000
299,512.000
990,880.000
330,374.000
991,038,000
339,885,000
796,358,000
379,383,000
848.935,000 1,012,182.000
360,110,000 477,770,000
37,955,000
183,413,000
133,776,000
62,791,000
134,649,000
128,658,000
76,791,000
121,998.000
127,739,000
80,530.000
108,677,000
123,349.000
77,252.000
114.117.000
101,380.000
81,261.000
120.294,000
91,133,000
37,955,000
71,375,000
26,374,000
37,967,000
72,066,000
27,595,000
53,499,000
117,958,000
55,325,000
Total U. S. Government securities
Aber securities (see note)
+foreign loans on gold
355,144,000
18,698,000
326,098,000
18,698,000
326,528,000
20,348,000
312,556.000
22,881,000
292,749,000
23,631.000
292,688.000
25,131,000
135,704,000
25,211,000
137,628.000
23,755.000
226,732.000
4,390,000
Total bills and securities (see note)._ - 1,502,670,000 1,514,460,000 1,530,265,000 1,606,304.000 1.637.634.000 1,648,742,000 1,336,656.000 1,370,428,000 1,721,124,000
Jold held abroad
Due from foreign banks (see note)
754,000
726,000
727,000
724,000
728.000
721.000
723,000
726.000
722.000
Uncollected Items
689,918,000 676,919,000 789.400,000 938,259,000 713,484,000 772,055.000 776,614,000 1,049,813,000 747,261,000
1ank premises
59,120,000
58,944,000
60,601,000
59,171,000
58.944,000
59,157.000
59,059,000
59.036,000
59,037,000
All other resources
9,077,000
10,699,000
11,928,000
11,493.000
9,238,000
11,637,000
10,625,000
11,553.000
11,335.000
Total resources
LIABILITIES.
r R. notes In actual circulation
leposits:
Member banks-reserve account
.lovernment
itoreIgn banks (see sole)
ither deposits..
2,401.001,000 2,375.650,000 2,518,202,000 2,607,973.000 2.557.708.0002.651,608.000 2,378.097.000 2.408,482,000 2,382,329,000
25,346,000
35,847,000
18,967,000
25,351,000
25,876,000
18.936,000
11,157.000
31,010.000
15,837,000
5,021,000
5,774,000
5,709,000
5,203.000
6,023,000
5,480,000
6.000.000
5,313.000
5,920,000
20,562,000
21,591,000
20,519,000
19,995,000
20,187,000
22,078,000
21,444,000
20,811.000
28.669,000
fetal deposits
ieferred availability items
capital paid In
ierplue
1.11 other liabilities
2,452,683,000 2,437,037,000 2,562,613,000 2,645,941,000 2,622,700,000 2,696,471.000 2,421,932,000 2,460,627,000 2,435.672,000
623,940,000 641,558,000 723,722,000 847,085.000 669,531.000 714,209.000 711,073,000 937,453,007 685,663,000
168,388,000 168,321,000 167,854,000 167,311.000 167,120,000 167,025,000 167,025,000 166,998.00C 146,801,000
254,398.000 254,398,000 254,398,000 254,398.000 254.398.000 254.398.000 254.398,000 254,398,001 233,310,000
45,163,000
45.082,000
44.099,000
40,210.000
39,024,000
42.008,000
39,271,000
42.763,000
43,594.000
5,483,042,000 5,476,577,000 5,677,676,000 5.895,496.000 5.674,839,000 5,754,363.000 5,451,970,000 5.718.121,000 5,330,571,000
1,938,470,000 1,930,181,000 1,924,990,000 1.937.167,000 1.918,327,000 1,880,192,000 1,857.332,000 1,859,621,000 1,789.845,000
Total Ilabilitlee
5,463,042.000 5,476,577,000 5,677.676,000 5,895,496,000 6.674,839,000 5,754,303.000 5,451,970,000 5,718.121,000 3,330,571,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
68.1%
68.4%
67.7%
69.6%
66.0%
70.9%
66.4%
61.9%
66.3%
Retie of total reserves to deposits and
F. It. note IlabIlltlee combined
71.5%
71.8%
71.2%
73.1%
69.4%
74.5%
64.8%
69.8%
69.5%
lentingent liability on bills purchased
for foreign correspondents
505,491,000 509,380,000 510,172,000 508,290,000 508,354.000 500,833.000 486.956.000 463,153,000 279,488,000
Dtstributton Si, Maturttbs1-15 days bills bought in open market
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
t6-30 days bills bought in open market
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness
10-30 days municipal warrants
11-60 days bills bought in open market 11-60 days bills discounted
11-60 days U. B. certif. of indebtedness
11-60 days municipal warrants
11-90 days bills bought In open market _
11-90 days bills discounted
11-90 days U. S. certif. of indebtedness
11-90 days municipal warrants
aver 90 days bills bought In open market
Dver 90 days bills discounted
pier 90 days certif. of Indebtedness
'ter 00 days municipal warrants
93,042,000
667,708,000
61,453,000
74,963,000
692,626,000
490,000
65,270,000
674,184,00.
570,000
55,706,000
735,624,000
215.000
63,032,000
783,901.000
925.000
70.968.000
784,594,000
1;300,000
95,715,000
603,173,000
3,800,000
94,021,000
648,638,000
5,180.000
149,250,000
866,112,000
13,546,000
93,268,000
65,403,000
60.159,000
49.342.000
46,503,000
51,616,000
37,294,000
52.609,000
37,627.000
59,738,000
98,639,000
40,413.000
481,000
6,058,000
43,954,000
153,690,000
103,655,000
53,368.000
1,131,000
22,733,000
47,418.000
1,006,000
148,739.000
96,972,000
46,228,000
125,000
56,966.000
47,160.000
133,870,000
94,601,000
40,964.000
725,000
86,755.000
49,726,000
111,603,000
84,054,000
5,217,000
600.000
131,233,000
48,596,000
96,796,000
82,640,000
5,023,000
25.000
6,600.000
40,410,000
60,158,000
61,074,000
57,243,000
600,000
145,298,000
100,644,000
90,000
531,000
12,676,000
47.283,000
13,090,000
66,158.000
69,280.000
556,000
63.078,000
81,928,000
76,510,000
65,415,000
58,250,000
100.000
99,086,000
92,360,000
130,028,000
50.939.000
35,000
73,340,000
30,928,000
1,225,000
15,380.000
69,766.000
1,478.000
12,505,000
54,227,000
406,000
1,789,000
10.501,000
48.869.000
436,000
3,538.0)0
7,926,000
17,357,000
125,000
125,000
1,638,000
6,980,000
17,392,000
30,000
4,570,000
19,909,000
41.779,000
2,654,000
.17,000
698,000
17.994,000
69,918,000
526,000
16,861,000
72,323,000
17,000
429,000
16,973,000
56,746,000
17,000
155,000
151,971,000
54,820,000
r R. notes received from Comptroller__ 3,617.348.000 3,601,128,000 3,597,498,000 3,528,280,000 3,496,402,000 3,505,925,000 3,524,381,000 3,593,575,000 2,965,449,000
r R. notes held by F. R. Agent
1,167,103,000 1,172,108,000 1,170,449,000 1,089.170.000 1,088,715.000 1,176.625,000 1,213,020,000 1,271,445,000 784,130,000
•ettued to Federal Reserve Banks
2,450,245,000 2,429,020,000 2,427,049,000 2,439,110.000 2,407,687,000 2,329,300,000 2,311.361,000 2,322,130.000 2,181,319,000
Hots Securedsr gold and gold certificates
.Sold redemption fund
:kid fund-Federal Reserve Board
Se eligible paper
355,695,000 355,695,000 357.715,000 357,715,000 358,835,000 403,405.000 405,590,000 405.590,000 341,208,000
104,047,000
1,286,370.000 1,273,770,000 1,190,770,000 1,193,170.000 1,117,636.000 1,140.436,000 1,140.936,000 1,141,936,000 704,825.000
1,094,771,000 1,125,269,000 1,136,223,000 1,223,599,000 1,264,526,000 1,275,869,000 1,083,125,000 1,143,047,000 1,444,684,000
Total_
••
2,736,836.0002.754.734,000 2,684,708,000 2.774.484.000 2.740.997.000 2,819,710,000 2,629.651.000 2.690.573.000 2,594,764,000
•Revlsed figured.
NOTE -Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts Otte
10 foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
'Other securities, and the caption. "Total earning assets" to -Total bills and securities.- The latter Item was adopted as a more accurate description of the total
Of
les discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items included
ihereln.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.4
1020
•
Two ciphers (00) omitted.
New York. P4190. Ckreiand. Richmond Atlanta. Chicago, St. Louis lifinneap. Kan.City. Dallas. Baulfraa.
Total
Boston
Federal Reserve Bank ofRESOURCES.
$
$
-WM with Federal Reserve Agents 1,642,065,0 214,917,0
(Mid red'n fund with U. S. Treas.
76,287,0 6,928,0
$
$
$
$
$
$
$
3
$
400,671,0 100,000,0 106,900,0 61,190,0 108,380,0 259,564,0 73,800,0 49,157,0
16,814,0 4,920,0 6,493,0 3,180,0 4,169,0 11,420,0 6,734,0 3,970,0 50,000,0
2,741,0
Gold held excl. agst. F. R.notes 1,718,352,0 221,845,0 417,485,0 104,920,0 113,393,0 64,370,0 112,549,0 270,984,0 80,534,0 53,127,0 52,741,0
riold settlel fund with F.R.Board 550,717,0 53,088,0 114,541,0 33,101,0 84,919,0 29,450,0 8,802,0 91.612,0 30,606,0 19,042,0 32,624,0
Dold and gold ctfs held by banks_ 723,897,0 30,815,0 449,919,0 40,053,0 41,857,0 11,084,0 3,437,0 95,693,0 5.860,0 4,468,0
5,406,0
Total gold reserves
2,992,966,0 305,748,0 981,945,0 178,074,0240,169,0 104,904,0 124,788.0 458,289,0 117,000,0 76,637,0 90,771.0
145,782,0 15,237,0
42,214,0 10,782,0 7,159,0 5,194,0 16.596,0 11,145,0 9,367,0
Reserve other than gold
3,387,0 5,474,0
Total reserves
3,138,748,0 320,985,0 1,024,159,0 188,856,0 247,328,0 110,098,0 141,384,0 469,434,0 126,367,0 80,024,0 96,245,0
31,874,0 1,405,0 3.870,0 4,818,0 4,608,0 7,125,0 4,105,0 1,561,0
ion-reserve cash
79,883,0 10,780.0
1,607,0
Bills discounted:
68,543,0 38,484,0 46,617,0 17,032,0 7,337,0 93,303,0 19,571,0 15.994,0 26,923,0
Rec. by U. S. Govt. obligations 424,932,0 18,173,0
447,378,0 20,729,0
Other b111.0 discounted
61,818,0 60,611,0 59,299,0 26,373.0 43,659,0 65,811,0 17,824,0 13,900,0 36,157,0
Total bills discounted
Bills bought In OPen market
(2. B. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
Total 11 0 Gov't securities
872,310,0 38,902,0
256,518,0 7,715,0
$
$
30,723,0 186,763.0
2,459,0 6,459,0
33,182,0 193,222,0
19,479,0 33.453,0
9,120.0 26,185.0
61,781,0 252,860.0
5,879,0 13,348,0
67,660,0 266,208.0
2,363,0 5,707,0
7,550,0.65,405,0
22,049,0 19.148,0
130,361,0 99,095,0 105,916,0 43,405,0 50,996,0 159,114,0 37,395,0 29,894,0 63,080,0 29.599,0 84.553,0
87,524,0 8,263,0 29,838,0 16.432,0 18,823,0 33,375,0
116,0 2,811,0 16,276,0 9,437,0 25.903,0
689,0
155,0
585,0
548,0
4,629,0 111,999,0 12,268,0 10,922.0
9.907,057.570 0
539 0 4,259,0
r.1.11
17"
355,144.0 15.225.0 18/.724.0 30.392.0 15.729.0
37,955,0
183,413,0
133,776,0
-
1,152,0
372,0
285,0
55,0 19,927,0
3,379,0 9,018,0
5,396,0 19,246,0
1.809.0
8.0300 40.191.0 19 Rto n 117t1 0
2,125,0
9,857,0
7,837,0
4,838,0
5,101,0
1,814,0
263,0
2,800,0
68,0
7,813.0
5,005,0 10.600,0
5,907,0 1,216,0
3 nnn n 18.725.0 11.884.0
3598
[VOL. 129.
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
Boston.
5
18,698,0
Mbar securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
In other
New York.
$
1,000,0
$
9,350,0
St. Louis. Mftmeap. Eas.City
Ckveland.1 Richmond Atlanta. Chicago
Philo
$
1,500,0
I
S
1,150,0
3
$
$
2,000,0
$
3.698,0
$
I
Dallas
San Pres
$
5
396,959,0 138,905,0 152,983,0 61,646,0 78,649,0 242.680,0 57,330.0 48,156.0 82,419,0 57,761,0 122,340,0
24,0
52,0
74,0'
18,0
24,0
33,0
29,0
69,0
28,0
99.0
220,0
192,154,0 59,175,0 63,305,0 52,440.0 20,884,0 79,047,0 31,267,0 14,475,0 41,151,0 27,401,0 39,650,0
16,087.0 1,762,0 6,535,0 3,395.0 2,744,0; 8,529,0 3,996,0 2,110,0 4,140,0 1,922,0 4,249,0
357,0
517,0
618.0
163,0
215.0 1,176,0
624,0 3,631.0,
586.0
401.0
3,548,0
. 1,502,670.0 62,842.0
54,0
724,0
689,918.0 68,969,0
59,171,0 3,702.0
11,928,0
92,0
Total resources
5,483,042,0 467,424.0 1,665,001,0 390,387,0 475,271,0 233.054,0 251,988,0 807,500,0 223,495,0 146,962.0 225,749.0 157,488,0 438,723,0
I
LIABILITIES.i
F. R. notes in actual circulation 1,938,470.0 208.413,0 348,490,0 157,317.0 183,531.0 95,125.01149,049,0 315,601,0 92,860,0 65,770,0 87,556,0 50.215,0 184,544,0
I
Deposits:1
Member bank-reserve hetet_ 2,401,001,0 155,192,0 990,936,0 133,580,0 183,805.0, 66,406,01 61,456,0 351,684,0 78,405,0 54,981,0 87,236,0 63,253,0 174,067,
681,0 2,272,0, 1,698,0
25,346,0 1,934,0
Government
4,483,0 1,704,0 1,513,0; 2,358.0, 2,145,0 3,192,0 1,950,0 1,416,0
538,0
174,01
380,0
507,0
243,0
Foreign bank
174,0
132,0
211,0
2,096,0
206,0
723,0
390,0
5.774.0
36,01 8,330,0
38,01 1,651,0•
153,0
248,0
228,0
132,01
183,0,
630,0
57,0
Other deposits
8,876,0
20,562.0
1
'184,475,0
157,573,0 1,006,391,0 135,829,0,1187,507.0' 69,139,0' 63,990,0 356,229,0 80,794,0 56,777,0 88,244,0 65,735,0
67,862,0 160,639,0 53,315,01 57,872.0 48.103.0, 19,884,0 72,208,0 31,558,0 12,709,0 34,881,0 27,133,0 37.776,0
64,887,0 16,532,0, 15,667,0 6,080,0 5.381,0 20,041,0 5,268,0 3,081,0 4,284,0 4,465,0 11,422,0
11,280,0
71,282,0 24,101,01 26,345,0, 12.399,0 10,554,0 36,442,0 10,820,0 7,082,0 9,086,0 8,690,0 17,978,0
19,619,0
13,312,0 3,293,01 4.349,0, 2,208.01 3.130,0; 6,979,0 2.195,0 1,543,0 1,698,0 1,251,0 2,528,0
2,677.0
5.483.042.0487.424,0 1.665,001.0 390.387.01475,271.0233,054.0 251,988,0 807,500,0 223,495,0 146,962,0 225,749,0 157,488,0 438,723,0
Total liabilities
Memoranda.
1
64.4,
66.71
72.1
71.5
67.0
66.4
69.9
72.8
65.3
64.7
58.4
teserve ratio(per cent)
87.7
75.6
our
7ontingent liability on bills-1
chased for foreign correspondla 505,491,0 37,281,0 154,348,0 48,364,01 51,387,0 23,174,0 19,648,01 69,019,0 20.152,0 12,595,0 16,625,0 16,625,0 36.273,0
F. R. notes on hand (notes reo'd
Bum F. R. Agent leas notes in
I
511.775.0 50.124.0 206.059.0 17.830.0 23.974.0 17.433.01 28.972.0 62.300.0 14.512.0 5.901.0 10.330.0 8.888.0 65.452.0
etreulation)
2.452,683,0
623,940,0
168,388,0
254,398,0
45,163,0
Total dePordte
Deferred availability items
31041 paid in
ktrplus
111 other liabilities
,
I
I
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 4 1929.
Total.
Federal Reserve Agent at-
Boston
New York.
Philo
Cleveland Richmond Atlanta
Chicago. St. Louis. Minneap. Kan.City
Dallas. San Fran,
Two ciphers (00) omitted.
s
s
F. R.notes rimed from Comptroller 3,617,348,0 333,187,0
P. R.notes held by F. R. Agent__ 1,167,103,0 74,650.0
$
$
3
s
s
5
$
5
945,199,0 235,047,0 304,325,0 165,952.0 280,201.0 536,001,0 133,122,0 126,148,0 123,546,0 79,324.0 355,296,0
390.650,0 59,900.0 96,820,0 53,394,0 102,180,0 158,100,0 25,750,0 54,477,0 25,660,0 20.222,0 105,300,0
P. R. notes Issued to F. R. Bank_ 2.450,245,0258.537.0
bilateral held as security for
P. R. notes betted to F. R. Bk.
Gold and gold certificates-- 355,695,0 35,300,0
Gold redemption fund
1,286.370,0 179,617,0
Gold fund-P.R. Board
1,094,771,0 46,540,0
Eligible paper
554,549,0 175,147,0 207,505,0 112,558,0 178,021.0 377,901,0 107,372,0 71,671,0 97,886.0 59,102,0 249,996.0
Total oollateral
$
$
s
177,045,0 28,600,0 16,900,0 16,190,0
7,480,0
7,800,0 14,157,0
17.223,0 35,000,0
223,626,0 71,400,0 90,000,0 45,000.0 100.900,0259.564,0 66,000,0 35,000,0 50,000,0 13,500,0 151,763,0
207,768,0 89,608,0 135,498,0 55,796,0 69,693,0 192,086.0 37,386,0 32,447,0 78,968,0 38,856,0 110,125,0
608,439.0 189,608,0 242,398,0 116,986,0 178,073,0 451.650,0 111,186,0 81,604,0 128,968,0 69,679,0 296,888.
2,736,836,0 261,457,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3565, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve are not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks Is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district with loans and investments of $136,000,000 on Jan. 2 which recently merged with a non-member bank. The figures are now given In
round millions instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS NOVEMBER 27 1929. (In millions of dollars.)
Federal Reserve Maria-
,
Total.
Boston. New York
Phila.
Cleveland, Richmond Atlanta, Chicago. St. Louis. ilinneap. Kan. Cito
Loans and Investments-total
5
23,353
5
1,571
3
9,445
$
1,262
$
2,186
Loans-total
17,698
1,232
7,125
968
7,889
9,809
520
711
3,512
3,612
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deer/sits
Due from banks
Due to !banks
Borrnicinas from F. R. Bank
667
638
$
3,364
1,580
508
516
504
464
738
843
191
318
5
$
$
s
Dallas. San Fran
$
$
$
691
399
695
490
1,946
2,707
540
277
469
380
1,397
144
372
1,302
1,405
248
292
86
190
122
347
104
276
418
979
5,655
340
2,320
294
606
158
121
657
151
122
226
110
549
2,808
2,817
164
176
1,266
1,055
83
211
287
319
73
85
55
66
296
361
41
110
66
56
102
124
68
42
307
242
1.744
265
101
19
840
86
78
18
125
30
38
13
39
10
257
39
45
7
26
6
56
11
34
8
105
19
13,890
6,760
50
942
467
3
6,546
1,834
15
715
263
5
1,022
931
6
342
'237
2
315
224
3
1,864
1,203
5
377
226
1
233
129
476
178
1
288
138
4
769
930
5
1,090
2,802
50
121
145
1,087
58
166
91
182
49
94
80
101
193
393
53
118
50
75
114
192
54
93
153
183
603
19
69
44
71
29
39
123
25
23
47
25
90
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Dee.4 1929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redamp.fund with U. B. Treasury_
Dec. 4 1929. NOD. 27 1929. Dec. 5 1928.
$
400,671,000 430,671,000 169,462,000
20,120,000
18,814,000
16,814.000
Gold held exclusively eget. P. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certllicatee held by bank_
417,485,000
114,541.000
449,919,000
447,485,000
162,359,000
422,905,000
189,582,000
226,648,050
390,109,000
Total gold reserves
Reserves other than gold
981,945,000 1,032,749,000
42,214,000
43,368,000
806.339,000
19,412,000
1,024,159,000 1,076,117,000
Total reserves
32,149,000
31,874,000
Non-reserve cash
Bus discounted68,543,000
69.225,000
Secured by U.S. Govt. obligations-61,818,000
59,752,000
Other bills discounted
825,751,000
15,818.000
271,733,000
58,158,000
Total bills discounted
Bills bought In open market
0.6. Government securitiesBonds
Treasury notes
Certificates of indebtedness
130,361,000
87,524,000
128,977,000
73,447.000
329,891,000
146,274,000
155,000
111.999,000
57,570,000
25,155,000
78,408,000
55,796.000
1,384,000
32,155,000
16,753,000
Total U.S. Government securities-Other seeurft4es (see note)
Foreign loans on gold
169,724,000
9,350,000
159,359,000
9.350,000
50,292,000
200,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other reeources
Total resources
LiabilitiesFed'l Reserve notes in actual circulation_
Deposits
-Member bank, reserve motGovernment
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
Dec. 4 1929. Nov. 27 1929. Dec. 5 1928.
$
$
220,000
192,151,000
16,087,000
3,548,000
220,000
184,176,000
16,087,000
3,382.000
375,000
206,831,000
16,675,000
1.225,000
1.665,001,000 1,683,264.000 1,593,332,000
348,490,000
354,243,000
339,816,000
990,936,000
4,483,000
2,096,000
8.876,000
986,239,000
6,341,000
955.000
8,745,000
932,318,000
3,016,000
2,039,000
9,530,000
1.006.301,000 1,002,280,000
160,639,001) 177.192,060
64,887,000
64,887,000
71,282.000
71,282,000
13,312,000
13,380,000
946,933,000
180,799,000
50,078,000
63,007,000
12,699,000
1,665,001,000 1,683,264.000 1.593,332,000
Ratio of total reserves to deposit and
75.6%
79.3%
64.2%
Fed, We've note liablIttles combined..
Contingent liability on bills Purchased
154,317,000 155,440,090
90,337,000
for foreign correspondeneeTotal bills and securities (See Nate)
396.959,000 371.133.000 526,657,000
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets." Previa:isle msde up of Federal Intermediate Credit bank debeutures, was changed to
"Other securities." and the caption -Total earning assets" to "Total bills and iscuritle.s." The latter term was adopted as a more accurate description of the total of the
leral !laser.% Aot, wnleh, it was stated. are the only Items Included therein
discounts,acceptancse and securities acquired uuder tas oroeisious of Ssetioas 13 Jo 1 11sf the
DEC. 7 1929.]
3599
FINANCIAL CHRONICLE
•tfiazetit.
STOCKS.
Week Ended Dec.6.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
Per share.I$ per share.
Indus. & Misc. (Conc.)I Shares. $ per share. S per share.
Dec 5 9211 Feb 110
Oct
Dec 2 103
90100
100
Pitts Steel pref
14,600 56% Dec 2 5974 Dec 6 4354 Nov 98
Aug
Procter & Gamble_
Nov 82X Apr
Dec 6 62
Dec 2 73
__• 1,500 68
Radio Corp pref
Nov 6174 Sept
Railway & Express...* 9,800 3234 Dec 2. 36/4 Dec 6 24
Nov 58X Sent
Dec 4 28
Raybestos Manhattan• 1,800 3354 Dec 3 35
54 Nov 1
Oct
54 Dec 2
11 Dec 4'
Reynolds Spring rights_ 1,700
Apr 89% Oct
Dec 2 70
Dec 3 78
Reynolds Tobac cl A.10
Dec 4 50
Nov 65
Dec 4 55
Aug
100 55
•
Scott Paper
Dec 1554 Nov
Dec 3 12
Dec 3 12
100 12
Second Nat Inv ctfs •
Nov 63% Nov
Dec 5 45
Dec 4 60
200 59
•
Preferred ctfs
Dec 3 7% Nov 2154 Aug
• 27,500 854 Dec 2 9
Servel Inc
Range Since Jan.!.
Range for Week.
STOCKS.
Sales
Nov
• 1,200, 1936 Dec 6 2054 Dec 2 19% Nov 22
Sharp & Dohme
for
Week Ended Dec. 6.
Nov 65% Aug
Dec 4 5754 Dec 3 50
8001 54
•
Preferred
Highest.
Lowest.
Highest.
Lowest.
Week.
Sept
Nov 111
Solvay Inv Tr pref_100 2,900 93% Dec 3 96% Dec 6 85
Feb
Oct135
Dec 2 114
Dec 3 115
170 114
per share.$ per share. So Porto Rico Sug pf100
Par. Shares.
per share. $ per share.
RailroadsOct 4434 Sept
•199,200' 2654 Dec 8 2954 Dec 4 20
14 Oct 454 Oct Standard Brands
54 Dec 2 134 Dec 5
Bangor & Aroostook rts 36,400
Dec 211431 Nov 11834 Sept
Dec 2 118
100 118
•
Preferred
Dee 5 3634 Aug 4134 Jan
Dec 5l 40
40 40
Beech Creek
Sept
Nov 123.4 Sept Sterling Secure cl A.' 21,300 1234 Dec 2 1514 Dec 6 sq Nov 38
Dec 4
900 834 Dec 2 9
liklyn & Queens Tran.*
Dec 2 12% Dec 4 8% Nov 1534 July
20 1,000 12
Preferred
Sept
Nov 65
Preferred
•
400 5054 Dec 3 5334 Dec 6 44
Oct 5514 Sept
31
2
Dec
41
5.
Dec
3714
4,200
pref
50
Cony
6134
Feb
Oct
5454
3
Dec
59
31
Dec
59
50
Canada southern. _100
Feb
Dec 18
Dec 6 3
Dec 6, 3
100 3
Nov 360
Feb Tobacco Prod div ctfs A1
Dec 2 240
Dec 2273
Central RR of N J..100
200273
Mar
Nov 20
3
1
100 336 Dec 6: 3% Dec
Div ctts B
Ch Ind & Louisv pf _100
10 6534 Dec 2 6554 Dec 2 6534 Dec 7454 Mar
Sept
111%
Nov
21
4036
Dec
51
4534
Dec
5734
49,400
Carbon
•
United
Dec
Chic Sand & Clev p1.50
6634 Mar
80 6251 Dec 6, 6251 Dec 6 6274
Oct 1651 July
Dec 6 65
Oct 793.4 Jan United Cig Stores ctls_• 2,400 2% Dec 2; 2% Deo 51 1
110 7134 Dee 6', 73
Cleve & Pittsb
50
May
Dec 61 5354 Apr. 75
Dec 6,1 55
70, 55
50
30 4134 Dec 6: 4134 Dec 6 4134 Dec 4554 Jan United Dyewood 01_100
Special
Oct 5134 Oct
22
61
Dec
3434
3!
Dec
Impt_
&
Gas
425,600,
2814
United
May, 81
Jan
Dec 3 60
Dec 31 69
10 69
Cuba RR pref
100
• 2,100 9554 Dec 2 9734 Dec 51 9011 Oct' 9734 Dec
Preferred
Jan
Dec 8 5734 Dec 6 5351 Novi 87
310 55
Manhat Elev guar_ _100
14 Dec 2' 1% Dec 6,
620,800
34 Novii 1% Oct
Rights
300 134 Dec 8 I% Dec 2 13.4 Novi 454 Jan
Market Street Ry 100
Dec 2 2711 Dec 31 1531 Novi 4854 Aug
Jan United Piece Dyewks.* 8,500 21
Dec 15
lii
Dec 3 6
Dec 3 6
100 6
Preferred
Oct
• 11,499' 774 Dec 4 ssi Dec 2; 634 Oct 14
May United Stores A
Dec 3 11034 Nov 156
Dec 3124
20 124
N 0 Tex & Mex.._ _100
Nov]1 40% Oct
Preferred
• 8,620 2151 Dec 3 2314 Dec 61 20
Dec 6 534 Nov, 611 Nov
N Y Central rights_ _ _ _ 111,800 534 Dec 2i 6
• 18,400 8874 Dec 210534 Dec 6' 8634 Noy,134% Sept
Sept 10834 Mar U S Freight
Dec 410434 Dec 4 99
20104
NYLack&West..l0s
Aug
Dec 2 2434 Dec 6,1 1734 Novi 72
Oct 143-4 Mar U S & Foreign Sees.....' 13,800 22
101
N Y State Rys
10 354 Dec 31 354 Dec 3 1
Nov, 92% Aug
Dec 2 82
Dec 2 85
200 85
•
Preferred
Jan
Nov 41
220 454 Dec 6- 554 Dec 4 3
Preferred
100
Nov 12336 Mar
DM 6 100
Dec 6106
30 106
Dec 2 80
Nov 8651 Feb Univ Leaf Tob pref.100
Dec 2: 82
Northern Central._ _50
100 82
90 9874 Dec 3 9936 Dec 51 95ii Nov1110% Jan
Mar Va El & Pow pf (6)_100
Dec 50
Dee 320
Dec 6 18
Pacific Coast 1st pf_100
160 18
Nov] 25% May
Dec 2 19,4 Dec 2, 15
40 19
Dec 40
Feb Va Iron Coal & Coke100
Dec 6 15
2d preferred
100
Dec 31 20
90 15
Oct
Novi 82
Dec 2, 55% Dec 41 50
51
180
100
pref
Eisenlohr
Webs
Nov
142
4
Feb
Dee
2,150
Pitts Ft W & Chic p1100
Dec
6
310 1 5
15334
Oct 75
19
3.
Dec
20
31
Dec
Sent
20
100
Stores_*
Radio
Nov 140
Jan Wextark
Dec 213034 Dec 3 125
110130
Rensselaer & Sara 10
1
Zenith Radio Corp_ * 19,300 1034 Dec 4 1234 Dec 21 1034 Novl 52% July
Industrial & aliscell.
• No par value.
51 Oct
% Dec 6 1-16 Oct
Allis-Chalmers rights__ 133,300
14 Dec
Nov 3611 Nov
Dec 2 23
Alpha Portl Cement _ _• 1,100 31
Dec 6 34
Jan
Dec 2 2034 Nov 73
Quotations for U.S.Treas.Ctfs. of Indebtedness.-p.3588.
Amalg Leather pf _ _100
25
Dec 21 25
Nov 11614 Jan
Am Mach & Fdy pi x-w
Dec 5,100
100 100
Dec 2,105
New York City Realty and Surety Companies.-p.3588.
Am Rolling Mills rights 22,600
Oct
X Oct 3
X Dec 21 1
Dec 3'
Jan
40 103
Arch Dniels Midl 1)1 100
Dec 4103 Dec 4 10274 Oct 115
New York City Banks and Trust Companies.-p. 3588.
Art Metal Construct_10 1,100 2354 Dee 3 2534 Dec 6 2054 Nov 303.4 Feb
Asso Dry Gds let p1100
Jan
200 88
Nov 107
Dec 5 8934 Dec 5 85
2d preferred
100
Jan
100 8536 Dec 3 8534 Dec 3 8554 Dec 110
United States Liberty Loan Bonds and Treasury
Aviation Corp
Dec 3 7
Dec 2 554 Nov 20
• 37,900 6
Aug
Beatrice Creamery _ _ 50 8,800 787,6 Dec 587 Dec 5 7334 Nov 131
Oct Certificates on the New York Stock Exchange.
Dec 10634 Aug
100
Dec 4100
Dec 4 100
400 100
Preferred
furnish a daily record of the transactions in LibDec 5 30
Bloomingdale cti's
Dec 5 28
300 29
Nov 30
Dec Below we
Dec 2 2434 Dec 2 20
800 24
Nov 43
Briggs & Stratton.._.•
July erty Loan bonds and Treasury certificates on the New York
* 4,000 1054 Dec 2 1154 Dec 4 9
Oct 2234 Oct
Budd (E G) Mfg
Exchange. The transactions in registered bonds are
• 5,600 914 Dec 3 1234 Dec 2 014 Dec 1234 Dec Stock
Budd Wheel
% Dec 6 1-16 Dec
12,700 1-16 Dec 2
Bucyrus-Erie rights_ _
14 Oct given in a footnote at the end of the tabulation.
* 3,300 2554 Dec 3 2954 Dec 6 2134 Nov 3234 Oct
Bulova Watch
Dec 6 20
900 20% Dee 425
Nov 4954 Aug
Campbell(W&C)Fdry •
Record of U. S. Bond Prices. Nor. 30 Dec. 2 Dec. 3 Dec. 4 Dec. 5 Dee. 6
Dec 3 17
Nov 6534 Oct Daily
Capital Adruinis A • 4,300 2851 Dec 234
100 3454 Dec 6 3434 Dec 6 29
Nov 397.4 Oct
Preferred A
50
42
99101n
99'%, 100
99"n 99,
(High
Liberty Loan
First
Dec 4 56
Dec 260
Dec 60
Caterpillar Tractor. _-• 3,800 56
Dec
9910 n 9915es
991n
99"n
99
6% bonds of 1932-47-i Low,
3)
6
Oct 8034 Sept
Checker Cab Mfg__ .._* 13,600 42% Dec 5 4734 Dec 2 18
99 n
99.In
99"n 99un 100
(Close
(First
3%)
Nov 6134
600 3754 Dec 3 3834 Dec 5 25
Clark Equipment_ _•
Oct
22
10
40
27
307
Total sales in $1,000 units_ _Dec 4 126
Dec 4126
10 126
Oct 13714 Sept
Colo Fuel & Iron p1.100
Convened 4% bonds of111 igh
Dec 6 4234 Nov 130
Sept
Col G&E rcts part paid 1,200 6311 Dee 278
Low.
4s)
(First
1932-47
200 7051 Dec 3 7634 Dec 5 50
Nov 7654 Dec
Receipts full paid....
Close
90% Dec 5 86 June 963-6 Oct
Dec
100 89
100
Preferred 11
_
Total sales in $1,000 units__ _
A Oct 103-4 Oct
Columbian Carbon rts_ 67,200 2% Dec 2 4% Dec 4
"W 10-1133;
10-110 Wes
(High
%
converted
Second
434
Dec 5 28
Nov 5134 Sept
Dec 236
!Credit cl A _.50 3,800 34
Comm.
100un 101
1013n 101.n 101733
(First]Low_
1932-47
of
bonds
Nov
65
5
Dec
95
277
Dec
70 75
let pref ex-warr 100
June
101.n 101'n 101'n 101",/ 101"n
Close
Second 43(s)
6351 Dec 5 6311 Dec 5 633-4 Dec 6531 Oct
Conn Ry & Ltg _ _100
12
35
86
36
16
Total tales in $1,000 units.....
Nov 100
Dec 6 70
Mar
110 7651 Dec 380
Cons Cigar pref (7).100
100
igh
(II
bonds
Converted
411%
Oct 2534 Sept
15% Dec 2 10
1454 Dec
Cons Film Industry..• 3.4
100
Low_
411s
(First
1932-47
of
Dec 4 38
Nov 6334 Oct
Cont Bk of N Y. _10 3,100 3854 Dec 241
100
(Close
Oct 127
DecDDee cc 4 115
22 1232377
Dec 4
Dec
460 125
Continental Can 91_100
1
Total sales In $1,000 units_ 5 20% Nov 3314 Dec
Cont Diamond Fibre_ _* 8,400 2654 Dec
10111,,
10-11;;,
1014;
101"n
1011.3,
Stock
Igh
r
5 18
Nov 3754 Aug Fourth Liberty Loan
Dec
• 53,800 26
Continental Oil
,,
1011.11 101'7n
101.n 101,
Low_
1933-38._
bonds
of
434%
Nov 31
Nov
5,600 2754 Dec 2 30% Dec 4 24
Cream of Wheat
101'n 1011:2 101":, 1011.3i 101":2
Close Ex(Fourth 4 34*)
Dec 130
Dec 6 110
Mar
Dec 6110
20 110
Cushm'ns Sons pf(7)100
52
283
248
214
192
Total sales in 51,000 units.....
Dec 610834 Feb 1153.( Feb
Dee 6110
100110
Preferred (8)_ _ -.100
112"Ln 11225e2 112"st 112"st 112un
chang
(High
Treasury
Oct
49,600 165-4 Dec 2 22% Dec 5 1034 Nov 30
Detroit Edison rts
112"at
112un
112un
5st
112
112"at
Low_
43.s, 1947-52
Nov 2834 Jan
Dec 2 10
14
•
Dee 2 14
Duplan Silk
Close Closed 112"n 112un 112"n 102"st 112"1,
Dec 102
Dec 3 90
Dec 395
Jan
150 90
_100
Preferred._
18
48
150
7
1
Total sales in $1.000 units _ _ _
Jan 48
Dec 6 4354 Dec 3 36
40 43
Aug
Durham 110* Millspf100
108":1
1081'n 108"n 108,0n
III igh
Oct 3914 Sept
Dec 41 19
Dec 325
Eastern Rolling Mill * 2,700 21
108"n
108"n 108"n 108'.n
Low_
45,
1044-1954
Nov 1493.4 Aug
1013431 Dec 513434 Dec 5 105
El Pow & Lt pr ctf f-pd
---- 108"n
108"m 108"n 108"n
Close
Dec 2 11% Dec 5 754 Oct 24
Oct
180 11
Elk Horn Coal prof_ _50
42
150
---Total sales in $1,000 unite.....
Dec 4 1754 Dec 38
Feb
Emporium Capwell._.• 1,290 1714 Dec 3 19
1053.12
1052.n 105un
fah
III
300 9034 Dec 2 9354 Dec 5 8451 Oct 109
Oct
Eng Pub Serv pf(5%).•
105"n
1052.n 1052'n
Low.
354s. 1946-1956
* 7.400 731 Dec 2 1134 Dec 6 3)4 Nov 1134 Dec
Fairbanks Co
---- 105"n
105"n 105"n
Close
Apr 35
Dec 632 Dec 6 11
Jan
20 30
25
Preferred
5
32
Total sales in $1.000 unUs___
Dec 6 28
Nov 5634 Sept
Federal Water Serv A.* 4,000 3554 Dec 239
--_- 100'n
100'n 100'n
igh
H
(High
6
31
Dec
41%
Nov
Dec
3
2,100 36
7634 Sept
Filene's Sons Mrs
_-_- 100'n
100'n
100.n
Low.
354s.
1943-1947
Dec 5 3554 Dec/ 37
2,700 3554 Dec 637
Dec
Firestone Tire & Rub
---- 100'n
100'n 100'n
Dec 8934 Dec
Dec 5 8931 Dec 6 87
MOO 87
Preferred A
40
10
--_Total sales in $1,000 units _ _ _
Dec 3 15
Nov 823.4 Jan
Dec 2 19
680 15
Fisk Rub 1st pf conv100
100'n
100
lab
{H
Nov 95
• 22,200 5034 Dec 2 6451 Dec 6 33
Sept
Foster Wheeler
100'n
100
Law
1940-1943
334s.
6
Dec
73
Nov
2
6534
Dec
69
July
300
8334
Gatnewell Co
100
---100'n
Close
Dec 3 121
Nov 140
Dec 2127
120 125
Feb
Gen! Baking pref.._ _
25
40
_-__
Total sales in $1.000 untie_ . _
Jan 122
Dee 21123-4 Dec 2 111
Jan
20 112
General Cigar prof..1 II
35
6
Dec
52
5
Oct 7714 July
• 63,000 4954 Dec
General Foods
coupon
of
sales
only
-The
above
includes
table
Note.
Nov 98
Aug
General Public Serv_ _• 26,100 3151 Dec 2 41% Dec 6 20
Jan 10634 Oct bonds. Transactions in registered bonds were:
Dec 21023-4 Dec 2 99
250,101
Gen'l Ry Signal pfd.100
Dec 2 95
Nov 120
Dec 2103
Mar
300102
•
Gold Dust prof
99'n to 99.n
2 1st 3,4s
Sept
• 69,500 18% Dec 2 2054 Dec 5 1414 Nov 70
Grigsby-Grunow
101 10 101
5 1st 411s
Dec 40% Dec
Dec 6 4051 Dec 5 39
Grand Silver Stores-- 1,600 39
to 1011in
100
4111.114s
65
Dec 5 8754 Nov 116
Dec 5 91
Jan
200 91
Grand Stores prof. _100
Sept
800 2154 Dec 6 2334 Dec 2, 1634 July 31
Hartman Corp Cl A. _*
Dec 41 12334 Jan 135
May
8012534 Dec 5130
Reline(0 IV) prof._100
Foreign Exchange.Dec 21 2454 Dec. 333.4 Oct
(31 2454 Dec 6 25
• 2,301
Hercules Motor
To-day's (Friday's) actual rates for sterling exchanges were 4.87% ©
Nov 130
10 8451 Dec 2 8451 Dec 2, 80
July
•
Hercules Powder
100
Oct 4.87% for checks and 4.88 3-16@4.88X, for cables. Commercial on
3001123-4 Dec 311534 Dec 3! 1123.4 Dee 121
Preferred
Aug 5254 Sept banks, sight, 4.87 X @4.87X ; sixty days, 4.83 5-16(4)4.83X: ninety days,
800 4914 Dec 2 51% Dec 4 45
Household Fin pt p1_50
2 14
Dec 16
Nov 4.81%04.81 7-16, and documents for payment 4.83 5-16. Cotton for
Insuranshares Corp__ _* 3,600
Nov 5954 Sept payment, 4.86 15-16, and grain for payment, 4.86 15-16.
Let Hydro El System A* 23,800 3354 Dec 2 38% Dec 6 23
112
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93% @
61
Dec
Nov
Dec
128
Its
400 11651
411734
Mar
Int Nickel Prof
Dec 61 54
Oct 7754 Sept 3.9334 for short. Amsterdam bankers' guilders were 40.31X @40.35
Dec 2 63
3,600 60
Internation Shoe
Dec 2 2234 Dec 4! 123-4 Nov 72% Aug for short.
4,400 20
Investors Equity
Exchange for Paris on London. 12 .98 francs; week's range. 123.98 francs
1,400 12% Dec 2 12% Dec 4' 10% Nov 13% Nov
Karstadt Rudolph
high and 123.85 francs low.
Kelly-Springfield TireCheeks.
Cables.
Sterling, Actual41
Dec
Oct
3634
3
Dee
35%
210
3
,
a
el
k,i
49 i 1F
00
6% preferred_ _ - _100
4.88 X
Mgt for the week
Dec 41 3
Dec 1
0
32
Dec 4 32
10 32
Kuppenhelmer & Co_ _5
1-65
4.87 29-32
34..98377%
Dec 41 105
Dec 4 105
Nov 11254 June Low for the week
10105
100
Preferred
'FrancsParis Bankers
Dec 31 175
Dec 3200
Nov 325
Aug
300200
100
Laclede Gas
3.94
Dec 5. 17
Oct 43
Aug High for the week
100 8,400 20% Dec 6 22
Preferred
3.93 13-16
3.9334
Dec 4 80
Dec 4 90
Oct 11034 Jan Low for the week
100 90
Libby-Owens Glass__ _*
Amsterdam Bankers' GuildersDec 2 21
Nov 59% Aug
• 1,600 24% Dec 3 26
McLellan Storm
40.36 X
40.38X
Dec 2 9
2
10
cc
oe
D
Dec 2 02
24 8
03
t 14
y High for the week
.110aly
10 92
Mengel Co pref....1ss
40.31
40.35
Low for the week
Minn ?donne Pow Imp• 10,900 14% Dec 2 171-4 Dec 3'
German y Bankers' MarksNov 102
• 1,600 7036 Dec 2 78% Dec 5; 65
July
Preferred
23.9534
23.95
week
the
for
High
6
Dec
5454
3
47
Dec
49
Nov
80X
2,800
Wks.'
Chem
ly
Monsanto
23.94
23.91
Oct 67% Oct Low for the week
Myers (F & E) Bros..• 4,300 3714 Dec 6, 42% Dec 6' 30
Dec 6 111
Dec 6,115
July 117
130 113
Nat. Supply prof --100
Apr
54%
2.
Dec
6
Dec
50
5054
Nov 9834 Oct
* 2,200
Neisner Bros
Dec 3 10
Dec 3, 10
The Curb Exchange.-The review of the Curb Exchange
20 10
Dec 45
Norwalk T & R pfd _100
Jan
Dec 4 1754 Dec 1934 Nov
600 1734 Dee 6 18
Parmelee Transporta.*
given this week on page 3587.
18
5
• 6.500 76% Dec 2 82 Dec 66 Nov 10534 Oct
Penney (J c)
A complete record of Curb Exchange transactions for the
Dec 2117
Deo 3 93
155 1,800 96
Oct 97
Dec
Preferred
3
Dec
1
Dec
3
19
193.4
200
734 NOV 2734 Aug
Pitts Screw & Bolt....5
week will be found on page 3618.
Wall Street, Friday Night, Dec. 6 1929.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3582.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
ica-4;
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
1111111For Rale/ during the week of stocks not recorded here, see perceding page.
PIM SHAW!
I Safes 1
1
STOCKS
Seams Sines Jan.
for I
NEW YORK STOCK
of 100-share test
On
Pave
Saturday,
Monday, 1 Tuesday,
Wednesday, Thursday,
Friday.
the
EXCHANGE
Nov. 30.
Dec. 2.
Dec. 4.
Dec. 5.
Week.
Dec. 3.
Dec. 6.
Lowest
11101ess
$ per share $ per sharelS per share 3 per share S per share S per share Shares
Railroads
Par IS per share $ per share
218 223
220 22412 225 230
22812 22934 22714 23358 13,300 Atch Topeka & Santa Fe__100 1944 Mar 26 298% Aug 30
10212 10312 103 103
10212 103
103 103
100 99 May 16 104 Oct 22
10318 10318 2,000 Preferred
178 179
180 180
180 180
17712 179
100 161 Nov 13 20912July 16
17812 17811 1,500 Atlantic Coast Line R R
11612 11734 11934 11812 117
4 11812 116% 1178 11658 11812 31,000 Baltimore & Ohio
,
100 105 Nov14 13 14518Sept 14
7
7812 784 7834 78% 78
7912 7912 7912 7912 7934 3,4001 Preferred
100 74 June 13 8034 Nov 4
6312 63
6512 65
6334 6334 63
6714 64
6534 14,5001Bangor & Arooetook
60 55 Oct 29 90388ept 19
•10618 11078 10634 10634 107 107 *107 10778 110 110
40 Preferred
100 y10314 Oct 17 115 Sept 23
100 10012 100 10012 102 102
3,1001130irton& Maine
10212 104
10514 107
100 85 Apr 4 145 July 25
58
6114 5934 6114 6134 64
59
638 67% 23,8001Balyn-Manh Trail•t o_.Vo par 40 Oct 29 8172 Feb
25
Feb57
*_
84
8012 83/
*83 ..
84
1
4 *83
Preferred • t c
8414 8414 8412 8412._
400
_No par 7612 Nov 14 112%
1
1412 14
10
1612 1514 1634 10,700 Brunawick Tenn & Ry 860_100
934 10
934 934
412 Oct 20 444 Jan 18
84
84
*50
*50
*50
84
'Buffalo & Suaquehanna _ _100 5434 Jan 20 85 Mar 2
*50
*50
84
84
67
67
72
72
72
*67
*67
110 Preferred
70
*67
70
100 4112July 1
811s Aug 2
19618 19814 199 19912 198 199
2197 198
8 Nov 13 26978 Feb 2
100 189,
198 20134 10,100'Canadlan Pacific
20 Caro Clinch & Ohio ads st'd100 9048ept 17 10112Mar 14
*9314 95
938 933 *9314 9434 *9314 95
*9314 95
19638 19814 19634 20114 200 203
20312 208 x204 20978 15,100 Chesapeake & Ohio
100 160 Nov 13 279%Sept 3
412 5
458 48
458 458
434 5
2,100'0hicago & Alton
434 5
4 Nov 13 19,
100
4 Feb 8
6
658 *614 612 1,4001 Preferred
64 638
534 558
58 658
312 Nov 13 3634 Feb 4
100
-----------IChic 52 East 11110018 RR
*15
25
*12
25
100 25 Aug 20 63 Feb 4
i5i- -4-g - *35 45 *35 45
____
__
Preferred
100 49 June 36 06% Feb 4
8 1118 12
-10- -1171112 1178 1112 1318 17,400 Chicago Great Western-100
934 10
7 Nov 13 3372 Feb 1
2912 30
2978 3378 3318 337
33
100 1712 Nov 13 63/
348 3334 363, 16,400 Preferred
1
4 Jan 31
2114 23
,
8 2314 2412 23
233, 24
24
2312 2538 35.600 Chicago MIlw St Paw & Pao._
16 Nov 13 4478 Aug 30
3918 40
,
81 4058 4458' 4234 4138 4212 4438 4278 4612 61,700 Preferred new
2812 Nov 13 6828 Aug 29
285
86 I 8614 8812 8814 90
88
8878 87
8812 12,000 Chicago & North Weetern_100 75 Nov 13 1081213o09 7
*137 13712 138 138 ,•13612 138
138 138 *137 138300 Preferred
100 134 Apr 24 141 Feb 6
115/
1
4 11558 11614 11718' 11712 11934 11914 1203 11958 122
5,800 Chicago Rock lel & PacIfle_100 101 Nov 13 143115e1)1 3
10412 105 I 10678 107 I 10712 108
107 108
1,800 7% preferred
108 108
100 100 Nov 14 109 Oct 10
100 10012 1004 10012 10014 10012 10012 10012 10012 10012 1,000 6% preferred
100 94% Nov 14 10314 Nov 26
*82
8512' *82
90 I 864 90
88
88
88
700 Colorado & Southern
88
100 8614 Dec 4 135 July 20
*7014 73
7014 70141 70
70
440 First preferred
70
70
6912 70
100 6512 Oct 29 80 Jan 26
70 *____ 70 *___ 68 *____ 68 *__ 68
Second preferred
100 64 Apr 22 734 Mar 6
*49
4912 484 50 I 50
50
5012 52
5212 5212 2,200 Consul RR of Cuba prat_ .100 45 Nov 14 7078 Jan 2
16912 170
170 172
17434 17712 17312 17534 173 176
7,000 Delaware & Hudson
100 14112 Oct 29 226 July 20
150 152
148 14814 1474 15012 14614 14712 147 148
5,100 Delaware Lack & Weetern_100 12014June 11 16934Sept 10
Stock
*57
61
60
5812 597
6112 *60
6112 60
1,400 Deny & Rio Or Weet pre 100 49 Oct 30 7754 Feb 21
60
24 212 *2
3 I .214 3
"2
3
200 Duluth So Shore & AtI_
*214 3
47 Feb
1% Nov 14
100
Exchange
33, 358 *214 334 *212 358 *212 33,
.234 334
100 Preferred
100
2 Nov 13
74 Feb 4
5312 5412 544 5758 5712 6058 5912 6034 59/
1
4 66
77.100 Erie
Nov 13 9312Sept 9
100
4112
64131 63
Closed
63
64 I 64
6412! 64
6314 63
4,400 First preferred
64
100 5512 Nov 14 664July 2
58
5812 *6014 62 I *58
*60
61
613,
60
400 Second preferred
60
100 52 Nov 7 6378July 2
Extra
9634 9812 9812 10034' 9958 10012 100 10012 99% 101
12,200 Great Northern preferred_100 8514 Nov 13 12814July 22
9512 96 1 9812 9734. 98
9834 9838 99
9734 98/
1
4 8,400 Pref certlfteatea
100 8512 Nov 14 12214July 22
Holiday
2912 2912 3012 35 I 355 3934 *37
39
39
4134 7.700 Gulf Mobile,', Nortbern
100 18 Nov 13 59 Feb 4
*92
94
9334 9334' 95
95
95
95
*94
400 Preferred
96
100 70 Nov 13 103 Jan 3
*634 7 1
634 6/
1
4 *634 7 1 *684 7
100 Havana Electric Fty___No par
"684 7
6,
4 Nov 18
114 Am'20
*68
74 I *6712 74
*6812 74 I .70
74
*76
74
I Preferred
78 Apr 15
100 55 Feb 1
415. 430 *418 425 *420 43434 43434 440
140 Hocking Valley
43912 449
Nov
1
370
600
Oct 16
100
474 477 , 4712 4934 4712 4812 4712 4814 4712 4958 8,000 Hudson & Manhattan__
68% Jan
-100 341aMay 2
7513
74
74 I *7214 75
75
*73
*73
7514 7512
300 Preferred
100 60 Oct 28 84 Jan 18
132 13278 1317 132 *129 131
131 13114 1314 13134 1,300 Illinois Central
100 116 Nov r 15312July 20
*125 140 I 130 130 *12514 140 *12514 140 *12514 140
100 Preferred
100 120 Oct 29 15111 July 20
7114 7114' *7112 74 1 7112 7112 *7218 738 71
71
440! RR Sec Stock certificates_ -- 70 Nov 19 8018 Feb 21
17
17141 1712 1912 1814 197 , 197 227
2278 27
25,300 Interboro Rapid Trail vi c..100 15 Oct 24 58% Feb 26
2614 2614' *25
264 *25
26 I 2614 2612 25
400 Int Rys of Cent Aruer1ort_100 25 Nov 21 59 Jan 20
25
30 i*____ 30 •____ 30 ,"____ 30 *__ _ _ 30
I Certificates
No par 3312 Oct 28 5912 Jan 26
68
68 I *6558 68 I *6558 68 I *6558 68
*6134 63
20 Preferred
100 64 Oct 31 8014 Jan 2
7818 80
78
82 1 82
8238 8118 824 81
85,
8 11,4001 Kansas City Bouthern
100 00 Oct 29 1087sJuly 20
67
67
6714 6712 6634 67 I *65
6634 6658 6658 1,0001 Preferred
100 63 Nov 15 7012 Jan 15
7
7234 74
734 787
79
827a 79
79
79
8078 11,000,LehIgh Valley
ao 65 Nov 14 10214 Feb 2
13014 132
13112 132 , 131 131 1 131 131
13114 132
4Sept 10
2.200ILoulavIlle & Nashville
100 110 Oct 29 164,
30
30
30
,
4 35 I 3312 34581 34
3512 3534 4212 18,400 Manhat Elev modified guar100 24 Oct 29 5711 Jan 11
*16
3612 16
16 , *16
21 I *16
19
900 Market St RI prior pref _100 1412 Nov 15 894 Jan 4
1614 1614
*17
2
2
218
218 218
184 218
2
2
2,200 Minneapolis & St Loula
314 Jan 19
114 Nov 14
100
*35
*35
*33
41
40
40
*35
45
.35
45
[Minn St Paul & S 8 Marle_100 86 May 31 6114Sept 24
*65
75
Co*
75 .65
75
*65
75
I Preferred
87
4June
Jan 28
3
681
100
;5312 -55 -1 55
55
55
*54
54
55
180 Leased lines
100 52 Nov 19 66 7/11326
3612 3912 39
4112 4278 4118 437 67,000 Mo-Kan-Tema RR___ _No par 274 Nov 13 6554July 20
4384 4214 44
10178 10258 101 10258 10218 1024 10214 10212 10212 103
3,800 Preferred
100 93% Nov 13 10712 Apr 25
6812 7018 7018 7712 7814 8012 80
8158 80
85/
1
4 20,500 Missouri Pacific
8July 16
100 46 Nov 13 101,
12414 1285, 12912 132
12418 125
131 131 18 13114 135
7.500 Preferred
100 105 Nov 13 149 Oct 23
82 .79
*7334 82 I 82
82
*73
,
*79
4 82
82
20 Morris & Eases
50 75r8 Oct 30 We Jan 17
•189 195 *19014 195 .•19114 194
194 194 *191 195
30'Naah Chatt & St Louls
100 173 Nov 13 240 Aug 29
114' •118
114
118
14 *118
•118
114 *118
14
300 Nat Rye of Mexico 2d pre1.100
358 Jan 25
1 Oct 29
173 17612 174 178
174 17612 174 17912 37,500 New York Central
17278 176
100 160 Nov 13 25612 Aug 30
12312
137
125
13112
128
13412 14134 7,200 NY Chic & St Louts Co
12212
12834 132
100 110 Nov 13 19238 Aug 30
106 108 *1054 10614 10618 10618 10614 10614 10878 10878
700' Preferred
100 100 May 28 1094 Jan 4
•175 185
180 180 I 180 185
7
190 190
0
100 N Y as Harlem
50 155 Oct 29 379 Jan 18
11312 11558 113 11438 211114 114,
11012 11212 11112 115
8 26,500 NY N H & Hartford
,
cirt N
18
1 2,;?
:132
100 17(.174
125 128121 127 128 2127% 127%
122 12312 124 124
1.800 Preferred
JanJan
15341 15
1512 1414 1678 7,700 N Y Ontario & Weetern___100
1278 1358
1312 1514 15
8 Nov 13 32 Feb 4
97 Feb 31
212 284 *212 3
212 212
284 2341
234 284 2,000 N Y Railways pref--No Par
04 Oct 24
21
*1.978 20
21
1912 1912 1812 20
197 22
2,000 Norfolk Southern
1
4 Feb 4
100 17 Nov 13 48/
233 235
231 235
22812 2314 23014 236
4,73
229 231
0
,
0 Noge
oflekiTed
& Weetern
100 191 Jan 9 290 Sept 8
86
86
8518 85% *8514 ____ *8514 ____ *8514 ___
7
945 15,700 Northern Pacific
93
9018 9178 934 948 9312 94
91
90
21
1
914 95
94
9258 92% 15,200 Certlficatee
8758 8918 90
8658 90
100 75 Nov 13 1.1458July 22
82
penrnia
79
7858 7938 7938 8114 8014 8112 8114 8312 134,300 Pe0
50 724 Mar 26 110 Aug 29
syk
lvaa
20
*11
*12
*12
20 I *14
20
20
20
*11
Eastern
IOU 22 Oct 21 85 July 16
161 162 2161 16814
4 155
1.500 Pere Marquette
*146 153 *148 153 I 152,
100 140 Nov 13 200 Aug 29
•95
98
96
96 I 9558 96
9612 9514 9514
*95
190 Prior preferred
100, 94 Nov 13, 101 Mar 22
*90
90
_---*1
Preferred
00
1 90 Nov 81 97 Jan 8
100 100
9512 96
95
1,900 Pittsburgh & West Va
93 i 9258 93 I 94
93
100 90 Nov 14 14858 Jan 10
124 124
123 12512 4.800 Reading
•115 119 ' 11778 12212 121 124
50 10112May 271 14748ept 6
48
48
*45
*45
48
*46
*46
48
48
*46
First preferred
60 4112 Apr 22 50 Sept 7
51
4934
*46
500 Second Preferred
51
.46
47
48
*46
4914 *47
So 435,klay 21 60385e1)1 7
*55
65
63
65 .55
155
60
*454 60
Rutland RR pref
*55
100 4978 Oct 29 74148ept 18
110 11078 11078 11178 11058 11058 111 11218 5,400 St Louts-San Irruncisco
211012 111
100 101 Nov 13 1335 Aug 80
91
91
9114 9178 9118 9234 92
9258 9212 9212 3,900 let pref paid
100 87 Nov 15 964 Feb 2
6678 8,80061 Louts 8outhweetern
6258 6458 64
6678 63
64
61
62
61
100 50 Nov 13 11554 Feb
300 Preferred
89
*87
*8612 89
8612 87
*8658 89
87
87
100 84 Oct 30 94 Apr 26
6,400 Seaboard Air Line
y958 10
08 Dee 6 21% Mar 6
1012 10
1012 1078 104 1058 10
1058
100
3.400 Preferred
y2512 26
27
27
26
254 2678 2512 26
,
4 27
100 1614June 14 4138 ()et 15
117 119
118 120
121 123
123 123,
4 12212 12414 8.200 Southern Pacific Co
100 105 Nov 13 157128ept
4.300 Southern Rallwa7
1334 13512 13414 136
13712 139
13714 13912 13612 138
100 109 Nov 13 16218Sept 4
1,800 Preferred
97
96
96
96
96
9618 9612 9634 9634 97
100 93 June 14 9912 Oct 114
300 Mobile & Ohio certlfe
98%
*80
*90
90
9018 9018 *90
90
90
95
100 74 Nov 13 14078 Jan 14
200 Texaa & Pacific
135 136
*126 131 *130 153 *132 140 *135 153
100 115 Nov 7 181 May 8
*9
912
1338 12
1338 1314 14% 5.600 Third Avenue
64 Nov 13 89 Pelt 24
912 1312 12
100
1.600 Twin City Rapid Tratudt_100
*28
584 Jan 24
Nov
287
3014 2912 3()
2818 2818 2812 30
*30
100 Preferred
80
5
Jan
ua 29
1
,
0% A
*77
86
3 2
80
80
80
80
20
7 Dec 20
*77
80
100 8
6,300 Union Pacific
22018 227
1
4 22412 22614 222 224
221534 222
223 223/
100 200 Nov 13
, 828 1,700 Preferred
8214 823
8238 827 *8212 82% 828 82% 827
100 80 Nov 13 8612SePt 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
1°,00 87 Nov 2 18,877,
14111r,
•Bid and asked prices; no sales on this
Ex..dayx-dividend
y Es-elates
Pill INAS'
Slaps fer Prelim
Year 1928
Lowest
$ vs? share
182% Mar
1024 Jan
1574 Oct
103
,
4 June
77 Nov
01 June
104 Deo
58
Feb
53% la
82
Jan
144 Jan
3214 July
88 Sent
1954 June
98 Sept
17611 June
3/
1
4 Jae
778 Feb
37 Feb
58 Aug
918 Feb
2011 Feb
2214 Mar
37 Mar
78 June
185 Dee
106 Feb
105 Dec
99 a Dec
105 Aug
67 July
6918 Noy
344 Dee
1634 Feb
12514 Dec
504 Feb
3 Aug
572 June
4834 June
50 June
494 June
934 Feb
9118 Feb
43 Aug
99 Aug
7 Aug
Deo
61
340 July
5012 De0
Oct
81
13114 Jan
1304 Jan
76 July
Jan
29
MI Me
Maul
IP
Per slit6
204 Nov
1084 Apr
1914 May
12155s Dei
85
Ap/
8414 Jae
1151
/
4 May
91 Dee
77% May
9142 May
4772 Sept
644 Nos
63 No•
253 Nov
10718 Mal
218
,
4 Dee
18% May
26% Ma;
484 Mai
76% Mal
24 Dec
50% Dee
tOls AD/
SW% Now
9414 May
150 May
lag% Nos
1114 May
105 M117
126 May
83
AP,
86 May
871
/
4 June
228
Apr
Apr
150
0534 API
6,
4 Jan
94 May
121s Die
0378 Jan
62
Jan
11484 Nov
11154 Nov
6178 May
109 may
174 June
7818 Sept
478 Nos
7811 Apt
9312 Apr
1484 Ma7
141 May
811% June
32 May
5212 Now
69% Jae
48 Jun
864 Au
8418 Feb
139% Now
40
Ja
3812 Dec
1% May
4.0 Jun
704 Dee
CO De
8012 Jun
10112 Jun
, Feb
417
105 Feb
824 Aug
17112 Aug
2 Feb
150 Feb
1214 Oct
1044 Aug
168
Jan
54,
s June
112 Sept
24 Feb
54 Jan
32 June
175 June
8472 Oct
9312 Feb
90% Feb
6178 June
25 Mar
12474 Feb
96
Oct
92 Nov
764 Bent
12678 De,
89 June
20438 May
512 API
19t.,_ Nov
146 May
110
Jan
605 Apr
82114 Dec
117 May
89 May
13 may
58 Nov
1984 Nov
80 JOU'
118 Nov
116 Nov
76% Dee
:7 May
154 Nov
10138 Ma/
10058 Mar
12114 Feb
8414 Feb
4112 Nov
44
Jan
50 Feb
109 Feb
94 Dee
5711 Feb
"9 July
1158 Mar
17 Aug
1 1738 Feb
13912 Feb
Ws Sept
100
Jan
9912 Jan
284 Jan
824 Sept
3 Oct94
18612 Feb
844 Oct
103 Oct
11918 May
46 Apt
1978 May
7/ Dec
122 Mar
101 May
1214 Nov
05
Jan
804 Jan
88
Jan
18114 may
105 May
1024 Jew
1594 Jan
1942, pot
ilPs May
60 May
107
Feb
2247* Nov
8714 Jar
82 Me,
95 Nov
77 API
116
AP,
1594 May
64 May
44% Ma7
64 Ma7
52,
8 Jan
8714 Ma,
714 Jan
58 Des
109 Fab
3601
New York Stock Record-Continued-Page 2
Pa. sales during the week Of stocks not recorded here, see second page preceding.
=HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Nor. 30.
!taper share
Monday, 1 Tuesday, IWednesday, Thursday,
Dec. 4, I Dec. 5.
Dec. 3.
Dec. 2.
S per share i$ per share I $ Per share i $ per share
52 1 484 5134
50
51
44
4012 43
8712 8713
88
8634 8634 87
874 88
80
80 1 .70
*70
80
78 i *70
*68
26% 2814
4
293
2818
1978 228 2314 2914
27
2012 228 231 2934 2912 2912 27
23
22
2114 2113 22
•1978 20 I 20
4514
45
46
45
45
44
4212 425
Friday,
Dec. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads (Cos.)
$ per share Shares
100
28.000 Wabash
54
49
100
2,000 Preferred A
86
88
..100
Preferred B
80
*71
100
2515 2918 105,000 Western Maryland
100
preferred
Second
2778 2,800
27
100
2,900 Western Pacific
2412 25
100
3,500 Preferred
4434 46
PRE SHARI
Amigo Rises Jas. 1.
Os bast, of 100-slare lois
Miami
LOWS{
Nil SHARE
lases for Preriom.
Year 1928
&MOMS
Etobes
Per Mare $ per liars II per glare $ per glare
51 Feb 9614 May
40 Nov 27 8114 Jan 5
8812 Feb 102 May
82 Nov 15 10472 Jan 7
87 Feb 294 May
91 Jan 8
7718 Oct 1
5434 May
2134 Feb
10 Oct 29 54 Feb 4
3312 Feb 547k May
14% Nov 14 5312 Feb 4
8812 Der
284 Feb
15 Oct 30 4174 Mar 5
5213 Aug 6212 Jan
3712 Nov 14 6734July 22
Industrial & Miscellaneous
AM
3614 Nov 85
No par 3618 Nov 14 577g Aug 15
40% 2,100 Abitibi Pow & Pap
4014 40
39
38
38
3713 39
40
76 Nov 1023, July
100 69 Nov 13 8.C.38 Jan 7
80
1,900 Preferred
80
81
7912 80
79
Der
80
143
79
80
June
90
3
Jan
6412 3,600 Abraham de Straus____No par 58 Nov 27 15912
6314 6312 6412 63% 6434 64
59
59
Oct 114% June
_100 10012 Nov 15 11212 Oct 25 109
10 Preferred
310313 107 *102 107 *106 107 *106 107
107 '
Jan 625 De,
No par 20 Nov 13 34 Nov 4 195
28
2934 30,500 Adams Express new
283
27%
4
28
2718
8
277
2714
Jan 9912 Mar
2734
93
Nov 18 05 Jan 3
84
100
Preferred
86
600
86
88
*86
3014 Dee 334 Dot
8518 8518 8514 86
86
15
Jan
3572
14
Nov
19
par
No
22
1,000 Adams Millie
*2212 2334 2218 2212 22
2312 *2213 24
Jan 65 Sept
11
7 Oct 29 1047sMay 1
_100
2,090 Advance Rurneiy
1212 1212 1214 13
*1214 13
1214 13
13
3,-14 Jar 69% Seto
100 15 Oct 29 119 May 1
1,600 Preferred
2278 23
22
22
2112 22
197
2012 215
534 Mar
234
Jan
Feb
Vs
ZO
29
Oct
32
1
1
78
78
78
78
6,900 Ahumada Lead
34
1
72
34
59 June 994 Dec
77 Nov 13 2233 Oct 18
Par
Inc
Yo
Reduction,
Air
72,100
13612
8
1327
136
13318
4
1393
139381
135
8
1313
12678 131341
487sMay 13
1,300 Air-Way Elec ApplianceNo par 2018 Nov 14
2514 2514, 2518 25181 2518 2512 2518 2518 2518 2614
74 'ore
1438 Jan
2 Nov 13 1114 Jan 2
No par
212 214 7,300 AJax Rubber. Inc
218 214
218 232
218 213
10 Nov
214 212
Jan
1
14 Nov 13 104 Jan 8
Mln_le
Gold
Juneau
Alaska
19,400
612
8
67
4
63
612
57
612 634
578 7 I
Dec 8114 Jan
3
2238
Jan
534
25
29
Oct
5
par
Pap_No
Wrap
200 Albany Pert
*934 10 • *934 10
10
10
*912 10 1 *913 10
No Par 17 Nov 13 56128ept 3
2412 2358 2534 254 28 403.400 Allegheny Corp
2213 2313 2212 2413 24
100 90 Nov 14 11834July 15
5,300 Preferred
99
9838 97
9814 984 9838 98
9712 98 i 98
80188ept 4 92 Oct 25
400 Pre( ex-warr
Nov
*8612 8712 *8612 8734 8734 8734 8734 8814 8812 8812
pa , 197 Nov 13 35434 Aug 30 lid" Feb jilt;
leDye_No
Chemical
Allied
13,100
279
26612
260
26512
260
24514 248 1 24612 255 25514
Nov 15 125 Apr 27 1201s June 1271, May
11812
100
124 12412 *12314 12512 1,800 Preferred
124 124 1 122 12234 123 123
_
26
13
751:Sept
Nov
5978 51,800 Allis-Chalmers Mfg new No par 3518
5134 5612 54
4534 4734 4712 4912 4812 54
918 Oct 1E3-4 -Apr
2 Nov 15 114 Jan 14
200 Amalgamated Leather_No par
.234 3
*234 3
*234 3
*234 3
3
3
2718 Feb 437s Nov
No par 1718 Oct 29 4238 Jan 3
2114 2112 5,800 Amerada Corp
2134 22
2134 22
22
213, 22 1 22
8 Feb 26 Nov
155
15
Jan
4 Oct 29 23%
77
67
5.500 Amer Agricultural Chem __100
634 634
612 612
613 634
618 678
5538 Feb 797s Nov
100 18 Nov 13 7334 Jae 11
4,600 Preferred
3012 34
2934 30
2614 2612 2612 2712 2814 29
Jan 159 May
74%
10
Oct
157
13
10 65 Nov
7.900 Amer Bank Note
9914 9912 10212 101 10212 10112 108
8914 91 t 92
Oct 854 Jan
80
50 57 July 23 6534June I 4
370 Preferred
611, 6112 6112 6112 6312 65
61
6112 6112 61
344 Aug
1434
July
16
Jan
304
2
Dec
7
par
73,
77
77
800 American Beet Sugar_No
*7
758
8
*75
7
8 ,
7
Feb
615* Sept
313
100 42 Dec 4 6014 Feb 5
100 Preferred
45
45 1 *41
*41
42
42
45
45 1 *42
*30
2412 Nov
15% Feb
7
Sept
13
7612
Nov
27
par
Magneto_No
Bosch
3014 3218 313, 3338 3212 3434 3312 3438 3318 3634 34,600 Amer
4018 Jar
July
3972
4
Feb
62
14
4812 4858 4812 4812 2,300 Am Brake Shoe & F..__N0 par 4012 Nov
4818 487
4712 4734 4818 487
12612Mar 21 120 Dec 128 June
20
Nov
113
100
Preferred
320
,
119
119
1
11914 120 *119 11934 120 120
119 119
1015 Apr 264 Mit7
44 Oct 29 3434June 1
1114 1159 1112 1134 1134 1178 1134 12 ' 1134 13 ' 14,100 Amer Brown Bever! El_No par
,Ma)
6014 Apr 657
100 493 Jan 7 104 June 12
130' Preferred
6414 63
63 I
6' 1 *59
65
641 641z1 *59
63
24
Aug
7012 Jan 1174
25 86 Nov 13 18412
1103 114381 11412 1183, 11714 1213, 11712 12012 11734 12238 158,500 American Can_
8 Jan 167
Apt
136
28
Mar
142
14
133141Nov
100
14113 14112 141 141 1'141 14134 1,400 Preferred
141 141
14078 141
Jar
75 Nov 12 10613 Jan 3
84
8578 8434 8814 8678 8738 8512 86781 8538 8512 6,700 American Car dc ledy __No par 11012
t.
l.
Jan 29 18108%14 Julyg 11311'122
120
10
Oct
100
Preferred
400
1153
41
*11412
11434 11434
115 115
114 114 1 115 115
June
105
Dec
10
71
Oct
9518
81
7014May
loo
American Chain °ref
79 1
*78
79
*76
•7712 79
79
7912, *76
*76
44 Dec 0034 Der
No par 27 Nov 13 8158Sept 5
41121 5,500 American Chicle
41
42
4178 41
4134 41
40
413
40
20
34
43,000 Am Control Alcohol...No par 20 Oct 29 55 May
2812. 2812 3138 32
28
352 3334 348 33
4,600 Amer Encaustic Tiling_No par 1814 Nov 14 4738 Feb 25
25
263s 258 27
247
22121 2238 2212 24
*22
Sept 3
13
98'I
Nov
23
pa
Sec',
No
European
Amer
39
39
40
6,000
3912
38
408
3413
35
34341
34
lir; Feb 85 Dec
50 Oct 29 19914Sept 21
9434 490,800 Amer & For'n Power__ _No pa
717 75141 7513 8133 8114 8614 8412 9113 88
No par 10112Nov 18 10812 Fen 14 10434 JUDO 110 May
600 Preferred
107 107 ,
107 10718 107 107
107 107
107 107
Feb 100 Seto
81
21
Feb
103
30
Oct
8614
pa
No
7
preferred
94
800
21
1
9212
93
9178 92
Stock
9178 917 9178 91
91
.
10 1918 Oct 30 42 Apr 19
21
2018 2238 4,200 Am Hawaiian SS Co
21 I 21
1912 1912 193, 2014 20
834 Oct -115; Feb
18 10 Jan 2
Nov
8
33
Leather_100
57
de
Hide
American
6
1
*5
6
*4
300
5%
4
53
4
53
5 1
Exchange
5
31 Nov 67% Feb
100 2314 Nov 14 nil Aug 29
35
•34
600 Preferred
34
3314 34
31 , 32
3018 3018 31
11*
Feb 86 Nov
59
40 Nov 13 85% Jan 24
59
5912 7,900 Amer Home Produets_No pa
5934 5912 60
Closed
5712 5934 5812 5934 59
Jan 48% Au,
18
23
Aug
5312
30
Oct
29
No
pa
Ice
American
3612
3712
5,200
3718
3612
3618
3618
3718
@FedFRASER